United News of Bangladesh

Export and import activities between Bangladesh and India through Dinajpur’s Hili land port remained suspended on the occasion of the Christmas Day on Wednesday. However, movement of travellers with valid documents including passports remains functional. Shahinur Islam, general secretary of the Hili Customs C&F Agents Association, said traders from the both countries decided to keep the import and export halted marking Christmas Day as today is a public holiday. Read: 131MT rice imported from India through Hili Land Port Besides, load and unload inside the land ports remained off, he said, adding that the business activities between the countries would resume from Thursday. Hili Immigration Checkpost’s Officer-in-Charge Ariful Islam said the movement of travellers remains as usual as there is no connection with suspension of the port’s business activities.  

Six factories, including power plant, and sugar mills, of Chattogram-based industrial giant ‘S Alam Group’, were shut indefinitely without citing any ground. The factories were S Alam Refined Sugar Industries, S Alam Power Plant Ltd, S Alam Cold Rolled Steels Ltd, S Alam Cold Rolled Steels Ltd (SALAMCRST), S Alam Power Generation Ltd, and Infinity CR Strips Industries Ltd. Of them, edible oil and sugar mills factories were shut by issuing notices and the four others verbally. The notices, signed by Mohammad Borhan Uddin, head of human resources and administration department of the group, were issued in these regards on Tuesday. However, security, delivery and emergency departments of the factories will remain functional as per the decision of the company. Soon after the announcement of the closure, workers staged demonstrations in front of the factories demanding to keep open. The factories are located in Kalapool, Ichhanagar areas on the banks of the Karnaphuli River and Gandamara area under Banshkhali upazila. Read: S. Alam & Co. joins hands with govt. to revive state-owned sugar mills Wishing not to be named, an official of the group said the interim government has given a six month timeframe to the S Alam Group to settle the issues of assets and investments. If the issues are not settled by the stipulated time, the government will move to the International arbitration. Officials of the industrial group expressed reluctance to talk to the media about the matter.

Mohammed Monirul Moula, Managing Director (MD) of Islami Bank Bangladesh PLC, was reportedly forced to vacate his office on December 19 under contentious circumstances. Moula, who was appointed in January 2021 during the tenure of S Alam Group’s dominance over the bank’s board, reportedly faced resistance from within the organisation. A group of officials allegedly blocked his entry into the office and demanded he leave. Read: IBBL launches ‘Smart Bangladesh Smart Banking’ campaign Since the incident, sources said, Moula has been absent from his duties, and an additional managing director has assumed interim responsibilities. Islami Bank is working with Bangladesh Bank to finalise the appointment of a new MD, according to a high-ranking official at the bank. Despite being removed from his office, sources indicate that Moula has not yet submitted his resignation.

The National Board of Revenue (NBR) on Tuesday extended the deadline for submitting income tax returns by one month till January 31. The last date of submitting income tax returns of all categories of taxpayers except companies for the tax year 2024-2025 was December 31. Read: NBR extends deadline for submitting income tax returns The revenue authority issued an order extending the time for submission of income tax returns by one month for both online e-return and offline filing of paper returns for all taxpayers except companies for the convenience of taxpayers. It also extended the deadline for company tax return by one month from January 15 to February 15.

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first two hours on Monday. Shares and units of 3.9 crore were exchanged through 43675 transactions. During this time, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 118.2 crore were traded. A total of 388 companies participated in trading. Among these, prices of 154 companies increased,130 companies decreased and 104 companies remained unchanged at the DSE. Read: DSE index drops by 25.16 points as week begins The main index DSEX decreased by 5.56 points to 5,190.84 points, the DSES Shariah index fell by 1.63 points to 1160.52 points, and the DS30 special blue chip fell by 3.50 points to 1931.61 points during the first two hours on Monday.

The Real Estate and Housing Association of Bangladesh (REHAB) is set to host the REHAB Fair 2024, the largest gathering of real estate stakeholders, starting next Monday (December 23) at the Bangabandhu International Convention Centre (BICC) in Agargaon, Dhaka. The five-day event comes amidst a downturn in the country’s housing market, marked by declining flat and land sales. At a press conference held Thursday at the CIRDAP Auditorium in Dhaka, REHAB officials highlighted the challenges plaguing the housing sector. They cited high registration costs, rising interest rates, and a “controversial” Detailed Area Plan (DAP) as major factors causing stagnation in investments. REHAB President Md. Wahiduzzaman, who delivered a written statement at the briefing, expressed grave concerns over the impact of the new DAP, introduced in 2022. “The discriminatory DAP has proven detrimental. Two years ago, we warned that this policy would push housing, a basic necessity, beyond the reach of the middle class. Our predictions are now coming true,” Wahiduzzaman said. He explained that the decrease in Floor Area Ratio (FAR), a key metric regulating building heights, has severely restricted construction in main Dhaka. “The lower FAR has caused the housing crisis to deepen. Fewer buildings mean higher flat prices, and consequently, skyrocketing rents,” he added. The downturn has significantly impacted the construction sector. “Despite the recent fall in rod and cement prices, there are no buyers, as housing agencies and landowners are refraining from starting new projects. This mismatch has led to an increase in demand for apartments, but a sharp decrease in supply, keeping prices high,” Wahiduzzaman pointed out. REHAB leaders also noted that the sector had been grappling with crises even before the July uprising, with unemployment rising and economic pressures intensifying. In response to questions, Wahiduzzaman acknowledged that the housing sector has struggled to recover after recent political changes. “Flat prices have decreased in some areas and remained stable in others, but the sector has yet to regain its footing,” he said. Senior Vice President Liakat Ali Bhuiyan, Vice President Mohammad Akhter Biswas, Director Abdur Razzak, and Ayub Ali were also present at the press conference.  

The International Monetary Fund (IMF) has eased its foreign exchange reserve requirements for Bangladesh, offering flexibility amid the country’s ongoing economic challenges. Previously, the IMF set a target of maintaining minimum net reserves of $19.43 billion by the end of December 2026. That benchmark has now been reduced to $17.28 billion. Bangladesh Bank, IMF ‘mull over dollar exchange rate reform’ In addition, there was a condition to maintain $15.30 billion by the end of this December. As of last Monday, the reserves stood at $14.90 billion, which, according to an official from Bangladesh Bank familiar with the matter, will not impede the IMF’s disbursement of its next loan installment. An IMF delegation recently concluded a review in Dhaka to assess progress on the conditions tied to Bangladesh’s $4.7 billion loan. The closing meeting of the team took place yesterday, during which the IMF highlighted key areas requiring attention. The organization has urged Bangladesh to adopt a more market-based approach to determining exchange rates. To facilitate this, a new methodology for setting the exchange rate will be introduced soon. The IMF also recommended gradually phasing out the Tk 22,500 crore injected into weak banks to stabilize their operations. Additionally, it stressed that no new measures should be taken that would expand the money supply and exacerbate inflation. IMF suggests upward policy rate in 2025 to restrain inflation: BB In its recommendations, the IMF emphasized the need for a revamped monetary policy framework aimed at improving economic stability. This includes curbing inflationary pressures and ensuring better transparency in the financial sector. Most of these measures are expected to be implemented by March 2025. Meanwhile, the IMF has also called for the timely publication of updated economic indicators and regulatory information to enhance financial oversight.  

The price of the highest quality 22-carat gold in Bangladesh has increased by Tk 2,088 per bhori (11.664 grams), bringing the new price to Tk 140,586. This new rate will be effective from December 19, according to a notice issued by the Bangladesh Jewellers Association (BAJUS) on Wednesday. BAJUS decides to lower gold price by Tk 1,773 per bhori The notice stated that the price of pure gold in the local market has risen, prompting the revision of the gold prices based on the current market situation. According to the new prices, the cost of 21-carat gold per bhori has been set at Tk 134,194, while the price of 18-carat gold per bhori will be Tk 115,030, and the price of traditional gold per bhori will be Tk 94,478. 63 tolas gold seized at Ctg airport; actress, another held BAJUS also mentioned that a mandatory 5% VAT imposed by the government and a minimum wage of 6%, as set by BAJUS, will be added to the sales price of gold. However, the labor charge may vary depending on the design and quality of the jewelry. Notably, the gold price has been adjusted 60 times in the country this year, with 35 price hikes and 25 reductions.

Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first 2:30 hours on Wednesday. Trading record in the DSE shows that shares and units of 6.83 crore were exchanged through 69600 transactions. In this time shares and mutual funds worth Tk 201.7 crore were traded. A total of 393 companies participated in trading. Among these, prices of 139 companies increased, 175 companies decreased and 79 companies remained unchanged at the DSE. The main index DSEX decreased by 8.59 points to 5,215.99 points, the DSES Shariah index decreased by 1.48 points to 1165.26 points and the DS30 special blue chip rose by 0.87 points to 1930.37 points during the first 2:30 hours on Wednesday.

Amid overheated local markets, another shipment of 1,900 metric tonnes (MT) of potatoes arrived in Bangladesh from neighbouring India, officials said on Wednesday. An Indian freight train, carrying the potatoes, arrived at Benapole Rail Station through the country’s largest Benapole land port in Jashore around 9:30pm on Tuesday, said stationmaster Saiduzzaman. The train with 42 wagons loaded with the potatoes came from India’s Punjab. “One of Deluxe International of West Bengal’s Malda exported it.” Faruk Iqbal Dablu, a representative of Bangladesh Logistic Service, said the potato-laden train has already left for Noapara from the station for unload after completing customs and railway formalities on Tuesday night. The potatoes will be sent to different parts of the country, including Dhaka and Chattogram, he said.    Read: 122 traders fined for price manipulation of potatoes, eggs, and onions Benapole land port’s Deputy Director Rashedul Sajib Nazir said the shipment consists of 38,000 sacks of potatoes weighing 1900MT. Per kilogram of potato has been bought from India at Tk 28.5, he said, adding that they are cooperating to release the consignment soon.