United News of Bangladesh

Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur has once again warned against taking ownership, through transfer, purchase or any other means, of any assets of the S. Alam Group, which has become a symbol of rampant crony capitalism under the 15-year rule of the previous Awami League-led government.   Anyone found to have bought S Alam Group companies, assets or anything else will have to forfeit them, the governor said at a press conference at the central bank headquarters this evening (Sunday). He said the foreign exchange reserves have increased by USD $300 million as the central bank stopped selling dollars in the market, in perhaps the most significant departure from the previous administration's policies. Prior to Dr Mansur's appointment as governor on August 14, Bangladesh Bank was leaking about $1.1 billion each month through dollar sales from the reserves.  At present, the foreign exchange reserves amount to $21 billion as per IMF formula, i.e. the universally accepted definition of forex reserves. Dr. Mansur said that the foreign exchange market has become stable now, and gradually it will be normal as the flow of remittances and foreign aid increase, side-by-side with the checks on money laundering. The central bank has also fully secured 95 percent of deposits in the banking system by doubling the scope of the deposit insurance scheme. Now if any bank goes bankrupt, 94.6 percent of depositors of the bank will be refunded immediately from this scheme. So depositors have nothing to worry about regarding their deposits in even so-called weak banks, assured the governor. He urged depositors to be patient and trust in the banking sector reform program being implemented by his team at the central bank. Dr Mansur said, "We do not expect any bank to go bankrupt, but at least 10 banks have gone into a state of near-bankruptcy. The government is trying to save them." Regarding the freezing of bank accounts, the governor said, "So far we have not seized the account of any organization. Be it S Alam's or Salman F Rahman's. No organization's bank account has been seized. All individual accounts whose accounts have been frozen."  "We do not want to join any business. We don't want job loss and production disruption of institutions and companies," he pointed out. Dr. Mansur also said, "The central bank has money for SME loans. But I can't give to small entrepreneurs. Not only that, the World Bank and the IMF want to invest in small entrepreneurs. But due to some problem these loans are not being distributed through the banks." Therefore, Bangladesh Bank has asked these banks to explain the cause and propose solutions in writing.  The governor is hopeful that the flow of microcredit will increase very soon, and confirmed that a special taskforce on banking sector reforms will start their work within the next ten days.  He said that through the course they have envisioned, the banking sector's problems will be resolved and the previous policies will be reviewed.  "If any policy is found to be made only for a few businesses then it is void," he said, adding: "And if needed, it will remain."  He also assured that the directors from the same family dominating bank boards will be removed.  

Daraz Bangladesh is set to commemorate its anniversary with a grand celebration, inviting shoppers nationwide to participate in an exclusive shopping event. The 9.9 Anniversary Sale, from September 9 to September 15, transforms the online marketplace into a virtual party venue where shoppers can enjoy significant savings, free Delivery, and exclusive discounts on Flash Sale products, said a press release. As a gesture of appreciation to its valued customers, Daraz offers vouchers worth Tk. 1 crore for this 9.9. These can be collected directly from the Daraz app by clicking on the designated banner. The sale features over 1 crore products eligible for free delivery on orders above Tk. 299. Customers can unwrap further savings by collecting vouchers by clicking the "Free Delivery" banner on the Daraz app's homepage on a first-come, first-serve basis. The vouchers can be stacked with other discounts. An exciting "Any 3" offer will allow customers to purchase three items for as low as Tk. 70, applicable to a wide range of 30,000 products. This bundle deal provides exceptional value during the Sale. Flash Sale has been positioned as an exciting feature of the anniversary celebration. It offers discounts of up to 75% on selected 1,000 products daily across various categories. These limited-time deals, refreshed daily, are expected to offer even more significant savings than the standard campaign discounts. To enhance the shopping experience, Daraz has partnered with top brands such as Marico, Unilever, Lotto, Reckitt Benckiser, ORAIMO, BATA, Apex, RFL Appliances, Haier, Baseus, Sony Smart, and Beauty Orchestra, ensuring great discounts across a broad range of products. Customers can explore deals across various categories, including Electronics, Home Appliances, Fashion, Home Décor, Mother and Baby Items, Beauty Products, and more. Whether upgrading home essentials or shopping for personal care, Daraz offers something for every shopper. For additional savings, Daraz has partnered with payment providers such as bKash, Southeast Bank, Eastern Bank, City Bank, NCC Bank, Dhaka Bank, and EBL ZIP (EMI) to offer shoppers further discounts and flexible payment options, ensuring a seamless and rewarding shopping experience. With Best-Price offers, a Flash Sale, Free Delivery, and bank discounts, Daraz Bangladesh's 9.9 Anniversary Sale guarantees an exciting and value-packed shopping experience for customers across the country.

Bangladesh Bank has appointed its executive directors Md Zakir Hossain Chowdhury and Md Kabir Ahmed as the deputy governors on a contractual basis for three years from the date of joining. The Financial Institutions Division of the Finance Ministry issued a notification to this end on Sunday. The order was issued in the public interest, reads the notification. Earlier, two deputy governors of the central bank -Kazi Saidur Rahman and Khurshid Alam-stepped down following the fall of Hasina government in a  mass uprising on August 5.

Bangladesh Bank (BB) has instructed banks to keep a 100 percent cash margin for importing 14 luxury goods including gold, cosmetics, processed food, soft drinks, and leather goods to overcome foreign exchange. On Thursday, BB's Banking Regulations and Policy Department (BRPD) issued instructions in this regard. This directive will be effective from Thursday. According to the Central Bank instructions, in the context of the global economic instability situation, to keep the currency and debt management of the country more coherent, instructions are given regarding the determination of the cash margin rate for the establishment of import credit. A cash margin of 100 percent shall be maintained in respect of the establishment of import credit for luxury goods and domestically manufactured import substitutes. The 100 percent cash margin for import of products, motorcars, electronics home or Office Appliances, Gold and Jewellery, Precious Metals and Pearls, Ready Made Garments, Leather Goods, Jute Goods, Furniture and Decorative Items, Fruits and Flowers, non-cereal foods, processed foods and beverages or canned (cans) food, chocolate, biscuits, juice, coffee, soft drinks, etc., alcoholic beverages and tobacco, tobacco products or substitute products.

Bangladesh Bank (BB) Governor Dr. Ahsan H Mansur said that there will be no more restrictions on the business operations and opening Letter of Credits (LCs) in Islami Bank from now on. The governor in a meeting with the newly formed Board of Directors of Islami Bank on Thursday expressed his satisfaction on the daily positive balance of Islami Bank’s current account maintained with the central bank. “The necessary instructions will be issued soon in this regard,” he added. “Customers' deposits are safe in Islami Bank. Islami Bank's own funds are sufficient to meet the needs of customers. However, Bangladesh Bank will actively consider liquidity support if required,” said the governor. Md. Obayed Ullah Al Masud, Chairman of Islami Bank, told media after the meeting that the regular business activities of Islami Bank are being conducted smoothly with the existing facilities of the central bank. He said that Islami Bank has presented a specific roadmap to the governor. Through the bank's performance and business achievements, Islami Bank will turn around within the fastest time due to the trust of crores of customers.

Bangladesh Bank's financial intelligence agency  has sought the bank accounts information of former Speaker of the Jatiya Sangsad Shirin Sharmin Chaudhury, her husband and children. Bangladesh Financial Intelligence Unit (BFIU), a wing of the central bank, sent letters in this regard to banks and financial institutions of the country on Thursday. The BFIU letter sought account details of Shirin Sharmin Chowdhury, her husband Syed Ishtiaq Hossain, their son Syed Ebtesham Rafiq and daughter Lamisa Shirin Hossain. The BFIU letter mentions names of the parents of these five persons and in particular names of the husband and wife, their national identity card number and date of birth. It also sought bank account details of Md. Shafiul Islam. His occupation is mentioned as a government job and 'Proprietor of ‘Subhana Traders'. Shirin Sharmin Chowdhury was last elected Member of Parliament (MP) from a constituency of Rangpur. After the Awami League came to power in the 2008 election, Abdul Hamid was elected speaker. When he was elected as the President, Shirin Sharmin was made speaker on 30th April in 2013. She had been in the position continuously since then. Shirin Sharmin Chaudhury was elected Speaker again after Awami League won the election on January 7 and formed the government. Sheikh Hasina left the country after resigning on August 5, in the face of the student uprising. The President then dissolved Parliament and on 8 August the interim government was sworn in. She resigned as Speaker on September 2, 27 days after the fall of Sheikh Hasina's government.

The garment factories and other industries reopened in Gazipur on Thursday with enhanced security, several days after disruption in production due to labour unrest. Industrial police were deployed in factory areas along with patrolling by the Bangladesh Army and Border Guard Bangladesh (BGB) personnel. Moreover, local people formed human chains in favour of peace to keep the industries functional. The authorities declared closure of the factories as workers had been staging demonstrations on various demands for the past few days. On Wednesday, the factory owners decided to open the industries from Thursday following a decision from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) upon assurance from the government of taking necessary security measures. As per the decision, the industries located in Tongi, Boardbazr, Konabari, Bhogra, Kashimpur and other areas reopened and workers joined their workplaces since the morning. Imran Ahmed, Additional Superintendent of Industrial Police-2 in Gazipur, confirmed the matter of opening the factories saying that around 900 industrial police personnel have been deployed along with patrolling by the Army and BGB.

S Alam Group companies alone have taken more than half of the total loans of Islami Bank, recovering which is the challenge for the bank, said Md. Obayed Ullah Al Masud, the bank's newly appointed chairman. After meeting with Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur on Thursday, Al Masud said this to reporters. He said the total disbursed loans of Islami Bank is around Tk 1.75 lakh crore. Of which S Alam Group alone took more than half or Tk 87500 crore. But it is not the final account which needs another week to get the complete information, he said. “The group depreciated the assets and took out the debt. His assets are already being reassessed. Also, the collaterals against the loan will not be covered. Therefore, a letter has been written to the Law Ministry to find out the assets that are outside the collateral,” said the Islami Bank chairman. He said, when the new board took over, Tk 2300 crore was short. It is decreasing every day. “Till today (Thursday) it has reduced to Tk2000 crore. Hopefully it will return to a positive trend within this year. Many customers will not have the problem of withdrawing money after today. Because the withdrawals are less than the amount deposited in the last week,” he pointed out. Asked what kind of action is being taken against various officials who have cooperated with S. Alam, he said, "We do not want to move the officials down now. Because if you hit the bottom now, everything will collapse. Some of the above are already being removed. All will be removed gradually. Action will be taken according to rules. No one will be exempted." The new chairman of Islami Bank said that a roadmap has been drawn up to turn the bank around. This roadmap is done in three phases-First of all to find out and take various steps from the beginning of the new board till December 31. Secondly, the year 2025-26 has been given as the turnaround year. Third, 2027-29 will be the leap forward years, he said.

Approximately 100 factories in the Ashulia industrial area reopened on Wednesday, following a joint operation by the army and police, which provided security assurances to the garment industry. The operation was launched in response to recent unrest that had forced over a hundred factories to shut down. Despite the increased security presence, some garment factories in Ashulia remained closed on Wednesday due to ongoing worker protests, according to Md Sarwar Alam, Superintendent of Industrial Police-1. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called an emergency press conference to update journalists on the latest situation in the industry. On Monday, workers from various factories in Ashulia’s Baipail-Abdullahpur area gathered outside their workplaces and staged protests instead of reporting for duty. Workers started protesting with various demands, an official from the Industrial Police said. Although the joint army and police operation began on Monday night across the industrial zones of Savar, Ashulia, and Gazipur to restore order, around two dozen factories in Ashulia remain closed. Some factories were being attacked by outsiders and workers were protesting with various demands. Recent protests have seen workers block roads in Ashulia, demanding equal employment opportunities for men and women in readymade garment (RMG) factories, along with other demands.  

Bangladesh Bank (BB) has reconstituted the board of directors of Al-Arafah Islami Bank PLC (AIBL) and Bangladesh Commerce Bank Ltd - both controlled by scam-hit conglomerate S Alam group. The central bank issued separate notices to this end to the managing directors of the said banks on Tuesday. These two banks are the latest to be freed from the control of the S Alam Group. A total of eight independent directors have been appointed in the two banks and two directors appointed by the government have been retained. Bangladesh Bank's former executive director Ataur Rahman has been appointed as the chairman of the newly formed five-member board of directors of the Commerce Bank after dissolving the existing board, according to a notice. Ataur has also been appointed as an independent director of the bank. Another five-member board has been formed for AIBL after dissolving the bank's existing board. Khwaja Shahriar, former Managing Director of Lanka Bangla Finance, has been appointed as independent director and chairman of the new board.