United News of Bangladesh

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

A consignment of 24, 690 metric tonnes (MT) of parboiled rice will arrive at Chattogram Port from India early Thursday to tame the local market. Indian vessel MV.TANAIS DREAM carrying the consignment will anchor at the sea port around 5:30am, said a media release of the Ministry of Commerce on Wednesday. It is the first batch of rice imports from India since Dr Muhammad Yunus-led interim government assumed office. Read: 3,320 mts rice imported from India thru Benapole in 25 days The consignment of rice is being imported under a deal inked between the countries on November 11. After the physical test  the consignment will be released soon, it reads.

Export and import activities between Bangladesh and India through Dinajpur’s Hili land port remained suspended on the occasion of the Christmas Day on Wednesday. However, movement of travellers with valid documents including passports remains functional. Shahinur Islam, general secretary of the Hili Customs C&F Agents Association, said traders from the both countries decided to keep the import and export halted marking Christmas Day as today is a public holiday. Read: 131MT rice imported from India through Hili Land Port Besides, load and unload inside the land ports remained off, he said, adding that the business activities between the countries would resume from Thursday. Hili Immigration Checkpost’s Officer-in-Charge Ariful Islam said the movement of travellers remains as usual as there is no connection with suspension of the port’s business activities.  

Six factories, including power plant, and sugar mills, of Chattogram-based industrial giant ‘S Alam Group’, were shut indefinitely without citing any ground. The factories were S Alam Refined Sugar Industries, S Alam Power Plant Ltd, S Alam Cold Rolled Steels Ltd, S Alam Cold Rolled Steels Ltd (SALAMCRST), S Alam Power Generation Ltd, and Infinity CR Strips Industries Ltd. Of them, edible oil and sugar mills factories were shut by issuing notices and the four others verbally. The notices, signed by Mohammad Borhan Uddin, head of human resources and administration department of the group, were issued in these regards on Tuesday. However, security, delivery and emergency departments of the factories will remain functional as per the decision of the company. Soon after the announcement of the closure, workers staged demonstrations in front of the factories demanding to keep open. The factories are located in Kalapool, Ichhanagar areas on the banks of the Karnaphuli River and Gandamara area under Banshkhali upazila. Read: S. Alam & Co. joins hands with govt. to revive state-owned sugar mills Wishing not to be named, an official of the group said the interim government has given a six month timeframe to the S Alam Group to settle the issues of assets and investments. If the issues are not settled by the stipulated time, the government will move to the International arbitration. Officials of the industrial group expressed reluctance to talk to the media about the matter.

Mohammed Monirul Moula, Managing Director (MD) of Islami Bank Bangladesh PLC, was reportedly forced to vacate his office on December 19 under contentious circumstances. Moula, who was appointed in January 2021 during the tenure of S Alam Group’s dominance over the bank’s board, reportedly faced resistance from within the organisation. A group of officials allegedly blocked his entry into the office and demanded he leave. Read: IBBL launches ‘Smart Bangladesh Smart Banking’ campaign Since the incident, sources said, Moula has been absent from his duties, and an additional managing director has assumed interim responsibilities. Islami Bank is working with Bangladesh Bank to finalise the appointment of a new MD, according to a high-ranking official at the bank. Despite being removed from his office, sources indicate that Moula has not yet submitted his resignation.

The National Board of Revenue (NBR) on Tuesday extended the deadline for submitting income tax returns by one month till January 31. The last date of submitting income tax returns of all categories of taxpayers except companies for the tax year 2024-2025 was December 31. Read: NBR extends deadline for submitting income tax returns The revenue authority issued an order extending the time for submission of income tax returns by one month for both online e-return and offline filing of paper returns for all taxpayers except companies for the convenience of taxpayers. It also extended the deadline for company tax return by one month from January 15 to February 15.

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first two hours on Monday. Shares and units of 3.9 crore were exchanged through 43675 transactions. During this time, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 118.2 crore were traded. A total of 388 companies participated in trading. Among these, prices of 154 companies increased,130 companies decreased and 104 companies remained unchanged at the DSE. Read: DSE index drops by 25.16 points as week begins The main index DSEX decreased by 5.56 points to 5,190.84 points, the DSES Shariah index fell by 1.63 points to 1160.52 points, and the DS30 special blue chip fell by 3.50 points to 1931.61 points during the first two hours on Monday.

The Real Estate and Housing Association of Bangladesh (REHAB) is set to host the REHAB Fair 2024, the largest gathering of real estate stakeholders, starting next Monday (December 23) at the Bangabandhu International Convention Centre (BICC) in Agargaon, Dhaka. The five-day event comes amidst a downturn in the country’s housing market, marked by declining flat and land sales. At a press conference held Thursday at the CIRDAP Auditorium in Dhaka, REHAB officials highlighted the challenges plaguing the housing sector. They cited high registration costs, rising interest rates, and a “controversial” Detailed Area Plan (DAP) as major factors causing stagnation in investments. REHAB President Md. Wahiduzzaman, who delivered a written statement at the briefing, expressed grave concerns over the impact of the new DAP, introduced in 2022. “The discriminatory DAP has proven detrimental. Two years ago, we warned that this policy would push housing, a basic necessity, beyond the reach of the middle class. Our predictions are now coming true,” Wahiduzzaman said. He explained that the decrease in Floor Area Ratio (FAR), a key metric regulating building heights, has severely restricted construction in main Dhaka. “The lower FAR has caused the housing crisis to deepen. Fewer buildings mean higher flat prices, and consequently, skyrocketing rents,” he added. The downturn has significantly impacted the construction sector. “Despite the recent fall in rod and cement prices, there are no buyers, as housing agencies and landowners are refraining from starting new projects. This mismatch has led to an increase in demand for apartments, but a sharp decrease in supply, keeping prices high,” Wahiduzzaman pointed out. REHAB leaders also noted that the sector had been grappling with crises even before the July uprising, with unemployment rising and economic pressures intensifying. In response to questions, Wahiduzzaman acknowledged that the housing sector has struggled to recover after recent political changes. “Flat prices have decreased in some areas and remained stable in others, but the sector has yet to regain its footing,” he said. Senior Vice President Liakat Ali Bhuiyan, Vice President Mohammad Akhter Biswas, Director Abdur Razzak, and Ayub Ali were also present at the press conference.