United News of Bangladesh

Ambassador of China to Bangladesh Yao Wen paid a courtesy call on the Governor of Bangladesh Bank at his office in central bank's headquarters in Motijheel on Thursday (July 23). During the meeting, both sides exchanged views on further strengthening bilateral economic and trade relations between Bangladesh and China. To improve the trade balance between the two countries, the central bank Governor urged China to increase its imports of Bangladeshi products. The Governor also sought China's technical assistance and experience from its 'Single QR' system to support the implementation of 'Bangla QR' in Bangladesh. When the Chinese Ambassador emphasized the importance of further easing foreign investment, the Governor highlighted that Bangladesh Bank has already introduced several investment-friendly policy initiatives. Consequently, foreign investors can smoothly repatriate their invested capital and earn profits back to their home countries. Furthermore, the Governor called for expanded Chinese investment in Bangladesh's technology-driven and industrial sectors. Counsellor Song Yang and Attaché Wen Jinhua accompanied the Chinese Ambassador during the meeting. Bangladesh Bank Deputy Governors Dr. Habibur Rahman and Md. Sarwar Hossain was also present on behalf of the central bank.

Former Bangladesh Bank Governor and Distinguished Fellow of the Policy Research Institute of Bangladesh (PRI) Ahsan H Mansur on Thursday underscored the need to accelerate Bangladesh's transition to a cashless economy through an Inclusive Instant Payment System (IIPS), saying the central bank spends around Tk 20,000 crore annually on cash management. Speaking at the inception workshop on "Analysis of the Inclusive Instant Payment System (IIPS) in Bangladesh and Cross-Border Remittance as a Use Case" at PRI in Banani, he said financial inclusion, digital payments and the IIPS should be pursued as a single, integrated national strategy to reduce payment costs. Mansur said reducing the cost of digital transactions is essential to boosting adoption, adding that temporary incentives or subsidies for digital payments could yield greater long-term benefits than continuing large-scale subsidies in other sectors. He also called for making smartphones and internet services more affordable to bridge the digital divide and promote nationwide financial inclusion. The former BB chief further observed that restoring public confidence in the banking system is critical to reducing cash dependency and encouraging wider use of formal financial channels. Highlighting the untapped investment potential of the Bangladeshi diaspora, he said establishing dedicated mechanisms for Non-Resident Bangladeshis (NRBs) could help repatriate an estimated $2-3 billion in investments through formal channels. Director General of the Bangladesh Institute of Bank Management (BIBM) Ezazul Islam said the IIPS has the potential to significantly cut digital payment costs, strengthen financial inclusion, and enhance the efficiency and competitiveness of Bangladesh's payment ecosystem. He said wider adoption of digital payments and IIPS could encourage greater use of formal financial channels, improve transaction traceability, and contribute to higher tax compliance and a more transparent economy. Ezazul stressed that the long-term success of IIPS hinges on a robust governance framework, appropriate commercial incentives, sustainable pricing, effective dispute resolution mechanisms, sound settlement risk management, and a comprehensive cost-benefit assessment. Chairing the session and delivering the opening remarks, PRI Chairman Zaidi Sattar underscored the macroeconomic significance of remittances, which currently account for around 6 percent of Bangladesh's GDP, and called for policy measures to redirect these flows from consumption toward productive investment. He also pointed to the digital divide within the country's financial sector, noting that many of the roughly 7 lakh Bangladeshi migrants in Oman, cited as an illustrative example, continue to prefer informal hundi channels over formal banking systems to send money home. A panel discussion featured Mohammad Jahid Iqbal, additional director of the Payment Systems Department at Bangladesh Bank, and Sayed Shaikh Ibna Jilany, vice president (Remittance, Financial Services, Commercial) at bKash Limited. Iqbal said Bangladesh Bank is developing the IIPS on the open-source Mojaloop platform to cut costs, enable local customisation, and connect banks, payment providers and eventually microfinance institutions through a more integrated digital infrastructure. Launched in November 2025, he said, the system will support feature-phone access, simpler account opening, fewer failed transactions, and stronger fraud protection through the Tazama toolkit. Jilany shared perspectives from Bangladesh's leading mobile financial services provider on the opportunities and challenges of integrating private-sector platforms into an interoperable instant payment ecosystem, touching on consumer protection, affordability and user trust. Participants at the workshop, organised with support from the Gates Foundation, discussed broader opportunities and challenges in developing an inclusive instant payment ecosystem, including interoperability, regulatory readiness, consumer protection, affordability, and the potential to make remittance transfers faster and more accessible to underserved populations.    

Mohammad Zahir Hussain, executive director of Bangladesh Bank and the sole representative of the Board of Directors of Islami Bank Bangladesh PLC, on Wednesday emphasised that depositors are the true owners of the institution, assuring them that the bank will be run professionally to serve the general public. "As long as Bangladesh exists, Insha'Allah, Islami Bank will also survive with glory," he said while speaking as the chief guest at a clients' get-together organised by the bank at its Islami Bank Tower Corporate Branch. "It will not be a bank for any single individual, group, or community; it will be a bank for the general people", Zahir added. Highlighting the financial structure of the institution, he noted that customer deposits stand at nearly Tk 1.75 lakh crore, whereas the share capital is Tk 6,500 crore, making the share ratio a negligible fraction of the total deposit volume. The sole representative of the board assured customers that full trust and authority have been placed in the bank's management team, composed of professionals with 30 to 35 years of experience. Emphasising that the board's role is strictly limited to policy-making while professionals manage operations, he urged depositors to support the bank and help increase its deposits, expressing firm confidence that the bank will regain its lost glory and achieve new heights in a short period. The event was presided over by Executive Vice President and Head of the Corporate Branch Mohammad Kutub Uddin, while Senior Vice President Abdul Latif delivered the welcome address. Acting Managing Director Md Altaf Hossain and Executive Vice President Mahmud Hossain Khan addressed the event as special guests. Several representatives spoke on behalf of the clients, according to a press release.

Bangladesh Jewellers Association (Bajus) has raised the prices of gold for the second consecutive day, pushing the rate of 22-carat gold up by Tk 2,741 per bhori to Tk 2,24,182, inclusive of VAT. In a notice issued Wednesday morning, Bajus said the revision followed a rise in the price of pure gold in the local market, prompting the fresh adjustment. The new rate came into effect from 10am the same day. Under the revised pricing, each bhori (11.664 grams) of 21-carat gold will now cost Tk 2,14,093, while 18-carat gold has been set at Tk 1,83,883 per bhori. Traditional gold will sell at Tk 1,50,232 per bhori, the notice said. Bajus said the new prices will remain effective at all jewellery outlets until further notice, though making charges will continue to apply depending on ornament design. Since VAT is already included in the selling price of gold and silver ornaments, jewellers cannot charge it separately from customers.   The association added that its existing rules on exchange and repurchase of ornaments, excluding specified VAT, making charges and stone costs, will remain unchanged. The previous adjustment came on the morning of July 21, when Bajus raised the price of 22-carat gold by Tk 1,633 per bhori to Tk 2,21,441, inclusive of VAT. So far in 2026, the price of gold has been revised 93 times in the domestic market, increased on 45 occasions, decreased on 47, and adjusted once for VAT. Alongside gold, the price of silver was also raised. The rate of 22-carat silver went up by Tk 175 per bhori to Tk 4,782. Similarly, 21-carat silver is now selling at Tk 4,549 per bhori, 18-carat at Tk 3,907, and traditional silver at Tk 2,974 per bhori. Silver prices have been adjusted 57 times so far this year, with 29 increases and 28 decreases.

The National Board of Revenue (NBR) on Wednesday launched its online income tax return filing service for individual taxpayers for the 2026-27 tax year, urging taxpayers to submit returns early to avail incentives and avoid additional tax. It also announced that individual taxpayers who submit their returns between July and September for the 2026-27 tax year will receive a 5 per cent rebate on their net payable tax, subject to a maximum benefit of Tk 25,000. Returns submitted after September will not qualify for the incentive, while returns filed after December will attract additional tax, the NBR said, urging taxpayers to file their returns within the stipulated timeframe. The revenue authority said the e-Return service has been introduced as part of its efforts to make tax services easier, faster and more transparent. According to the NBR, the online return filing system has gained widespread popularity since its introduction in 2021. During the 2025-26 tax year, a record nearly 4.7 million individual taxpayers successfully submitted their income tax returns through the e-Return platform. The NBR has also made online filing mandatory for all regular individual taxpayers through a special order. However, paper returns will still be accepted from taxpayers aged 65 years or above, physically challenged or persons with disabilities upon submission of supporting documents, Bangladeshi taxpayers residing abroad, representatives filing returns on behalf of deceased taxpayers and foreign nationals working in Bangladesh. In addition, individual taxpayers who are unable to register on the e-Return system due to technical or registration-related problems may submit paper returns with approval from the Additional or Joint Commissioner of Taxes concerened. Through the NBR’s e-Tax platform, taxpayers can pay taxes online using bank transfers, debit or credit cards, bKash, Rocket, Nagad and other mobile financial services. They will also be able to obtain instant acknowledgement receipts and income tax certificates after successfully filing their returns. The NBR said its officials will provide assistance through the call centre (09643717171) and other electronic channels during office hours on working days to resolve any issues related to online return filing.

Bangladesh Bank (BB) has revised the reporting framework for Net Stable Funding Ratio (NSFR) under the Basel III liquidity regime to align regulatory disclosures with the updated accounting treatment of central bank liquidity operations. The Supervisory Data Management and Analytics Department (SDAD) of the central bank issued a circular letter on Tuesday to managing directors and chief executive officers of banks, outlining the amendments. According to the circular signed by SDAD Director Md. Abdul Mannan, the revised reporting template comes into effect with the reporting period ending June 30, 2026. Key Revisions to the NSFR Framework The central bank explained that the review was necessitated by the revised Open Market Operations (OMO) guidelines issued on February 26, 2026 (DMD Circular No. 02). Under the updated OMO framework, liquidity management operations—including Central Bank Repo, Standing Lending Facility (SLF), and Islamic Banks Liquidity Facility (IBLF)—are now recognized as collateralized borrowings rather than outright sale transactions. To ensure consistency and enhance the risk sensitivity of NSFR reporting, Bangladesh Bank has amended the guidance note as follows: Collateralized Borrowing from Central Bank: A new component titled "Collateralized Borrowing/Financing from Central Bank" has been added under Serial No. 7 to explicitly capture Central Bank Repo, SLF, IBLF, Assured Repo, and similar borrowings. Interbank Repo: Interbank Repo transactions are now formally included under Serial No. 6 ("Amount owed to financial institutions"). Government and Central Bank Securities: Previous debt securities categories (Serial Nos. 12 and 13) have been replaced by "Unencumbered Marketable Government and Central Bank Securities" (Serial No. 13) and "Encumbered Marketable Government and Central Bank Securities" (Serial No. 14). These will be reported at amortized cost value for Held to Maturity (HTM) securities and market value for Held for Trading (HFT) securities. Exposures to Finance Companies and Foreign FIs: Reporting classifications for loans and deposits in other financial institutions have been updated to "Loans/Investments to, and deposits in, other Finance Companies in Bangladesh" (Serial No. 22) and "Loans/Investments to, and deposits in, Banks and other Financial Institutions outside Bangladesh" (Serial No. 23). Implementation Instructions Bangladesh Bank instructed all scheduled banks to prepare and submit their NSFR returns using the newly enclosed reporting template (Annexure-I) starting from the period ended June 30, 2026. The central bank clarified that all other provisions, reporting components, and instructions under the original NSFR guidelines issued via DOS Circular No. 01 dated January 01, 2015, remain unchanged and will continue to remain in force.

The Bangladesh Jewellers Association (BAJUS) on Tuesday raised the price of gold in the domestic market, after two consecutive cuts, fixing the price of 22-carat gold at Tk 2,21,441 per bhori, including VAT. In a notice issued in the morning, BAJUS said the decision was taken in view of a rise in the price of pure gold in the local market, and the new rate came into effect from 10 am the same day. According to the revised rate, 21-carat gold will now cost Tk 2,11,468 per bhori, 18-carat gold Tk 1,81,608 per bhori, and traditional gold Tk 1,48,366 per bhori, all inclusive of VAT. BAJUS said the new prices will remain effective at all jewellery outlets until further notice, though making charges will continue to apply depending on the design of ornaments. Since VAT is already included in the sale price of gold and silver ornaments, jewellers cannot charge it separately from customers. The association also said its existing rules on ornament exchange and repurchase, excluding specified VAT, making charges and the value of stones, will remain unchanged. BAJUS had last adjusted gold prices on the morning of July 14, when the rate of 22-carat gold, including VAT, was cut by Tk 2,158 to Tk 2,19,808 per bhori. So far in 2026, gold prices have been revised 92 times in the domestic market, increased on 44 occasions, decreased on 47 occasions, and adjusted once for VAT. Despite the rise in gold prices, silver prices remained unchanged. Currently, 22-carat silver is being sold at Tk 4,607 per bhori, 21-carat at Tk 4,374, 18-carat at Tk 3,791, and traditional silver at Tk 2,858 per bhori.

Asian Development Bank (ADB) has warned people about fraudulent loan schemes being circulated through fake websites, counterfeit Facebook pages, and forged identity documents using the name and credentials of the organization and its officials. It does not provide direct loans, grants, funds, or any other form of financial assistance to individuals, ADB said in a press release issued on Monday. It also clarified that it never asks individuals to share personal financial information in exchange for support or requests money transfers through mobile banking or any other payment channel. ADB said fraudsters have recently been creating fake websites, unauthorised social media pages, and forged documents to impersonate the bank and its officials in order to deceive people and extort money. It has no association with or involvement in such activities, it said. Reaffirming its role as a long-standing development partner of Bangladesh, ADB said it works only with the Government of Bangladesh and private sector organizations through transparent and accountable procedures to implement development projects. ADB advised people to consider any offer of direct loans or financial assistance from individuals claiming to represent ADB as fraudulent and to remain cautious of such scams.

International Labour Organization (ILO) Director-General Gilbert F Houngbo arrived in Dhaka on Sunday morning on a two-day visit to Bangladesh. Houngbo is scheduled to hold a courtesy meeting with Labour and Employment Minister Ariful Haque Choudhury today, and meet Prime Minister Tarique Rahman on Monday, according to a press release issued by the Ministry of Labour and Employment. Discussions during the visit are likely to cover the improvement of labour standards, workplace conditions, workers' rights, social protection, skills development and labour market issues in Bangladesh, sources concerned said. Talks are expected to particularly focus on the ready-made garment sector, the informal labour market and the implementation of international labour standards. Houngbo, a national of Togo in West Africa, took office as the 11th director-general of the ILO in October 2022. He is the first African to lead the organisation in its century-long history.

The National Board of Revenue (NBR) has intensified nationwide monitoring and verification of tax compliance, asking tax zones across the country to deploy special teams to ensure proper deduction and deposit of taxes at source under the Income Tax Act, 2023. The revenue authority said the special drives are being conducted as per Section 147 of the Income Tax Act, 2023, which empowers tax officials to inspect businesses and verify whether taxes deducted at source have been correctly deposited into the government treasury. The NBR urged all businesses, organisations and taxpayers to remain aware of the legal authority vested in tax officials under the law and to cooperate fully during inspection and verification activities. According to the revenue authority, Section 147 authorises tax officials to enter any commercial or economic establishment, business premises or office without obstruction for on-site inspections. During such visits, officials are empowered to examine and requisition account books, vouchers, bank statements, receipts and any other documents related to financial transactions or business activities. The law also permits tax officials to inspect information stored in computer systems, cloud servers, digital records or electronic devices. Where necessary, they may gain access to password-protected or encrypted systems to verify tax-related information. In addition, officials are authorised to temporarily seize and retain account books, documents, electronic records or digital devices if required to verify the accuracy of taxes deducted at source. They may also collect copies of documents, images or account records and place identification marks or official seals on them for verification purposes. The NBR said these powers are aimed at ensuring transparency in withholding tax administration and preventing revenue leakage through inaccurate or incomplete tax deductions. The revenue authority also reminded taxpayers that Section 147(2) of the Income Tax Act provides for penalties against any individual or organisation that obstructs, resists or fails to cooperate with tax officials in carrying out their statutory duties. The NBR urged all withholding tax deductors to deposit taxes deducted at source into the government treasury through the electronic challan (e-Challan) system, ensuring that the correct legal provision and the appropriate economic code are mentioned while making payments. To address concerns over the implementation of Section 147, the NBR advised taxpayers facing any ambiguity, operational difficulty, alleged harassment or grievance to contact the member secretary of the NBR’s Section 147 Committee directly via email at [email protected]. The latest move comes as the tax authority seeks to strengthen compliance, improve monitoring of withholding tax collections and enhance revenue mobilisation through stricter enforcement of existing tax laws. It has been assigned an ambitious revenue collection target of Tk 6.04 lakh crore for the 2026-27 fiscal year. This historic target accounts for the majority of the overall Tk 6.95 lakh crore total government revenue collection goal for the period.