United News of Bangladesh

In response to a “special request” from India for the Durga Puja festival, the Ministry of Commerce has granted permission for the export of Hilsa fish, said Farida Akhter, adviser to the Ministry of Fisheries and Livestock on Sunday. Speaking to reporters at the ministry, she clarified that the decision was made independently by the Ministry of Commerce in light of India’s request. "The Ministry of Commerce has approved this export based on a specific request for Durga Puja. While they have acted on this request, I can’t impose any decision on them," she said. The adviser further explained that the approval came from the Commerce Ministry, and that the Fisheries and Livestock Ministry has no direct involvement in this matter. "Our commitment remains strong to ensure that Hilsa fish remains available for the people of Bangladesh." When asked if rising prices would discourage exports, she noted that if prices increase, they would certainly need to take action regarding that issue. Responding to another question, she emphasized that it is not her responsibility to halt exports. "I can make a request, but I cannot enforce a ban," she said, reiterating that the authority to make decisions regarding exports or imports lies with the Ministry of Commerce.

Liquidity support from Bangladesh Bank alone may not be enough to stabilize struggling banks, prompting calls for immediate action to facilitate liquidity transfers from stronger banks to weaker ones, according to financial experts. Speaking to UNB last night, the chairman of a newly appointed private bank board expressed concern over the worsening liquidity crisis. "Clients of some weak banks are in urgent need of cash for their families, but these banks are unable to meet the demand due to a severe liquidity shortage," he said. Bangladesh Bank Governor Dr. Ahsan H. Mansur acknowledged the crisis, explaining that the central bank is actively working on providing liquidity support to banks facing difficulties. However, he urged depositors to remain calm. "People should not panic. The central bank and the government are doing everything possible to protect depositors' interests. Money will be returned gradually as needed," Dr. Mansur told UNB. Despite these reassurances, a significant number of clients are crowding branches of the affected banks, attempting to withdraw their funds. To address this, Bangladesh Bank has stepped in to offer liquidity support to these institutions. The central bank plans to stabilize the situation before initiating reforms within these banks. The crisis is rooted in irregularities and corruption during the tenure of the previous government. Several banks weakened under the mismanagement of their boards of directors, many of which were recently replaced. These banks will now receive liquidity assistance against guarantees from the central bank, with stronger banks providing the necessary funds. Since the change in government, Bangladesh Bank has moved away from propping up failing banks by printing money, as was previously done. Instead, the regulator has finalized a policy to offer liquidity support through special arrangements. According to Bangladesh Bank officials, past avenues for siphoning off funds from these banks have been blocked, but small depositors continue to panic, leading to large-scale withdrawals. “If this continues, even strong banks could be affected,” warned a central bank official. “Liquidity assistance is being provided to alleviate the immediate pressure, and after that, we will focus on restructuring these banks. If a bank cannot recover, we may pursue mergers.” Under the leadership of the new governor, the boards of directors for 11 banks and one financial institution have been dissolved. The banks include Islami Bank, Social Islami Bank, First Security Islami, Union Bank, Global Islami Bank, Bangladesh Commerce Bank, Al-Arafah Islami, National Bank, UCB, IFIC Bank, Exim Bank, and Aviva Finance, a financial institution. Nine of these were controlled by the S Alam Group, a business conglomerate with close ties to the previous government. Following the reshuffling of these banks' boards, depositors—both large and small—have flocked to withdraw their money, further straining liquidity. This panic has led to severe cash shortages, with many clients unable to access their funds. In some cases, cheque clearing facilities have been suspended due to deficits in current accounts, and customers are also reporting difficulties withdrawing cash from ATMs.

REVOO, a leading electric motorcycle brand, has officially entered the Bangladesh market. Already recognized as the top electric motorcycle brand in Africa, REVOO’s expansion into Bangladesh marks its entry into a sixth country, following successful launches in markets such as Pakistan, according to a press release on Thursday. As the world shifts towards greener and smarter transportation, electric vehicles (EVs) are emerging as a key solution. Electric two-wheelers, in particular, offer a more sustainable and cost-effective alternative to traditional internal combustion engine (ICE) motorcycles. Along with reduced operating costs, EVs come equipped with advanced smart technologies that enhance the riding experience while contributing to a cleaner environment. With this launch, REVOO introduces two brand-new electric motorcycle models to Bangladesh: the A01 and the C03. These models aim to transform commuting by providing eco-friendly, sustainable transport options. Revoo A01 The A01 is designed for everyday commuters seeking a reliable and safe electric motorcycle. Equipped with a 60V 21Ah battery and a 1000W motor, it offers a top speed of 45 km/h, making it perfect for city travel. Its 12-tube, 30A vector-based controller ensures optimized performance, while its design balances practicality with style. Available in Battleship Grey, Metallic Black, and Pearl Red, the A01 features front disc brakes, rear drum brakes, and hydraulic suspension for smooth rides. It also includes a remote-control anti-theft system for added security. Revoo C03 The C03 is designed for performance enthusiasts, powered by a 72V 35Ah battery and a 2000W motor. It features a version 2 of the 12-tube, 30A vector-based controller and a Combined Braking System (CBS), ensuring enhanced safety and control. With 12-inch vacuum tires and disc brakes on both ends, the C03 offers precise handling across various terrains. Available in Metallic Black and Battleship Grey, this luxury motorcycle is expected to turn heads on Bangladesh’s roads. Both models are equipped with high-life-cycle batteries and advanced technology, offering longer rides and smarter security with remote-control anti-theft systems. REVOO’s electric motorcycles cater to the growing demand for eco-friendly and smart commuting options, combining efficiency, style, and safety. The REVOO A01 and C03 are now available at leading electric vehicle dealers across Bangladesh.

Singapore's Suspicious Transaction Reporting Office (STRO), the financial intelligence unit, has requested detailed information on the assets of the much-talked-about S Alam Group, both in Bangladesh and abroad. This move comes amid growing scrutiny of the Chattogram-based conglomerate, which has been at the center of multiple controversies. According to an official from the Bangladesh Financial Intelligence Unit (BFIU), who spoke on the condition of anonymity, the request was made through an email from Singapore's Financial Intelligence Unit. "We are preparing the details of the S Alam Group and are ready to send this information to STRO," the official confirmed. The inquiry follows recent media reports alleging that the S Alam Group has significant undisclosed overseas assets, including holdings in Singapore. The conglomerate, which once held control over six banks and a financial institution in Bangladesh, has come under increasing investigation after the fall of the Sheikh Hasina-led government on August 5, following mass protests. In the wake of the regime change, Bangladesh Bank swiftly reconstituted the boards of the banks previously controlled by S Alam Group. However, the group faces serious allegations, including claims that approximately Tk 1.13 lakh crore was siphoned off from these banks through forged documents. The Bangladesh government, central bank, BFIU, and the Bangladesh Securities and Exchange Commission (BSEC) have since launched a coordinated crackdown on S Alam Group. The authorities have frozen personal accounts of the group's owners, and banks have restricted their transactions with the company. Despite these measures, S Alam Group is seeking relief. On September 12, the conglomerate made a formal plea to the government and the central bank for financial, social, and legal assistance in an effort to lift the freeze on their accounts and restore normal operations.

The value of the US dollar has decreased in Bangladesh’s kerb (open) market due to a drop in demand and an increase in supply. Currently, the dollar is being sold at Tk 121-122 in the kerb market, down from Tk 125 just three weeks ago, according to traders and money changers dealing in foreign currency. They attributed the drop to reduced demand for foreign travel following the political changes in the country on August 5, as well as an increased flow of dollars into the open market. These two factors have driven the exchange rate lower. Travelers, who typically buy foreign currency from the kerb market, have contributed to the decrease in demand.

Bangladesh Bank has mandated that directors of all banks must now attend board meetings in person, officially ending the “hybrid” meeting model that allowed virtual participation during the pandemic. The central bank issued this directive through its Banking Regulations and Policy Department on Wednesday, instructing the top executives of all banks to implement the changes immediately. During the COVID-19 pandemic, a hybrid model had been introduced to facilitate remote participation in board and subsidiary committee meetings. However, the new instruction cancels that allowance, citing the significant reduction in the pandemic’s impact. According to the new directive, the only exception is for foreign directors in banks that are not fully owned by Bangladeshi entities. These individuals may still attend meetings online. Banking sector insiders noted that this decision could pose challenges for certain Awami League-affiliated directors, including former ministers, MPs, and public representatives, many of whom are currently abroad. With the new regulation, these individuals will no longer be able to participate remotely from overseas or undisclosed locations.

Product photography can make or break your small business. When you wish to sell a product online, the photos you use will be the first impression of the product—and as they say, first impressions matter!  If you are a small business owner looking to boost your product’s appeal, product photography skills can help promote your brand and elevate business. Even freelance photographers can boost their careers by learning this skill. Smartphone photography is another way to promote products through social media networks. Let’s dive into how you can start learning and mastering this craft. Why Learn Product Photography for Your Small Business? Boost Product Attractiveness High-quality product images instantly make your items more appealing, highlighting their features and craftsmanship, ultimately making them irresistible to potential customers. Well-photographed products create a lasting impression. Increase Online Conversions Clear, visually appealing product photos are key to boosting online sales. When customers can see the product’s details clearly, they feel more confident in their purchase, leading to higher conversion rates. Read more: 2024 DSLR Camera Buying Guide: Prices and Top Picks in Bangladesh Strengthen Brand Identity Consistent, professional product photography helps reinforce your brand’s image. By maintaining a recognizable visual style, you create a cohesive image that builds trust and strengthens customer loyalty over time. Cut Costs on Professional Services By mastering product photography, you can reduce the need for expensive professional services. Handling photography in-house saves money and gives you full control over how your products are portrayed. 

Bangladesh Bank (BB) has formed a management board to determine the future action plan and strategic management of mobile financial services provider Nagad. The central bank sent a letter in this regard to the Director General of the Department of Posts on Tuesday. KAS Murshid, former Director General of Bangladesh Institute of Development Research (BIDS) has been made the chairman of this board. Other members of the management board are BRAC University's BRAC Institute of Governance and Development (BIGD) Visiting Research Fellow Khandaker Sakhawat Ali, Policy Research Institute (PRI) research director Bazlul Haque Khandaker, former executive director of Bangladesh Bank Anwar Hossain and Postmaster General of Bangladesh Postal Department. Farid Ahmed. According to the central bank, Bangladesh Postal Department's Digital Financial Service has been entrusted with section 18(4) of the 'Payment and Settlement System Act, 2024' to determine the future operational plan and strategic management of cash and to provide necessary guidance to the administrator and his support team appointed by Bangladesh Bank. The management board was formed in the public interest. After the fall of the Awami League government, Bangladesh Bank decided to appoint an administrator to manage Nagad on August 21. Besides, six officers were appointed as 'assistant officers' in the management of Nagad. The next day Bangladesh Bank and postal department officials went to the Nagad office and took control of the entire institution. The BB Director Muhammad Badiuzzaman Didar is currently serving as the Nagad Administrator.

A delegation from the Foreign Investors' Chamber of Commerce and Industry (FICCI), led by its President Zaved Akhtar, met with Lutfey Siddiqi, the Chief Advisor’s Special Envoy for International Affairs in the Interim Government of Bangladesh, today (September 17, 2024). The meeting took place at the Bangladesh Investment Development Authority (BIDA) office in the capital, focusing on boosting foreign investment in Bangladesh. The newly appointed BIDA Executive Chairman, Ashik Chowdhury, participated virtually from Singapore, with Dr. Khandoker Azizul Islam, Executive Member (Investment Environment Services) of BIDA, presiding over the session. During the meeting, the FICCI delegation extended congratulations to Lutfey Siddiqi and Ashik Chowdhury on their recent appointments. The discussions centered around the challenges foreign investors face in Bangladesh, along with strategies to enhance the country's appeal as an investment destination. FICCI President Zaved Akhtar highlighted the chamber’s activities and presented an in-depth analysis of the barriers to foreign investment. He emphasized the importance of structural reforms and collaboration to address these challenges, stating, “We have many potential investors in the pipeline eager to invest in Bangladesh, but they are currently facing several barriers. It is essential that we work together to identify and resolve these issues to foster economic growth.” Special Envoy Lutfey Siddiqi shared his vision for addressing these concerns, assuring the delegation that the government is committed to improving the business climate. He highlighted the importance of creating a favorable environment to attract and retain foreign investment in the country. Speaking virtually, BIDA Executive Chairman Ashik Chowdhury stressed the importance of ongoing efforts to enhance the investment climate. Both Siddiqi and Chowdhury reaffirmed their commitment to working closely with FICCI and other stakeholders to implement necessary reforms. The meeting was attended by FICCI Board members, Advisors, and senior officials from BIDA, including the Director General and other key representatives.

The Dhaka Stock Exchange (DSE) Brokers Association (DBA) has demanded a task force to reform and develop good governance in the capital market like banks. The DBA wrote to the Finance Adviser Dr. Salehuddin Ahmed in this regard on Sunday. The letter was signed by DBA President Saiful Islam, DBA Secretary Md. Didarul Gani confirmed this. The letter made several recommendations, including the formation of a task force for the development and good governance of the capital market. According to DBA, the DSE has been operating in the capital market for almost 70 years. On the other hand, the Bangladesh Securities and Exchange Commission (BSEC) was established in 1992-1993. The BSEC has been serving as the main regulatory body in the same sector for more than 30 years. Bangladesh's capital market is far from a source of capital formation and a sector of employment creation considering the goals, tenure, tradition, and role of these two organizations. “The sad thing is that even after this long time, our capital market has not yet developed as an industry, business sector, and a general sustainable income sector,” mentioned in the letter. According to stock brokers, the interim government has formed several task forces for reforms in the banking, economy, constitution, etc. sectors. “We expect the Interim Government to soon constitute a task force for reforming the capital market sector with a view to the development and progress of a large sector like the capital market, following its objectives and policies,” said DBA letter to finance adviser. At this time, DBA made several recommendations to reform the capital market.