A South Korean company, Park Handbag BD Ltd, is expected to establish a large-scale bag, luggage, and high-end garment manufacturing facility at the Bepza Economic Zone in Chattogram’s Mirsharai.

The proposed investment amounts to $80 million, according to an agreement signed between the Bangladesh Export Processing Zones Authority (Bepza) and the company at the Bepza Complex in Dhaka, a statement from Bepza said.

Md Tanvir Hossain, executive director for investment promotion at Bepza, and Beomjoon Park, chairman of Park Handbag BD Ltd, signed the deal, with Major General Mohammad Moazzem Hossain, Bepza executive chairman, also present.

Under the agreement, Park Handbag will develop the project on 57,600 square metres of land to manufacture handbags, backpacks, luggage, and a wide range of knit and woven garments, including polo shirts, T-shirts, padded and down jackets, trousers, sportswear, and undergarments.

Once fully operational, the project is expected to create employment opportunities for 10,960 Bangladeshi nationals. The products will be exported to major global markets, including the USA, UK, European Union, South America, and Asia.

Shares of Apex Tannery rose 9.88% on Monday at the Dhaka Stock Exchange (DSE), despite the company reporting a 76% year-on-year increase in second-quarter losses for FY 2025-26.

The tannery firm posted a loss per share (LPS) of Tk 5.80 for Q2 (October–December), up from Tk 3.29 in the same period last fiscal year. In H1 (July–December), LPS rose to Tk 10.78 from Tk 7.99 in FY25. The company attributed the net profit decline to lower sales revenue, weakened gross margins, and higher financial expenses due to increased borrowings.

DSE data showed Apex Tannery opened at Tk 68.50 and closed at Tk 74.50 on Monday, with a total trading value of Tk 1.66 crore.

Separately, the company's board approved a land revaluation report conducted by G. Kibria & Co., Chartered Accountants. Based on unaudited Q2 financials as of 31 December 2025, the land's net book value was Tk 16.95 crore, while its current market value was Tk 344.63 crore, resulting in a revaluation surplus of Tk 327.68 crore.

Jamuna Oil Company, a state-owned firm, saw its net profit fall by 18% in the first half of FY 2025-26, hit by unaccrued interest on fixed deposit receipts (FDRs) held in four banks that have merged into Sammilito Islami Bank.

The company reported a profit of Tk216.81 crore and earnings per share (EPS) of Tk19.63, down from Tk 264 crore and EPS Tk23.92 in the same period last year.

In a disclosure to the stock exchanges, Jamuna Oil said the EPS decline was due to interest on bank deposits with Sammilito Islami Bank for the second quarter not being accrued. Interest accrued in the first quarter was also written back, as it is now presumed that it could not be realised.

Despite the slump in FDR income, Jamuna Oil's earnings from treasury bills and bonds partially offset the decline. The company earned Tk297.17 crore from other income primarily interest on T-bills and T-bonds, dividends, and other sources down from Tk380.35 crore in H1 FY25.

Income from FDRs fell 45.44% to Tk188.79 crore from Tk346.01 crore in the previous fiscal. Treasury bills and bonds, a new investment avenue, generated Tk73 crore, which was not recorded in the previous year.

The company's auditor raised concerns over the recoverability of FDRs in six banks, four of which merged into Sammilito Islami Bank, while two remain independent.

Jamuna Oil has total investments of Tk1,541.08 crore across these banks, including FDRs and SND accounts at First Security Islami Bank, Global Islami Bank, Union Bank, Social Islami Bank, Bangladesh Commerce Bank, and National Bank.

The auditor noted that Jamuna Oil has realised Tk94.17 crore out of Tk106.71 crore from FDRs, with Tk1.25 crore still due as of 30 June 2025.

Interest of Tk58 crore accrued between the last maturity date and the balance sheet date remains uncertain due to liquidity issues. The company has requested encashment from the banks, but responses have been limited.

In FY25, buoyed by FDR income, Jamuna Oil posted a record profit of Tk441 crore and recommended a 180% cash dividend, which will be considered at its annual general meeting on 31 January.

Today (26 January), Jamuna Oil's shares closed at Tk168.40 each on the Dhaka Stock Exchange, down 1.64% from the previous session.

Gold surged to a record high above $5,000 an ounce on Monday, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical tensions.

Bullion added 64% to its value in 2025, its biggest annual rise since 1979, driven by a mix of safe-haven demand, bets on US rate cuts, robust central-bank buying, de-dollarisation trends and inflows into exchange-traded funds. It is up 18% so far this year.

Here are some ways to invest in gold:

Spot market

Large buyers and institutional investors usually buy gold from big banks. Prices in the spot market are determined by real-time supply and demand dynamics.

London is the most influential hub for the spot market, with the London Bullion Market Association setting standards for gold trading and providing a framework for the over-the-counter market to facilitate trades among banks, dealers and institutions.

China, India, the Middle East and the US are other major gold-trading centres.

Futures market

Investors can also get exposure to gold via futures exchanges, where people buy or sell a particular commodity at a fixed price on a particular date in the future.

COMEX, part of the New York Mercantile Exchange, is the largest gold futures market in terms of trading volumes.

The Shanghai Futures Exchange, China's leading commodities exchange, also offers gold futures contracts. The Tokyo Commodity Exchange, popularly known as TOCOM, is another big player in the Asian gold market.

Exchange-traded products

Exchange-traded products or exchange-traded funds issue securities backed by physical metal, allowing people to gain exposure to gold prices without taking delivery of the metal itself.

Global gold ETFs saw record inflows in 2025, led by North American funds, according to World Gold Council data. Annual inflows surged to $89 billion.

Bars and coins

Retail consumers can buy gold from traders selling bars and coins in shops or online. Gold bars and coins are both effective means of investing in physical gold.

Investors in top consumers China and India have moved more towards purchasing bars and coins as opposed to jewellery amid surging spot prices.

What drives the market?

Investor interest and market sentiment

Rising interest from investment funds in recent years has been a major factor behind bullion's price moves, with sentiment driven by market trends, news and global events fuelling speculative buying or selling of gold.

Foreign exchange rates

Gold is a popular hedge against currency market volatility. It has traditionally moved in the opposite direction to the US dollar, since weakness in the US currency makes dollar-priced gold cheaper for holders of other currencies and vice versa.

Monetary policy and political tensions

The precious metal is widely considered a safe haven during times of uncertainty.

US President Donald Trump's trade tariffs have over the last year sparked a global trade war, rattling currency markets.

Trump's capture of Venezuelan leader Nicolas Maduro and aggressive statements on acquiring Greenland have added to volatility since the start of 2026.

Global central banks' policy decisions also influence gold's trajectory. Lower interest rates reduce the opportunity cost of holding gold, since it pays no interest.

Central bank gold reserves

Central banks hold gold in their reserves, and demand from this sector has been robust in recent years because of macroeconomic and political uncertainty.

The World Gold Council said in its annual survey in June that more central banks plan to add to their gold reserves within a year despite high prices.

Net central bank purchases in November totalled 45 metric tons, World Gold Council data showed, pushing the figure for the first 11 months of 2025 to 297 tons as emerging market central banks continued their significant gold buying.

China kept adding gold to its reserves, with its holdings totalling 74.15 million troy ounces at the end of December from 74.12 million in the previous month as it extended its buying spree for the 14th month in a row.

Poland's central bank, which held 550 tons of gold at end-2025, aims to lift reserves to 700 tons, Governor Adam Glapinski said this month.

The Bangladesh Textile Mills Association (BTMA) has called for urgent government intervention to stop what it described as unfair advantages in yarn imports that are severely affecting local spinning mills.

The demand was raised at a meeting on Monday (26 January) between BTMA President Showkat Aziz Russell and senior officials of domestic textile mills, particularly spinning mill representatives.

The association later shared details of the meeting in a press release issued last night (26 January).

According to mill representatives, domestic spinning mills are facing heavy losses due to an unusually high volume of yarn imports under duty-free bonded warehouse facilities. They alleged that these imports benefit from incentives and subsidies provided by neighbouring countries' governments, creating unequal competition that is pushing local industries towards an existential crisis.

Speaking at the meeting, BTMA President Showkat Aziz Russell said that, in line with previously announced programmes to protect domestic industries, the decision to keep all textile mills closed from 1 February would remain in effect.

He warned that without the immediate withdrawal of existing unfair advantages in yarn imports and the adoption of effective policy measures, the country's textile sector would face severe consequences.

He also noted that yarn imports from India have increased by approximately 137% over the past year compared to the previous year. He said that around 50 spinning mills have already shut down, while at least another 50 are at risk of closure.

As a result, nearly 200,000 workers and employees have lost their jobs, signalling a serious social and economic crisis, according to him.

During the meeting, senior mill officials urged the government to take swift and effective steps to exclude 10-30 count yarn from bonded warehouse facilities, in line with recommendations from the Ministry of Commerce.

Expressing hope for a positive outcome, the BTMA president said the government would take prompt and effective policy decisions to safeguard domestic industries, investments and the large workforce employed in the textile sector.

Lack of investor confidence remains the biggest obstacle to developing Bangladesh's corporate bond market, and restoring trust requires strict regulatory action against issuers who fail to honour coupon payments, Bangladesh Bank Governor Ahsan H Mansur said yesterday.

Without restoring investor trust, any attempt to deepen the bond market would be futile, he said at a seminar titled "Bond Market Development in Bangladesh: Challenges and Recommendations", jointly organised by Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC) in Dhaka.

The governor pointed out that weak enforcement of existing rules has badly damaged confidence, particularly in cases where issuers have failed to pay bond coupons without facing consequences.

In developed markets, he said, even a single missed coupon payment is treated as a serious default that triggers regulatory action and reputational damage. "But in our country, there is hardly any consequence if a company fails to pay bond coupons. No one seems to care."

He added, "Such regulatory laxity discourages investors from participating in the market. Restoring trust would require not only stricter rules but also effective supervision and enforcement to protect investors."

He noted that three macroeconomic factors are critical for bond market development: stability, lower interest rates and controlled inflation. "Without progress on these fronts, the bond market cannot grow."

BSEC and DSE sources said several issuers, including Sea Pearl Beach Resort, Regent Textile and a number of banks, have failed to make timely coupon payments, yet punitive action has been limited.

Questions have also been raised over compliance issues surrounding certain bond issuances, such as the Beximco Green Sukuk, further weakening investor confidence.

At the seminar, Mansur formally unveiled a concept note on bond market development prepared by a high-level committee formed following the chief adviser's directive. The concept note outlines the current challenges facing the bond market and proposes a phased reform roadmap extending to 2030.

Excessive reliance on bank loans

The governor said the central bank may consider discouraging excessive reliance on bank loans. If a company or business group seeks loans beyond the single borrower exposure limit, banks could suggest raising funds through bonds or equity instead, he added.

However, he cautioned that such measures should be implemented carefully and only alongside reforms that make the bond market more accessible and attractive. He also highlighted several pull factors to attract issuers, including tax incentives, shorter issuance timelines and lower costs.

Govt should introduce funded pension schemes

According to Mansur, the government and the business community must take the lead in developing the bond market, but the first step is to make it more protective and user-friendly so that both issuers and investors feel confident participating.

To broaden investor participation, Mnsur said the government should introduce funded pension schemes instead of non-funded ones, as pension funds can act as stable, long-term investors in bonds.

He also suggested forming a central coordination committee, supported by several sub-committees, to improve cooperation among regulators and ensure effective implementation of reforms.

Another proposal put forward by Mansur was allowing national savings certificates to be traded in the secondary market. He argued that if savings certificates become tradable, the overall bond market size could double, while giving savers greater liquidity and flexibility.

Bank loans still favoured: BSEC chairman

BSEC Chairman Khondoker Rashed Maqsood said bank loans remain easier to obtain than capital market financing in Bangladesh, which explains why companies continue to rely heavily on banks.

He said non-performing loans have risen partly due to mismatches between loan tenures and funding sources. The concept note, he said, recommends encouraging both the government and corporates to tap the capital market more actively.

After gathering feedback from stakeholders, BSEC plans to finalise new regulations to support bond market development, he added.

Govt working to attract foreign investors: Finance secretary

Finance Secretary Khairuzzaman Mozumder said that although the longstanding issue of double taxation on bonds has been resolved, new challenges have emerged in secondary trading due to frequent changes in ownership.

He described these as largely software-related problems that cannot be addressed manually at every stage, stressing the need for coordination between the National Board of Revenue and BSEC.

He also said the government is working to attract foreign investors to local currency bonds and has formed a committee to introduce secondary trading of savings certificates.

Private sector caution against restrictions

Uzma Chowdhury, corporate finance director of Pran-RFL Group, said that restricting bank loans could harm businesses if alternative financing channels are not sufficiently developed.

She argued that many private sector firms are reluctant to go to the capital market because they are reluctant to share profits, disclosure requirements and restrictions, and that further constraints could discourage investment rather than promote bond issuance.

Mashrur Arefin, president of the Association of Bankers Bangladesh and managing director of City Bank, stressed the importance of allowing foreign investors to freely repatriate bond investments.

He said bond market development would remain limited unless the policy rate is reduced and valuation mechanisms in the secondary market are simplified for retail investors. Imposing caps on private sector borrowing without a functional bond market, he warned, would only increase pressure on businesses.

80% debt financing from banks: Concept note

According to the jointly prepared concept note, Bangladesh's financial system remains overwhelmingly bank-centric, with about 80% of debt financing coming from banks.

Around 70% of bank deposits mature within a year, creating maturity mismatches and liquidity risks. The corporate bond market remains underdeveloped due to the dominance of bank financing, high issuance costs, complex regulations, weak appetite for non-sovereign debt, poor enforcement and the crowding-out effect of high-yield government savings certificates.

As of June 2025, Bangladesh had only 16 listed corporate bonds, 14 of which were issued by banks mainly to meet regulatory capital requirements. The total corporate bond market size stood at Tk33.34 billion, accounting for just 0.06% of GDP, compared to 5.73% for government bonds. In contrast, peer countries such as Malaysia, South Korea and China have bond market-to-GDP ratios exceeding 100%.

The concept note recommends phased reforms, including streamlining issuance procedures, offering targeted tax incentives, expanding the investor base, strengthening legal frameworks and improving secondary market liquidity through coordinated regulatory action. These reforms are planned over the short term by December 2026, the mid-term by 2027 and the long term by 2030.

The European Union has raised concerns over Bangladesh's non-tariff barriers in trade, with a significant focus on customs procedures, Commerce Secretary Mahbubur Rahman said today (26 Janaury).

Speaking at an event in Agargaon, Dhaka, marking International Customs Day, he revealed that a recent meeting with an EU delegation highlighted 15 key issues relating to customs processes and daily operations, urging simplification.

"Our import tariffs are among the highest in the world, which they accept legally. But non-tariff barriers are not acceptable," Mahbubur Rahman said.

He added that excessive protectionist measures, such as mandatory 100% luggage scanning at airports, create long queues without meaningful benefits.

Zaidi Sattar, chairman of the Policy Research Institute (PRI), stressed the need for urgent trade policy reforms, noting that reforms delayed over the past 15 years must be implemented within the next three to five years to prevent Bangladesh from lagging behind competitors.

He highlighted that import duties currently raise $11 billion annually and should be reduced to 1% of GDP to promote trade and job creation.

Secretary Mahbubur Rahman told The Business Standard, "Currently, import tax collection is 2.5% of GDP. But it should not exceed 1%."

Mubinul Kabir, member of the Customs Policy wing, said programmes like the Authorised Economic Operator (AEO) and pre-arrival processing remain underutilised. "We are considering relaxing the conditions for AEO," he added.

NBR Chairman Abdur Rahman Khan acknowledged complaints regarding inconsistent service delivery. "The same product, imported from the same country on the same day, should not be assessed differently by two officers," he said.

Regarding the duty-free import of raw materials under bond licenses, he said, "Many argue that without the bond facility, the country's industrialisation would have mirrored China's progress."

Nine companies get AEO recognition

At the event, nine companies were recognised as Authorised Economic Operators. They are: Hatil Complex Limited, Asia Paints (Bangladesh) Limited, BRB Cables Industries Limited, Footsteps Bangladesh Limited, Omera Cylinder Limited, Jihan Footwear, Shoeniverse Footwear, Cutting Edge Industries Limited, and MBM Garments Limited.

AEO-certified firms can move consignments directly from ports to their warehouses without physical inspection, with documents verified in advance. Customs officers may inspect the warehouse if needed.

The facility, often called the "VIP pass of trade," is granted to companies with strong compliance records. Currently, fewer than 20 companies hold AEO recognition in Bangladesh.

Seventeen NBR officers received the Certificate of Merit from the World Customs Organisation for their service contributions.

Palli Karma-Sahayak Foundation (PKSF) has signed five separate credit guarantee agreements with Jamuna Bank, Commercial Bank of Ceylon, Trust Bank, Mercantile Bank and NCC Bank under its Credit Enhancement Scheme (CES).

Under the agreements, the banks will be able to extend a total of Tk1,000 crore in guaranteed loans to PKSF's partner organisations, according to a press release.

The signing ceremony took place today (26 January) at PKSF Bhaban-1 in Agargaon, Dhaka.

PKSF Managing Director Md Fazlul Kader signed the agreements on behalf of the foundation. The agreements were signed on behalf of the banks by Ahsan Zaman Chowdhury, managing director and CEO of Trust Bank PLC; Haily Algewatte, deputy CEO and chief operating officer of Commercial Bank of Ceylon PLC; Mohammad Jahangir Alam, deputy managing director of Jamuna Bank PLC; Md Habibur Rahman, deputy managing director of NCC Bank PLC; and Md Zakir Hossain, deputy managing director of Mercantile Bank PLC.

PKSF Deputy Managing Directors Md Mashiar Rahman, Fazle Rabbi Sadeque Ahmed and Md Hasan Khaled were also present at the event.

Speaking on the occasion, Md Fazlul Kader said PKSF is working to transform low-income people into entrepreneurs and that the Credit Enhancement Scheme has been introduced to formally engage commercial banks in this process.

Under the scheme, PKSF's partner organisations will receive loans from banks and disburse them to eligible clients at the field level, while PKSF will provide guarantees to mitigate credit risk at the bank level, he added.

PKSF is implementing the CES with financial and technical support from the Asian Development Bank (ADB) to promote inclusive economic growth through the expansion and productivity enhancement of the microenterprise sector.

Through the scheme, PKSF shares lending risks by providing guarantees to banks and financial institutions that extend loans to its partner organisations.

Earlier, on 24 May 2025, PKSF launched the country's first Credit Enhancement Scheme and on the same day signed credit guarantee agreements worth Tk3,150 crore with BRAC Bank, City Bank, Prime Bank, Mutual Trust Bank, Southeast Bank and The UAE-Bangladesh Investment Company Limited (UBICO).

The price of safe-haven asset gold surpassed $5,000 on Sunday (25 January), hitting a record amid rising global uncertainty and turmoil set off by US President Donald Trump's policies.

Gold reached $5,026 an ounce in trading after sister metal silver blasted through $102 an ounce for the first time on Friday.

While turbulence over Trump's ambitions for Greenland and pressure on the Federal Reserve have provided the most recent support for gold, the precious metal has for two years achieved all-time peaks on factors ranging from a weak dollar, strong central bank demand and elevated inflation.

Gold stood at just above $2,000 an ounce in January 2024.

The precious metal's price has also risen due to the wars in Ukraine and Gaza, as well as Washington's intervention in Venezuela.

"Over the past few days, gold's price action has been textbook safe-haven behaviour," said Fawad Razaqzada, market analyst at Forex.com.

"Underlying demand for protection is still there. Confidence in the dollar and bonds looks a bit shaky."

'Slow-burning support'

Trump backed away last week from threatened tariffs on several European nations because of their opposition to Washington seizing the mineral-rich Arctic island of Greenland.

But his comments set off a bruising transatlantic crisis, reviving trade war fears and uncertainty about US investment.

The dollar plunged to a four-month low against the euro while gold prices surged.

"Gold pressed on to a fresh record high as geopolitical tensions remain elevated," Neil Wilson, investor strategist at Saxo UK, noted Friday.

"The extreme tail risk of a US military intervention in Greenland was never being priced by markets. Worries about an escalatory trade war were."

Danish Prime Minister Mette Frederiksen visited Greenland's capital on Friday for talks with the territory's leader.

Investors were additionally preparing for this week's Federal Reserve policy meeting, which comes after US prosecutors took aim at its boss Jerome Powell, raising fears over the bank's independence.

Trump has made no secret of his disdain for Powell, claiming there is "no inflation" and repeatedly questioning the Fed chair's competence and integrity.

The heads of major central banks threw their support behind the Fed and Powell last week, after US prosecutors issued subpoenas against him that threaten a criminal indictment.

"Add in lingering doubts around central bank independence and you are left with a slow-burning support base for gold," said independent analyst Stephen Innes.

Gold demand by value surged 44% year-on-year to a record $146 billion in the third quarter of last year, the World Gold Council has said in its latest report.

There has been strong demand for gold also via Exchange-Traded Funds on stock markets. ETFs allow investment without trading on the gold futures market.

With gold hitting a new record in the global market, prices of the precious metal have reached a fresh high of Tk 262,440 per bhori, breaking all previous records.

The new rate will come into effect tomorrow, according to an announcement by the Bangladesh Jewellers Association (Bajus) today.

The price is 2.04 percent, or Tk 5,248, higher per bhori (11.664 grammes) than Tk 257,191, at which gold was traded in the country.

The association said prices of pure gold and silver have increased in the market.

The announcement came hours after gold prices marched to record levels above $5,100 in the international market today, as investors sought a safe haven amid global political tensions.

Silver and platinum also climbed to all-time highs.

Spot gold rose 2 percent to $5,079.66 an ounce by 8:15 a.m. ET (1315 GMT), after hitting a record $5,110.50. US gold futures for February delivery gained 2 percent to $5,078.50.

Prices were also supported by weakness in the US dollar, which lingered near a multi-month low, making dollar-priced assets more affordable for holders of other currencies.

For precious metals this year, the major drivers are going to be "Trump and Trump," said Adrian Ash, head of research at online marketplace BullionVault.

"A wave of new first-time investing is driving this move in precious metals. It is being led by private investors across Asia and Europe, rushing to build their personal holdings of gold and silver," he added.

In Dhaka, this is the third consecutive day of a rise in gold prices.

China said on Monday that a preliminary trade deal with Canada “does not target any third parties” after the United States threatened to impose 100-percent tariffs on Canadian products if the agreements were finalised.

Under the deal, announced this month, Beijing is expected to reduce tariffs on Canadian canola imports and grant Canadians visa-free travel to China.

But over the weekend, the United States -- Canada’s traditional ally -- threatened to impose 100-percent tariffs on Canadian products if the deal were to go ahead, saying it would allow China to “dump goods”.

China’s foreign ministry spokesman Guo Jiakun said on Monday that the trade deal was not aimed at Washington.

“China and Canada have established a new type of strategic partnership... it does not target any third party,” China’s foreign ministry spokesman Guo Jiakun told a regular press conference.

“China advocates that nations should approach state-to-state relations with a win-win rather than zero-sum mindset, and through cooperation rather than confrontation,” he added.

The deal was announced during Canadian Prime Minister Mark Carney’s visit to Beijing this month, as he seeks to distance himself from a volatile United States under President Donald Trump.

Canada and the United States have been caught in a trade war since the Trump administration imposed import duties on its northern neighbour.

On Sunday, Trump wrote on social media that negotiations between Ottawa and Beijing amounted to China “successfully and completely taking over the once Great Country of Canada”.

Following the president’s comments, US Treasury Secretary Scott Bessent told US media that “we can’t let Canada become an opening that the Chinese pour their cheap goods into the US”.

Analysts expect spot gold prices, which hit a record high above $5,000 per ounce on Monday, to climb further toward $6,000 this year ​on mounting global tensions as well as strong central-bank and retail demand.

Gold raced to a peak of $5,092.70 as geopolitical and economic risks rattled markets. ‌The safe-haven metal is up more than 17 percent this year, after soaring 64 percent in 2025.

The London Bullion Market Association's annual precious metals forecast survey shows analysts projecting gold rising as high as $7,150 and averaging $4,742 in 2026.

Goldman Sachs has raised its December 2026 gold price forecast to $5,400 from $4,900.

Independent analyst Ross Norman expects a high of $6,400 this year, with an average of $5,375.

"The only certainty at the moment seems to be uncertainty, and that's playing very much into gold's hands," Norman said.

GEOPOLITICAL TENSIONS

Gold's recent rally has been fuelled by geopolitical tensions, ‌from the US–NATO friction over Greenland and tariff uncertainty to rising doubts over the independence of the US Federal Reserve, among others.

"With the upcoming US ​mid-term elections, political uncertainty may increase further. At the same time, persistent concerns about over-valued equity markets are likely to reinforce portfolio diversification flows into gold," said Philip Newman, a director at Metals Focus.

"After crossing the $5,000/ounce milestone, we expect further upside," he added.

ROBUST CENTRAL BANK PURCHASES

Central-bank gold buying, a key driver of prices in ‍2025, is expected to stay strong this year.

Goldman Sachs forecasts purchases to average 60 metric tons a month as emerging-market central banks continue diversifying reserves into gold.

Poland's central bank, which held 550 tons of gold at end-2025, aims to lift reserves to 700 tons, Governor Adam Glapinski said this month.

These plans reaffirm the view that the key driver behind the spike in gold is ⁠central banks "looking to de-dollarise ... and where else could you go except into gold?" Norman said.

China's central bank extended its gold-buying spree for a 14th month in December.

ETF ‍INFLOWS, RETAIL DEMAND

Inflows into gold-backed ETFs, which store bullion for investors and account for a significant amount of investment demand for the metal, are also underpinning prices as markets expect ‌further US ‌rate cuts this year.

"There's an opportunity cost to holding gold which has no yield. As interest rates decline, so does this opportunity cost. If the Fed continues to lower rates in 2026, demand for gold should rise," said Chris Mancini, co-portfolio manager of the Gabelli Gold Fund.

Gold ETFs saw record inflows in 2025, led by North American funds, according to World Gold Council data, with annual inflows surging to $89 billion. In tonnage terms, inflows totalled 801 metric tons, the highest since their record in ⁠2020.

"There's an opportunity cost to holding gold which has no yield. As interest rates decline, so does this opportunity cost. If the Fed continues to lower rates in 2026, demand for gold should rise," said Chris Mancini, co-portfolio manager of the Gabelli Gold Fund.

Gold ETFs saw record inflows in 2025, led by North American funds, according to World Gold Council data, with annual inflows surging to $89 billion. In tonnage terms, inflows totalled 801 metric tons, the highest since their record in ⁠2020.

"You don't need to analyse a balance sheet, assess credit risk or ‍worry about a country or sovereign risk," he said. "Your only risk with physical gold is the price direction. And as geopolitics and geoeconomics have become more complicated ... that simplicity has become more attractive."

WHAT'S NEXT FOR GOLD?

Analysts say several factors could trigger a correction, including a pullback in US rate-cut expectations, margin calls in equities, and easing concerns about Fed independence.

However, most expect any pullback to ​be short-lived and treated as a buying opportunity.

"A meaningful and sustained decline in gold would require ‍a return to a more stable economic and geopolitical backdrop, which currently appears unlikely," Newman added.

Savings certificates (Sanchayapatras) are being made tradable on bond market, among other measures, to systematically force or encourage corporates through applying push and pull factors to meet their long-term financing needs from outside banks.

This switch from banks to capital market for large-and long-tenure borrowings is planned as the government seeks to make the bond market vibrant and thus relieve the banks of burdens of corporate and industrial financing, according to a disclosure made Monday.

The move is meant not only to help overcome prevailing liquidity mismatch in banks through lessening NPL (non-performing loan) buildups but also ensure comparatively low-cost and long-term funding instruments for the enterprises, according to a joint study titled 'Bond Market Development in Bangladesh: Challenges and Recommendations' rolled out at a meet.

Bangladesh Bank (BB), under instructions from the chief adviser of the post-uprising government for easing mounting pressure on banks, took the initiative and made the study paper in collaboration with Bangladesh Securities and Exchange Commission (BSEC) and Financial Institutions Division (FID).Online newspaper reader

Finance Adviser Dr Salehuddin Ahmed was supposed to be present as chief guest at the seminar sharing the study findings and recommendations but he didn't turn up reportedly on health grounds. BB governor Dr Ahsan H. Mansur chaired the event.

Talking about the supply side in developing bond market, the BB governor said they plan to bring corporate sector under push factor. They will push the corporate entities out of the banking sector, not entirely but partial financing requirement must be met through the bond market.

He said the central bank will soon sit with the corporate bodies having lower bond-market exposure to understand what kinds of supports they need from the regulators to get encouraged into the bond market.

"We will not allow corporate to exceed single-borrower-exposure limit. To meet their funding requirements, they either go for overseas borrowing or look for bond and capital markets. We want to apply such push factors," he told the audience.

At the same time, the central-bank governor said, they need to provide them pull factors through which the corporate entities will be attracted to explore the untapped potential available on the bond market.Banking services comparison

Under the pull factors, according to him, the government might consider steps to cut bond-issuing timeline and costs along with revisiting prevailing tax treatment and other forms of incentives.

Mr. Mansur, who took the central bank leadership soon after the July-August mass uprising in 2024, said private-sector bond market will not be developed through a liquid, strong and vibrant public-sector bond market.

The country has a huge saving-certificate market of around Tk 6.0 trillion. "If we make it tradable on the secondary market so that the investors can sell it at a discounted premium, whatever the market rate prevails at the time, it will increase the bond market size by another Tk 6.0 trillion very quickly. It is easily doable. Just a decision is needed," the governor said.

President of the International Chamber of Commerce (ICC)-Bangladesh Mahbubur Rahman said that the country's capital market suffers a lot for lack of equities and stocks.

"If bond market is developed here, it will be easier for private enterprises to mobilise funds to meet their capital need," he said.

The renowned business leader said the corporate-bond market would also help the banks lessen their NPL burden. "It has a huge potential and all need to work jointly to make it a success."

Director-General of Bangladesh Institute of Bank Management (BIBM) Dr Md Ezazul Islam, one of the two lead authors of the study paper, said the individual ceiling in savings certificate needs to be lifted aligning the rate with the market and making it tradable on the secondary market.

"It will certainly help allow savers to invest in the savings instruments as much as they can and it will make the market more competitive."

Dr Islam prepared the study along with the other when he was leading the monetary policy department of the central bank before his recent joining as DG of BIBM.

Sharing global market scenario, he said the global market size of bonds, stock market and money market was worth $130 billion, $90 billion and $60 billion respectively in the first half of 2025.

But Bangladesh's financial sector remains heavily bank-dependent-around 80 per cent of debt financing in Bangladesh comes from banks.

"The excessive dependence on bank financing is neither good for the health of the banking system nor for the enterprises," he added.

Finance Secretary Dr Md Khairuzzaman Mozumder said credit mismatch emerged as a serious problem hurting the banking sector badly. To ease the pressure on banks, they plan to develop the bond market.

He said they plan to take the national savings certificate into the secondary market soon. "We have already formed a committee comprising officials from BB, FID and BESEC to this effect."

Bangladesh Securities and Exchange Commission Chairman Khondoker Rashed Maqsood said the chief adviser had instructed them to make a plan how the heavily bank-depended economy can be converted to a capital market-dependent economy.

Since then, he said, they had sat with the central bankers several times to find out challenges and ways-out to facilitate the transition.

Bangladesh Bank research director Md. Abdul Wahab, the other lead author of the paper, said successful implementation of the proposed action plan would facilitate the development of a vibrant and robust bond market in the near term that will support sustainable economic growth and strengthening financial stability.Online newspaper reader

Deputy governors of BB Dr Md Habibur Rahman and Nurun Nahar, vice- chairman of PRAN Group Uzma Chowdhury, BSEC commissioner Md. Saifuddin, Association of Bankers Bangladesh (ABB) leader Mashrur Arefin, Dhaka Stock Exchange (DSE) Chairman Mominul Islam and Dhaka University Professor Mahmud Osman Imam, among others, spoke at the seminar.

Trading at the country’s stock markets showed a mixed trend in the first half of the second trading day of the week, with indices falling on the Dhaka Stock Exchange (DSE) while rising on the Chittagong Stock Exchange (CSE).

At the DSE, the market opened on a negative note. The benchmark DSEX index shed 7 points, while the blue-chip DS30 index lost 3 points. The Shariah-based DSES index, however, remained unchanged.

Most shares witnessed price declines, as prices of 195 companies fell against 101 gainers, while 90 issues remained unchanged.

The turnover at the DSE crossed Tk 2.10 billion during the first half of the session.

Meanwhile, the CSE posted gains in early trading. The overall CASPI index rose by 16 points.

The prices of 38 companies advanced against 34 losers, while shares of 21 companies remained unchanged.

During the first half, shares and units worth around Tk 7.0 million were traded on the CSE.

Garment buying house entrepreneurs have warned that the commerce ministry's proposal to withdraw bonded warehouse facilities on the import of yarn of 10 to 30 counts could harm the country's readymade garment (RMG) sector and unsettle international buyers.

They described the proposal as "self-destructive" and urged the government to offer alternative support to domestic textile millers instead of withdrawing bonded facilities.

The concerns were raised at a press conference titled "The Country's Readymade Garment Industry in Crisis: A Struggle for Survival", organised by the Bangladesh Garment Buying House Association (BGBA) at its office in the capital today (25 January).

BGBA President Mohammad Mofazzal Hosen Pabel said the proposed decision had pushed the RMG sector "to the brink of death" and had triggered serious concerns among global buyers.

For several months, the country's textile millers and garment manufacturers have been at odds over duties and restrictions on yarn imports from India and other countries.

On 12 January, the commerce ministry requested the National Board of Revenue to withdraw bonded warehouse facilities for importing 10-30 count yarn, citing the need to protect domestic spinning mills.

The request followed appeals from the Bangladesh Textile Mills Association (BTMA) and recommendations from the Bangladesh Trade and Tariff Commission.

However, RMG sector leaders alleged that the commerce ministry's move was one-sided. Several textile and garment sector associations have held press conferences and sent letters to the government strongly opposing the move.

"Several buyers have expressed concern over the ongoing discord between the country's RMG and textile sectors," Pabel said, adding that many had already begun shifting their 2026 orders to competing countries.

He said global buyers and large retailers were increasingly worried about the overall business environment in Bangladesh, including political instability and security concerns.

"Buyers have expressed worries over safety, factory closures and reports of frequent mob violence," the BGBA president said, adding that disputes over yarn imports would further damage confidence.

Pabel also alleged that competitor countries were portraying Bangladesh negatively in global markets and that some buyers had imposed travel restrictions on visits to the country.

Responding to a question, he said any disruption to the RMG sector would ultimately affect buying houses, which act as a bridge between international buyers and local manufacturers.

Opposing the withdrawal of bonded facilities, he urged the government to provide incentives and policy support to make the textile industry more competitive.

"The government should make the spinning sector self-reliant so that RMG manufacturers can buy yarn from domestic sources at prices even 30 cents lower," he added.

He also said the association expected the next elected government to consult all relevant trade bodies on policy decisions affecting the textile and garment sectors, rather than holding discussions with a limited number of organisations.

Joint consultations would help identify core challenges and future prospects and lead to sustainable solutions, he said.

"As spinners are demanding the withdrawal of bonded facilities, it shows they are facing problems, while cutting bonded facilities would affect RMG manufacturers. Only joint dialogue can lead to solutions," he added.

Pabel said every policy decision carried both positive and negative consequences, but argued that the proposed move was taken through an unfair process involving only a few parties.

He warned that while some groups might benefit initially, the decision could prove harmful in the long run, particularly if export orders decline and begin to affect the textile sector as well.

Bangladesh's e-commerce sector has moved far beyond its early days of scepticism, emerging as a fast-evolving part of the country's digital economy.

At the center of this transformation is Daraz Bangladesh, the country's largest online marketplace.

Ben Yi, chief commercial officer of Daraz Group and managing director of Daraz Bangladesh, has overseen a year of steady operational upgrades, trust-building initiatives, and ecosystem development.

In an interview with Abbas Uddin Noyon of The Business Standard, he reflects on Daraz's journey, the lessons learned, and why he believes Bangladesh is approaching a new phase of e-commerce maturity.

Bangladesh's e-commerce journey has moved from low trust to much wider adoption. What were the most important shifts behind this transition?

Several factors came together. Smartphone penetration and digital wallets expanded rapidly, logistics became more convenient, and marketplaces grew as more sellers joined. This is a natural evolution seen in many countries. Bangladesh is still in an early stage e-commerce accounts for only about 2-3% of total retail but the potential is significant.

We can easily reach double-digit penetration in the coming years. At Daraz, we focused on shortening delivery times, introducing single-warehouse fulfillment, and improving reliability, which made online shopping faster and more convenient for consumers.

Looking back at 2025, what were the defining moments for Daraz Bangladesh?

There wasn't a single defining moment. Instead, 2025 was shaped by consistent progress through many small, detailed improvements month after month. These efforts reduced logistics lead times, lowered costs, and strengthened our commercial strategies, including building our Everyday Low Price (EDLP) channel and enhancing Flash Sales. We applied Alibaba's global experience through technology and product innovation, while adapting it to Bangladesh's market reality. This steady approach delivered strong results throughout the year.

Customer trust remains a major challenge. Why did Daraz decide to extend its return policy to 14 days across the entire platform?

Trust is fundamental to e-commerce growth. In Bangladesh, past market incidents made many consumers cautious about shopping online. Extending the return window to 14 days across the entire platform was a deliberate decision to address this directly. We want customers to feel protected and confident that Daraz will support them through refunds, replacements, or resolution if something goes wrong. This reinforces our long-term commitment to making online shopping safer and more reliable.

DarazMall has become central to your authenticity strategy. How does it work, and what impact has it had?

DarazMall is our crown jewel, inspired by Alibaba's Tmall. While we maintain strong quality controls across the entire platform, DarazMall verifies that sellers are reliable brand owners committed to long-term service and authenticity. We strengthened governance, added more brands, and introduced flagship stores with clear Mall tags for quicker purchase decisions. Our Authenticity Guarantee ensures replacement and three times cash back if a product is proven fake. This has significantly boosted customer confidence and brand performance in 2025.

How are you supporting sellers, particularly SMEs, to succeed in digital commerce?

From the beginning, we focused on building a strong seller ecosystem. Tools like backend systems, Daraz University, and incentives such as free delivery and virtual bundles help simplify selling. This allows SMEs to focus on sourcing quality products and managing supply chains.

Going forward, we are integrating AI tools to optimise listings, improve content relevance, and streamline buyer interactions. Drawing on Alibaba's experience, we want to empower more sellers to build sustainable businesses on Daraz.

Daraz Express has grown into a major logistics operation. What is its current scale?

When we entered Bangladesh, reliable logistics were limited, so we built Daraz Express to ensure customer satisfaction. Today, it handles over 70% of our parcels, and we are expanding it as a service for external brands and partners. Our fully digitalised system offers real-time tracking, and we have reduced end-to-end delivery to around two days. We are also launching same-day delivery in Dhaka soon, supporting demand across all 64 districts.

What have campaign events revealed about Bangladeshi consumer behaviour?

Mega campaigns like 11.11 have been hugely successful, and we now work with brands to offer compelling deals on a monthly basis. Consumers value strong discounts on big-ticket items during campaigns, while also returning for daily essentials. Operationally, we scaled warehouses and logistics to handle volume surges. During the last 11.11, deliveries were nearly as fast as regular orders, which shows how far our capabilities have come.

Why has Daraz invested heavily in talent development and inclusion?

Our success depends on our people. By attracting top talent and investing in their growth, we are building future e-commerce leaders for Bangladesh. The Daraz Future Leaders Programme helps young graduates gain fast, cross-functional exposure, while the dWomen initiative promotes female leadership and diversity. Inclusive teams bring better ideas and stronger insights into consumer behaviour, which ultimately benefits the business.

What are the biggest regulatory challenges facing the sector?

E-commerce in Bangladesh is still at an early stage, with significant long-term potential. Clear, stable, and practical policies are essential to support growth. As the country's largest e-commerce platform, Daraz works closely with policymakers to share industry insights and highlight operational challenges and opportunities, including areas like cross-border commerce and SME support.

What excites you most about Bangladesh's e-commerce future?

I'm excited by Bangladesh's prospects for stable economic growth, increased foreign investment, and rising consumer incomes. Daraz aims to accelerate e-commerce penetration by improving speed, service quality, and assortment depth, while helping professionalise the industry. Our long-term vision is a trusted, mature e-commerce ecosystem that delivers the best shopping experience for consumers and sellers and contributes meaningfully to the broader economy.

The United States is in talks with Chevron, other crude producers, and major oilfield service providers about a plan to quickly raise Venezuela's crude production, Bloomberg News reported on Saturday, citing senior administration officials.

Officials have discussed deploying SLB, Halliburton and Baker Hughes to repair and replace outdated equipment, and refresh older drilling sites, the report said.

Reuters could not immediately verify the report. The White House, Chevron, SLB, Baker Hughes and Halliburton did not immediately respond to Reuters' requests for comment.

With limited investment, Venezuela could boost production by several hundred thousand barrels over the short term, the report said, adding that modern US equipment and techniques could revitalise existing wells and bring new production online within months.

US President Donald Trump said on Friday that US oil companies will soon start drilling for oil in Venezuela. Trump has been clear about his desire to boost oil production in Venezuela following the capture of the country's leader, Nicolas Maduro.

Planning Adviser Dr Wahiduddin Mahmud today (25 January) said the government is moving away from financing large-scale development projects through foreign loans and stressed the need for avoiding a 'debt trap'.

"We do not want to take loans for big projects unnecessarily. Institutions like the World Bank often come with many project proposals. If some are genuinely high priority, we may consider them. But these issues are now being discussed and assessed very carefully," he told reporters after an ECNEC meeting.

The adviser said the government will accept loan-funded projects only if they are of critical national priority and cannot be financed or implemented with domestic resources or expertise. He noted that some initiatives, such as pollution monitoring, do not justify large loans or foreign consultants.

"Measuring pollution is not that difficult. The instruments involved are not extraordinarily complex. There is no need to take large foreign loans for such purposes," he said.

He added that as Bangladesh prepares for LDC graduation, interest rates on foreign loans are rising, making them more expensive and underscored the importance of relying on domestic capacity.

The adviser also warned against attractive but unnecessary projects offered by multilateral lenders like the World Bank and the Asian Development Bank (ADB).

"We will take only those loan projects that are truly necessary, where foreign support is genuinely required. Everything else should be done with our own resources, even if on a smaller scale," he said. He also highlighted the government's intention to reduce long-standing dependence on loans in social sectors, including education.

"There is no point in becoming trapped in a vicious cycle of debt. We want to move away from heavy reliance on loans in all sectors," he added.

The government plans to gradually phase out the long-standing excise duty in the country, citing the need to balance revenue considerations, National Board of Revenue (NBR) Chairman Abdur Rahman Khan said today (25 January).

Speaking at a press conference at NBR headquarters in Dhaka, on the eve of International Customs Day, the NBR chief said that the government had taken a step in this direction by withdrawing excise duty on bank deposits up to Tk300,000 last year.

"We have sent a signal that we will gradually move away from this (excise duty)," he said, adding that a complete removal at once is not feasible due to potential revenue shortfalls.

Currently, excise duty is imposed on bank deposits and airfares. Deposits up to Tk300,000 are exempt, while higher amounts are taxed at different slabs. Airfares are also taxed at varying rates for domestic and international passengers. NBR sources estimate that the duty generates around Tk6,000 crore annually.

NBR extends income tax return deadline to 31 January

Addressing concerns about revenue replacement, a senior NBR official, speaking on condition of anonymity, said the withdrawal would be phased out gradually, with revenue to be offset by other sectors, including tobacco.

"We expect to collect an additional Tk10,000 crore from the tobacco sector this fiscal year due to policy measures," the NBR chairman said.

The official also questioned the fairness of excise duty on bank deposits, arguing that it distorts tax equity. "Even if someone takes a loan, excise duty is deducted simply because the money is deposited in a bank. Besides this, there is VAT on services and other taxes. This is unjustified," he said. Regarding airfares, he indicated that VAT could replace excise duty if it is withdrawn.

Abdur Rahman Khan further highlighted government efforts to reduce import duties, noting that a draft plan has already been submitted.

He said several initiatives have improved the ease of doing business, including releasing 90% of imported consignments from ports within a day, though traders still raise concerns over product valuation at the import stage.

Meanwhile, the NBR chief hinted at a possible further extension of the deadline for individual income tax return filings, which is currently set to expire on 31 January.

At the same event, the chairman said that the board might consider more time if a significant number of registered taxpayers fail to submit their returns by the current cutoff.

However, he clarified that a formal decision has not yet been made.

According to NBR data, about 4.7 million individuals registered to file tax returns this year, with 3.4 million already submitted. This leaves approximately 1.3 million yet to file within the remaining six days. The original deadline of 30 November had already been extended twice, giving taxpayers a total of two additional months.

Bangladesh's overall inflation rate edged up further in December, driven mainly by a faster rise in food prices, according to the Economic Update & Outlook (January 2026) released today (25 January) by the General Economics Division (GED) of the Planning Commission.

General inflation increased to 8.49% in December, up from 8.29% in November, reflecting renewed upward pressure from the food basket amid persistently high non-food inflation.

Food inflation rose to 7.71% in December from 7.36% a month earlier, while non-food inflation remained elevated at 9.13%, indicating continued cost pressures beyond food items.

The GED report says the acceleration in food inflation during the month was largely led by higher prices of fish and other protein items, although rice inflation continued its downward trend across all categories, offering some relief to consumers.

Despite inflationary pressures, the report highlighted several positive developments in the broader economy. External sector stability improved, supported by export recovery, strong remittance inflows and resilient import demand.

At the same time, bank deposits maintained double-digit growth, while private sector credit growth showed a modest uptick in November, according to the report.

On the fiscal front, the government has finalised the FY2025–26 Annual Development Programme (ADP) in line with budget priorities, aiming to support growth and social development.

The report also highlights the launch of the SDG village piloting initiative by the GED to advance localisation of the Sustainable Development Goals.

As part of the pilot phase, three villages – Telikhali in Khulna, Sonar Para in Kurigram and Mitingachori in Rangamati – have been selected to implement an integrated, village-level development framework.

The initiative will involve baseline surveys, need-based interventions, resource mobilisation, and a monitoring and evaluation framework, with lessons expected to inform scaling up in other lagging regions.

The initiative aims to operationalise national SDG priorities at the grassroots level by addressing multidimensional development gaps in a coordinated and inclusive manner.

According to the GED report, the SDG village piloting initiative will be implemented through baseline surveys, need-based interventions, resource mobilisation, and a monitoring and evaluation framework.

The lessons and experiences from the pilot villages are expected to scale up sustainable development programmes in other villages and lagging regions of the country.