United News of Bangladesh

The International Monetary Fund (IMF) has eased its foreign exchange reserve requirements for Bangladesh, offering flexibility amid the country’s ongoing economic challenges. Previously, the IMF set a target of maintaining minimum net reserves of $19.43 billion by the end of December 2026. That benchmark has now been reduced to $17.28 billion. Bangladesh Bank, IMF ‘mull over dollar exchange rate reform’ In addition, there was a condition to maintain $15.30 billion by the end of this December. As of last Monday, the reserves stood at $14.90 billion, which, according to an official from Bangladesh Bank familiar with the matter, will not impede the IMF’s disbursement of its next loan installment. An IMF delegation recently concluded a review in Dhaka to assess progress on the conditions tied to Bangladesh’s $4.7 billion loan. The closing meeting of the team took place yesterday, during which the IMF highlighted key areas requiring attention. The organization has urged Bangladesh to adopt a more market-based approach to determining exchange rates. To facilitate this, a new methodology for setting the exchange rate will be introduced soon. The IMF also recommended gradually phasing out the Tk 22,500 crore injected into weak banks to stabilize their operations. Additionally, it stressed that no new measures should be taken that would expand the money supply and exacerbate inflation. IMF suggests upward policy rate in 2025 to restrain inflation: BB In its recommendations, the IMF emphasized the need for a revamped monetary policy framework aimed at improving economic stability. This includes curbing inflationary pressures and ensuring better transparency in the financial sector. Most of these measures are expected to be implemented by March 2025. Meanwhile, the IMF has also called for the timely publication of updated economic indicators and regulatory information to enhance financial oversight.  

The price of the highest quality 22-carat gold in Bangladesh has increased by Tk 2,088 per bhori (11.664 grams), bringing the new price to Tk 140,586. This new rate will be effective from December 19, according to a notice issued by the Bangladesh Jewellers Association (BAJUS) on Wednesday. BAJUS decides to lower gold price by Tk 1,773 per bhori The notice stated that the price of pure gold in the local market has risen, prompting the revision of the gold prices based on the current market situation. According to the new prices, the cost of 21-carat gold per bhori has been set at Tk 134,194, while the price of 18-carat gold per bhori will be Tk 115,030, and the price of traditional gold per bhori will be Tk 94,478. 63 tolas gold seized at Ctg airport; actress, another held BAJUS also mentioned that a mandatory 5% VAT imposed by the government and a minimum wage of 6%, as set by BAJUS, will be added to the sales price of gold. However, the labor charge may vary depending on the design and quality of the jewelry. Notably, the gold price has been adjusted 60 times in the country this year, with 35 price hikes and 25 reductions.

Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first 2:30 hours on Wednesday. Trading record in the DSE shows that shares and units of 6.83 crore were exchanged through 69600 transactions. In this time shares and mutual funds worth Tk 201.7 crore were traded. A total of 393 companies participated in trading. Among these, prices of 139 companies increased, 175 companies decreased and 79 companies remained unchanged at the DSE. The main index DSEX decreased by 8.59 points to 5,215.99 points, the DSES Shariah index decreased by 1.48 points to 1165.26 points and the DS30 special blue chip rose by 0.87 points to 1930.37 points during the first 2:30 hours on Wednesday.

Amid overheated local markets, another shipment of 1,900 metric tonnes (MT) of potatoes arrived in Bangladesh from neighbouring India, officials said on Wednesday. An Indian freight train, carrying the potatoes, arrived at Benapole Rail Station through the country’s largest Benapole land port in Jashore around 9:30pm on Tuesday, said stationmaster Saiduzzaman. The train with 42 wagons loaded with the potatoes came from India’s Punjab. “One of Deluxe International of West Bengal’s Malda exported it.” Faruk Iqbal Dablu, a representative of Bangladesh Logistic Service, said the potato-laden train has already left for Noapara from the station for unload after completing customs and railway formalities on Tuesday night. The potatoes will be sent to different parts of the country, including Dhaka and Chattogram, he said.    Read: 122 traders fined for price manipulation of potatoes, eggs, and onions Benapole land port’s Deputy Director Rashedul Sajib Nazir said the shipment consists of 38,000 sacks of potatoes weighing 1900MT. Per kilogram of potato has been bought from India at Tk 28.5, he said, adding that they are cooperating to release the consignment soon.

Bangladeshis' credit card spending abroad has seen a notable shift, with Thailand overtaking India as the second most preferred destination, according to a report released by Bangladesh Bank on Tuesday. The United States continues to hold the top position for overseas credit card usage. In October, credit card spending by Bangladeshis in the US increased by Tk 7 crore, or 8.15%, reaching Tk 84.2 crore. The biggest shift occurred in Thailand. Within a month, spending in Thailand rose from Tk 42 crore in September to Tk 57 crore in October, placing the country in the second spot for overseas credit card usage. Meanwhile, India, which previously held the second position, slipped to third. Industry insiders attribute this decline to strict visa issuance policies implemented after the change of government in August, significantly reducing travel to India for medical treatment and tourism. Read: Maximum interest rate on credit cards raised to 25% Before August, India was one of the most popular destinations for Bangladeshis seeking medical treatment and travel. However, tightened visa policies have led travelers to explore alternative destinations, particularly Thailand and Singapore. The Bangladesh Bank report, compiled using data from 44 banks and one financial institution, highlights overall growth in credit card usage both domestically and internationally. In October: Domestic spending on credit cards rose by Tk 19.7 crore (7.5%) in a month.International spending increased by Tk 7.8 crore (18.5%) compared to September.

Taskeen Ahmed has been elected as the President of the Dhaka Chamber of Commerce and Industry (DCCI) for the year 2025. The announcement was made at the 63rd Annual General Meeting, held at the DCCI auditorium on Sunday.Currently serving as the Vice Chairman of IFAD Group, a prominent business conglomerate in Bangladesh, Taskeen Ahmed brings over 25 years of experience in the country's industrial sector.Hatil Chairman receives prestigious CEO of the Year Award Besides, Razeev H Chowdhury and Mohammad Salem Sulaiman were elected as Senior Vice President and Vice President, respectively. The newly elected directors of DCCI are Enamul Haque Patoary, Mohammad Mostafa Kamal, Minhaj Ahmed, Mohammad Jamshar Ali, Rasheed Maimunul Islam, and Salman Bin Rashid Shah Sayem.

The Food & Beverage Marketing Fest 4.0, organized by Brand Practitioners Bangladesh, was held on Friday at the Renaissance Dhaka Gulshan Hotel.  The event, titled “Nestlé Presents Food & Beverage Marketing Fest 4.0 Powered by Bakeman’s and Pusti, in association with Mojo,” was centered on the theme “Blending Perspectives, Bringing Delights,” which focused on discussions about development, innovation, and overcoming challenges in the food and beverage industry. The event began with a welcome speech by Syed Iqbal Mahmud Hossain, Sales Director and Board Member of Nestlé Bangladesh. Expressing joy for being the title partner for the fourth consecutive year, he emphasized the importance of collaborative efforts among all stakeholders in the changing dynamics of the industry.  He also participated in a panel discussion, sharing strategic insights for the development of the food and beverage sector. The fest featured four insightful sessions and four-panel discussions, where 25 speakers and moderators shared their experiences and insights while yhe event saw the participation of over 250 marketing and sales professionals, including managing directors, chief executives, chief marketing officers, sales directors, supply chain experts, market researchers, and communication professionals from the country’s leading food and beverage companies. In an insightful session, Anup Kumar Saha, CEO of Akij Insaf, discussed “Redefining Food Marketing Operations for Economic Efficiency.” Ruhina Halim, Partner at Quantum Consumer Solutions Limited, conducted a research session on “Can Food Brands Be the New Hope in Tough Times?” Mohammad Mofassel Haque, Director (Marketing) at T.K. Group of Industries, discussed “Effective Strategies for Food & Beverage Market Operations Amid Evolving Challenges.” Dipesh Nag, Managing Director of Grameen Danone Foods Limited, delivered an impactful session titled “Driving Excellence in Food & Beverage for Crisis Resilience.”Additionally, speakers participated in four diverse panel discussions, addressing the challenges, innovative solutions, and strategic initiatives of the food and beverage industry. Key speakers included Mohammad Mahboob Arslan, CEO of Akij Essential Limited, Zafor Uddin Siddiqui, Executive Director of City Group, Naveed Yakub, CEO of Bruvana Beverage Group, and Samit Bin Salam, Founder of Kiva Han Group. The panel was moderated by Surayya Siddiqua, Director of Sales and Marketing at Grameen Danone Foods Limited. The Founder and Managing Director of Brand Practitioners Bangladesh, Mirza Muhammad Ileush, inaugurated the event. Reflecting on the organization’s 10-year journey, he said, “This decade-long journey is a celebration of our collective efforts. Brand Practitioners Bangladesh has always worked as a co-creator for the betterment of the business and marketing community. Organizing industry-specific marketing fests helps us move forward with more focus.” The event concluded with a networking dinner, where attendees discussed future collaborations and professional opportunities.   

HATIL's Chairman, Selim H. Rahman, has been recognised for pioneering sustainable growth and innovation, earning the prestigious title of ‘Chief Executive Officer/Managing Director of the Year (For Business Revenue Per Annum 100 Crore - 499 Crore) 2024.’ The award ceremony took place on Thursday (December 12) at the Grand Ballroom of Le Meridien, said a media statement. The Bangladesh Brand Forum presented the prestigious accolade for his exceptional leadership and remarkable contributions to the business sector. The Bangladesh C-Suite Awards aims to honor the country’s top corporate leaders for their exemplary contributions and inspiring leadership. HATIL Chairman Selim H. Rahman achieves CIP status The award ceremony celebrated visionary leaders who have demonstrated outstanding achievements and inspired transformative changes within their organizations and industries. Throughout the years, HATIL has not only solidified its position as a market leader in Bangladesh but also gained international acclaim for its superior craftsmanship, sustainable practices, and innovative designs. The company’s remarkable growth trajectory, achieving annual revenues in the range of 100-499 crore, reflects Selim H. Rahman’s ability to align vision with execution, fostering a culture of excellence and innovation. Commenting on this achievement, the Chairman expressed his gratitude, saying, “This recognition is not just mine; it belongs to every member of the HATIL family. Our journey has been one of passion, dedication, and shared dreams. I am deeply honored to receive this award and remain committed to driving HATIL’s legacy of quality, sustainability, and customer satisfaction.” HATIL gets first award as best furniture manufacturer category at DITF-2024 Commerce Adviser Sk. Bashir Uddin was present as the Chief Guest at the event. The adviser applauded Selim H. Rahman for setting a remarkable example with his leadership and innovative vision. With this milestone, HATIL continues to pave the way for sustainable growth, inspiring trust and admiration among customers, stakeholders, and industry peers.

Biman Bangladesh Airlines has successfully completed the IATA Operational Safety Audit (IOSA) for the 12th time, securing its IOSA registration renewal, which will remain valid until December 14, 2026. The audit, conducted from September 1 to 5, 2024, was carried out by a five-member team from Argos Pros, a US-based IATA-accredited audit organisation. The IOSA audit is conducted every two years to evaluate an airline's operational management and control systems. As an IATA member airline, Biman’s continued IOSA registration is essential for maintaining its membership. Biman's capability in ground handling at ‘Third Terminal’ under scrutiny The renewal also ensures the airline's eligibility for codeshare agreements with other carriers and, in some countries, is a prerequisite for obtaining a license for regular operations. Dr. Shafiqur Rahman, Managing Director and CEO of Biman, highlighted the airline's commitment to safety and adherence to industry best practices, noting, "IOSA registration is a prestigious international acknowledgment of our operational safety, security, and compliance." The audit involved a thorough assessment of Biman's policies, programs, processes, and procedures across a wide range of operational areas, including flight operations, aircraft engineering and maintenance, flight dispatch, cabin operations, cargo services, aviation security, ground operations, administration, human resources, safety and quality assurance, and IT. New Biman CEO vows to crack down on corruption Dr. Rahman also emphasized that the IOSA certification helps build Biman’s reputation and instill customer confidence, enabling the airline to expand its market reach and strengthen business partnerships.

A report from Bangladesh Bank has revealed that the financial stability of 18 banks is at risk due to potential loan defaults by their top three borrowers. The inability of these borrowers to repay their loans could trigger a dangerous liquidity crisis for these banks, the report warns. “If the top three borrowers default, 18 banks will fail to maintain the minimum cash reserve. These banks are already grappling with capital deficits against their risk-based assets,” the central bank said. Number of Tk 1 crore and above account holders drops after political changeover: BB report Analysts emphasize that a bank's financial strength is primarily measured by its capital reserves. A capital deficit not only signals poor asset quality but also categorizes these banks as financially weak. The Bangladesh Bank report underscores that the banking sector is already burdened by defaulted loans, putting additional pressure on the system. The report highlights that, under current conditions, the sector cannot sustain the minimum Capital to Risk (Weighted) Assets Ratio (CRAR). This international benchmark requires banks to hold a certain percentage of their assets as capital to safeguard against risks. The report identifies two major risks affecting the sector: market-related risks and credit-related risks. If non-performing loans increase by just 3%, the report warns that at least five banks will fall below the required CRAR of 10%. Currently, 11 out of 61 banks are already failing to meet this standard, indicating a systemic fragility. IMF suggests upward policy rate in 2025 to restrain inflation: BB Although the banking sector has shown some resilience to minor risks, the report highlights that interest rate increases could exacerbate the crisis. A sudden uptick in rates may significantly erode the capacity of banks to manage their capital requirements. Under international norms, banks are required to maintain a minimum of 10% of risk-weighted assets as capital reserves. Failing to meet this standard indicates a capital deficiency, which exposes the bank to greater risks in the face of financial shocks.