United News of Bangladesh

The price of gold in Bangladesh has been reduced by Tk 1,575 per bhori, with the Bangladesh Jewellers Association (BAJUS) setting the new price of 22-carat gold at Tk 170,551 per bhori. BAJUS announced the adjustment on Monday, taking into account the overall market situation and a decline in the price of pure gold (tejabi gold) in the local market. The revised prices will come into effect on Tuesday. According to the new pricing structure, the price of 22-carat gold has been fixed at Tk 170,551 per bhori (11.664 grams), while the price for 21-carat gold stands at Tk 162,794 per bhori. For 18-carat gold, the new rate is Tk 139,548 per bhori, and gold following the traditional method (sanatan) is priced at Tk 115,392 per bhori. Gold price surges by Tk 1,890 per bhori in single adjustment The retail price of gold must include a mandatory 5 percent VAT imposed by the government, along with a minimum making charge of 6 percent set by BAJUS. However, the making charge may vary depending on the design and quality of the jewellery. The last revision of gold prices in the country took place on July 1, when BAJUS increased the price of 22-carat gold by Tk 1,890 per bhori, setting it at Tk 172,126. So far this year, gold prices in the domestic market have been adjusted 42 times—rising on 27 occasions and falling 15 times.

Adil Chowdhury has joined as the Managing Director of National Bank PLC on Monday. With over 25 years of experience across both domestic and international banking institutions, Adil Chowdhury brings a proven track record of leadership, transformation, and a strong sense of purpose to his new role, according to a press release. His appointment marks a pivotal moment for NBPLC, the country's first private sector bank fully owned by Bangladeshi nationals, as it seeks to restore its financial stability and regain public trust. Widely respected in the local banking community, Adil Chowdhury is known for his focus on sustainable business growth, strong ethical standards, and employee development. He believes in cultivating a culture of work-life balance and accountability, rewarding dedication and performance across all levels of the organization. Adil Chowdhury joins National Bank following a successful tenure as President & Managing Director of Bank Asia PLC. Under his leadership, the bank saw record growth in profits and a significant expansion of its digital banking operations. IFC, Renata PLC partner to boost Bangladesh's pharmaceutical industry His ability to drive operational efficiency, strengthen governance practices, and recover distressed assets played a key role in making Bank Asia the second most profitable bank in the country by the end of 2022. His career spans continents. Before returning to Bangladesh in 2020 to join Bank Asia as Deputy Managing Director, Adil Chowdhury spent over 15 years abroad in various leadership roles. He served as Director at The Bank of Nova Scotia in both Hong Kong and Singapore, overseeing strategic initiatives across Asia-Pacific and the Middle East. Earlier in his career, he held roles at Credit Agricole Indosuez and American Express Bank in Dhaka, and later built the Treasury Department at Scotiabank’s Dhaka branch. A significant part of his international portfolio involved managing a US$9 billion funding book while working with central banks and government investment agencies. His global exposure has equipped him with deep knowledge of international regulatory frameworks, risk management, and enterprise-wide banking operations—expertise he is expected to bring to the transformation efforts at NBPLC. Adil Chowdhury holds a Bachelor’s degree in Electrical Engineering (VLSI Design) from the University of Texas at Austin and an MBA from the Richard Ivey School of Business, University of Western Ontario in Canada. He has also completed several international certifications in financial markets regulation and practices. Nagad receives Digital Bank PLC’s licence Beyond the boardroom, he is known for his collaborative leadership style and his commitment to building organizations that are resilient, transparent, and people-focused. His appointment as the Managing Director of National Bank comes at a time when the bank is looking for fresh direction and renewed confidence.

Bangladesh’s overall Purchasing Managers’ Index (PMI) dropped by 5.8 points in June compared to May, reaching 53.1, signalling a slower pace of expansion across key sectors of the economy. The decline marks a notable shift in economic momentum, driven largely by the first-time contraction in the construction sector, while the agriculture, manufacturing and services sectors all registered slower expansion rates. Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka and Policy Exchange Bangladesh (PEB) released the Bangladesh Purchasing Managers’ Index (PMI) June report today (Monday). The PMI is a pioneering initiative that aims to offer timely and accurate insights into the country's economic health to help businesses, investors and policy-makers make informed decisions. It was developed by MCCI and Policy Exchange, with support from the UK government and technical support from Singapore Institute of Purchasing & Materials Management (SIPMM). Bangladesh’s PMI drops 8.8 points in April, settles at 52.9 According to the latest PMI data, the agriculture sector continued its expansion for the ninth consecutive month, albeit at a reduced pace. The sector reported its first-ever contraction in the employment index. However, it saw faster expansion in new business, business activity, input costs, and order backlogs. The manufacturing sector marked its tenth straight month of expansion, but also at a slower rate. It reported contraction in input purchases, finished goods, imports, and employment. Meanwhile, new orders, export orders, factory output, input prices and supplier deliveries all recorded slower expansion rates. Notably, order backlogs posted an expansion after 10 months of contraction. After six months of growth, the construction sector experienced a reversal, entering contraction territory in June. The sector posted declines in new business, construction activity, employment and order backlogs, while input costs rose at a slower pace. The services sector maintained its expansion for the ninth month in a row but with reduced strength. The sector posted contraction readings in new business, business activity and order backlogs. On the other hand, employment and input costs saw a faster pace of expansion. Bangladesh’s PMI jumps to 58.9 in May In terms of business outlook, the future business index reflected mixed sentiment. Slower expansion expectations were reported in manufacturing and construction, while agriculture and services showed improved optimism for the coming months. Despite the June downturn, the overall PMI figure above the 50 mark still indicates expansion—though at a more subdued pace—highlighting the need for close monitoring of sectoral dynamics amid shifting economic conditions.

Bangladesh Bank is undertaking a significant restructuring of its regulatory framework for bank supervision, moving to implement a comprehensive Risk Based Supervision (RBS) policy across all scheduled banks starting January 1 next year. This initiative seeks to bolster efficiency, strengthen oversight, and align with international best practices, though Governor Ahsan H. Mansur highlighted political interference as a substantial risk to financial good governance. The government will take action in reforming the political sector. Speaking at a press conference on Monday, Mansur underscored political risk as a major impediment, stating, "Political risk is a big risk to maintain good governance in the financial sector, which happened earlier." He emphasised the need for politicians to be "corrected and aware of the result of political interference" to mitigate this challenge. The central bank's revamped approach will involve a comprehensive RBS framework, encompassing policy documentation, risk matrix development, and a model supervisory report to manage inherent risks like credit, market, operational, legal & regulatory, and strategic exposures. BB reserve heist: Court defers probe report submission to July 24 A total 61 banks will be brought under supervision in the new system under 12 groups in the central bank. As a result, real time information of financial risk is possible to monitor from a single umbrella in the central bank. Already, 20 have been brought under this system, the other banks will come under this system by December 31, 2025. The governor said that if any trouble is seen in running indepently, then the central will consider it, otherwise they will be brought under state control. Replying to a query Mansur hints at restructuring the board of some shariah- based banks after reviewing their performance. Key initiatives underpinning this transformation include: Organizational Transformation: Restructuring into bank-specific teams and specialized departments such as Supervisory Policy and Coordination, Supervisory Data Management and Analytics, Technology Risk and Digital Banking Supervision, and ML/TF Risk Supervision. Capacity Building: Conducting targeted training programs for central bank and commercial bank officials, with active collaboration from international partners including the IMF, World Bank, and IFC. IT Systems Development: Developing a new Rationalized Input Template (RIT) and a centralized supervisory dashboard for data-driven supervision and enhanced analytical capabilities. BB Governor seeks stronger UK ties on asset recovery Phased Rollout:Following successful pilot programmes, a full rollout to all 61 scheduled banks is slated to begin by July 2025, leading to the full implementation by January 2026. Enhanced Supervisory Cycle: Introducing a standardized supervisory process covering risk assessment, planning, engagement, intervention, and follow-up. This extensive overhaul marks a strategic step towards fostering a more robust culture of compliance, risk awareness, and technological innovation within Bangladesh's banking sector, aspiring to enhance the stability and integrity of the financial system and support sustainable economic growth.

Bangladesh's vital textile sector is teetering on the brink of crisis, with industry leaders vehemently protesting a newly imposed 2 percent Advance Income Tax (AIT) on imported cotton and an increased specific tax on locally produced yarn. "We cannot bear this additional tax burden," said BTMA President Shawkat Aziz Russell during an emergency press conference held at Gulshan Club on Saturday, highlighting a confluence of challenges already plaguing the industry.  BTMA Directors Khurshed Alam, Abdullah Al-Mamun, Saleuzzama Khan, Badsha Mia, and Mohammad Ayub, along with former President of the Cotton Association Hossain Mahmud, Home Textile Association representative, and BKMEA Vice President Amor Powder, were present at the press conference. The Bangladesh Textile Mills Association (BTMA) has taken a drastic measure, halting the release of cotton containers from ports and is urging the government to immediately revoke these ‘self-destructive’ policies. The BTMA leaders raised alarm without the immediate withdrawal of the 2 percent AIT and a reduction of the specific VAT on yarn from Tk 5.0 per kg, domestic textile factories face imminent closure. Strong hatchery, skilled workforce vital for sustainable growth of poultry sector He cited soaring bank interest rates (up to 15-16 percent), higher corporate taxes and persistent uncertainty regarding gas and electricity supplies as critical factors undermining their operations. They also highlighted that this AIT policy will be benefited the neighbour country export yarn to Bangladesh as they (Indian traders) getting incentive to export yarn. The association emphasised the urgent need to protect local industries and safeguard employment. They argued that while the government may view these measures as revenue-generating, they will, in reality, plunge the textile sector into deeper distress, ultimately harming the national economy. The new impositions come at a time when the textile sector is already reeling from a multitude of issues, including: · Abnormal increases in gas and electricity prices · Significant reductions in cash incentives for exports · Uninterrupted energy supply shortages · Persistent currency devaluation Garment exports to non-traditional markets mark 6.79pc increase in July-May Compounding these woes, the Finance Ordinance 2025 for the fiscal year 2025-26 has further exacerbated the situation by increasing the specific tax on locally produced cotton yarn and yarn mixed with artificial and other fibers from Tk 3 to Tk 5 per kilogram at the production stage. This particular move is expected to severely impact the domestic spinning sector.

Bangladesh Bank has introduced a new lending facility, allowing domestic individuals and institutions to secure Taka-denominated loans using foreign currency funds held in Offshore Banking Units (OBUs) as collateral. The central bank issued a circular detailing this directive on Thursday. Under the new policy, non-resident account holders can now leverage their foreign currency deposits in OBUs as collateral to obtain loans from the domestic units of banks within Bangladesh. Similarly, Bangladeshi expatriates will also be able to use their foreign currency held in OBUs as security for Taka loans in the country. According to the Bangladesh Bank notification, a "reasonable relationship" must exist between the borrower and the account holder. Valid relationships include those between expatriate Bangladeshis and their local beneficiaries, foreign shareholders, foreign investors, or foreign-owned companies. BB reserve heist: Court defers probe report submission to July 24 However, this collateral can only be used for short-term working capital loans, and banks are prohibited from charging any fees or charges for the collateral itself. The directive also stipulates that in cases of loan default, banks will have the opportunity to formalize the process and liquidate the collateral to adjust the outstanding loan amount.

Trading at both the Dhaka and Chattogram stock exchanges began with gains in indices on Wednesday, the third working day of the week, as share prices of most listed companies increased. During the first hour of trading, the benchmark index of the Dhaka Stock Exchange (DSE), the DSEX, rose by 26 points. Among the other two indices, the Shariah-based DSES gained 5 points while the blue-chip index DS30 increased by 2 points. At the start of the day, most company shares saw an upward movement in price. Out of all traded issues, the prices of 281 companies advanced, 50 declined and 55 remained unchanged. In the first hour alone, shares and units worth over Tk 180 crore were traded on the Dhaka bourse. DSE ends week in red; CSE sees mild index gain despite price fall in most stocks Meanwhile, the overall index of the Chattogram Stock Exchange (CSE) rose by 39 points. Among the 99 companies that participated in the first hour of trading on the CSE, 65 registered gains, 26 experienced price declines, and 8 remained unchanged. Early trading in Chattogram saw turnover cross Tk 1.10 crore.

After two consecutive reductions, the price of gold in the domestic market has increased again. The Bangladesh Jewellers Association (BAJUS) on Tuesday announced a hike of Tk 1,890 per bhori (11.664 grams) for 22-carat gold, setting the new price at Tk 172,126. In a statement issued on Tuesday night, BAJUS said the revised rates would come into effect from Wednesday (July 2). The association attributed the price adjustment to a rise in the cost of refined (pure) gold in the local market. Considering the overall market situation, BAJUS decided to revise the rates accordingly. As per the new rates, the price of 21-carat gold has been fixed at Tk 164,299 per bhori, while 18-carat gold will now cost Tk 140,831 per bhori. Gold made following the traditional method (Sanatani) will be sold at Tk 116,488 per bhori. Gold prices drop by Tk 4,292 within a week The sale price of gold must include a government-fixed 5 percent VAT and a minimum 6 percent making charge as determined by BAJUS. But, making charges may vary depending on the design and quality of the jewellery. Earlier, on June 28, BAJUS last adjusted gold prices, lowering them by Tk 2,624 per bhori. At that time, the price of 22-carat gold was set at Tk 170,236 per bhori.

Chevron’s new president of base assets and emerging countries, Javier La Rosa, has reaffirmed his company’s longstanding partnership with Bangladesh during meetings in Dhaka with key government officials. “I am pleased to be here in Bangladesh, engaging with our valued Government of Bangladesh stakeholders on day one of my new role,” said La Rosa. During his visit, Javier La Rosa and Eric M Walker, Chevron Bangladesh Managing Director and President, on Tuesday met Power & Energy Adviser Dr Muhammad Fouzul Kabir Khan, Mohammad Saiful Islam, EMRD Secretary, M Rezanur Rahman, Chairman Perobangla, Ashik Chowdhury, Executive Chairman of BIDA and Lutfey Siddiqi, Special Envoy to Chief Adviser for International affairs, highlighting the progress of the interim government in improving the investment climate. “We have a strong partnership with the government, Petrobangla and the people of Bangladesh, a partnership that has supported Bangladesh’s energy security and fueled economic growth for 30 years,” said La Rosa. Chevron receives due payments from Petrobangla “We have been encouraged by the approach of the interim government to resolve the current challenges, which sends a positive signal to existing and potential investors,” he said, adding, “Together, we can leverage our enduring partnership to work through any challenges and unlock new opportunities for Bangladesh’s energy sector.” Chevron, the largest US investor in Bangladesh, has been partnering with Petrobangla and the government for the past 30 years. US oil major accounts for about 60% of Bangladesh’s local natural gas production and over 80% of condensate production.

The Dhaka Stock Exchange PLC (DSE) has appointed Mohammad Asadur Rahman as its new Chief Operating Officer (COO). Before this appointment, Rahman held significant roles within the DSE. He first joined the exchange on April 15, 2010, as an Assistant General Manager. He was subsequently promoted to Deputy General Manager on April 22, 2013, and then served as General Manager and Company Secretary from April 27, 2017, until June 29, 2025. Rahman officially joined the position of COO on June 30, 2025. Budget 2025–26 market-friendly, say CPD, DSE and DBA   During his tenure as general manager and company secretary, Rahman headed several key departments, including the Board and Corporate Affairs Division, TREC Affairs Division, Legal Affairs Division, Public Relations and Publications Division, and International Affairs Division, according to a press release.