United News of Bangladesh

The prices of vegetables, chicken, beef and other essential commodities rose once again in Banani Kitchen Market following the departure of the Commerce Ministry’s market monitoring team on Thursday. The prices of various kitchen staples dropped by Tk 15 to Tk 50 when the monitoring team was present, only to return to their previous high levels after the team left the market. The market inspection took place at around 11 am, led by Sultana Akhter, Deputy Secretary of the Ministry of Commerce. Magfur Rahman, Assistant Director of the Directorate of National Consumer Rights Protection and other officials were present during the monitoring. Read: Ban on polythene bags to be enforced in supermarkets from Oct 1, kitchen markets from Nov 1: Environment Adviser During the visit, the market appeared to comply with the ministry's pricing standards as price lists were visibly hung in different shops, showing beef being sold at Tk 750 per kg, mutton at Tk 1,000, broiler chicken at Tk 200 per kg, Sonali chicken at Tk 280 per kg, eggs at Tk 160 per dozen, potatoes at Tk 55 per kg, green chilli at Tk280 per kg, local onions at Tk 115 per kg, and Indian onions at Tk 110 per kg. Shortly after the officials left the market, the prices surged again with beef price rising to Tk 780 per kg, while that of broiler chicken to Tk 220 per kg, Sonali chicken to Tk 300 per kg, potatoes to Tk 60 per kg, local onions to Tk 120 per kg, and green chilli to Tk 300 to Tk 320 per kg. While talking to UNB, a trader said that they were compelled to adhere to the ministry’s price list during the inspection to avoid fines. “We were warned to follow the prices fixed by the Ministry. But selling at these prices means we can barely cover our costs,” he said. Jounal went on saying, “The wholesale prices are higher than what is mandated, and we are not at fault here. The wholesale syndicate should be broken first; otherwise, retail traders like us will continue to struggle under such inspections.” Read more: Essentials’ prices up in Khulna kitchen markets Most traders in Banani Kitchen Market were already aware of the monitoring team’s visit beforehand, allowing them to prepare and display the ‘appropriate’ prices during the inspection, Joynal added.

Advisers Council Committee on Government Purchase (ACCGB) on Wednesday approved a total of five proposals including imports of LNG, lentil, and fertiliser. Finance Adviser of the interim government Dr Salehuddin Ahmed presided over the meeting. As per a proposal, moved by the Energy and Mineral Resources Division,  state-owned Petrobangla will import a cargo, containing 33.66 lakh MMBtu of LNG, from Gunvor Singapore Pte Ltd at international spot market at a total cost of Tk 657.13 crore with each MMBtu at $13.93. Purchase body approves import of LNG, fertilisers The committee also approved a proposal of the Trading Corporation of Bangladesh (TCB) to procure 10,000 metric tons (MT) of lentil from Payel Traders of Chottagram at a cost of Tk 96.39 crore. The supplier was selected through an open tender. A proposal of Bangladesh Agriculture Development Corporation (BADC) received approval of the committee to import 30,000 MT of TSP fertiliser from OCP S.A of Morocco at a cost of Tk 149.40 crore with each MT at $415. The Ministry of Agriculture moved the proposal to import the bulk fertiliser under a state-level contract. Govt to purchase LNG from 23 listed companies in int’l spot market through open tender Two proposals of Bangladesh Chemical Industries Corporation (BCIC), moved by Industries Ministry received the nod of the ACCGB to import urea fertiliser. Under the proposals, the BCIC will import 30,000 MT of bulk granular urea fertiliser from SABIC Agri-nutrients Company of Saudi Arabia at a cost of 128.22 crore with each MT at $356.17. The BCIC will import 30,000 MT of bagged granular urea from Karnaphuli Fertiliser Company Ltd (Kafco) at a cost of Tk 123.61 crore.  

Dhaka Stock Exchange (DSE) closed on a positive note on Wednesday, gaining 98 points in its broad index with a daily transaction volume of Tk 376.60 crore, marking an increase from the previous day's turnover. The DSE Broad Index rose by 98 points to close at 5,422 points, while the DSE Shariah Index (DSES) increased by 18 points, reaching 1,205 points. The DSE-30 Index, which tracks the top 30 companies, gained 45 points, closing at 2,198 points. Of the 396 companies and mutual funds traded, 327 saw their share prices increase, 37 declined, and 32 remained unchanged, reflecting overall positive market sentiment. Read: DSEX climbs by 26.99 points as majority of listed companies show gains The daily turnover on the DSE amounted to Tk 376.60 crore, an increase of Tk 21.23 crore compared to the previous day’s transaction of Tk 355.37 crore. On the Chittagong Stock Exchange (CSE), the CASPI Index gained 173 points, closing at 15,135 points. A total of 204 companies participated in the day’s trading, with 125 seeing price increases, 53 experiencing declines, and 26 remaining unchanged. The CSE recorded a turnover of Tk 8.31 crore, down from the previous day’s transaction of Tk 11.32 crore. Read more: DSEX drops by 43 points as prices of 288 companies fall, Chittagong Stock Exchange follows suit

Bangladesh Bank has announced that all banks across the country will remain closed on Thursday, October 10, in observance of Durga Puja, following a government-declared holiday. The Ministry of Public Administration issued an official notification on October 8, confirming the nationwide general holiday as part of Durga Puja celebrations. The holiday was announced via an executive order from the interim government. In response, Bangladesh Bank issued a separate notice through its Department of Offsite Supervision. The notice was circulated late Tuesday night, informing banks of the closure. Read: Cumilla’s Bibir Bazar land port to remain shut for six days marking Durga Puja However, bank branches, sub-branches, and booths located in key areas such as seaports, land ports, and airports will remain operational under special arrangements to ensure uninterrupted services in these crucial sectors. This holiday closure is part of the national observance of Durga Puja, a major religious festival for Hindus. Read more: Durga Puja begins

With four days left to end the deadline, Bangladesh has so far exported 459 metric tonnes (MT) of Hilsa to India marking the Durga Puja, the largest religious festival of the Hindu community across the world, through the Benapole land port. The export started through the country's largest land port with 54.460 tonnes on September 26, and India received 459 tonnes sent through the land port over the past 12 days. The government set a price of $10 equivalent to Tk 1, 180 per Kilogram of Hilsa. Read: 410 metric tons of hilsa exported to India via Benapole Land Port Asked about the low price of the exported Hilsa, Mahbubur Rahman, an official at Fisheries Inspection and Quality Control Centre of Benapole land port, said the circular on Hilsa export dates back a few years. Then the export price of Hilsa was fixed at $ 10 per kg in line with the market price of that time. Hilsa is still being exported according to the circular. However, the price of hilsa may be adjusted in line with the domestic market price, he said. Rashedul Sajib Nazir, deputy director of the land port, confirmed that they could export only 459 tonnes of Hilas since September 26. Read more: Bangladesh missing hilsa export target to India for Durga Puja since 2019 It may be mentioned a five day holiday centring Durga Puja will begin from Thursday and activities of the land port will remain suspended till after the end of the Puja.

The Dhaka Stock Exchange (DSE), the country's main capital market, opened the week on a positive note as stock prices of the majority of listed companies showed an upward trend during Monday's trading session. According to early market data, the DSEX, DSE's benchmark index, gained 3.49 points, reaching 5,382 points within the first hour of trading by 11 am. The Shariah-compliant index, known as DSES, also saw a rise of 3.90 points to 1,194 points, while the DS-30 index, which tracks the performance of blue-chip stocks, increased by 1.68 points, reaching 1,965 points. Read: Dhaka Stock Exchange investors demand BSEC Chairman’s resignation amid market instability During this period, a total of 89.95 crore shares and units were traded across the exchange. Market performance was mixed, with the share prices of 147 companies rising, 145 companies falling, and 74 companies remaining unchanged.

Bangladesh received inward remittance of US $ 425 million in five days of October, showing an uptrend of $100 million remittance flow year-on-year. According to Bangladesh Bank's latest update, the expatriates sent $325 million remittance during the same period (October 1-5) in 2023. The expatriates sent inward remittance of $ 6967 million ($6.69 billion) so far in the current fiscal year 2024-25, which was $5232 million ($5.23 billion) in the previous fiscal year FY2023-24. Bangladesh receives $2.4bn remittance in Sept, marking an 80.2% growth year-on-year In September, Bangladesh witnessed an increase in remittance by US $1.07 billion in a single month to $2.40 billion, as the expatriates preferred banking channels to send their hard-earned earnings in the country. The expatriates sent $2.40 billion in remittances, which shows an 80.2 percent growth year-on-year. This growth is the highest ever in a single month. The expatriates sent $1.33 billion in remittance in the same month of the previous fiscal year. Besides, remittances in September of FY 2024-25 rose by $180 million compared to the previous month July. Bangladesh received a total of $6.54 billion in the July-September period of FY 2024-25, which was $4.90 billion in the previous fiscal year 2023-24. During the July-September period showed a positive growth of 33.3 percent in the current fiscal compared to the previous fiscal year. Islami Bank holds views-exchange with foreign banks to strengthen remittance earning With a blessing from increased remittances, the decline in foreign exchange reserves has halted, and they have stabilised above $20 billion as per the IMF’s BPM-6 standard, while the gross reserve currently stands at approximately $24.75 billion. In the fiscal year 2023-24, Bangladeshi expatriates sent remittances of $23.92 billion. This figure of remittance was the second-highest collection ever. The expatriates sent the highest $24.77 billion remittance in the FY2020-21.

The key of the Dhaka Stock Exchange (DSE) dipped below the 5,400 mark for the first time in 41 days as Islami Bank shares plunged by around 10 percent on Sunday. Market activity remained sluggish, with daily turnover staying under Tk 400 crore, reflecting continued investor caution. The benchmark DSEX index dropped 83 points, closing at 5,378. This marks the lowest level since August 4, when it hit 5,229 points. B-category stocks, offering dividends below 5%, led the gainers' list. Fu-Wang Ceramic saw the biggest jump, with its share price surging 9.83%, followed by Fu-Wang Food and RD Food. Dhaka Stock Exchange investors demand BSEC Chairman’s resignation amid market instability By the end of Sunday’s trading session, 180 issues had advanced, 156 had declined, and 56 remained unchanged on the DSE. Islami Bank was the day's worst performer, with its shares plummeting 9.92%, closing at Tk 55.40. Other notable losers included SIBL, Khan Brothers PP Woven, and National Tea. Shakib Al Hasan fined Tk 50 lakh for share price manipulation in stock market

Movements in the exchange rate influence the decisions of individuals, businesses and the government. Collectively, these decisions impact economic activity, inflation and the balance of payments. Exchange rates can be measured in various ways, each providing different insights into the currency's value and its effects on the economy. Read:  Bangladesh Bank enhances foreign currency support for energy import Below are today’s (Sunday’s) foreign currency exchange rates: Currency              Buy (Tk)               Sell (Tk) US Dollar              119.00   120.00 Euro       129.52   133.93 British Pound     154.77   158.78 Japanese Yen    0.79        0.81 Singapore Dollar               90.45     93.52 UAE Dirham        32.39     32.68 Australian Dollar               80.17     82.27 Swiss Franc         137.52   141.03 Saudi Riyal           31.67     31.96 Chinese Yuan     16.81     17.24 Indian Rupee     1.40        1.44 Please note that exchange rates are subject to change at any time depending on market conditions and fluctuations. Source: Banks

Ethiopian Airlines, Africa's leading carrier, has introduced a special buy-one-get-one-free (B1G1) ticket promotion for flights from Dhaka to all its global destinations, marking its entry into the Bangladesh market. The airline will launch five weekly flights on the Addis Ababa–Dhaka–Addis Ababa route, starting with its inaugural flight from Addis Ababa on November 2, arriving in Dhaka on November 3. This promotion will be available from November 3 to 18, 2024, with tickets to be purchased by October 20, according to a press release. “We wanted to present an attractive offer to our passengers, and we believe this promotion will encourage Bangladeshi travelers to experience the world-class service of a Star Alliance airline,” said Shohag Hossain, managing director of Rhythm Group, Ethiopian Airlines' General Sales Agent (GSA) in Bangladesh. He stated that passengers must purchase tickets by October 20 and fly from Dhaka by November 18 to take advantage of the offer; however, they can select any date for their return flight.