United News of Bangladesh

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first hour on Thursday. The 3 indexes of the Dhaka stock market DSEX, DSES, and DS30 decreased in the first session of the second day of the New Year. The main index DSEX decreased by 3.22 points to 5,214.93 points, the DSES Shariah index fell by 3.59 points to 1161.48 points, and the DS30 special blue-chip index down by 3.36 points to 1938.57 points during the first hour on Thursday. Read: DSEX index drops 2.38 points, Tk 209.2cr traded in 3 hours on first day of 2025 On the day, the trading record in the DSE shows that shares and units of 4.38 crore were exchanged through 25160 transactions. In the first hour, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 86.5 crore were traded. During this time, a total of 347 companies participated in trading. Among these, prices of 114 companies increased, 141 companies decreased and 92 companies remained unchanged at the DSE.

Maj General (Retd) Dr Monirul Islam Akhand has been appointed as the Managing Director of Summit Power Limited (SPL). General Akhand was commissioned in the Corps of Infantry of the Bangladesh Army in December, 1987. He has had a unique blend of command, staff and instructional assignments in Bangladesh Armed Forces. Dr. Akhand has been honored with numerous awards for his service, including the prestigious ‘Sword of Honour’ for best all-around cadet from Bangladesh Military Academy, Joint Service Commendation Medal for meritorious service for the Armed Forces of the USA, UN Peacekeeping, disaster management and counter-insurgency operations medals etc. Engr Md Mozammel Hossain had been the previous Managing Director of Summit Power Limited and remains as the Advisor. In 2011, after his voluntary retirement from the Power Grid Company of Bangladesh Ltd (PGCB), he joined Summit Group.  

Chief Adviser Prof Muhammad Yunus on Wednesday urged the country’s business community and entrepreneurs to come forward to strengthen its export base with more investment in the services sector to boost overall exports to the competitive global market. “We need to enhance our exports. I urge all businesspeople to come forward to invest more in the services sector in addition to products to boost our exports,” he said while inaugurating the 29th Dhaka International Trade Fair (DITF)-2025 at the Bangladesh-China Friendship Exhibition Centre at Purbachal. Highlighting the importance of entrepreneurs’ role, Dr Yunus said developing an exportable product is important but it is more important to know who developed the product. The Chief Adviser said every year there is an initiative to announce a “Product of the Year” and this year furniture product is the product of the year. In addition to this process, Dr Yunus said, he wants to introduce “Entrepreneur of the Year” to let everyone know who is behind the product. The Chief Adviser highlighted the government’s initiative to promote Bangladesh’s products in the global market with its diversified presence. He said Bangladesh’s readymade garment (RMG) has already secured a leading position in the global apparel market. Read: Month-long Dhaka International Trade Fair to open Wednesday Dr Yunus said the export trade is playing a significant role in cutting poverty and unemployment in addition to earning foreign currencies. “It’s playing an important role in strengthening Bangladesh’s economy.” He formally inaugurated the month-long fair.  Commerce Adviser Sk Bashir Uddin was, among others, present. Like the previous years, the Ministry of Commerce and the Export Promotion Bureau (EPB) have jointly organised the fair. The spaces for stalls or pavilions of various categories have been allocated online for the first time in this trade fair. The e-ticketing system has also been arranged for the first time in the fair. Apart from this, BRTC's dedicated bus service would be available alongside Uber service at a special discount to facilitate the travel of buyers and visitors to and from the fair venue. Besides, "July Chattar" and "Chhatrish Chattar" were created at the fair venue in honor of the sacrifices of students in the anti-discrimination students' movement. A Youth Pavilion has also been set up to encourage the youth folk of the country in export trade. Initiatives have been taken this year to organize potential sector/product wise seminars at the fair. There will be separate sourcing corners, electronics and furniture zones for the convenience of foreign entrepreneurs and participants. Technology corner has been installed for the convenience of the age-based visitors while seating corner will be there for senior citizens. Read more: Dhaka Int’l trade fair begins Sunday There is also a children's park in the fair for ensuring pure entertainment. The trade fair is being held for the fourth time in a row at the Bangladesh-China Friendship Exhibition Center in Purbachal. According to the layout plan of the fair, some 361 pavilions/stalls/restaurants of different categories have been allocated in favor of local producing and exporters firms, general business establishments and foreign business entities in a cent percent transparent manner.

The Bangladesh Financial Intelligence Unit (BFIU) of the central bank has identified 202 bank accounts associated with the International Society for Krishna Consciousness (ISKCON). A total of approximately Tk 236.42 crore was deposited into these bank accounts. By November 29, Tk 223.73 crore had been withdrawn, leaving a balance of Tk 12.94 crore, officials said. Besides, they said, Tk 39.2 crore was deposited in the name of controversial ISKCON leader Chandan Kumar Dhar, also known as Chinmoy Kumar Das. Almost the entire amount has since been withdrawn. Read: HC wants to know govt’s stance over ISKCON The Bangladesh Financial Intelligence Unit (BFIU) is currently investigating the source of the funds and identifying the individuals or entities responsible for the deposits. On November 30, the BFIU ordered the suspension of transactions in the bank accounts of 17 ISKCON members, including controversial leader Chandan Kumar Dhar alias Chinmoy Kumar Das, for 30 days. On the same day, the BFIU sent this instruction to various banks and financial institutions in the country to suspend transactions in these bank accounts.

The prices of diesel and kerosene have been reduced by Tk 1 per litre with effect from January 1. According to new prices, set by the Energy and Mineral Resources Division for the month of January, per litre of diesel and kerosene will be sold at Tk 104 instead of earlier price of Tk 105 while prices of octane and petrol will remain unchanged at Tk 125 and Tk 121 per litre respectively. Read: Diesel, kerosene prices cut by 50p for November The new prices have been set under the automated pricing formula in light of the adjustment of prices in the global market, said the Energy and Mineral Resources of the Ministry of Power, Energy and Mineral Resources.

Bangladesh Bank (BB) has identified several factors contributing to the rising demand for US dollars, leading to volatility in the foreign exchange market. In a statement released on Monday, Husneara Shikha, Executive Director and Spokesperson of the central bank, mentioned that December traditionally witnesses heightened dollar demand due to year-end obligations. “The repayment deadlines for various foreign loans and deferred payments typically fall in this month, contributing to increased pressure on the market,” she explained. Number of Tk 1 crore and above account holders drops after political changeover: BB report Besides, she said, the central bank’s decision to cease dollar sales in the interbank market to meet International Monetary Fund (IMF) targets has further tightened supply. The central bank also acknowledged the impact of Bangladesh’s downgraded credit rating, which has strained correspondent banking relationships with foreign institutions. This, in turn, has impeded the opening of Letters of Credit (LCs), delayed the maturity of deferred payments, and disrupted the flow of offshore banking loans. A recent BB directive requiring foreign debt repayments by December has added further pressure to the already strained market. BB drafting separate rules for Islamic banking; ‘bankers divided’ Shikha also pointed to inefficiencies in remittance collection, citing monopolistic practices and the involvement of intermediaries as destabilising factors. “The role of aggregators in remittance collection has significantly affected exchange rate stability,” she said. Commercial banks have been struggling with mismatches between dollar inflows and outflows, exacerbating market volatility. The central bank assured stakeholders that it is closely monitoring the situation and working to stabilise the market while ensuring compliance with its broader economic objectives.  

As the country’s foreign exchange market is facing turmoil due to surging dollar demand, Bangladesh Bank has come up to identify key causes and implement corrective measures, according to officials. To stabilise the situation, they said, Bangladesh Bank has taken the following steps: Exchange Rate Cap: The bank has set a maximum exchange rate of Tk 123 per dollar for remittance collection. For cross-currency transactions, the calculated rate cannot exceed this limit. BB drafting separate rules for Islamic banking; ‘bankers divided’ Data Monitoring System: A dashboard has been implemented to monitor market data closely, ensuring greater transparency and control. The central bank’s measures aim to alleviate the current crisis and restore stability to the dollar market. According to the officials, the central bank attributed the ongoing dollar market volatility to several interconnected factors. Number of Tk 1 crore and above account holders drops after political changeover: BB report The central bank says one major cause is the increased demand for dollars at the end of the financial year. December often sees a spike in loan repayments and other financial obligations, creating added pressure on the foreign exchange market. Compounding this is the central bank’s recent suspension of dollar sales to meet IMF-mandated targets. This decision has restricted the supply of dollars in the interbank market, further widening the gap between demand and supply. Besides, Bangladesh’s downgraded credit rating has disrupted correspondent relationships with foreign banks. This has made it more challenging to issue UPAS (Usance Payable at Sight) letters of credit, defer payment maturities, and maintain the inflow of offshore banking loans. The situation has been aggravated by a directive from Bangladesh Bank mandating the repayment of foreign debts by December, adding additional pressure to the market. Another significant factor is the role of aggregators and intermediaries in remittance collection. Their monopolistic practices have destabilised exchange rates, contributing to the ongoing turmoil. A mismatch in dollar inflows and outflows by commercial banks has further complicated the situation, exacerbating instability in the dollar market.

Bangladesh Bank Governor Dr Ahsan H Mansur said on Sunday that Bangladesh has made significant progress in the development of its financial sector though there have been numerous shortcomings that necessitate a thorough self-assessment. “The banking sector of Bangladesh has progressed a lot. There is no doubt about it. On the other hand, it must also be said that despite our achievements, there are many failures in terms of how far the banking sector could have progressed or how far the entire financial sector could have progressed,” he said. The central bank governor made this remark while inaugurating the Golden Jubilee Celebration of Bangladesh Institute of Bank Management (BIBM) in the city. He, however, said no single group or authority is responsible for the failures of this sector. “We all might have worked on it (this financial sector) differently from our own positions. We all might have worked with integrity. Maybe there was a deviation or not. We have to do this self-analysis.” Dr Mansur said the banks are not so much interested in financing some non-conventional sectors like SMEs and new sectors like climate financing and green financing. “Money has been given for many sectors but that money is not being transferred. Those who are running banks and financial institutions are not very enthusiastic about these sectors or are not willing to take risks. We need to change our mindset here.” He hoped that the financial institutions will play a stronger role in financing the non-conventional and new sectors. Dr Mansur, also the BIBM Governing Board Chairman, asked the BIBM to work on the banking sector’s new challenges like climate financing, green financing, developments in the financial sectors and technological innovations. Noting that such institutions are very necessary for the development of the banking sector, he said BIBM has been able to play an important role in building human resources in this sector  “To develop the financial sector, it is not possible without such training institutes,” he said. The Bangladesh Bank Governor asked the BIBM to pay attention to attract foreign students and spread its name and fame to the international arena. BIBM Director General Dr Md Akhtaruzzaman chaired the inaugural session, while Association of Bankers Bangladesh (ABB) Vice Chairman and City Bank Managing Director SM Mashrur Arefin, Chair of the Organising Committee Dr Shah Md Ahsan Habib and its member secretary Dr Mohammad Tazul Islam spoke on the occasion. BIBM is the national training, research, consultancy and education institute on banking and finance collectively owned by the Banking sector of the country.  Read: Bad loans in banking sector hits Tk6.75 lakh crore:  White Paper The Bangladesh Institute of Bank Management (BIBM) was established in 1974 with the primary objective of providing training to the officials of banks and financial institutions in Bangladesh, aimed at enhancing and updating their skills. Over the years, the institute has expanded its focus and now offers specialised training programmes for mid- and senior-level executives in the banking sector, further strengthening the leadership and management capabilities within the industry.

Bangladesh Bank has set the maximum age limit for entering jobs at the non-bank financial institutions (NBFIs) to 32. From now on, like government jobs, people can join banks and financial institutions up to the age of 32. The central bank has given this instruction in a notification on Thursday. Bangladesh Bank said that the Ministry of Law, Justice and Parliamentary Affairs has issued an ordinance setting the maximum age limit for direct recruitment in government, autonomous, semi-autonomous, statutory government authorities, public non-financial corporations and other self-governing organizations at 32 years instead of 30 years. In line with this ordinance, the central bank has given instructions to set the maximum age limit for direct recruitment of officers and employees of financial institutions at 32 years instead of 30 years.

A consignment of 24, 690 metric tonnes (MT) of parboiled rice arrived at Chattogram Port from India on Thursday morning. Joint Secretary to the Ministry of Food Md Lutfor Rahman said  Indian vessel ‘MV.TANAIS DREAM’ carrying the rice left Kakinada sea port of Andhra Pradesh on December 22 and anchored at outer anchorage of the Chattogram port on Wednesday. It finally anchored at the Jetty No-11 of the port early Thursday, he said. Read: 24, 690MT Indian rice to arrive Ctg port tomorrow