United News of Bangladesh

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Bangladesh Bank (BB) has formed a management board to determine the future action plan and strategic management of mobile financial services provider Nagad. The central bank sent a letter in this regard to the Director General of the Department of Posts on Tuesday. KAS Murshid, former Director General of Bangladesh Institute of Development Research (BIDS) has been made the chairman of this board. Other members of the management board are BRAC University's BRAC Institute of Governance and Development (BIGD) Visiting Research Fellow Khandaker Sakhawat Ali, Policy Research Institute (PRI) research director Bazlul Haque Khandaker, former executive director of Bangladesh Bank Anwar Hossain and Postmaster General of Bangladesh Postal Department. Farid Ahmed. According to the central bank, Bangladesh Postal Department's Digital Financial Service has been entrusted with section 18(4) of the 'Payment and Settlement System Act, 2024' to determine the future operational plan and strategic management of cash and to provide necessary guidance to the administrator and his support team appointed by Bangladesh Bank. The management board was formed in the public interest. After the fall of the Awami League government, Bangladesh Bank decided to appoint an administrator to manage Nagad on August 21. Besides, six officers were appointed as 'assistant officers' in the management of Nagad. The next day Bangladesh Bank and postal department officials went to the Nagad office and took control of the entire institution. The BB Director Muhammad Badiuzzaman Didar is currently serving as the Nagad Administrator.

A delegation from the Foreign Investors' Chamber of Commerce and Industry (FICCI), led by its President Zaved Akhtar, met with Lutfey Siddiqi, the Chief Advisor’s Special Envoy for International Affairs in the Interim Government of Bangladesh, today (September 17, 2024). The meeting took place at the Bangladesh Investment Development Authority (BIDA) office in the capital, focusing on boosting foreign investment in Bangladesh. The newly appointed BIDA Executive Chairman, Ashik Chowdhury, participated virtually from Singapore, with Dr. Khandoker Azizul Islam, Executive Member (Investment Environment Services) of BIDA, presiding over the session. During the meeting, the FICCI delegation extended congratulations to Lutfey Siddiqi and Ashik Chowdhury on their recent appointments. The discussions centered around the challenges foreign investors face in Bangladesh, along with strategies to enhance the country's appeal as an investment destination. FICCI President Zaved Akhtar highlighted the chamber’s activities and presented an in-depth analysis of the barriers to foreign investment. He emphasized the importance of structural reforms and collaboration to address these challenges, stating, “We have many potential investors in the pipeline eager to invest in Bangladesh, but they are currently facing several barriers. It is essential that we work together to identify and resolve these issues to foster economic growth.” Special Envoy Lutfey Siddiqi shared his vision for addressing these concerns, assuring the delegation that the government is committed to improving the business climate. He highlighted the importance of creating a favorable environment to attract and retain foreign investment in the country. Speaking virtually, BIDA Executive Chairman Ashik Chowdhury stressed the importance of ongoing efforts to enhance the investment climate. Both Siddiqi and Chowdhury reaffirmed their commitment to working closely with FICCI and other stakeholders to implement necessary reforms. The meeting was attended by FICCI Board members, Advisors, and senior officials from BIDA, including the Director General and other key representatives.

The Dhaka Stock Exchange (DSE) Brokers Association (DBA) has demanded a task force to reform and develop good governance in the capital market like banks. The DBA wrote to the Finance Adviser Dr. Salehuddin Ahmed in this regard on Sunday. The letter was signed by DBA President Saiful Islam, DBA Secretary Md. Didarul Gani confirmed this. The letter made several recommendations, including the formation of a task force for the development and good governance of the capital market. According to DBA, the DSE has been operating in the capital market for almost 70 years. On the other hand, the Bangladesh Securities and Exchange Commission (BSEC) was established in 1992-1993. The BSEC has been serving as the main regulatory body in the same sector for more than 30 years. Bangladesh's capital market is far from a source of capital formation and a sector of employment creation considering the goals, tenure, tradition, and role of these two organizations. “The sad thing is that even after this long time, our capital market has not yet developed as an industry, business sector, and a general sustainable income sector,” mentioned in the letter. According to stock brokers, the interim government has formed several task forces for reforms in the banking, economy, constitution, etc. sectors. “We expect the Interim Government to soon constitute a task force for reforming the capital market sector with a view to the development and progress of a large sector like the capital market, following its objectives and policies,” said DBA letter to finance adviser. At this time, DBA made several recommendations to reform the capital market.

The Foreign Investors’ Chamber of Commerce & Industry (FICCI) has urged the government to ensure transparency in the bidding process of public procurement. They made the call when a delegation of the apex chamber of multinational companies met with the Adviser to the Ministry of Power, Energy, and Mineral Resources, Muhammad Fouzul Kabir Khan on Thursday.  The FICCI board members highlighted several key issues faced by foreign investors in the sector, particularly in relation to regulatory bottlenecks and concerns about transparency in the bidding process. They discussed critical industry matters and ways to explore avenues for collaboration. The FICCI Board, led by its President Zaved Akhtar, congratulated the adviser on his new role and expressed confidence in his leadership to address the pressing challenges in the power and energy sectors.  According to FICCI, Dr Fouzul Kabir acknowledged the challenges raised by FICCI member companies and assured them of his firm commitment to tackling corruption within the ministry.  He pledged to implement reforms aimed at enhancing transparency, particularly in the bidding process, and expressed his determination to resolve the specific problems affecting FICCI members. The adviser also expressed his willingness to collaborate closely with FICCI to address these challenges and promote sustainable growth in the power and energy sectors.  He emphasized the importance of public-private cooperation and expressed a commitment to maintaining an open dialogue with FICCI to foster long-term partnerships. As a token of appreciation and in recognition of the ongoing dialogue between FICCI and the Ministry, the FICCI President handed over the chamber’s latest publications to the adviser, underscoring the Chamber's commitment to continued advocacy for its members and supporting the development of a robust energy sector in Bangladesh. FICCI has been working as the development frontier of Bangladesh by creating significant footprints in economic growth since its journey started in 1963.  As a leading chamber, FICCI represents Foreign Investors from 35 countries across the globe in 21 sectors in Bangladesh. 

A General Diary (GD) has been filed against Tanvir A Mishuk, the former Chief Executive Officer of Nagad, at Banani Police Station in Dhaka. The complaint was lodged by Muhammad Badiuzzaman Didar, the newly appointed administrator of Nagad. The GD was officially recorded on September 5, after Didar alleged that Mishuk had sent him a “threatening message” via WhatsApp on September 4. Banani Police Station’s Officer-in-Charge, Russel Sarwar, confirmed the filing and stated that the authorities are investigating the matter. The threat is being taken seriously, and an investigation is currently underway, said OC Russel Sarwar. Sub-Inspector Mohammad Ali Saikat, the GD Investigation Officer, provided further details, noting that Didar had expressed feeling “threatened” by the content of the message. The developments at Nagad come in the wake of significant changes within Bangladesh's financial sector. On August 5, Prime Minister Sheikh Hasina resigned amid widespread student protests, leading to a wave of restructuring across various financial institutions. Subsequently, on August 21, the interim government dissolved the previous board of Nagad and appointed Didar as the new administrator. Bangladesh Bank has also deployed six additional officers to support the transition at the mobile financial services operator.

Summit Group has completed the repair of its floating storage and regasification unit (FSRU), known as LNG Terminal, but it will take 20 more days to get service from the facility as Petrobangla needs time to import LNG. “Summit is pleased to announce that Summit LNG Terminal Co Pvt Limited (“SLNG”) is now ready for ship-to-ship transfer and regasification of LNG in order to send out 500 million cubic feet per day (mmcfd) of regasified LNG to the national grid,” it said in a statement on Thursday. Considering the national importance of SLNG to meet the demand of power, fertiliser and gas in the industrial sectors, Summit’s officials along with its international partners have been working tirelessly round the clock to resume gas supply to the national grid, it added. On May 23 this year, the ship-to-ship transfer was strategically avoided due the onset of cyclone Remal. A few days later on May 27, during the peak of cyclone Remal, a stray broken floating pontoon weighing hundreds of tonnes repeatedly hit Summit’s FSRU causing damage to the ballast water tank. Though the LNG Terminal has been ready for resuming operation, it will take about 20 days to get its benefit as the government has to import LNG from abroad to use its service. Power and Energy Adviser of the interim government Dr Muhammad Fouzul Kabir Khan on Wednesday informed that technical problems of the Summit Group's LNG Terminal has been fixed and now it is waiting for resuming production. He also noted that it will take about 20 days to import LNG from abroad to resume production at the terminal.

Seeking support for building a new Bangladesh, Chief Adviser Prof Muhammad Yunus on Thursday urged the businesspeople to come forward and work together as one team to boost productivity, capacity and competitiveness so that Bangladesh can compete effectively in the global market. “We need to move ahead as a team. It is a compact team. It is a very compact family. Let us work together. Let us build a new Bangladesh,” he told the businesspeople appreciating their entrepreneurial spirit. Prof Yunus said they got an opportunity to build a new Bangladesh with a healthy and decent economy by coming out from the rotten system that the country witnessed over the last 15 years. “We can do that together. You have proved that you can,” said the Nobel Laureate, describing the businesspeople as world-class entrepreneurs. International Chamber of Commerce, Bangladesh (ICCB) hosted the event titled “National Business Dialogue” held at a hotel in Dhaka. Planning Adviser Wahiduddin Mahmud and Finance and Commerce Adviser Dr Salehuddin Ahmed spoke as special guests while business leader Mir Nasir Hossain spoke on behalf of the ICCB President Mahbubur Rahman. The Chief Adviser said it was not an ordinary political movement but the students led it with their uncompromising spirit to achieve their goal to see a new Bangladesh. He said such opportunities do not come again and again and they have no idea whether the nation will get any such opportunity in the future. “My appeal to you all, this opportunity should not be left unutilized.” Prof Yunus said they know each other in this compact family which is a big source of power. “RMG industry emerged as something very big out of nowhere.” He said RMG industry is proudly holding the second position in the world market and it can be number one in the world market. Prof Yunus said businesspeople are members of the compact family and the government wants to work together with the businesspeople. He said they might not have knowledge or experiences in all the fields but they can gather the required experiences by working together as a team. “Let us materialize the dream.” Talking about the challenges in the post-graduation era, Prof Yunus said they might lose some benefits but they have to develop the capacity to compete efficiently. The Chief Adviser introduced his special envoy on international affairs Lutfey Siddiqui with the businesspeople and hoped that he will be successful in conveying the messages of businesspeople to its international partners. “Let us do reforms together. My big expectation is to see workers-owners good relationship. We cannot proceed if workers issues remain unaddressed. If we want to proceed, give us the courage,” he said. The Chief Adviser also encouraged the businesspeople to do social business, noting that making money is happiness but making other people happy is super-happiness. “We will do whatever we can as the country has given us an opportunity. Let us work together,” he said. Representing the ICCB President, Mir Nasir Hossain said there is a well-orchestrated vested quarter which is desperate to discredit the interim government by creating chaos and unrest within the society and the economy. “We must resist this unholy alliance and counter it with full force,” he said, adding that businesses as a whole will work as a catalyst with the Chief Adviser to realize the dream of martyrs. Nasir said businesses as a whole have full trust and confidence in the interim government of Bangladesh headed by Prof Yunus which came into being as a consequence of student-led mass movement to create a new Bangladesh.      

Bangladesh Bank has formed a six-member task force to conduct reform work in the banking sector. This task force will assess the current financial situation, distressed assets and major risks in the banking sector, the central bank said in a press release on Wednesday. The members of the task force are Chief Adviser's Special Envoy on International Affairs Lutfey Siddiqui; former Bangladesh Bank deputy governor Muhammad A Rumee Ali; Brac Bank PLC Chairman Meheriar M Hasan; former lead economist of World Bank's Dhaka office Zahid Hussain; ZNRF University of Management Sciences Vice Chancellor Prof M Zubaidur Rahman; Hoda Vasi Chowdhury & Co's Partner Sabbir Ahmed. According to the press release, the task force will assess the current financial situation of the banking sector, conduct assessment of distressed assets and major risks, financial indicators of weak banks, actual credit status, provision shortfall, liquidity situation, net capital, actual value of assets, and separation of bad assets of the troubled banks. It will also provide recommendations regarding the development of regulatory framework, limitation of political and corporate influence in banks’ decision-making, and bank ownership reform, under the process of strengthening bank governance and risk management to achieve crisis resilience, said the press release. Additionally, the task force will propose reforms in various laws related to the financial sector such as the Bank Company Act, Bangladesh Bank Order, asset management companies, bank acquisitions, mergers legislation, reforms and modernisation and will take steps to issue a banking sector white paper. The overall functions of the task force will be coordinated by the Governor of Bangladesh Bank, it added.

The government has appointed Md Hafizur Rahman, a member of Bangladesh Competition Commission and also a former additional secretary, as the administrator of the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI). A notification, signed by Dr Naznin Kawsar Chowdhury, additional secretary to the Ministry of Commerce, was issued in this regard on Wednesday. He was appointed following Section-17 of the Trade Organizations Ordinance-2022. The administrator has been asked to hold a fair and neutral election within 120 days and hand over the charge to the elected committee and apprise the ministry of the matter, said the notification.