United News of Bangladesh

Tarek Hossen, a CNG auto-rickshaw driver from Feni, has received Tk 20 lakh after purchasing a Walton refrigerator under the ‘Digital Campaign Season-21 Double Million Offer.’ Popular film actor and Walton’s Senior Executive Director, Amin Khan, officially handed over a cheque worth Tk 20 lakh to Tarek Hossen at a grand ceremony held at Wapda Field in Feni, said a media release. The event was attended, among others, by Walton’s Deputy Chief Marketing Officer Zoheb Ahmed, Stand-up Comedian Abu Hena Rony, Journalist Fazlur Rahman Bokul, local businessmen Anwar Hossain Patwary, Jafor Uddin and Gias Uddin, Walton Plaza’s Chief Sales Executives Wahiduzzaman Tanvir and Ariful Islam. Three-day Walton ATS expo kicks off in Dhaka Prior to him, a motor worker named Rana Islam and a college student Rashed Ali also got Tk 20 lakh each buying Walton fridges. From October 10 of 2024, Walton is conducting ‘Digital Campaign Season-21’ across the country with ‘Double Million’ offer. Under this offer, customers are offered Tk 20 lakh or guaranteed cash back on the purchase of Walton brand fridge, TV, washing machine or BLDC ceiling fan from any Walton Plaza, distributor showroom and online sales platform ‘e-Plaza’ across the country. Thanking the authorities of Walton for bringing a dramatic change to his life, Tarek Hossen said, 'I will use the money received from Walton to establish a better future for myself and my family.' Siam Ahmed appointed brand ambassador of Walton Cables Actor Amin Khan encouraged everyone to purchase Walton's state-of-the-art technology products to enjoy the numerous benefits they offer. He added that Walton is committed to producing and marketing electrical and electronic products, aiming to make them affordable for the general public.

The Bangladesh Mobile Phone Consumers’ Association (BMPCA) has urged the government and the Bangladesh Telecommunication Regulatory Commission (BTRC) to revise policies to reduce the floor price for voice calls, aiming to make communication more affordable. The BMPCA has called for the complete elimination of call drops, emphasising the importance of ensuring uninterrupted and reliable mobile phone services. The association raised concerns over the current floor price of voice calls, which was increased from Tk 0.25 to Tk 0.45, stating it has adversely affected consumers. According to the association, this policy has stifled competition among operators, leading to increased costs for users without a corresponding improvement in service quality. Besides, the ceiling price for calls currently stands at Tk 2, with some operators adding VAT and other charges, further burdening customers. The BMPCA points out that while voice calls are free in many developed countries, Bangladeshi consumers face disproportionately high charges. Read: BMPCA place 5-point proposal for better internet The association demands a more competitive and affordable pricing structure, even suggesting the possibility of free voice calls to match global trends. Recommendations on Call Pricing The BMPCA has outlined several recommendations to reform call pricing: 1. Affordable Call Rates: Reduce or eliminate the floor price to make call rates more accessible to all users. 2. Special Packages for Rural and Low-Income Groups: Introduce customised call packages for those in rural areas who heavily rely on mobile communication. 3. Per-Second Billing: Expand per-second billing systems to ensure fairer charges based on actual usage. Demand for Policy Changes to Eliminate Call Drops Citing a 2018 High Court ruling, the BMPCA has called on the BTRC to enforce its directive to eliminate call drops and compensate affected consumers. While current guidelines allow a 2% call drop rate, the BMPCA believes stricter measures are necessary. They argue that call drops not only inconvenience users but also amount to financial loss. Suggestions to Address Call Drops The BMPCA has proposed several measures to combat call drops: 1. Customer Compensation: Provide free minutes or data for every dropped call, ensuring consumers are compensated for disruptions. 2. Network Development: Mandate operators and associated ecosystem entities, such as tower companies, to enhance network quality, particularly in rural and remote areas. 3. Enhanced Monitoring: Require the BTRC to conduct regular quality checks on operators’ networks and promptly address consumer complaints. 4. Transparency in Reporting: Compel operators to publish monthly call drop statistics and corresponding compensation measures on the BTRC’s website. Additional Demands The BMPCA has also called for the following actions: Fair Billing Systems: Ensure transparent and equitable billing mechanisms for consumers. Reduction of Taxes: Decrease the high tax burden on mobile users. Improved Customer Service: Strengthen customer care services and establish a one-stop service corner at the BTRC to address consumer grievances efficiently. Consumer Frustration and Loss of Trust The BMPCA warned that public dissatisfaction with the current state of mobile services is growing, with many consumers losing trust in the regulatory body. They believe implementing these recommendations is essential to restoring consumer confidence and creating a more equitable telecommunications environment. This letter, signed by Sheikh Farid, Information and Office Secretary of the BMPCA, underscores the pressing need for reforms to improve affordability and service quality in the telecom sector.

The Bangladesh Jewelers Association (BAJUS) has raised the price of gold by Tk 1,878 per bhori for the local market, effective from Thursday. The decision was made by the BAJUS Standing Committee on Pricing and Price Monitoring during a meeting on Wednesday, according to a media release. 63 tolas gold seized at Ctg airport; actress, another held Earlier, on November 27, BAJUS had raised the price of gold by Tk 1,154 per bhori. Under the updated pricing, the cost of good quality 22-carat gold now stands at Tk 140,271 per bhori (1 bhori = 11.664 grams). The revised rates for other categories are: 21-carat solid gold: Tk 133,902 per bhori, 18-carat gold: Tk 114,773 per bhori, and traditional gold: Tk 94,256 per bhori. Gold price goes up again within a day While gold prices have increased, the price of silver remains unchanged. As per the current rates, the price of one bhori of silver by category is: 22-carat: Tk 2,577, 21-carat: Tk 2,449, 18-carat: Tk 2,111, and traditional method: Tk 1,586.

BRAC Bank’s Managing Director and CEO, Selim R F Hussain, has formally apologized for remarks he made about officials of the Bangladesh Bank during a seminar on December 4. In a letter addressed to the central bank governor, Hussain expressed regret for his "provocative" comments, which he described as "rash and inconsiderate." Hussain's apology followed his statements at a seminar organized by the Bangladesh Institute of Bank Management (BIBM). In his letter, he admitted that his remarks may have offended or hurt central bank officials and acknowledged his lapse in judgment. “I sincerely apologize for some of the unintended comments I made about Bangladesh Bank officials at a seminar at BIBM,” he wrote. Reflecting on the incident, he added, “I realize that my words were rash and inconsiderate, which could hurt or offend the officials of the BB. However, I did not intend to do so. I may not have conveyed what I intended to say properly.” Hussain further acknowledged the unprofessional nature of his comments, attributing them to an emotional outburst. “I acknowledge that my highly emotional comments as a senior banker were not professional. They were purely my comments, made in the spur of the moment, due to a failure to exercise good judgment. If my comments offended anyone or caused any misunderstanding, I deeply regret and am sorry.”

The number of Tk 1.0 crore and above account holders in the banking system has decreased following the political changeover on August 5. According to Bangladesh Bank’s (BB) financial report for the July-September quarter, over Tk 26,000 crore was withdrawn by people, all of whom are millionaires holding accounts with over Tk 1.0 crore. Due to these withdrawals, the bank account balances of more than 1,500 people also dropped below the Tk 1.0 crore threshold. While the exact number of real millionaires in the country remains uncertain, an approximate estimate can be derived from the number of crore-taka accounts in banks. These accounts have seen a significant increase since the Covid-19 pandemic, the report says. Bangladesh Bank statistics reveal that in 1975, there were only 47 accounts holding over Tk 1.0 crore. Read: IMF suggests upward policy rate in 2025 to restrain inflation: BB By 2015, this figure had risen to 57,516. At the start of the Covid-19 pandemic in March 2020, the number of such accounts stood at 82,625, increasing to 117,000 as of now. Economists attribute the recent withdrawals to panic among small depositors following the political changeover. They suggest that weaker banks struggled to disburse large sums to millionaires, forcing many to transfer their funds to stronger banks. Consequently, funds consolidated in single accounts in stronger banks may exceed the Tk 1.0 crore mark. Based on these trends, the number of Tk 1.0 crore and above accounts was expected to rise. But, contrary to expectations, the figure has decreased.

The City Bank, one of the first-generation private commercial banks, has announced an initiative to adjust employees' salaries in line with annual inflation, to ensure the support and well-being of its employees. The bank's board of directors has approved an annual increment of Tk 162 crore for 2024; including PMP adjustments and bonuses, which will total Tk 300 crore by the end of 2025. This move would significantly raise the bank's total payroll expenditure of Tk 1,210 crore annually by the end of next year. The decision was taken based on the results of a salary survey conducted by Cerebrus Consultants Limited, comparing City Bank's compensation packages with BRAC Bank, EBL, MTBL, Prime Bank and Dhaka Bank. Read: City Bank Director Rubel Aziz to sell 34 lakh shares by October 31 City Bank has taken the initiative to restructure its payscale on the basis of fairness, in line with the current market situation. Employees whose salaries are significantly lower than the current market will receive higher increments under this move; And those whose salaries are close to the current market average will receive a relatively small increment, said a top official of the bank.

National Credit and Commerce Bank PLC (NCCB) has announced a landmark digital transformation initiative, marking a significant step forward in its commitment to enhanced technological infrastructure and superior customer experiences. NCCB formalized its partnership with Flora Systems Limited through the Agreement signing ceremony at NCCBL Headquarters, Motijheel. This partnership aims to bolster NCCB's operational efficiency and service quality via the deployment of Flora Systems' advanced core banking solutions. Concerns raised over interviewees for BFIU head position The agreement was signed by M Shamsul Arefin, Managing Director, NCCBL and Mustafa Rafiqul Islam, Chairman & Managing Director, Flora Systems Limited. NCCB has been utilizing FloraBank CBS since 2008, having replaced the foreign CBS MicroBanker. For this latest upgrade, Flora Systems successfully competed against globally renowned core banking solutions from Oracle, Temenos and others, underscoring the robustness and competitive value of Flora Systems' locally developed CBS. As part of the arrangement, Flora Systems will implement its FloraBank Core Banking System (CBS) across NCCB’s operational landscape, upgrading the system from version 18.4 to 22.4. This transition is self-assured to strengthen service quality, enhance operational efficiency, and strengthen security, aligning with NCCB’s focus on innovation and customer-centric solutions. FloraBank CBS is recognized as Bangladesh’s leading core banking platform, designed to support secure, multi-currency transactions, comprehensive security measures, and robust fraud prevention tools to ensure a secure financial environment. This locally developed solution is currently deployed as a full CBS solution across 8 major banks in Bangladesh, with additional services provided to 7 other financial institutions. Another 4% hike in annual increment recommended for RMG workers Beyond the core banking upgrade, Flora Systems through its FloraBank CBS will introduce a comprehensive suite of digital banking services, including an integrated Treasury System, upgraded BEFTN, BACH & MICR with Nikash, AML and Screening System, MIS and Regulatory Reporting with advanced design tools, Fixed Asset Management, Agent Banking, Internet Banking, Mobile Wallet, Management Dashboards, and additional features to further enhance NCCB’s digital capabilities. This strategic digital transformation with Flora Systems Limited is a testament to NCCB’s dedication to adopting innovative, technology-driven banking solutions that will empower its customers and improve service delivery.

The much-hyped launch of new Bangladeshi currency notes is on the horizon, with denominations of Tk 20, Tk 100, Tk 500, and Tk 1,000 expected to grace the market within the next six months. Bangladesh Bank made the disclosure, sparking widespread curiosity about the design elements of the forthcoming notes. The introduction of new notes is certain. But, it is too early to confirm the exact design specifications, said Husne Ara Shikha, spokesperson and executive director of the central bank. With Mujib or No Mujib? Sources close to the central bank hinted at a potential shift in design philosophy, suggesting that the iconic portrait of Sheikh Mujibur Rahman might no longer feature on the new notes. Speculations abound that the new currency could instead highlight Bangladesh’s national emblem or the graffiti from the July Revolution, reflecting a distinct cultural and historical ethos. They said the government has approved the printing of new currency notes, and they are expected to be introduced within six months after completing the necessary processes. Design Overhaul Additional insights from the Security Printing Corporation and the Ministry of Finance suggest that the proposed changes are poised to reshape the visual identity of Bangladesh’s banknotes. If implemented, the designs would shift from portraying Sheikh Mujibur Rahman to showcasing religious sites, traditional Bengali motifs, and, intriguingly, the evocative imagery of the July Revolution’s graffiti. Read: BB raises limit for private travel foreign currency exchange

Commerce Adviser Sheikh Bashir Uddin has said Bangladesh has a clear roadmap to implement conventions of the International Labour Organization (ILO) as the country has the full admiration to it. He said this when European Union Ambassador and head of delegation Michael Miller paid a courtesy call on him at his office in Dhaka on Tuesday. Bashir Uddin issues like bilateral trade, increased mutual cooperation, and implementation of the ILO convention and return of laundered money came up at the meeting for discussion. The adviser said Bangladesh has a huge population, mostly of youths, and the government wants an economic emancipation by utilising them after making them skilled human resources. Addressing the price hike of commodities, the adviser said they slapped tax on import to stablise local market. Read more: Bangladesh, South Korea eye stronger ties through bilateral trade and investment The European Union Ambassador said the free trade contract between the countries will play a vital role in speeding up the trade. The direct investment from Europe to Bangladesh will escalate if the atmosphere of investment is developed. Michael Miller expressed keenness in assisting Bangladesh in returning back the laundered and stolen money by logistics and experts.

With Bangladesh facing higher inflation for a long time, the International Monetary Fund (IMF) has advised keeping the policy interest rate on the rise until inflation decreases. Bangladesh Bank Spokesperson and Executive Director Huseara Shikha hinted this while talking to reporters at her office on Tuesday. She said this ahead of a delegation led by IMF mission Chief Chris Papadakis, scheduled to visit Bangladesh from December 3 to 17 to review the IMF conditions. The IMF says that inflation in Bangladesh is currently above 11 percent. It will remain around 10 percent throughout 2025, and after that, the international donor agency believes it may come down to 6 to 7 percent. The fourth tranche of the US $4.7 billion loan program depends on fulfilling the conditions given by the global lender. Read: BB Governor projects inflation reduction in 8 months The IMF imposed conditions on Bangladesh for providing this loan. Although almost all the conditions given by the lender are on track to be met, it is well behind the revenue collection target. However, the installment has already been released after showing progress in fulfilling most of the conditions. Earlier, in January 2023, the IMF approved a $4.7 billion loan for Bangladesh. It was supposed to provide this loan to Bangladesh subject to conditions. The IMF delegation is reviewing each installment of this loan, which was given in seven installments, before releasing it.