United News of Bangladesh

Bangladesh imported 6,520.21 metric tonnes (MT) of rice from India through Bhomra Land Port in Satkhira over the past 8 days that authorities hope would help stabilise the country’s rice market. The import began on November 13 after the withdrawal of customs duties on rice imports by the National Board of Revenue (NBR). According to sources at the port authority, after the duty withdrawal, 12 companies approved by the Ministry of Food started importing through Bhomra. Read: 131MT rice imported from India through Hili Land Port Among the imports, Dhaka-based Old Paltan Majumdar Agrotech International imported around 1,861.47 MT of rice in four shipments. These included 770 MT on November 13, 368.5 MT on November 16, 380.97 MT on November 17, and 342 MT on November 18. Mukul Enterprise from Kalai of Satkhira, imported 300 MT in three shipments: 100 MT each on November 13, 14, and 17. Ismail Hossain Milon from Jhikargacha of Jashore, imported 100 MT on November 13, while Abul Monsur Khan from Bogura brought in a total of 500 MT across three dates: 150 MT on November 14 and 16, and 200 MT on November 18. Abu Musa, general secretary of Bhomra Customs C&F Agents Association, said the Indian government had imposed a ban on rice exports to Bangladesh on July 20, 2023. Read: Rice import from India through Benapole port resumes after 2 years Recently the country lifted the ban allowing export to Bangladesh, he said. Abul Kalam Azad, deputy commissioner of Bhomra Land Customs Station, 6,520.21 MT of rice was imported from India through the port in eight days from November 13. If this trend continues, rice imports through this port will increase in the future, he said.

A Memorandum of Understanding (MOU) was signed in Beijing, China, between the Association of Travel Agents of Bangladesh (ATAB) and the Beijing Culture  Tourism Bureau. The agreement aims to promote bilateral tourism, facilitate the exchange of trade missions and delegations, share market information and data, address the needs of travellers from both countries, and enhance training, capacity building, and tourism event collaborations. The MOU was signed by the respective representatives of both parties. On behalf of ATAB, the agreement was signed by its President, Abdus Salam Aref. ATAB Secretary General Afsia Jannat Saleh, Vice President Abu Zafar, and other ATAB members were also present at the meeting.

The import-level value-added tax (VAT) on edible oil has been reduced from 10 percent to 5 percent to maintain a steady supply in the market. The National Board of Revenue (NBR) issued a notification in this regard on Tuesday. Earlier, the NBR had issued exemption notifications to boost the supply of rice, potatoes, onions, eggs, edible oil and sugar in the market. Read: Govt to procure 55,000 MT soybean oil for OMS On October 17, 2024, to keep oil prices within the purchasing power of the general public, a 15 percent tax exemption was allowed at the local production level, while a 5 percent VAT was imposed at the local business level on the supply of refined and unrefined soybean and palm oil. As a result of this exemption, only a 5 percent VAT is currently applicable at the import level. The NBR says that the removal of the said VAT will help maintain edible oil prices at a manageable level in the market, ensuring that consumers do not face increased costs. This exemption on edible oil will remain effective till December 15, 2024.

Islami Bank PLC is set to raise Tk 20,000 crore from the stock market by issuing new shares. Besides, shares belonging to S Alam Group, which were seized by Bangladesh Bank (BB), will be sold to investors to generate capital, aiming to bolster money circulation and alleviate the ongoing cash crunch. Islami Bank Chairman Obaidullah Al Mansur made the announcement during a press conference held at the central bank on Monday. BB Governor Dr Ahsan H Mansur was present. The governor highlighted that the S Alam Group had taken 80% of Islami Bank's loans after taking over ownership in 2017. IBBL signs agreement to use 'Sonali Payment Gateway' “Considering its assets, Islami Bank is larger than 10 other problem-prone banks combined. Once Islami Bank makes a turnaround, it will create significant space for the economy to recover,” Dr Mansur said. Chairman Al Mansur said that S Alam Group's activities had severed the bank's correspondence relationships with foreign banks and the original foreign sponsors of the bank.  “The current board has re-established communication with the former foreign sponsors from the Middle East and IFC to strengthen their involvement with the bank,” he added. Efforts have also been made to recover Islami Bank's assets from companies linked to S Alam Group, including opening Letters of Credit (LCs) with a 100% LC margin requirement. He said that S Alam Group and S Alam Limited are separate entities. BB Governor Dr Mansur reiterated the government’s policy of not shutting down companies, regardless of ownership, as investments and employment generated by these entities are vital for the economy. “All these industries contribute to GDP and economic growth, so the central bank is focused on ensuring the production sector continues to operate smoothly,” Dr Mansur stated. Chairman Al Mansur expressed optimism about Islami Bank’s future, saying, “The bank will be stronger than before within the next two years.”  

The Dhaka Stock Exchange (DSE), Bangladesh's primary capital market, began Monday morning with a downtrend. Within the first hour, a total of 4.26 crore shares and units were exchanged through 46,330 transactions, generating a trade value of Tk 142.7 crore. In total, 363 companies participated in the trading session. Among them, the prices of 178 companies increased, 109 decreased, and 76 remained unchanged. By the end of the first hour, the main index, DSEX, had declined to 5,325.11 points, reflecting a loss of 3.21 points. Similarly, the DSES Shariah index dropped by 1.42 points to 1,181.52 points, while the DS30 blue-chip index fell by 5.53 points to 1,971.38 points.

Banks will be closed for 27 days in 2025 on the occasion of different public holidays. But out of these 27 days, eight days are Friday and Saturday. Bangladesh Bank (BB) has finalized this list of the next year's holidays for banks in conjunction with government holidays. This year there was a total of 24 days of bank holidays. On Sunday (November 17), the central bank sent the holiday list to the managing director and chief executive officer of all scheduled banks in the country. According to the list, the first public holiday next year will be Shab-e-Barat. On this occasion, the bank will be closed for one day on Saturday, February 15. On the occasion of Martyrs' Day and International Mother Language Day in that month, the bank will be closed for one day on Friday, February 21. After that, there will be a holiday on Wednesday, March 26 on the occasion of Independence and National Day, and Friday, March 28 on the occasion of Jumatul Bidah and Shab-e-Qadr. Banks will be closed for five days from March 29 to April 2 on the occasion of next year's holy Eid-ul-Fitr. In this one day is a weekend. Banks will be closed two days before Eid-ul-Fitr, on the day of Eid, and two days after Eid. Banks will be closed on New Year's Monday, April 14, May Day Thursday, May 1, and Buddha Purnima Sunday, May 11. Banks will be closed for six days from June 5 to 10 on the occasion of Eid-ul-Azha. There are two days of the weekend. Apart from this, one day on Tuesday 1st of July for the bank holiday, Sunday the 6th of July for Ashura, Saturday the 16th of August for Janmashtami, Friday 5th of September for Eid-e-Miladunnabi, two days on the 1st and 2nd October (Wednesday and Thursday) for Durga Puja. Banks will be closed on Tuesday Victory Day, 16 December, Thursday 25th December for Christmas, and Wednesday 31st December for Bank Holiday.

The total classified loans in Bangladesh have surged to a staggering Tk 2.85 trillion, representing nearly 17% of the total disbursed loans, according to an updated report released by the Bangladesh Bank on Sunday. The financial sector’s persistent vulnerabilities are largely attributed to the soaring volume of non-performing loans (NPLs). Bangladesh Bank provides liquidity guarantee of Tk 6,585 crore to 7 banks Over the years, the upward trajectory of these loans has continued unabated, putting additional strain on the banking system. Record-High Figures As of the end of September this year, classified loans amounted to Tk 2,84,977 crore, which is 16.93% of the total loans disbursed. This marks the highest ratio of classified loans to disbursed loans in 16 years. In contrast, the total classified loans stood at Tk 2,11,391 crore as of June, which indicates a sharp increase of Tk 73,586 crore within just three months, signalling a worrying trend for the nation’s financial stability. Breakdown The burden of classified loans is not evenly distributed across the banking sector. State-owned banks continue to bear the brunt, with Tk 1,26,111 crore in NPLs, amounting to a staggering 40.35% of their total disbursed loans. Stocks go up on Thursday, DSE index rises by 64.73 points in first hour Private banks, while comparatively better positioned, are not immune to the crisis. Their classified loans stand at Tk 1,49,806 crore, accounting for 11.88% of their total disbursed loans. Foreign banks, on the other hand, report classified loans of Tk 3,245 crore, representing 4.99% of their disbursed loans. Specialised banks also face challenges, with Tk 5,813 crore in NPLs. A Worsening Crisis The ever-increasing figures highlight the need for urgent reforms in the banking sector. The unchecked rise in classified loans not only reflects governance issues but also undermines investor confidence in the financial system. Experts argue that without stringent oversight and stricter loan recovery mechanisms, the situation will continue to deteriorate, further exposing the economy to systemic risks. This alarming state of affairs calls for swift and decisive action from regulators and policymakers to address the root causes and safeguard the financial sector from long-term damage.

The second IHSB Business Carnival, powered by AukoTex and organised by the IHSB business club of International Hope School Bangladesh opened on Friday. The three-day event is being held on the premises of International Hope School Bangladesh at Uttara and will continue until November 17, said Principal of the School Roksana Zarin. Over 600 students from 50 different institutions across Dhaka are to partake in any of the three competitions which comprises Friedman’s fallacy, Pitch perfect and Marketing mania. Friedman’s fallacy where participants will present solutions for various economic problems while Pitch perfect, in which young individuals will present an unique business idea, the competition promoting entrepreneurship and the best idea shall receive special Courtesy Award by Biman Bangladesh Airlines. Lastly, Marketing mania where they must create a captivating commercial that resonates with their fellow competitors and judges. The goal is to enhance their creative and communications skills, kindle entrepreneurial spirit as well as engage in situations that will prepare them for real life business applications and how to tackle them, competing for a total prize pool of TK1.8 lakh. 

Bangladesh Bank (BB) has extended Tk 6,585 crore in liquidity support to address short-term funding needs under its credit guarantee scheme. Husneara Shikha, Executive Director and spokesperson of the central bank, shared the information with reporters on Thursday (Nov 14) that the support is being provided without printing additional currency, as the funds are managed through interbank lending under the central bank's guarantee. According to Shikha, the central bank is prepared to continue offering this support as needed, depending on the demands of individual banks. So far, seven banks facing liquidity challenges have received funding from 10 financially stable banks under this arrangement. Despite this injection of liquidity, some banks are still experiencing difficulties in meeting depositor withdrawals, which the BB spokesperson attributes to aggressive loan disbursement practices involving fraudulent documents during the tenure of the previous government.

The Dhaka Stock Exchange (DSE), the country's main capital market, indexes saw an upward trend in the first hour on Thursday.Till 11am on the day, the trading record in the DSE shows, shares and units of 5.53 crore exchange through 53763 transactions. In this time shares and mutual funds worth Tk 163.4 crore were traded. A total of 369 companies participated in trading. Among these, prices of 312 companies increased, 33 companies decreased and 24 companies remained unchanged at the DSE.The main index DSEX increased by 64.73 points to 5380.74 points, the DSES Shariah index rise by 15.27 points to 1200.23 points and the DS30 special blue chip increased by 21.50 points to 1993.71 points during the first 1:0 hour on Tuesday.