United News of Bangladesh

The Insurance Development and Regulatory Authority (IDRA) in a notification stated that no one can be appointed as the chief executive officer (CEO) in an insurance company on an ongoing basis. At the same time, no one can use the title of CEO without the approval of the IDRA. The directive in this regard was issued by IDRA on Thursday (Mar 6). The IDRA directive also stated- 1. No one can use the title of CEO unless approved by the IDRA. 2. No one can be appointed as the CEO (Ongoing Charge). No one can use the title of CEO as in Charge. 3. Until the proposal for the appointment of the CEO is approved by the IDRA, an additional managing director can be given the responsibility of the CEO by following the relevant provisions. Such an officer can use the title of Chief Executive Officer (Acting). 4. No officer below the rank of CEO or Chief Executive Officer (Acting) will be able to sign letters sent to the IDRA.

A total of 21 factories have closed in Narayanganj, leaving hundreds of workers unemployed in the past seven months. As a result, they now face a financial crisis and are protesting for the reopening of the factories and payment of overdue wages. According to sources, the closures have occurred for three primary reasons. Many factory owners shut down operations due to a financial crisis and a lack of purchase orders. Besides, some factories owned by people with ties to the Awami League were targeted in violent protests, including vandalism and arson, due to their political affiliations. Finally, some factories owned by businessmen connected to the previous Awami League government have fallen into disrepair, with the owners reportedly in hiding. BKMEA President Mohammad Hatem said that workers of these closed factories are struggling to collect their unpaid wages and allowances, with compensation pending in almost all cases. While some workers have found new jobs or returned to their villages, many remain unemployed. There are approximately 2,000 industrial establishments in the Narayanganj, Narsingdi, and Munshiganj districts. Of these, 23 have permanently shut down, resulting in the loss of jobs for around 6,000 workers. Industrial Police-4 officials reported that 21 factories, including Green Bangla Home Tex Industries, Asian Falcon Garments, GL Fashion, Master Textile, West Best Attire, and Star Cutting and Engineering, have closed in the last seven months due to financial difficulties and a lack of purchase orders.  

The agricultural credit growth is on pace as the banks disbursed around 50.57 percent of the fiscal target in seven months. According to the latest update from Bangladesh Bank, the scheduled banks have disbursed Tk19215 crore in seven months from July to January as agricultural and rural credit for the current fiscal year FY2024-25. The central bank has set an agricultural and rural credit target of Tk 38,000 crore for banks in the FY2024-25 to boost the country's food production. In the first seven months, the banks have disbursed loans of Tk 19,215 crore, which is 50.57 percent of the target. However, two banks have not been able to disburse any loans during this period. The loan disbursement amount of the three banks is less than 10 percent. These banks have not been able to disburse any loans in the agricultural and rural sectors in the first seven months. The two banks are the private sector Padma Bank and the foreign-owned Woori Bank. In addition, the banks that disbursed loans of less than 10 percent in the first seven months of the fiscal year are the private sector Madhumoti Bank, Union Bank, and the foreign HSBC. The Sharia-based First Security Islami Bank has disbursed 10.59 percent. Of this, Union Bank, which had a target of Tk100 crore, has disbursed only Tk 4.89 crore in agricultural and rural loans in 7 months. And Madhumati Bank, which had a target of distributing Tk33 crore, has distributed Tk2.5 crore or 7.58 percent of the target. In addition, the foreign HSBC Bank has distributed 8.77 percent of the target. The bank's target was Tk285 crore. The bank has distributed Tk25 crore in 7 months. Govt exempts VAT from several products until June 30 To ensure food security, the government has made it mandatory for commercial banks to distribute at least 2 percent of the total loans to the agricultural sector to ensure the supply of money to agriculture and agriculture-related activities. Bangladesh Bank has made a provision for fines for banks that do not distribute agricultural loans according to the target. Bangladesh Bank said, banks will have to provide at least 13 percent of the target loan to the fisheries sector in the current fiscal year. In the first seven months, the amount of loan disbursed to this sector stood at Tk 1,715 crore, which is 14.33 percent of the loan disbursed. And at least 15 percent of the target loan is to be provided to the livestock sector. During the period under review, Tk 4,664 crore has been disbursed to the livestock and poultry sector, which is 12.27 percent of the target. In addition, at the end of seven months, the banks have disbursed Tk 7,31 crore for poverty alleviation, Tk 9,101 crore for the crop sector, Tk 1,48 crore for the purchase of agricultural machinery, Tk 136 crore for the purchase of irrigation machinery, Tk 67 crore for the grain storage and marketing sector, and Tk 2,910 for fish farming.

Bangladesh’s export performance in February saw a slide from January, but there was a steady growth of 2.77 percent compared to February of the previous year. According to the Export Promotion Bureau (EPB), the export earnings in February 2025 reached US $3.97 billion, reflecting a 2.77 percent growth compared to the same month last year. Meanwhile, total exports for the July-February period of FY 2024-25 stood at $32.94 billion, marking a 10.53 percent increase from $29.81 billion recorded during the same period in the previous fiscal year. As in previous months, the apparel sector remained the dominant contributor, with exports amounting to $3.24 billion, posting a modest 1.66 percent growth compared to February 2024. Bangladesh's RMG exports show moderate growth, EU remains key market Several non-traditional sectors registered notable growth in February 2025, including: 1. Leather and leather goods: 34.37 percent 2. Frozen and live fish: 26.66% 3. Plastic products: 7.97 percent 4. Agricultural products: 7.03 percent But some sectors experienced a decline in export earnings during the same period. These include: 1. Jute and jute goods minus (-) 11.39 percent 2. Light engineering products (-) 1.56 percent 3. Home textiles (-) 0.23 percent Despite challenges in certain sectors, the overall positive growth trajectory underscores Bangladesh’s resilience and competitiveness in the global export market, said Md Anwar Hossain, the Vice-Chairman of EPB. The export target for FY 2024-25 has been set at $50 billion, representing a projected growth of 12.44% over the previous fiscal year. Bangladesh Bank eases loan rescheduling policy for raw jute exporters This ambitious goal reflects the nation’s commitment to expanding its global trade footprint and strengthening its position in the international marketplace as stated by the EPB in an official remark on exports.

The Women Entrepreneurs Association of Bangladesh (WEAB) is going to organize a three-day international trade fair for women from March 6. More than 200 entrepreneurs from all over the country and some foreign entrepreneurs will participate in the trade fair, scheduled to be held at the capital's Gulshan Shooting Club from March 6 to 8. Nasrin Awal Mintoo, president of the WEAB said this in a press conference held at the organisation’s office on Sonargaon Road in the capital on Monday. The fair will be open for all from 10 am to 8 pm every day. The fair will showcase exotic handicrafts, traditional clothes, designed fabrics, aesthetic jewelry, and various creative products made by women entrepreneurs. She said that the special attraction of this year's fair is the July Corner, which has been created in honor of the women who played a role in the July Uprising. Through this corner, the courage and contribution of those women will be highlighted. Speakers stress empowering women entrepreneurs for equitable society The WEAB president said that this fair will play an important role in women achieving financial independence and establishing themselves as entrepreneurs. This will not only empower women economically but will also further accelerate their contribution to society, she pointed out. She said a drawing competition will be organized with three hundred students from different schools in the capital to ensure the participation of women and children during the fair.

The stock markets in Dhaka and Chattogram faced another day of decline on Monday on the second trading session of the week, with key indices falling and trading volume dropping significantly across both bourses. The main DSEX index of the Dhaka Stock Exchange (DSE) fell by 16 points. Besides, Shariah-based DSES index fell by 4 points, while the DS30 index, which represents blue-chip stocks, declined by 5 points. The total turnover at the DSE fell to Tk 381 crore, down from Tk 421 crore on the previous day. Due to this continuous two-day decline, total share and unit transactions have dropped to the Tk 300 crore range, the lowest in the past 15 days. Out of 396 companies traded on the DSE, share prices increased for 98, declined for 230, and remained unchanged for 68. Across different categories—A, B, and Z—the majority of shares experienced a downturn. Among 37 mutual funds, only three saw price increases, while 16 declined, and 18 remained unchanged. In the block market, a total of 23 companies traded 6.8 million shares worth Tk 22.25 crore. Prime Bank recorded the highest transaction in this segment, selling 5.4 million shares worth Tk 13.84 crore. Mixed trends in stock markets: DSE gains, CSE declines in early trading Despite the overall market downturn, the SME index in Dhaka saw a slight increase, rising by 4 points. However, the majority of SME stocks still experienced price drops. Among the 18 companies traded in this category, only two witnessed price gains, while 13 declined, and three remained unchanged. Shinepukur Ceramics, which had the lowest trading volume in the previous session, saw a 9.94% price increase, making it the top gainer. On the other hand, Shurwid Industries Limited suffered a 6.5% decline, ranking as the worst performer. Chattogram Also Faces Decline Similar to Dhaka, the Chattogram Stock Exchange (CSE) also witnessed a downturn, with its overall index falling by 22 points. Among the 215 companies traded on the CSE, share prices increased for 61, declined for 111, and remained unchanged for 43. Along with the index drop, trading volume also fell at the CSE, with total transactions amounting to Tk 3.3 crore for the day, compared to Tk 5.16 crore in the previous session. Anlima Yarn Dyeing Limited led the gainers at the CSE, with a 10% price increase, while Bangladesh General Insurance Company suffered the biggest loss, declining by 9.79%. DSE opens lower, CSE sees early gains The consecutive declines in both markets reflect ongoing uncertainty among investors, with low trading volumes indicating a lack of confidence in market stability.

The supply of soybean oil is expected to normalise within the next two days, said Commerce Adviser Sk Bashir Uddin on Monday. He made the statement while addressing the media following his visit to the Mohammadpur Town Hall kitchen market.  Industries Adviser Adilur Rahman Khan was also present. Responding to queries regarding the supply situation of soybean oil, Bashir Uddin stated, "There is no shortage of essential commodities. While the supply of soybean oil is somewhat lower, there is no denying this fact. However, we expect the situation to improve from today." Price of 12-kg LPG cylinder goes down by Tk 28 On the issue of rising soybean oil prices, the commerce adviser noted that although soybean oil is being sold at higher prices, palm oil is currently being sold Tk 25 lower than the government-fixed price. "Sixty percent of our total edible oil consumption comes from palm oil. The market has seen a simultaneous rise and fall in oil prices. We are optimistic that the price of soybean oil will also decrease soon," he added. About concerns over food quality and adulteration, Industries Adviser Adilur Rahman said that the Bangladesh Standards and Testing Institution (BSTI) has been operating mobile courts to monitor product quality and curb food adulteration during the holy month of Ramadan. "Today, mobile courts have been conducted in four markets, and this initiative will continue," he said. Prices of chicken, fish rise in Dhaka’s kitchen markets Among those present during the visit were Commerce Ministry Secretary Mahbubur Rahman, Industries Ministry Secretary Md Obaidur Rahman, Director General of the Directorate of National Consumer Rights Protection Mohammad Alim Akhtar Khan and BSTI's SM Ferdous Alam.  

The price of a 12-kg LPG cylinder has been re-fixed at Tk1,450 for the month of March, down by Tk 28 from the previous month’s price of Tk 1,478, with effect from 6 pm on March 3 (Monday). As per the announcement of the Bangladesh Energy Regulatory Commission (BERC), the price of per kg LP gas has been brought down by Tk2.35 to Tk120.81 from Tk 123.16 for the month. The prices for other sizes of LPG cylinders—ranging from 5.5 kg to 45 kg—will also go down accordingly, the BERC added. LPG price slightly hiked after VAT structure change It also said that the price of “auto gas” (LPG used for motor vehicles) has been adjusted to Tk 66.43 from Tk 67.78 (including VAT) per litre. However, the price of LPG marketed by the state-owned LP Gas Company will remain unchanged, as it is locally produced and holds a market share of less than 5 percent. BNP slams LPG price hike as ‘illogical, anti-people’ LPG witnessed the highest price at Tk 1,498 (per 12 kg cylinder) in the local market in February in 2023.

The government has waived Value-Added Tax (VAT) on several products at the production and trading levels until June 30, 2025. The Internal Resources Division of the Finance Ministry issued a notification regarding this decision on Monday. Electronic VAT machines made mandatory at highway restaurants to halt cheating: NBR According to the notification, rapeseed oil, colza seed oil, and canola oil will be exempt from VAT at the production stage until June 30, 2025. Mustard oil will also be exempt from VAT at the production stage, with no time limit. VAT on Superstores: No extra charge on MRP, clarifies NBR Besides, several locally produced products will be exempt from VAT at the business level, including biscuits, salt, flour, semolina, chili powder, coriander, turmeric, ginger, rice bran oil, sunflower oil, rapeseed oil, colza seed oil, canola oil, and pulses or pulse-like food grains.  

Installation of Electronic Fiscal Device (EFD) or Sales Data Controller (SDC) machines has been made mandatory in all the highway restaurants of the country aiming to enhance declining Value Added Tax (VAT) collection. The move by the National Board of Revenue has taken after consumers' complaint VAT is not being properly deposited in the government treasury as the highway eateries do not issue electronic VAT invoices. According to the NBR, 24-hour business activities are carried out in the restaurants along the highways. Many of them collect VAT but do not deposit it properly. In order to collect VAT properly, NBR Chairman Md Abdur Rahman Khan recently issued instructions to install EFD/SDC machines in all the hotels and restaurants located on the highways of the country. In that context, the letter issued by the VAT Implementation Division of the NBR has directed all field-level commissioners to install EFD/SDC machines in hotels and restaurants located on all highways of the country and to monitor daily transactions regularly and collect the appropriate amount of VAT. VAT on Superstores: No extra charge on MRP, clarifies NBR Genex IT has been working with the NBR for the past few years to install EFD machines and enter all transaction information into the IVAS system through its overall management. The interim government is taking various positive steps to keep the wheels of the country's economy moving, officials said. To this end, the NBR has issued strict instructions at the field level to identify new taxpayers for revenue collection and change the VAT rate, as well as to prevent revenue evasion. The NBR has instructed field-level officers to maintain a service-oriented attitude towards taxpayers in collecting legal revenue. NBR is specifically requesting the consumers to take electronic invoices or receipts while shopping at all restaurants on the highway. If the VAT invoice is not accepted, the VAT paid by the buyers will not be deposited in the government treasury, the NBR said. 1,723 new businesses receive VAT registration in a single day Every month, NBR will award hundreds of prizes to the winning VAT payers through a lottery from among the EFD machine-generated VAT receipts. Recently, the NBR has taken another move to install electronic fiscal device (EFD) all jewellery shops across the country, aiming to enhance the revenue collection from this sector. At the initial stage the EFD will be installed in all jewellery shops in Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox's Bazar, Bandarban, Khagrachhar and Rangamati districts soon. The revenue collector has issued a letter in this regard. It held a meeting with the leaders of the Bangladesh Jewellers Association (Bajus) on January 7 at the NBR regarding the establishment of EFD. Association leaders raised various problems in the jewellery sector. Some of the problems were related to VAT, baggage rules, gold import, etc. They informed that there are still many institutions in the jewellery sector which are not registered under VAT. The leaders said that by registering unregistered institutions, establishing EFD in all institutions, and solving other problems in this sector in a reasonable and fair manner, the government's revenue collection will increase and this sector will flourish. No VAT on purchases at supershops: NBR A request has been made to the association provide a list of jewellery establishments in the markets and areas of Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox's Bazar, Bandarban, Khagrachhari and Rangamati. And the association already sent the list. At present the number of registered VAT payers is just over 500,000 although a significant number of eligible businesses operating outside the system. The NBR chairman on several occasions expressed his dissatisfaction over the collection of VAT. According to the NBR data, till December 2024 the VAT collection at the local level was Tk 36,676 crore against the target of Tk 52,558 crore while the collection in December 2023 was Tk 39,453 crore.