United News of Bangladesh

The Investment Corporation of Bangladesh (ICB) has received approval from Bangladesh Bank for a Tk 3,000 crore loan at a reduced interest rate of 4%, down from the initial 10%. Two-thirds of the loan will be utilised for repaying the corporation's existing debts, while the remaining amount will be invested in the capital market, said ICB Chairman Abu Ahmed confirming the information on Tuesday. Earlier, on November 13, the government provided a sovereign guarantee to facilitate the loan. Based on this guarantee, Bangladesh Bank issued a formal letter to ICB on November 27, sanctioning the Tk 3,000-crore loan at a 10% interest rate with a tenure of 18 months. Read: ICB Asset Management AGM approves 110% dividend ICB later informed Bangladesh Bank that the 10% interest rate was unsustainable for the institution and requested a reduction to 4%. Following the proposal, the central bank approved the loan at the revised interest rate. The financial support aims to strengthen ICB’s capacity to meet its obligations while bolstering investments in the capital market, aligning with broader economic stability goals, Abu Ahmed said.

Actor Siam Ahmed has been appointed as the promotional ambassador for Walton Cables, a product of the global electronics brand Walton. In this regard, an agreement between Siam and Walton was officially signed at the Walton Corporate Office on Thursday (Nov 28, 2024). Walton records Tk 149.03cr profit in July-Sept, 2024 On behalf of Walton Hi-Tech, Senior Executive Director and film actor Amin Khan signed the deal with Siam Ahmed. The event was attended by Walton Hi-Tech Additional Managing Director Eva Rezwana, Business Coordinator to Walton Hi-Tech’s Chairman Abdullah-Al-Mamun, Deputy Chief Marketing Officer Zoheb Ahmed, Walton Cables’ Chief Business Officer Razu Ahmed, and other senior officials of the company. Walton gets huge responses from global buyers in Canton Fair Addressing the function, Siam Ahmed said, “Walton is our pride. They are leading the country’s electronics sector and also earning significant foreign currency through exports. They are brightening the image of Bangladesh on the global stage. I’m thrilled to join Walton’s vast family. Thanks to Walton Cables.” Film actor Amin Khan said, “Siam Ahmed is one of the most talented actors in our film industry. We are very happy to have him as Walton Cables’ brand ambassador. Walton Cables will move forward with Siam Ahmed, and he will take the brand to new heights.”

The Bangladesh Bank (BB) has provided Tk 22,500 crore in liquidity support to several banks facing a liquidity crunch, said Governor Dr Ahsan H Mansur on Thursday. Speaking at a press conference held at the Jahangir Alam Conference Hall within the BB headquarters, the governor explained the rationale behind the central bank's actions. Dr Mansur acknowledged that the Bangladesh Bank had temporarily deviated from its policy of not printing money to inject liquidity into the banking sector. He, however, stressed that this move was a temporary measure aimed at stabilising the sector and ensuring financial flows remained uninterrupted. “The tight monetary policy remains intact and our efforts to curb excess liquidity in the market will continue.” Moody’s downgrade doesn’t reflect economic progress since July upsurge: Bangladesh Bank Addressing concerns about potential misuse of newly injected funds, the governor said that the current measures do not signify a return to practices seen in the recent past, where money printing led to alleged misappropriations. “This time, we have ensured that funds are allocated transparently and securely, eliminating opportunities for pilferage,” Dr Mansur said. The governor also stressed the central bank’s commitment to safeguarding depositors' interests. “The deposit of every person in every bank is safe and secure. We are unwavering in our efforts to maintain depositor confidence,” he asserted. The central bank is providing liquidity support to address the temporary cash shortages in banks, enabling customers to withdraw the required funds, said the Bangladesh Bank Governor. To facilitate this support, the central bank will temporarily print money to meet the provisional needs of different banks, he added. Dhaka Stock Exchange sees downtrend: DSEX drops by 51.08 points The governor also reassured the public that all deposits in banks are secure and urged people not to panic or withdraw money unnecessarily. He hinted that the additional liquidity introduced into the market would be managed through various types of bonds to prevent inflationary pressures.

The Bangladesh Jewelers Association (BAJUS) has lowered the price of gold by Tk 1,890 per bhori for the local market. The decision was made by the Standing Committee on Pricing and Price Monitoring of the Bangladesh Jewelers Association during a meeting in Dhaka on Monday, according to a statement from the association. The new rate will be effective from tomorrow (Tuesday, November 26), it added. According to the new price, the good quality 22-carat gold will be sold at Tk 140,376, down from Tk 142,266 earlier. The price of 21-carat solid gold is Tk133,996 per bhori, 18-carat is Tk114,855 per bhori and traditional gold price is Tk 94,326. The price of gold has decreased but the price of silver has been kept unchanged. By category, currently, a bhori of 22-carat silver price is Tk2,577, 21-carat price is Tk2,449, 18-carat price is Tk2,111, and traditional method silver price is Tk1,586. (1 bhori = 11.664 grams)

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.