United News of Bangladesh

rading at the Dhaka Stock Exchange (DSE) began on a positive note on Wednesday, the third working day of the week, while the Chittagong Stock Exchange (CSE) experienced a decline during the early hours. In the first two hours of trading, DSE’s benchmark index DSEX gained 4 points. The Shariah-based DSES index advanced by 6 points, while the blue-chip DS30 index moved up by 1 point. Of the 397 issues traded so far at DSE, prices increased for 223 companies, declined for 97 and remained unchanged for 77. The turnover on the DSE stood at Tk 500 crore during the period. Major setback in DSE, CSE as markets face widespread decline But, trading at the CSE began on a bearish trend, with the overall index dropping by 36 points in the early session. Out of the 149 companies that participated in trading at the port city bourse, 65 advanced, 65 declined and 19 remained unchanged. The turnover at the CSE stood at Tk 16 crore in the first two hours of trading.

The government has introduced new policies for promotions within state-owned commercial and specialized banks, with a strict new rule: any lobbying or recommendations for promotion will now be considered "misconduct." The Financial Institutions Division of the Ministry of Finance issued two separate policy circulars today (Monday), making this a first-of-its-kind provision in the country's banking sector. One policy covers permanent employees of the six state-owned commercial banks: Sonali, Rupali, Janata, Agrani, Basic, and Bangladesh Development Bank PLC (BDBL). The other policy applies to six specialized banks and two financial institutions, including Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, Probashi Kallyan Bank, Karmasangsthan Bank, Ansar-VDP Unnayan Bank, Palli Sanchay Bank, Investment Corporation of Bangladesh (ICB), and Bangladesh House Building Finance Corporation. The new rules apply to promotions for positions ranging from Senior Officer to Deputy General Manager (DGM) within these institutions. According to the new guidelines, promotions will be based on a combination of factors, including: Educational qualifications Satisfactory job records Merit and work efficiency Training Integrity Seniority A minimum of a bachelor's degree is now required for an employee to be eligible for promotion under this new policy. The new measures are aimed at ensuring a more transparent and merit-based promotion system.

Bangladesh's goods export has marked a strong start in the new fiscal year (FY2025-26), with an outstanding growth by 24.90 percent in July. According to data released on Monday by the Export Promotion Bureau (EPB), the country exported goods worth US$4.77 billion in July. This growth follows the performance of the last fiscal year (2024-25), when the total merchandise exports reached $48.28 billion, marking a growth by 8.5 percent. RMG Takes Lead The readymade garment (RMG) sector was a primary driver of this growth. In July, RMG exports totalled $3.96 billion, which is a 24.67 percent jump from July of the previous year. Beyond garments, several other sectors also contributed to the export surge in July, including: · Leather and leather products · Agro-processed goods · Home textiles · Jute and jute products · Engineering products · Frozen foods · Plastic products According to economists, this strong performance in the first month of the fiscal year 2025-26 suggests a promising outlook for the country's export economy.

Md. Omar Faruk Khan has been appointed as Managing Director (MD) of Islami Bank Bangladesh. Prior to this, he was serving as the Managing Director (Current Charge) of the bank. He previously served as the acting managing director at NRB Bank. Bangladesh Bank approved his appointment on Sunday, while the board of directors of Islami Bank was made a recommendation of his appointment as MD on July last week.  Bangladesh Bank directs all banks to participate in ‘Tarunner Utsab 2025’ procession Khan joined Islami Bank in 1986 after completing his master’s degree in Sociology from Dhaka University. He successfully served nearly four decades in various positions as the head of Treasury, Foreign Trade, different Wings including Corporate Investment, and different Divisions at the head office, as well as the head of Zone and branches, including Local Office.  Khan is a Diploma Associate of the Institute of Bankers Bangladesh and holds the Certified Documentary Credit Specialist (CDCS) qualification from the London Institute of Banking and Finance, affiliated with the ICC. Garment factories to observe 'July Uprising Day' as holiday Throughout his career, he participated in various seminars and training programs on banking, including international banking and credit management, in several countries, i.e, Switzerland, France, Germany, Italy, China, Malaysia, Qatar, Thailand, India, Saudi Arabia, the United Arab Emirates, and Nepal. He was born in 1963 at Laxmipur, according to a press release.

Bangladesh Bank has instructed all commercial banks to ensure the participation of their officials in a procession organised to celebrate ‘Tarunner Utsab 2025’. The central bank's Department of Financial Institutions and Bank Inspection sent a letter to all managing directors on Sunday outlining the directive. The letter states that a procession, organised by the Ministry of Youth and Sports, will take place on Tuesday, August 5, around 1 PM near the Novo Theatre in the Bijoy Sarani area of Tejgaon. Garment factories to observe 'July Uprising Day' as holiday The Bangladesh Bank letter noted that the participation of banks, under a 'Tarunner Utsab 2025' banner, is "highly expected." Following the directive, most banks have prepared their banners and are calling on officials from their head offices in Dhaka and various branches to attend. The program aims to celebrate and encourage the power of youth while highlighting the coordinated participation of various government sectors in a shared partnership.

The downward trend in the capital market continued on Monday, the second working day of the week, as trading at both the Dhaka Stock Exchange (DSE) and Chattogram Stock Exchange (CSE) showed signs of decline, with most company share prices falling. At the DSE, the benchmark index DSEX slipped by 7 points within the first two hours of trading. The other key indices followed suit — the Shariah-based DSES was down by 1 point, while the DS30, which tracks blue-chip stocks, dropped 4 points. DSE turnover hits Tk 1,063cr as indices soar, but most stocks slip Of the companies that traded during this period, prices rose for 184, declined for 141, and remained unchanged for 68. The total transaction volume at the DSE stood at Tk 570 crore. The CSE also mirrored this negative momentum, with its overall index falling by 30 points. Among the 176 companies that traded on the Chattogram bourse, 78 saw their prices go up, 82 declined, and 16 remained unchanged. Trading at the CSE during the same period amounted to Tk 3.7 crore.

Bangladesh received a record-breaking remittance of US$2.48 billion in July, the first month of the 2025-26 fiscal year, marking a robust 29.48 percent year-on-year growth. According to the latest data released by Bangladesh Bank on Saturday (August 3), the inflow translates to approximately Tk 30,230 crore, calculated at the current exchange rate of Tk 122 per US dollar. This notable rise comes in sharp contrast to the same period last year, when remittance stood at $1.91 billion. In July 2024, remittance inflows had dropped significantly due to calls on social media urging expatriates to halt money transfers in protest against political unrest. Bangladesh received $2.36 billion remittances in 30 days of July, up 32% Following subsequent political changes, the remittance trend has, however, steadily gained a big momentum. Bangladesh Bank officials attribute this upward trajectory to several proactive government measures, including the 2.5 percent cash incentive on remittances, stronger regulatory measures against informal channels like the hundi system and overall improvements in the formal banking infrastructure. These efforts are not only encouraging expatriates to use legal channels but are also contributing to a healthier foreign exchange reserve. Bangladesh received $2.36 billion remittances in 30 days of July, up 32% “This follows a strong performance in June, when remittances reached $2.82 billion, marking an 11 percent increase over the same period the previous year,” said Arif Hosain Khan, Executive Director and spokesperson of Bangladesh Bank. He pointed out that the previous fiscal year (FY2024-25) saw record-breaking remittance inflows, totalling $30.33 billion, which reflected a significant 27 percent jump from the $23.74 billion received in FY2023-24, setting a new all-time high for annual remittances. “The continuous rise in remittance inflow is bringing stability to the economy and providing much-needed relief to the country’s dollar supply,” Arif Hosain added.  

Experts have called for urgent reforms to the Companies Act 1994, stressing the need to update and modernize the legislation to reflect the evolving business environment, technological advancements, and global best practices. The experts came up with the recommendation at a workshop on 'Importance of Board Meeting, AGM, EGM and Compliance of Limited Companies' held at DCCI auditorium on Saturday, according to a media release. The workshop was organised by Dhaka Chamber of Commerce & Industry (DCCI) where Registrar (Additional Secretary) of Joint Stock Companies and Firms (RJSC) AKM Nurunnabi Kabir was present as the chief guest. DCCI President Taskeen Ahmed in his opening remarks said the importance of institutional transparency, accountability and good governance in the management of limited companies is increasing with the economic progress of Bangladesh and the development of the industrial sector. He also pointed out that in many cases many entrepreneurs or company professionals get confused due to lack of clear understanding of the complexities of company law, constitution or compliance issues. The DCCI president said that the workshop provided a detailed understanding of the importance of board meetings, annual general meetings, extraordinary general meetings, procedures for timely and proper completion of meetings, strategies for maintaining necessary compliance under the Companies Act, and maintaining good relations with the regulatory bodies. Registrar (Additional Secretary) of Joint Stock Companies and Firms AKM Nurunnabi Kabir said that at present, about 2 lakh 75 thousand business enterprises of Bangladesh are registered with RJSC and almost all the processes of company registration are now available online except the share transfer system. But soon, the RJSC has a plan to incorporate this service online after necessary security observations. To run a business, he suggested that we comply with all rules and regulations to avoid unexpected incidents. He also suggested the business owners train their professionals regarding different procedures of Companies Act, Articles of Association, Securities Law, and other related laws. Mohammed Sanaullah, CEO & Lead Consultant of Sanaullah & Associates and Partner of Artisan, Chartered Accountant, Md. Selim Reza, FCA presented two separate keynote papers. They said either the company is public limited or private limited or proprietorship, every category of businesses should be in compliance with laws and regulations. They also said that the economy of Bangladesh is expanding day by day with the help of businessmen. In this era of globalization, to compete in the international market, maintaining compliance in business is a must now, they added. They also said that complying with rules will help to stop all malpractices and misuse. They also said that the Companies Act of Bangladesh should be reformed as it is backdated now. DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman were also present.

The Bangladesh Textile Mills Association (BTMA) has extended its heartfelt appreciation to the government’s trade delegation, led by Commerce Adviser SK Bashir Uddin, following a successful mission to Washington DC that resulted in significant progress toward reducing tariffs on Bangladeshi exports to the United States. On Saturday in an official statement, BTMA described the development as a “milestone” for Bangladesh’s textile and apparel industry, noting that it would enhance the country’s export competitiveness and strengthen bilateral trade relations with the U.S. A delegation led by BTMA President Showkat Aziz Russell joined the official visit to Washington DC with the government’s trade delegations, where the team participated in high-level discussions aimed at securing a more favorable tariff regime for Bangladeshi products in the US market. During the mission, several BTMA member mills reaffirmed their commitment to strengthening trade partnerships by pledging increased imports of US cotton—underscoring Bangladesh’s intention to build a sustainable and mutually beneficial supply chain. The participating mill representatives included- Mohammad Mosharaf Hossain, Managing Director, Mosharaf Composite Textile Mills Ltd.; Mohammad Masud Rana, Managing Director, Asia Composite Mills Ltd. And Chowdhury Mohammad Hanif Shoaib, Managing Director, and Salma Chowdhury, Chairperson, Salma Group Ltd. The delegation was honored at a reception hosted by the Deputy Chief of Mission at the Bangladesh Embassy in Washington DC, DM Salahuddin Mahmud. As part of the visit, the delegation also held productive meetings with the U.S. Chamber of Commerce and leading American business representatives. Notably, the meetings were attended by former US Ambassador to Bangladesh, Peter D. Haas, who now serves as Strategic Adviser at Excelerate Energy, a US-based energy firm. During the discussions, American stakeholders expressed strong interest in expanding trade and investment ties with Bangladesh. Commerce Adviser SK Bashir Uddin assured them of the Bangladesh government’s full support in fostering a conducive environment for mutual growth and cooperation. Also present during the visit were National Security Adviser Dr. Khalilur Rahman, Commerce Secretary Mahbubur Rahman, and Additional Secretary (WTO Wing) Dr. Nazneen Kauser Chowdhury, among other senior officials. In the event BTMA President Showkat Aziz Russell said, “Our entrepreneurs are fully committed to building sustainable trade partnerships and enhancing Bangladesh’s role in the global textile supply chain.”

Bangladesh is strategising to increase its use of US cotton as an important and much used input in apparel manufacturing, to leverage a new tariff exemption deal with the United States. This was announced by Mahmud Hasan Khan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at a press briefing at the BGMEA building in Uttara on Saturday. The briefing was organized by the BGMEA to express gratitude to both the Bangladesh and US governments for their efforts in significantly reducing reciprocal tariffs. Khan highlighted that the US is Bangladesh’s largest export market, accounting for 20 percent of its total exports, with 75 percent of these products being cotton-based. Under the new executive order on tariffs, a 20 percent additional duty will not be applied to the value of American raw materials if at least 20 percent of them, such as US cotton, are used in the final product. "Our focus will be to increase US cotton content in clothing so we get more tariff exemption," Khan stated. He mentioned that while Bangladesh currently imports a small amount of cotton from the US, this is expected to increase significantly to 2 million bales soon as a result of the new tariff deal. This aligns with the US Department of Agriculture's (USDA) forecast that Bangladesh's cotton imports will rise to 8.2 million bales in the fiscal year 2026. Khan noted that Bangladesh previously paid a Most Favored Nation (MFN) duty of 16.5 percent on exports to the US. The newly determined 20 percent additional duty brings the total rate to 36.5 percent on certain products, posing a significant challenge for the industry, which is already struggling with rising production costs. "A 20 percent tariff on Bangladeshi exports will inevitably increase the cost of sourcing from Bangladesh," said BGMEA President. But would that be large enough to eat into the margins they enjoy, the cost advantage they are able to offer, thanks to the cheapest labour in the world today. He emphasized that Bangladesh cannot afford to be complacent, as ongoing trade negotiations between the US and other countries could further reduce tariffs for their competitors. He urged the government to continue negotiations with the US to ensure Bangladesh remains competitive. The BGMEA president stressed the need for collective action to navigate these new challenges.  He called on the government to support the industry like- improving the efficiency of institutions like the National Board of Revenue (NBR), making customs policies more industry-friendly, increasing the efficiency of Chittagong Port, ensuring an uninterrupted supply of electricity and gas. He also urged industry leaders to increase value addition, invest in backward linkages, and diversify markets and products. "If industry owners, government, educational institutions, labor organizations, and civil society all work together and collectively take the right decisions for the industry, then this tariff can open the door to new possibilities rather than becoming a barrier," Khan concluded. Members of BGMEA Board and Senior leaders were also present in the press briefing.