The country's premier bourse, the Dhaka Stock Exchange (DSE), extended its losing streak for the fourth consecutive session today (10 May), as a lack of favourable catalysts and persistent selling pressure on major large-cap scrips dampened investor sentiment.

The benchmark index opened the week on a dismal note, resulting in a significant erosion of the market's total valuation. In the last four consecutive sessions, the market capitalisation of the Dhaka bourse dropped by approximately Tk9,800 crore, settling at Tk6.76 lakh crore.

The benchmark DSEX index shed 13 points today, or 0.25%, to close the session at 5,220. The downturn was more pronounced in the blue-chip segment, with the DS30 index slipping by 11 points to reach 1,990.

The market breadth remained negative, as 194 issues declined compared to 161 that managed to advance, while 39 scrips remained unchanged on the DSE floor.

According to the daily market review by EBL Securities, market participants are currently adopting a cautious "wait-and-see" approach, monitoring for a major catalyst that could drive a persistently favourable momentum. The market witnessed sustained selling pressure across influential stocks, although participation remained evident as some investors shifted their focus toward small-cap and momentum-driven scrips.

Trading activity saw a notable contraction, with daily turnover on the DSE dropping by 14% to stand at Tk727 crore.

On the sectoral front, the engineering sector accounted for the highest share of turnover at 13.8%, followed closely by general insurance and the textile sector, both contributing 13.1%.

In terms of returns, the mutual fund sector emerged as the top performer, posting a substantial 6.7% gain. This rally was primarily driven by the regulatory directive for converting closed-end mutual funds into open-end structures, which triggered fresh buying interest across the segment. The tannery and jute sectors also managed to exert positive returns of 2.7% and 1.5%, respectively.

Conversely, sectors such as paper, ceramics, and textiles faced the steepest corrections, with the paper sector declining by 1.7%.

Individual stock performance reflected the day's volatility. The top gainers' list was heavily dominated by mutual funds, with AB Bank First Mutual Fund, First Bangladesh Fixed Income Fund, IFIL Islamic Mutual Fund, and PHP First Mutual Fund all hitting the 10% upper circuit limit. Continental Insurance also surged by 10% to join the top gainers.

On the flip side, Saiham Cotton was the top loser, shedding 5.60% of its value, followed by Alif Manufacturing, Sonar Bangla Insurance, Peoples Leasing, and Mir Akhter.

Liquidity was concentrated in a few specific scrips, with Monno Ceramic, Dominage Steel, BD Thai Food, Summit Alliance Port, and Apex Spinning emerging as the most traded stocks of the day.

The bearish sentiment was mirrored at the Chittagong Stock Exchange (CSE), where the key indices also ended in the red. The broad CASPI index dipped by 56 points to close at 14,646, while the CSCX ended 35 points lower at 9,012. Trading volume at the port city bourse remained relatively low, with turnover standing at Tk14.94 crore.

Bangladesh’s foreign exchange market came under mild pressure in March as heightened global uncertainty stemming from the Middle East war situation pushed up exchange-rate volatility and interbank dollar transactions, according to a monthly report by the central bank.

The interbank exchange rate rose to Tk 122.75 per dollar at the end of March from Tk 122.30 per dollar at the end of February 2026, reflecting marginal depreciation.

However, on a year-on-year basis, the movement in the exchange rate resulted in a nominal depreciation of 0.61 percent against the US dollar, said the report on exchange rate and foreign exchange market dynamics.

The variability in the exchange rate increased considerably, and rates moved within a wider range in March 2026 after a period of low variability since December 2025, according to the report published yesterday.

The Bangladesh Bank report said that while the spread in the interbank market and in the bank’s sales to clients remained stable, the spread in the bank’s purchase from the client market edged up on average to Tk 1.19 per US dollar in March from Tk 0.99 per dollar in February.

The global economic uncertainty stemming from the Middle East was propagated through the foreign exchange market, as reflected in the daily average spread of spot exchange rates, defined as the daily maximum minus minimum rate, said the report.

At the same time, the volume of daily average spot transactions rose to $62.17 million in March from $37.27 million in February as banks increased dollar trading amid growing global economic uncertainty.

“An increase in exchange rate flexibility and a rise in liquidity in the foreign exchange market led to a rise in interbank spot foreign exchange transaction volume on average in March 2026, with some fluctuation in daily transactions,” said the report.

At the same time, the volume of swap transactions edged up markedly during the period. The average daily swap transaction doubled to $100.82 million in March from $53.54 million in February.
As such, the share of swap transactions in total interbank transactions rose to 62 percent in March from 59 percent in February. By contrast, the share of spot transactions declined.

The Bangladesh Bank said swap transactions increased at a faster rate than spot transactions amid growing war-driven uncertainties.

The report said that since the foreign exchange market has experienced gentle pressure, the central bank reduced the pace of its foreign exchange purchases in March to only $25 million, far lower than $1.53 billion in February, “as a part of cautious and prudent market management.”

Mutual funds rallied strongly today (10 May) after the Bangladesh Securities and Exchange Commission (BSEC) issued detailed guidelines for converting closed-end mutual funds into open-end structures, raising investors' expectations of improved liquidity and potential valuation gains.

All but one listed mutual fund closed higher during the session, while eight mutual funds secured spots among the top-10 gainers on the Dhaka Stock Exchange (DSE).

Market participants said the latest regulatory move has revived interest in the long-struggling mutual fund sector, where most closed-end funds have traded at steep discounts to their net asset value (NAV) for years.

Last Thursday, the securities regulator issued a comprehensive framework for converting closed-end mutual funds that face liquidation risks or mandatory transition into open-end structures.

Under rules published in the official gazette on 12 November last year, trustees of closed-end mutual funds must convene a special general meeting (SGM) if the average trading price of a fund remains over 25% below the higher of its issue price or fair-value-based NAV for six consecutive months.

At the SGM, unit holders will decide through secret ballot whether the fund will continue operations, convert into an open-end structure, or be liquidated. Approval from at least 75% of participating unit holders will be required.

The six-month compliance deadline expires on 12 May. Funds failing to meet the requirements after that date may have to initiate liquidation or conversion procedures.

According to market insiders, nearly 22 out of the country's 34 listed closed-end mutual funds may fall under the new regulatory framework because their market prices are currently trading more than 25% below their declared asset values.

An analyst at a leading brokerage house, requesting anonymity, said institutional investors are anticipating short-term gains from deeply discounted mutual funds, as conversion or liquidation prospects could help reduce the gap between market prices and underlying asset values.

"Strong buying pressure emerged in the mutual fund sector from the start of trading on Sunday," the analyst said.

Among the top performers, IFIL Islamic Mutual Fund-1 surged 10% to close at Tk4.40. At the same time, First Bangladesh Fixed Income Fund, PHP First Mutual Fund, AB Bank 1st Mutual Fund and Trust Bank 1st Mutual Fund each gained 10% to close at Tk3.30.

Meanwhile, NCCBL Mutual Fund-1 advanced 9.76% to Tk4.50, while EBL NRB Mutual Fund and LR Global Bangladesh Mutual Fund One rose 9.68% each to close at Tk3.40.

On the other hand, SEML FBLSL Growth Fund climbed 9.62% to Tk5.70, while Prime Bank 1st ICB AMCL Mutual Fund gained 8.89% to close at Tk4.90.

The latest BSEC directive provides detailed instructions regarding conversion timelines, valuation methods, voting structures, cost limitations, and investor rights.

The regulator has introduced a structured compliance framework involving trustees, asset managers, custodians, stock exchanges and depository institutions throughout the conversion process.

To prevent possible market manipulation, trading of fund units will remain suspended immediately after the announcement of the record date for voting.

If unit holders approve a conversion proposal, all assets, liabilities and management control of the fund will be transferred to the trustee, who will oversee and safeguard the assets until the process is completed.

The rules also make independent valuation mandatory. External auditors with no affiliation to the fund, trustee or asset manager will assess asset values, NAV and the financial condition of the fund before submitting separate valuation reports.

Following conversion, a newly structured open-end mutual fund will be required to issue a fresh prospectus, trust deed, and management agreement. Units of the new fund will be held in dematerialised form and traded or redeemed through stock exchanges.

Market participants believe the transition could significantly improve liquidity in the mutual fund sector by allowing investors to redeem units more easily than under the existing closed-end structure.

The regulator has also capped conversion-related costs at 1% of total fund size. Asset managers will be allowed to charge a maximum fee of 0.50%, while trustees can receive up to Tk1 million per scheme.

Additionally, trustees must obtain board approval at least 150 days before fund maturity or planned conversion. Once approved, price-sensitive information (PSI) must be disclosed through newspapers, online platforms and stock exchanges.

Market analysts believe the new regulations could reshape Bangladesh's mutual fund industry in the coming months, with nearly two-thirds of listed closed-end funds potentially facing consolidation, liquidation or structural transformation.

However, analysts cautioned that fund managers may face short-term operational challenges in adapting to stricter compliance requirements, valuation standards and investor voting procedures.

BSEC Director and spokesperson Abul Kalam told TBS that the open-end structure would offer greater flexibility and improved liquidity for investors, as units could be redeemed more easily.

He added that many closed-end mutual funds had long traded at substantial discounts to NAV, raising investor concerns over valuation practices and governance transparency.

According to him, the latest reform aims to address those long-standing inefficiencies by creating a more transparent and flexible exit mechanism for unit holders.

To move the country's capital market beyond its share-dependent structure, the regulator and Chittagong Stock Exchange (CSE) have intensified efforts to launch a commodity derivatives market.

Stakeholders say commodity derivatives could open a new horizon by introducing new products, risk management tools and a modern price discovery framework. However, the initiative has been delayed several times due to gaps in technology, legal readiness, broker preparedness and policy coordination.

These issues were highlighted at a workshop titled Commodity Exchange: Potential, Structure and Future, jointly organised in the capital on Sunday by the Capital Market Journalists' Forum and Chittagong Stock Exchange.

Speaking as chief guest, Bangladesh Securities and Exchange Commission Commissioner Farzana Lalarukh said, "We want to take the capital market to a much higher level. But we also need to understand how prepared we really are. We want to move forward with full readiness."

She said CSE's commodity derivatives regulations were approved at a commission meeting in 2025 and most regulatory work has already been completed. The next phase will begin once the exchange ensures readiness, product selection and operational capacity.

Farzana Lalarukh said the country's capital market has three main pillars – equity, bonds and commodities. However, Bangladesh's market has long remained largely equity-dependent.

Emphasising the responsible role of journalists in avoiding confusion or rumours among the public regarding commodity derivatives, she said, "Your pen is very powerful. Please write about commodities in a way ordinary people can understand. It has to be explained from the basics."

She added, "Some progress is being seen in the bond market. Now we want the derivatives market to develop as well."

She explained that the two major objectives of the derivatives market are price discovery and hedging – meaning creating expectations about future prices and protecting against price risks. She noted that this could play an important role in an agriculture-based economy.

Chittagong Stock Exchange Chairman AKM Habibur Rahman said around Tk100 crore has already been invested to launch the commodity derivatives segment. However, further investment will be needed to make it fully operational.

He said, "We have been preparing for this since 2023. We had hoped to launch it last year, but that was not possible. We expect the segment to become operational within this year."

Chittagong Stock Exchange Managing Director Saifur Rahman Mazumder said the country's stock market is still operating mainly as a "simple equity market". Introducing derivatives or commodity products like developed markets would require major changes in the technological and regulatory framework.

He said the country's exchange technology is still heavily dependent on foreign sources. Since advanced trading platforms, servers, software and hardware are import-dependent, both time and costs have increased.

"We completed most of the technological preparations around one and a half years ago. But we could not move forward because of some legal and coordination-related limitations," he said.

CSE Managing Director Saifur Rahman Mazumder acknowledged that the project had been delayed due to a lack of coordination among different agencies and stakeholders.

In his view, "To create a new market, the regulator, exchange, brokers and government all need to work together. No new product can succeed without a coordinated effort."

He added that launching the commodity market would require new types of brokers, authorised traders and a separate legal framework. Preparatory work is still ongoing.

Stakeholders said cash-settled futures trading in comparatively simple products will be introduced first. Later, essential agricultural products such as rice and wheat are also planned to be included.

According to stakeholders, the country's capital market has long suffered from weak confidence, low liquidity and a limited range of products. In that context, commodity derivatives could create new opportunities. However, success will require equal emphasis on technological capability, strict regulation, skilled participants and investor awareness.

The workshop was chaired by Capital Market Journalists' Forum President Monir Hossain, while CMJF Secretary Ahsan Habib moderated the event

Bangladesh has failed to capture a significant share of China's declining apparel exports to the United States despite sharp tariff-driven falls in Chinese shipments, with much of the diverted business instead moving to Vietnam and Cambodia, according to the latest US import data and industry experts.

Data released by the Office of Textiles and Apparel show that US apparel imports fell nearly 12% year-on-year during the January-March period of 2026 following the imposition of reciprocal tariffs from mid-2025.

Bangladesh's apparel exports to the US market declined 8.38% during the three months compared with the same period a year earlier.

The decline was not limited to Bangladesh. Eight of the top 10 apparel exporters to the US market recorded lower shipments during the period. However, while exports from China and India fell sharply by 53% and 27%, respectively, Vietnam and Cambodia managed to increase exports by 2.77% and 18%.

Industry experts said the relatively higher tariffs imposed on China and India reduced US imports from those countries, but Bangladesh was not emerging as the primary alternative supplier.

Instead, countries such as Vietnam, Cambodia and Indonesia are capturing a large share of China's lost market.

Sheheb Udduza Chowdhury, vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said China maintains a strong position in man-made fibre apparel, while Vietnam, Indonesia and Cambodia have also developed strong manufacturing capacity in the segment with substantial Chinese investment.

"Since China is facing difficulties because of the additional tariffs, many of those purchase orders are shifting to these countries," he told The Business Standard.

"That is why Bangladesh is not being able to capture the market share left by China."

Mohiuddin Rubel, an apparel industry researcher and former BGMEA director, said countries like Vietnam, Indonesia and Cambodia are effectively utilising Chinese raw materials to consolidate their hold on the market segments China is being forced to vacate.

US apparel imports decline

According to Otexa data, the United States imported apparel products worth $17.76 billion during January-March 2026, compared with more than $20 billion during the same period a year earlier.
Photo: TBS Infograph
Photo: TBS Infograph

Despite the decline, Vietnam retained its position as the largest apparel exporter to the US market, with exports valued at $39.84 billion.

Bangladesh moved into the second position from February this year, overtaking China for the first time. Bangladesh's exports stood at $2.03 billion, while China's exports fell to $1.69 billion.

Indonesia, India, Cambodia, Mexico, Pakistan and Honduras followed among the leading apparel exporters to the US market.

Exporters expect recovery after June

Bangladeshi apparel exporters said export growth is likely to remain subdued globally, including in the US market, until June, although they expect conditions to improve in the second half of the year.

Sheheb Udduza Chowdhury said export momentum could improve from the months following July.

He said exporters expect the current market uncertainty to ease by then and anticipate a more permanent resolution regarding US reciprocal tariffs, which could help revive demand.

Tariff uncertainty persists after court ruling

Meanwhile, uncertainty surrounding the US reciprocal tariff regime continues after the Trump administration appealed against a court ruling related to the 10% tariff.

International media reported that a US court on 7 May ruled in favour of three companies challenging the tariff. However, exporters said the ruling currently applies only to the three plaintiffs involved in the case.

Reuters reported that the Trump administration filed an appeal against the ruling the following day.

As a result, Bangladeshi exporters said the 10% tariff remains effective until a final judicial decision is reached.

Mohiuddin Rubel said the court had not suspended collection of the tariff entirely and that the verdict was based solely on arguments presented by the three individual plaintiffs.

"The Trump administration filed an appeal on May 8, 2026, against the court's ruling regarding Section 122," he said.

"If the administration's appeal is accepted, importers will not be able to reclaim the 10% tariff. Conversely, if the appeal is denied, those importers will be able to apply for refunds. The same process will apply to others who are applying or preparing to apply."

The country's banking sector posted robust profits in 2025 despite a sharp slowdown in private sector lending as higher returns from government treasury securities increasingly replaced traditional business lending as the sector's main source of income, raising concerns among economists and bankers over the sustainability of the model.

Several private banks, including BRAC Bank, City Bank, Midland Bank, Prime Bank and Jamuna Bank, reported strong profit growth during the year, driven largely by investments in government securities that offered comparatively risk-free returns amid weak demand for loans from businesses.

According to published financial statements compiled by financial advisory firm Lion City Advisory, several banks posted strong earnings, with BRAC Bank and City Bank both crossing the Tk1,000 crore mark in 2025.

BRAC Bank recorded the highest net profit in the sector, posting Tk2,250 crore in 2025, up 57% from Tk1,432 crore a year earlier. The bank's investment in government treasury securities rose to Tk40,647 crore in 2025 from Tk28,671 crore a year ago, accounting for 31% of its total assets. Treasury investments contributed 32% of its total income during the year.
Infograph: TBS
Infograph: TBS

City Bank reported a consolidated net profit of Tk1,324 crore in 2025, marking a 31% increase from Tk1,014 crore in 2024. The bank's treasury investment rose sharply to Tk19,125 crore from Tk12,487 crore a year earlier, representing 23% of its total assets. Treasury operations accounted for 35% of the bank's income in 2025.

Jamuna Bank invested Tk19,402 crore in treasury securities, accounting for 45% of its total assets, up from Tk12,411 crore in 2024. The bank generated 23% of its operating income from lending to the government.

Midland Bank increased its treasury investment to Tk3,273 crore in 2025 from Tk2,127 crore a year earlier, with government securities accounting for 26% of its total assets. Treasury income contributed 37% of the bank's total income during the year.

NCC Bank also significantly expanded its exposure to government securities. Its investment in treasury securities rose to Tk9,100 crore at the end of December 2025 from Tk6,591 crore a year earlier. The bank earned Tk609 crore from treasury operations in 2025, accounting for 21% of its operating income.

Shift towards government securities

Bankers say the combination of high lending rates, weak business confidence and global uncertainty has discouraged private sector borrowing and pushed banks towards safer investment instruments.

According to Bangladesh Bank data, private sector credit growth fell to 6.03% in February, the lowest level in 21 years. The figure declined from 6.1% in December and remained far below the 10.13% growth recorded in July 2024.

Although credit growth briefly rose to 6.58% in November, analysts attributed the increase to loan restructuring ahead of the 12 February national election rather than fresh investment in productive sectors.

At the same time, government borrowing from the banking system accelerated sharply.

Data from Bangladesh Bank, the Centre for Policy Dialogue and the Asian Development Bank show that total banking sector deposits rose to Tk21 lakh crore at the end of December 2025 from Tk18.83 lakh crore a year earlier, representing an increase of 11.57%.

Meanwhile, banks' investment in treasury bills and bonds surged more than 40% year-on-year to Tk5.38 lakh crore from Tk3.82 lakh crore.

Total banking sector assets stood at Tk28.09 lakh crore at the end of 2025, growing by only 6% compared with the previous year.

Ershad Hossain, director at Putnam Capital Advisory Pte Ltd, said banks were increasingly moving away from lending to businesses and relying heavily on government securities offering yields of around 10% to 12%.

"Private sector credit growth has dropped to 6.03%, a 21-year low, while government borrowing from banks has surged by 24%, exceeding the central bank's ceiling," he said.

"This shift has fundamentally altered banks' income structure, with the majority of operating income now coming from government securities rather than traditional lending."

He also warned that the trend is already affecting the broader economy. Imports of capital machinery, a key indicator of industrial investment, fell 10.43% between July 2025 and March 2026, while banks now hold 67% of public debt. He added that the sector's capital adequacy ratio had dropped to 1.53%, far below the minimum regulatory requirement of 12.5%.

Concerns over crowding out

Economists have warned that excessive government borrowing from banks could crowd out private sector investment by reducing the availability of credit for businesses.

They say prolonged dependence on treasury income could weaken industrial expansion, slow job creation and reduce long-term economic growth.

City Bank Managing Director Mashrur Arefin described the rise in treasury investments at the expense of loan growth as "a major negative signal" for the economy.

"Over the past year, there has been virtually no alternative to making profits from treasury bills because businesses are not borrowing," he said.

According to him, political uncertainty, external economic risks and weak investor confidence have discouraged businesses from opening large letters of credit or importing capital machinery. Even borrowers with approved credit limits are not fully utilising them.

He said banks with strong public confidence and stable deposit inflows were placing increasing amounts of liquidity into government securities because demand for corporate loans remained weak.

Mashrur warned that the trend was not sustainable in the long run.

"If credit growth does not recover, economic growth will eventually slow and banks themselves will suffer," he said.

He added that City Bank is shifting focus towards small loans, digital nano-credit and microfinance through platforms such as bKash to offset weaker corporate lending demand.

Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue, described the growing dependence on treasury income as an "underlying weakness" in the banking sector.

He said a sustainable banking model should rely primarily on financing productive private sector activities and supporting entrepreneurship rather than depending on government borrowing.

"Investment in government securities may be safe, but it does not directly contribute to investment growth or employment generation," he said.

According to him, businesses remain reluctant to borrow because of geopolitical tensions, political uncertainty and an unfavourable business environment.

He said improving logistics support, introducing effective single-window services and reducing the cost of doing business would be necessary to revive private investment and encourage banks to increase lending to productive sectors again.

Abdullah Al Faisal, director at Lion City Advisory Limited, said the growing reliance on treasury income reflected rising risk aversion among banks and weakening credit demand.

"Such income is non-core and highly sensitive to interest rates, making bank profitability less sustainable over time," he said.

Economists and bankers alike caution that while treasury investments currently offer attractive and secure returns with virtually no default risk, the continued shift away from productive lending could weaken the banking sector's long-term role in supporting economic growth.

The corporate tax rate for the private sector should be reduced to remain competitive in attracting foreign investors and supporting industrial growth, business leaders said yesterday.

“Bangladesh should reduce the corporate tax rate to 20 percent from 25 percent to remain competitive with regional economies such as Vietnam, India, and Indonesia, which attract investment through favourable tax policies,” said Tarek Rafi Bhuiyan Jun, president of the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI).

He made the remarks at a press conference organised by the chamber at Ascott The Residence in Baridhara, Dhaka, yesterday.

Lower corporate tax would spur industrial expansion, create jobs, and boost long-term revenue through increased economic activity, he said.

Japan-Bangladesh Chamber urges government to restore the 15 percent corporate tax rate for the textile sector, which was raised to 25 percent in FY26
The trade body urged the government to restore the 15 percent corporate tax rate for the textile sector, which was raised to 25 percent in FY2025-26, saying the higher rate could hurt export competitiveness and business sustainability.

“The opportunity lies in expanding the tax base and modernising the revenue administration, rather than just increasing the burden on existing compliant taxpayers,” Bhuiyan said.

Simplifying VAT procedures and rationalising tax deducted at source (TDS) rates would improve compliance and ease cash-flow constraints on small and medium-sized enterprises, he added.

Maria Howlader, secretary general of JBCCI, stressed the need for a more predictable and investment-friendly tax regime.

Highlighting the chamber’s direct tax proposals, Howlader said the recommendations focused on corporate tax rationalisation, reforms to TDS, adjustment of advance tax provisions, minimum tax rationalisation, and faster tax refunds.

She also called for relaxing some conditions tied to the 20 percent tax rate for listed companies, saying the existing requirement of maintaining at least 10 percent public shareholding through IPOs and specific banking transaction conditions was impractical.

“Bangladesh has made notable progress, but structural bottlenecks continue to increase the cost and time of doing business, directly affecting trade flows, foreign investment and supply chain reliability,” said Asif A Chowdhury, former president of JBCCI.

According to him, logistics costs in Bangladesh account for around 12 percent to 15 percent of GDP, compared to 8 percent to 10 percent in competing economies.

Focusing on maritime connectivity, Chowdhury said Chittagong Port Authority should introduce 24-hour operations, including nighttime vessel navigation, to reduce congestion and overall costs.

“Targeted reforms in logistics and trade facilitation can significantly reduce the cost of doing business, improve reliability and position Bangladesh as a more attractive destination for foreign trade and investment,” he said.

Manabu Sugawara, former president of JBCCI, expressed optimism over the upcoming national budget, saying the country now has an opportunity to strengthen investor confidence following the signing of the Japan-Bangladesh Economic Partnership Agreement (EPA).

Sugawara said the EPA had reached a crucial stage and was now awaiting ratification by the parliaments of both countries.

He stressed that focus should not be limited to tax collection alone, adding that the effective utilisation of tax revenues was equally important for sustaining economic growth and attracting foreign investment.

The Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) has urged the government to undertake major VAT and tax reforms in the upcoming FY2026-27 budget, including introducing a single VAT rate, withdrawing minimum tax for loss-making companies and lowering corporate tax to attract investment.

Speaking at a pre-budget press conference in Dhaka today (10 May), JBCCI President Tareq Rafi Bhuiyan said Bangladesh is going through a critical economic transition amid global uncertainty, inflationary pressure, rising financing costs and preparations for post-LDC graduation.

In this context, he said, the national budget should prioritise investment, industrial competitiveness and fiscal modernisation instead of focusing mainly on revenue collection.

One of the chamber's key recommendations was reducing the standard VAT rate from 15% to 7.5% and introducing a unified VAT structure.

According to JBCCI, the existing multi-tier VAT system increases compliance costs, creates complexity and leads to classification disputes between businesses and tax authorities.

"A simplified VAT framework would improve the ease of doing business, particularly for SMEs and emerging industries," the chamber said.

JBCCI also called for the withdrawal of the minimum tax based on gross receipts for businesses incurring losses.

The chamber argued that the current system places additional financial pressure on companies even when they are not profitable, discouraging investment and affecting business sustainability.

It further proposed removing withholding tax obligations for loss-making firms and ensuring that excess tax deducted at source remains refundable.

Maria Haowlader, general secretary of the chamber, said delays in VAT and income tax refunds often create liquidity pressure and block working capital for businesses.

To address this, the chamber recommended introducing a faster, automated and time-bound refund mechanism to improve business confidence and tax compliance.

The business chamber also proposed reducing the corporate tax rate for the private sector from 25% to 20% to strengthen Bangladesh's competitiveness in attracting both local and foreign investment.

It noted that many competing economies are adopting lower corporate tax regimes to attract foreign direct investment, while Bangladesh's comparatively high tax burden discourages industrial expansion and capital inflow.

JBCCI further recommended rationalising Tax Deducted at Source (TDS) and withholding tax rates for suppliers, subcontractors, service providers, rental payments and foreign service providers.

According to the chamber, excessive advance and withholding taxes increase working capital pressure and raise the overall cost of doing business.

The chamber also sought reductions in customs duty, regulatory duty, advance tax and advance income tax on industrial raw materials, renewable energy equipment, healthcare products and manufacturing inputs to improve industrial competitiveness.

In addition, JBCCI proposed sector-specific fiscal support for industries including ready-made garments, information technology, pharmaceuticals, construction, agriculture and healthcare.

The recommendations include lower source tax on exports, tax holidays for strategic industries, VAT exemptions on machinery and raw materials, and incentives for green and sustainable investments.

The Bangladesh Special Economic Zone is showing promise as a manufacturing hub, with swift land handover and private-sector efficiency drawing investments into the zone, according to the Bangladesh Economic Zones Authority (Beza).

Three companies currently in operation are driving initial industrial activity at the zone, widely known as the Japanese economic zone, with combined investments exceeding $97 million and generating thousands of jobs, said the authority.

The investment pipeline at the Japanese economic zone shows a growing mix of manufacturers at various stages of approval.

New proposals are emerging in battery manufacturing, with discussions underway with potential Japanese investors.
Mohammad Zakaria Mithu Director at Beza
Out of the 12 companies that have entered the zone so far, three are already in production -- Singer in electronics, ArtNature in specialised manufacturing, and Lion Kallol in the chemical sector, said Mohammad Zakaria Mithu, director (MIS and research) at Beza.

This pipeline highlights rising interest in sectors such as electronics, packaging, chemicals and engineering, signalling an expanding industrial base.

“New proposals are emerging in battery manufacturing, with discussions underway with potential Japanese investors,” he added.

Singer Bangladesh Limited leads in both scale and employment, having invested more than $75 million and employing over 1,700 local workers. The company has plans to nearly double its workforce.

Lion Kallol Limited, though smaller in scale, is gradually expanding. ArtNature Bangladesh Limited stands out for its labour-intensive operations, employing more than 2,500 locals alongside a significant number of foreign staff.

Together, these three reflect steady progress in positioning the zone as a hub for export-oriented manufacturing, with further investment and employment expected in the coming years.

Mithu described the progress as encouraging, noting that more investors are expected as pending land issues are resolved.

Around 230 acres have already been handed over, while the remaining 268 acres are expected to be transferred within this year under the development agreement. An additional 500 acres is under discussion for future expansion, subject to negotiations involving the Economic Relations Division and development partners.

According to the Beza director, infrastructure development is also progressing. A 230 kV substation is likely to be completed this year and handed over through the Power Grid Company of Bangladesh, which is expected to significantly improve electricity supply to the zone.

However, Mithu said that gas connectivity remains uncertain amid the ongoing national energy crisis. Although the central gas station has already been constructed, supply will depend on availability.

Employment generation is beginning to take shape, with around 3,000 jobs already created. Once fully operational, the zone is expected to employ between 70,000 and 80,000 people.

Mithu said investor enquiries have increased significantly since February 12, signalling growing confidence among foreign investors under the elected government.

Ashik Chowdhury, executive chairman of Beza, said the zone’s rapid progress highlights the advantages of government-to-government (G2G) collaboration when paired with experienced foreign developers.

“Once the zone was handed over, the Japanese side moved very quickly with development,” he said.

Chowdhury noted that foreign partners typically operate with clear commercial targets, enabling faster decision-making and higher execution standards.

“They have experience running economic zones elsewhere, and that reflects in both speed and quality,” he added.

He said the zone’s progress underscores the importance of completing key agreements early. Once foundational arrangements are in place, developers can move independently, maintaining momentum without prolonged administrative delays.

He described this model as essential for Bangladesh as it seeks to attract foreign investment and build competitive industrial infrastructure.

“Our priority is to ensure development happens quickly and efficiently-- and this model helps achieve that,” he said.

Bangladesh’s small and medium enterprise (SME) sector accounts for 99 percent of the country’s industries, yet many businesses remain trapped by poor market linkages, limited modernisation, and inadequate industrial support.

A recent visit to two major SME clusters -- the light engineering hub in Pabna and the handloom cluster in Kumarkhali, Kushtia -- found entrepreneurs struggling to expand despite receiving training and loans from the state-run SME Foundation.

LIGHT ENGINEERING STRUGGLING TO SCALE

For many in Pabna, light engineering has long offered a path out of poverty.

Rabiul Islam Farhad, owner of Baba Engineering, spent decades rising from labourer to entrepreneur.

“I bought a machine with my savings ten years ago. Now, I employ ten workers,” he said.

Despite producing intricate vehicle parts and industrial components, the sector still lacks formal recognition and technical support.

“With even minimum technical support, our handmade products could be recognised in the national automobile sector,” Rabiul added.

Gias Uddin Shiplu, a third-generation entrepreneur at Kafil Uddin Engineering, manages 27 machines but says growth remains constrained by shortages of raw materials, processing facilities, and automated machinery.

“As Pabna is already one of the leading hubs for light engineering in Bangladesh, establishing moulding facilities would help the sector flourish,” he suggested.

Shiplu noted that training is less of a concern, as many workers have already received instruction from the SME Foundation, which has also organised workshops to build business networks.

HANDLOOM SECTOR LOSING GROUND

In Kumarkhali’s handloom cluster, entrepreneurs say the industry is shrinking rapidly.

Md Abdur Rafik, owner of Bulbul Textile, said the number of operational looms has fallen from 5,000 two decades ago to just 1,500 today.

“Our production costs are too high to compete due to the lack of automated machinery,” he said.

Md Masud Rana, owner of Rana Textile and a fourth-generation entrepreneur, said Kumarkhali bedsheets received Geographical Indication (GI) recognition but producers still lack export facilities.

“We are dependent on a local market that is too small to support expansion,” he said.

Rana suggested supplying thread at mill rates to help improve profit margins and sustain the sector.

SECTOR-WIDE CHALLENGES

According to SME Foundation data, around 70,000 factories operate across 177 SME clusters nationwide, generating an annual turnover of Tk 30,000 crore.

A 2024 report by the Bangladesh Bureau of Statistics said there are 1.18 crore industries in the country, 99 percent of which are SMEs. The sector contributes 30 percent to the economy and provides 85 percent of industrial employment, involving more than 3 crore people.

Mohammed Morshed Alom, deputy general manager of the SME Foundation, said most entrepreneurs inherit their trades but lack sufficient technical knowledge and advanced skills.

Since its establishment in 2007, the foundation has surveyed enterprises nationwide and focused on developing entrepreneurial and technical skills, he said.

Farzana Khan, another deputy general manager, said the foundation has disbursed Tk 295 crore in loans through 15 scheduled banks and financial institutions and plans to provide another Tk 440 crore.

Entrepreneurs can access loans ranging from Tk 1 lakh to Tk 25 lakh at single-digit interest rates.

Beyond financing, the foundation regularly organises training programmes in Dhaka and across industrial clusters with support from the Bangladesh Industrial Technical Assistance Center (BITAC), chambers of commerce, and district administrations.

Around 20 lakh people have received training over the past two decades. The foundation also organises fairs in Dhaka and other major cities to improve market linkages for SMEs.

According to foundation data, both loans and training support have been extended to the Pabna Light Engineering Cluster and Kumarkhali Textile Cluster.

How big is the jet fuel threat to Europe’s summer holidays? The EU says it is not facing shortages yet, but it is readying for the worst -- and weighing options including using US kerosene as a back-up.

The US-Israeli war with Iran and the closure of the Strait of Hormuz have sent aviation fuel prices soaring and raised the spectre of shortages during Europe’s peak travel season.

On Friday, the EU Aviation Safety Agency (EASA) cleared the way for the use of Jet A, a US-produced aviation fuel that is not currently used in Europe except on return flights from the United States for technical reasons.

In new recommendations, EASA said: “A potential introduction of Jet A in Europe or in other parts of the world would not generate safety concerns provided that its introduction is properly managed.”

US-produced Jet A has a higher freezing point from the Jet A‑1 fuel used elsewhere in the world -- making it less resistant to very low temperatures during long-haul flights.

The EASA conditioned its use, warning that its introduction into a system historically running on Jet A‑1 could see “operational” risks when both fuels are used.

At the same time, the European Commission outlined measures available to member states to optimise jet fuel use, including aircraft loading and the allocation of airport slots.

WHAT ABOUT EUROPE’S JET FUEL STOCKS?

Brussels has repeatedly insisted the 27-nation EU is not yet facing jet fuel shortages.

“At this stage, this is more a problem of economics and fuel costs than availability,” Matteo Mirolo, an aviation transport specialist, told AFP.

But “we do have to think about supply, especially as this will not be the last crisis we face.”

Before the Middle East war, around 20 percent of the kerosene consumed in Europe transited through the Strait of Hormuz that has been effectively closed by the conflict.

As prices have surged, several airlines, particularly low-cost carriers, have announced flight cancellations.

If the crisis drags on, Brussels is preparing for possible “security of supply issues,” EU energy commissioner Dan Jorgensen said Tuesday.

“We are not there yet, but it can happen,” Jorgensen said.

The commission said last week it would establish a “fuel observatory” to track EU production, imports, exports and stock levels of transport fuels. It is expected to be up and running in coming days.

Until now, the EU has lacked a detailed overview of strategic fuel stocks across member states.

European legislation requires countries to hold oil stocks equivalent to 90 days of net imports and 61 days of domestic consumption, but does not distinguish between different products such as petrol, diesel or jet fuel.

A commission source said some countries, such as Ireland, are more at risk due to a lack of refining capacity, while others, including Finland, appear better prepared.

The same source also voiced concern some airlines may be using the crisis as an opportunity to drop unprofitable routes.

WHAT HAS THE EU ANNOUNCED?

The commission on Friday clarified the rules for governments and airlines on which existing tools can be deployed to ensure jet fuel is used as efficiently as possible and at the lowest possible cost.

It also eased rules restricting “tankering”, the practice of aircraft carrying more fuel than necessary to avoid buying more expensive fuel at other airports.

And Brussels confirmed there would be temporary flexibility on airport slots to prevent airlines that exceptionally give up slots because of high fuel costs from being penalised in future slot allocations.

On the sensitive subject of passenger rights, the EU said airlines may be exempt from paying customers compensation if they can prove a cancelled fight was due to “extraordinary circumstances”, like a local fuel shortage.

If the crisis drags on, the EU is considering coordinated action by member states to release emergency stocks and voluntarily share jet fuel themselves.

In the longer term, Brussels is also stressing the need to develop non‑fossil sustainable aviation fuels (SAF).

Returning the five merged Islamic banks to their former shareholders might prove difficult for the government as major development partners dislike the reversion move, officials says.
FE

The new government last month passed the Bank Resolution Act 2026 amending the Bank Resolution Ordinance 2025 under which the post-uprising interim government had taken step for merging five troubled shariah-based banks.

However, while passing the act in parliament, the Ministry of Finance interpolated a provision which paved the way for the former owners to regain control of the five banks by paying the money injected by the government on very easy terms.

The government action drew strong criticism from cross section of people, including economists and academia.

The revised act allows the former shareholders to initially pay only 7.5 per cent of the government-injected funds for the takeover. The rest 92.5 per cent has to be paid over the next two years where 10-percent simple interest will be added.

Finance Ministry officials say the interim government had proclaimed the Bank Resolution Ordinance 2025 under prescription of development partners like the International Monetary Fund (IMF) and the World Bank as part of financial-sector reforms.

Especially, the IMF played a significant role in preparation of the ordinance to give the trouble banks a lifeline.

The new government's move to give back the troubled banks to the former owners, who allegedly looted billions from the banks, has seriously irked the IMF and the World Bank, according to officials.

They say one of the reasons for the IMF move to delay the releases of two tranches under a US$5.5-billion credit package, amounting to $1.3 billion, is the government steps to return the banks to the former owners.

According to a finance official, the government recently sought some $500 million as a budget- support credit from the World Bank to fund the financial deficit created due to buying fuel oils and gas at higher prices amid prolonged crises in the Middle East.

In response, the World Bank put forward a number of conditions for the deficit bankrolling, including repealing the Section 18(A) of the Bank Resolution Act 2026 which provides for the former ownership restoration.

A senior finance division official told The Financial Express the development partners are not happy with the new government's attitude towards financial-sector reforms.

"Especially, the amendment of Bank Resolution Ordinance 2025 has angered the IMF and the World Bank," he says.

"Thus, the major development partners' response in providing budget-support credits even at this crisis moment is very unfriendly," the official adds.

He says the World Bank in its response also has asked for faster process for bifurcation of the National Board of Revenue, enhancing revenue collection, introducing single rate in value-added tax, and lowering corporate tax, among others.

Another senior finance official says they have discussed the World Bank's conditions against the budget credit as logical but will soon place the matter to the finance minister for a decision.

"We are in severe need of budget-support credits. In exchange for the supports, the development partners want our serious commitment in conducting reforms,' he notes.

After the government had passed the Bank Resolution Act 2026 by incorporating the Section 18(A), the Transparency International Bangladesh (TIB) said by including the provision the government took an initiative to rehabilitate "identified looters".

"As a result, the banking sector is likely to once again turn into a haven for corruption and plunder, which would be self-defeating," it said in a statement.

The TIB further said instead of addressing the longstanding mismanagement, irregularities, and governance deficits in the banking sector, this move perpetuates the previous authoritarian culture of impunity and lack of accountability.

Sonali Bank, which had been suffering from a massive capital deficit for years, recorded its highest net profit of Tk1,313 crore in 2025, more than 33% higher than the previous year.

The country's largest state-owned lender posted this staggering profit in a year when its core banking businesses, including interest income and loan disbursement, fell significantly.

The magic behind the artificial profit was massive loan rescheduling under a relaxed policy offered by the central bank in September 2025. It helped Sonali Bank to cut default loans by 22.32% in just three months.

The sharp decline in default loans reduced provision maintenance costs significantly, helping the lender post the record profit despite negative business growth.

The bank's net interest income saw a sharp decline, falling 77% to Tk337 crore during the year. The drop was attributed to reduced interest earnings from borrowers and higher interest payments to depositors, according to its audited financial statement.

The bank, which had a capital deficit of nearly Tk6,000 crore in 2024, is no longer in deficit. Instead, it posted a capital surplus of Tk1,325 crore in 2025.

Bankers and economists said that although the financial indicators show a massive improvement in performance, the so-called gains carry serious risks as banks deferred interest payments for two years by locking bad loans under a long-term rescheduling policy spanning 10 years, including a two-year grace period.

They added that the grace period gives borrowers temporary relief from paying principal and interest, easing the immediate burden of defaults on banks. However, it significantly impacts the sector by delaying the recognition of bad loans and disrupting cash inflows.

Bangladesh Bank data show that default loans in the country's banking sector declined by Tk87,298 crore during the final three months of 2025, primarily driven by a massive debt rescheduling campaign under relaxed central bank policies.

This massive reduction of default loans through rescheduling is not sustainable for the banking sector, observes Zahid Hussain, former lead economist at the World Bank's Dhaka office.

In many cases, he said, such facilities had been granted on political considerations or ahead of elections to keep businesspeople off the defaulters' list.

The World Bank, in its latest Bangladesh Development Update 2025, said: "BA recent relaxation of loan rescheduling and restructuring rules, along with continued regulatory forbearance, risk delaying full recognition of banks' asset quality problems and slowing balance-sheet repair."

Sonali's 200% unaudited profit

Sonali Bank, in its unaudited financial report released in January this year, reported a 200% year-on-year jump in net profit to Tk2,650 crore in 2025. However, the audited financial statement published this month showed net profit falling to Tk1,313 crore, following higher provisioning requirements imposed by the central bank against the lender's large stock of bad assets, according to central bank sources.

A deputy managing director of Sonali Bank told The Business Standard, requesting anonymity, said, "One of the main reasons that the figure was revised was because some exposures had to be reclassified as fresh non-performing loans under instructions from the Bangladesh Bank."

He added that the bank's profits increased largely because of the large-scale rescheduling of default loans, which reduced provisioning requirements. At the same time, interest income from regularised loans could be booked in income statements.

Other banks take opportunity

Bangladesh Bank data shows state-owned banks and troubled private commercial banks mostly availed the entire benefits of relaxed loan rescheduling policy by cutting down default loans significantly in just three months from October to December.

For instance, Agrani Bank under the relaxed policy rescheduled loans of Tk8,368 crore, more than six times higher than the previous year, according to its statement. The massive rescheduling helped the bank cut default loans by 15.59%, or Tk5,285 crore, in the last three months of 2025.

Among troubled private commercial banks, AB Bank rescheduled more than Tk1,300 crore, helping it reduce defaults by nearly Tk12,000 crore. The bank's default loan ratio declined to 50.88% at the end of December from 84% in September, according to central bank data.

Islami Bank Bangladesh, the country's largest private commercial bank, reduced default loans by more than Tk14,000 crore in just three months through rescheduling, while National Bank Limited cut default loans by nearly Tk10,000 crore during the same period.

'Banking sector stress pushed into future'

Arfan Ali, former managing director of Bank Asia, said banking sector stress has effectively been pushed into the future through repeated deferment and rescheduling over the past decade.

"In many cases, loans are shown as regular by recovering only a nominal amount. Even disciplined borrowers are increasingly incentivised to delay repayment and seek similar concessions," he said.

He warned that the sector must move away from this long-standing practice. "We are seeing that many of those becoming newly classified as defaulters are old borrowers who had long remained non-performing in substance but were kept outside default classification through repeated facilities. Once such support is withdrawn, they quickly fall back into default, weakening asset quality further."

Rescheduling sends misleading signals to depositors'

Explaining the future consequences, a managing director of a private commercial bank, who wished not to be named, said such a loan rescheduling facility sends misleading signals to depositors, as they would see cleaner balance sheets and lower default loans and be encouraged to place more funds.

"However, after two years, when these loans turn default again, it will erode capital and depositors will lose money, similar to what happened in some merged banks," he added.

He said several private commercial banks are already in a severe but undisclosed financial crisis, and rescheduling allows them to present artificial balance sheets.

Moreover, when banks engage in foreign business, institutions such as IFC, ADB, Standard Chartered and other international lenders analyse balance sheets by treating rescheduled loans as distressed assets. As a result, they either restrict credit lines or charge higher rates, raising costs for exporters and importers, which are ultimately passed on to consumers, said the banker.

"When a customer becomes a defaulter, our job is to find the root cause and take corrective measures to make that company viable," he said.

When the Bangladesh Bank introduced the policy, all defaulting companies approached for 10-year rescheduling with a two-year grace period, he said. "Most of these firms are facing severe cash flow crises, with factories shut and significant financial gaps."

He argued that such extensions are unlikely to revive them, as the policy merely postponed payments for two years, reducing reported default loans in the industry.

"Strong banks didn't fully adopt the policy as it doesn't restore viability, while loss-making banks saw it as an advantage. It helped them reduce provisioning, show profits and declare dividends," he said.

He added that these banks are fully aware that many borrowers are likely to default again within months. "That is why they offered a two-year grace period with no repayment or interest. Loans originally structured for six months have now been extended to 10 years, along with additional working capital."

As a result, default loans decline on paper without actual recovery, provisioning requirements fall and profits increase. He warned that while balance sheets may appear clean for the next two years, they could suffer a sharp deterioration in the third year.

He also said that although cash flow is reduced, the benefit from lower provisioning is far greater than the annual income loss. "For instance, a Tk100 crore loan that turns bad requires full provisioning of Tk100 crore. Rescheduling eliminates that requirement, while annual interest income of Tk12 crore, assuming a 12% rate, is moved to a suspended account. In effect, banks trade recognised income for immediate provisioning relief, which violates accounting standards."

How loan rescheduling will squeeze lending capacity

A managing director of another private commercial bank said the two-year grace period will squeeze lending capacity as banks will not get repayment during the period. Moreover, banks cannot take interest incurred against rescheduled loans in their income statement which will impact profit in next two years.

He said that when banks receive neither repayments nor interest from rescheduled loans, while continuing to service depositors, cash flows come under pressure, constraining lending capacity.

He added that financial statements have been "engineered" over the past 15 years by underreporting defaults. "Now, with defaults suddenly rising to around 30%, banks are facing a sharp increase in provisioning requirements."

Previously, banks maintained provisions against 5% to 10% of classified loans, but this has now increased five- to six-fold, creating a severe provisioning gap.

He said that had proper governance been enforced over the past decade, banks would have built adequate buffers. "Instead, many distributed profits as dividends without making sufficient provisions."

In this situation, he said, banks are being forced to rely on the relaxed policy for survival. "However, the central bank should've allowed partial interest payments rather than a full grace period."

He warned that while balance sheets may appear cleaner, most banks will have limited capacity for fresh lending in the coming years, which could significantly affect private sector credit growth.

Plummeting credit growth

The country's private sector credit growth plummeted to an all-time low of 6.03% in January, as prolonged political instability and a high-interest-rate regime forced businesses to stall expansion plans and prompted banks to adopt a highly cautious lending stance.

According to the latest Bangladesh Bank data, credit growth edged down from 6.1% in December, continuing a sharp decline from 10.13% recorded in July 2024.

The data also show total default loans stood at Tk5.57 lakh crore at the end of December 2025, accounting for 30.60% of total outstanding loans, down from Tk6.44 lakh crore, or 35.73%, at the end of September.

Two reasons why rescheduling is unsustainable

According to Zahid Hussain, there are two main reasons why the practice is unsustainable.

Firstly, loan rescheduling directly hurts banks' balance sheets and erodes capital. He compared it to "continuous bleeding" in the human body, which gradually weakens a financial institution over time.

Second, it creates "moral hazard" in society. When borrowers see that repeated concessions are available despite failing to repay loans, they become more inclined to spend borrowed money on luxury consumption – such as expensive cars or foreign travel – instead of investing in productive sectors.

"As a result, honest borrowers become discouraged, while wilful defaulters are further emboldened. Overall, he said, the trend is undermining discipline in the banking system and weakening the sector's long-term sustainability," added the economist.

The Bangladesh Securities and Exchange Commission (BSEC) has issued a directive setting out how existing closed-end mutual funds can be converted into open-end ones.

The move follows years of debate over the future of closed-end funds. In 2018, amid heavy criticism from market analysts, the BSEC allowed several funds to extend their tenure without seeking approval from unitholders.

Closed-end mutual funds raise a fixed pool of money from investors, usually for 10 years, and invest it in shares, bonds and other assets. Their units are listed and traded on the stock exchange.

Open-end funds, by contrast, are not listed. Investors buy units directly from the fund manager at the prevailing net asset value and can redeem them at any time at a price based on that value.

After the Awami League was ousted from power in August 2024, a taskforce appointed by the interim government recommended that all closed-end funds should be redeemed at maturity and that no extensions should be permitted.

Subsequently, the BSEC amended the mutual fund rules to bar any extension of tenure for existing closed-end schemes.

Under the revised regulations, fund managers must call a special general meeting within 30 days if the six-month average market price of a fund’s units remains at least 25 percent below the six-month average net asset value.

If at least 75 percent of unitholders vote in favour, the fund will be converted into an open-end mutual fund. The amended regulations complete six months in force this week.

An analysis of Dhaka Stock Exchange data shows that most closed-end funds are already trading at a discount of more than 25 percent to their six-month average net asset value. This means many could now face a vote on conversion.

Abul Kalam, spokesperson for the BSEC, also said that under the rules, funds may face conversion or winding up.

If the decision comes in the meeting to convert them into open-ended funds, it will ensure the interest of investors as they will be able to get back their funds at NAV any time, he said.

In winding up, Kalam said there is a tax issue, and investors will get only the fund that the fund manager gets by selling their holdings.

In an order issued on May 7, the regulator outlined the conversion process.

According to the order, an asset manager may also initiate a proposal for voluntary conversion. However, the board of trustees must approve the plan after ensuring that unitholders’ interests are protected.

Trustees must take a decision on any voluntary conversion proposal at least 150 days before the fund’s maturity.

They are also required to publish notices as price-sensitive information in at least two national newspapers, one in Bangla and one in English, as well as on an online news portal and on the websites of the stock exchanges, trustees and asset managers.

The notice must include the record date, the date from which trading will be suspended, the effective date of conversion and the date of the special general meeting.

Only unitholders whose names appear in the depository or unitholders’ register on the record date will be eligible to vote in the meeting.

Under the order, trading in the units of the relevant fund will remain suspended from the record date to preserve the integrity of the voting and conversion process.

The BSEC also stipulated that any conversion proposal must be approved by at least three-quarters of unitholders, calculated on the basis of units held.

If the proposal fails, trading the fund’s units will resume on the next trading day. The trustee will hand over all assets to the custodian, while management will remain with the existing asset manager.

The order further said that if conversion is approved, the newly selected asset manager will bear the costs of holding meetings and the trustee fees related to the process. If the proposal is rejected, the existing asset manager will pay those expenses.

The commission has capped trustee fees for a single conversion scheme at Tk 10 lakh.

A Tk 3.0-trillion Annual Development Programme (ADP) for the next fiscal year is getting final consideration today with several-fold increases in education and health allocations with the focus on human-capital development, officials say.

However, the highest development-budget sanction goes for the fund-guzzling Local Government Division and the Road Transport and Highways Division.

The proposed ADP, which is 50 per cent higher than the revised Annual Development Programme (RADP) of Tk 2.0 trillion for the outgoing fiscal year, is set to be placed at today's extended meeting of the Planning Commission.

Planning Minister Amir Khasru Mahmud Chowdhury is scheduled preside over the meet. Sources say Zonayed Abdur Rahim Saki, State Minister for Planning, S M Shakil Akhter and other senior officials of the ministry will attend the meeting.

Subject to approval at the meeting, the final ADP proposal will be placed before the National Economic Council (NEC) at a meeting scheduled for next week, the sources add.Economic Forecast Service

They say Tk 1.9 trillion, equivalent to 63.33 per cent of the total outlay, is set to be financed from the government exchequer while the remaining Tk 1.1 trillion is expected to be managed from external sources, mainly in the form of project loans and grants.

For the current fiscal year, the government had initially approved an ADP of Tk 2.3 trillion, which was later revised down to Tk 2.0 trillion, comprising Tk 1.28 trillion from domestic resources and Tk 0.72 trillion from external financing.

The proposed allocation for the next fiscal year represents an increase of 48.44 per cent in domestic financing and 52.78 per cent in external financing.

In the proposed ADP for the next fiscal year, the Local Government Division (LGD) is set to receive the highest allocation of Tk 366.20 billion, followed by the Road Transport and Highways Division (RTHD) with Tk 329.03 billion.

Health Services Division is likely to see a significant leap in allocation to Tk 206.08 billion, more than six folds compared to its revised allocation of Tk 31.28 billion in the current fiscal, elevating its position to third from the 15th.

Among other sectors, Primary and Mass Education is set to receive Tk 213.48 billion, 2.65-fold higher than the revised allocation of the current fiscal year at Tk 80.54 billion.

The Secondary and Higher Education Division is likely to get Tk 208.35 billion, 3.37-fold higher than the current revised allocation of Tk 61.90 billion.

Power Division is expected to receive the fourth-highest allocation at Tk 192.85 billion, followed by the Ministry of Science and Technology with Tk 173.66 billion.

In a significant move toward long-term economic resilience, the government is set to boost human-capital development by increasing budgetary allocations for education and health in the upcoming budget for the FY2026-27, officials say.

According to preliminary estimates from the Ministry of Finance (MoF), the government plans to raise education spending to 2.0 per cent of GDP or gross domestic product and health-sector allocation to 1.0 per cent of GDP.

Officials say this shift signals a departure from Bangladesh's historical trend of social-sector neglect as the country prepares for its post-LDC-graduation challenges.Bangladesh Economic Report

For decades, health and education have remained underfunded, with education spending stubbornly staying below 2.0-percent mark and health receiving less than 1.0 per cent of the GDP.

In the current FY2025-26 national budget, the allocation for education is Tk 956.44 billion, which accounts for 1.53 per cent of the GDP, while for health Tk 419.08 billion, or 0.67 per cent of the GDP.

Experts have long argued that these figures fall far short of the UNESCO recommendation of 4.0-6.0 per cent for education and the 5.0-percent target often cited for a functional healthcare system.

A senior MoF official says, "We have decided to enhance the budgetary allocation in the educational and health sectors for building a better human capital to weather the impact of the LDC graduation as well as build the country."

He adds: "We have to boost our economy into a trillion-dollar one, and that's why the human-resources development is a top priority of the government."

The government is going to allocate extended funds in the development budget for the health and education sectors so that the country could reap benefit from the quality development of its human capital, the ministry official says.

Dr Rashel Mahmud Al Titumir, Advisor to the Prime Minister, at a discussion meeting Thursday said their government would increase the budgetary allocation to 5.0 per cent of GDP in the field of health and education.

Another MoF official told the FE that the proposed hike is part of a broader "investment-driven model" intended to build a technology-driven, employment-oriented workforce.Corporate Finance Workshops

The targeted allocation at 2.0 per cent of GDP will be to improve primary education quality and expand vocational training along with the tertiary and higher education in Bangladesh.

"Finance secretary has recently instructed the health and education ministries and other implementing agencies who are involved with human-capital development to spend money for quality development," the MoF official adds.

Fund-allocation target of 1.0 per cent of GDP in the upcoming national budget would mainly be utilized to strengthen preventive healthcare and reduce out-of-pocket expenses, which currently account for over 70 per cent of total health costs.

The overall national budget for FY2026-27 is expected to be Tk 9.30 trillion.

The finance official says while infrastructure remains a priority, the focus is shifting toward "people over physical structures" to ensure sustainable 6.2-percent GDP growth in the medium term.

While the planned increases are a welcome step, economists from the Centre for Policy Dialogue (CPD) caution that the narrow tax-to-GDP ratio-currently around 6.8 per cent-remains a major barrier to realizing these ambitions.

"Increasing the allocation is only half the battle," says a senior researcher at the CPD. "The real challenge lies in improving the implementation capacity of the ministries, which often struggle to fully utilize even their current modest budgets."

The government is expected to officially table the budget proposal in the Jatiya Sangsad early next month, where further details on sectoral reforms and funding sources will be rolled out.

The country's return on foreign exchange reserve investments reached a six-year high in fiscal year 2025 supported by mainly rising global yields, according to a report released by the central bank.

The Bangladesh Bank says income from reserve investments stood at US$639.53 million during the fiscal year while the country's gross foreign -exchange reserves amounted to $31.8 billion as of June 30, 2025.

The Forex Market and Reserve Management Report for FY 2025, released last week, has projected that reserves would continue to rise in the coming months on the back of a favourable balance-of-payments outlook supported by strong remittance inflows, improved exchange-rate alignment and contained import demand.

According to the central bank, the country's foreign-exchange reserves could reach $36.84 billion by the end of next June.

The report also says a gradual recovery in exports, inflows of multilateral financing and the rollover of trade credits would further strengthen the country's external liquidity position.

The BB notes that prudent management of foreign -exchange reserves remains crucial due to frequent volatility on the international financial market.Personal Finance Consulting

"Despite global uncertainty, strategic portfolio management and timely intervention helped stabilise the local currency, taka, and enabled the country to meet all external obligations smoothly," the regulator claims.

The report mentions the reserves as a vital buffer against external shocks, although management systems in Bangladesh during the period.

The central bank is now focusing on strengthening reserve management further with "improved technology, enhanced risk-management frameworks and adaptive long-term strategies".

According to the report, the central bank mainly invests reserve assets in highly rated fixed-income instruments in the global arena.

The reserve portfolio is dominated by the US dollar, accounting for 82 per cent, followed by the Euro.

The report says safety remains foremost priority in reserve-investment decisions.

The reserves are invested in secure and high-quality assets, including US Treasury securities, sovereign bonds and deposits with top-rated international banks.Stock Market Data

The report also says that around 12 per cent of reserves are maintained in cash or near-cash instruments to ensure immediate liquidity support when required.

Investment in fixed-income securities continues to remain a key component of reserve management due to their stability and liquidity advantages.

"These (fixed-income instruments) are selected because they are very safe, liquid and carry strong credit ratings," the report explains the modus operandi of the sovereign investment.

The central bank also invests part of the reserves in gold to protect asset value during periods of inflation, currency depreciation and global uncertainty.

It suggests that gold holdings should account for around 5.0 per cent of total foreign -exchange reserves.

In addition, Bangladesh maintains a part with Special Drawing Rights (SDRs), the International Monetary Fund's reserve asset, arguing that it is part of its reserve-diversification strategy.

"For Bangladesh, SDR serves as a strategic tool to diversify its foreign-exchange reserves," the report mentions.Bangladesh Economic Report

The central bank in its report emphasises that foreign -exchange reserves play a pivotal role in maintaining macroeconomic stability and strengthening resilience in the external sector.

The reserves provide the financial capacity to meet essential external obligations, including import payments, external debt servicing and other current-account requirements.

The central bank says its key objective is to secure reasonable returns on reserve investments without taking excessive risks.

It also manages market risks through diversification of reserve assets in line with international reserve-management guidelines.

The central bank also manages several special funds, including the Export Development Fund (EDF), Green Transformation Fund (GTF) and Long-Term Financing Facility (LTFF) -- which play role in economic development in the country.

In South Asia, Bangladesh's reserves have grown steadily over the years, peaking at around $46 billion in 2021.

India continues to maintain the region's largest reserves, while Nepal and Bhutan recorded stable growth.

In contrast, Pakistan and Sri Lanka experienced significant volatility, often relying on external financing and IMF support.

The Dhaka Stock Exchange (DSE) on Thursday urged Bangladesh Bank to protect general shareholders during the merger process of five troubled Islamic banks, warning that investors could lose ownership stakes without fair compensation.

A seven-member DSE delegation, led by Chairman Mominul Islam, raised the concerns during a meeting with Bangladesh Bank Governor Md Mostaqur Rahman at the central bank headquarters in the capital.

The delegation said investors in First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and EXIM Bank were facing growing uncertainty over the merger process.
DSE leaders warned that the burden of weak management, irregularities and financial mismanagement by previous authorities should not be transferred to general shareholders who were not responsible for the banks' present condition.

They urged the central bank to ensure transparency throughout the merger proceedings and take steps to safeguard the interests of small investors.

The stock exchange also presented a broader roadmap aimed at modernising the capital market and improving long-term financial stability.

Among the proposals, the DSE suggested reducing the share settlement cycle from T+2 to T+1 to improve trading efficiency. It also sought Bangladesh Bank's support in simplifying the Non-Resident Investor Taka Account process to attract more foreign portfolio investment.

The DSE requested assistance in gradually liquidating its fixed deposits held with scheduled banks to finance technology upgrades and infrastructure development.

The delegation also proposed extending Real-Time Gross Settlement facility hours and allowing the stock exchange direct access to Credit Information Bureau reports to strengthen risk assessment.

Other proposals included developing a secondary market for government securities, introducing Sukuk trading and creating an IPO and bond-based recapitalisation system.

According to a DSE press release, the governor assured the delegation that the central bank would prioritise the issues and take necessary steps to protect public interests and support the development of the capital market.

সে হিসাবে পাঁচ বছরের ব্যবধানে টাকার অবমূল্যায়ন হয়েছে প্রায় ৪৫ শতাংশ। আর এ সময় বৈদেশিক মুদ্রাবাজারে সবচেয়ে বড় আর্থিক সুবিধাভোগী হয়ে উঠেছে দেশের কেন্দ্রীয় ব্যাংক।

বাংলাদেশ ব্যাংকের তথ্য অনুযায়ী, ২০২০-২১ থেকে ২০২৪-২৫ অর্থবছর পর্যন্ত পাঁচ বছরে কেন্দ্রীয় ব্যাংক বাজার থেকে প্রায় ১২ দশমিক ৩৪ বিলিয়ন বা ১ হাজার ২৩৪ কোটি ডলার কিনেছে। বিপরীতে একই সময়ে বাজারে ৩৫ দশমিক ৩৫ বিলিয়ন ডলারের বেশি বিক্রি করেছে। সে হিসাবে পাঁচ বছরে রিজার্ভ থেকে কেন্দ্রীয় ব্যাংকের নিট ডলার বিক্রি হয় প্রায় ২৩ বিলিয়ন। বাংলাদেশ ব্যাংক থেকে গত বৃহস্পতিবার প্রকাশিত‌“‘ফরেক্স মার্কেট অ্যান্ড রিজার্ভ ম্যানেজমেন্ট রিপোর্ট ফর ফিসক্যাল ইয়ার ২০২৪-২৫’ শীর্ষক প্রতিবেদনে এ তথ্য প্রকাশ করা হয়।

বাংলাদেশ ব্যাংক, আর্থিক গোয়েন্দা সংস্থা বাংলাদেশ ফাইন্যান্সিয়াল ইন্টেলিজেন্স ইউনিট (বিএফআইইউ) এবং অন্যান্য গোয়েন্দা সংস্থার অনুসন্ধানে অবশ্য উঠে আসে, দেশ থেকে সর্বাধিক অর্থ পাচার হয় কভিড-পরবর্তী সময়ে। আর সেটি হয়েছে ব্যাংক খাত ব্যবহার করেই। ২০২১-২২ অর্থবছরে দেশের ইতিহাসে সর্বোচ্চ ৮৯ বিলিয়ন ডলারের পণ্য আমদানি দেখানো হয়। ডলারের তীব্র সংকটের পেছনে এ রেকর্ড পরিমাণ আমদানিকেই দায়ী করা হয়।

তবে সংশ্লিষ্ট সংস্থাগুলোর তথ্য বলছে, ওই সময় আমদানির আড়ালে মূলত বিপুল পরিমাণ অর্থ পাচার করা হয়েছে বিদেশে। ইসলামী ব্যাংকসহ শরিয়াহভিত্তিক ব্যাংকগুলো সবচেয়ে বেশি লুণ্ঠনের শিকার হয়। রাষ্ট্রায়ত্ত জনতাসহ অন্য ব্যাংকগুলো ব্যবহার করেও পাচার হয়েছে অর্থ। কেন্দ্রীয় ব্যাংকের রিজার্ভ থেকে বিক্রি করা ডলারের বড় একটি অংশ বিদেশে পাচার হয়েছে বলে মনে করেন সংশ্লিষ্টরা।

কেন্দ্রীয় ব্যাংক থেকে প্রকাশিত প্রতিবেদনের তথ্য বলছে, গত পাঁচ অর্থবছরে বাংলাদেশ ব্যাংক মোট ১ লাখ ৫৮ হাজার ১০৯ কোটি টাকার নিট মুনাফা করেছে। এর বৃহৎ অংশই এসেছে ডলার বেচাকেনার মাধ্যমে। ব্যাংকগুলো থেকে কম দামে কেনা ডলার পরবর্তী সময়ে বেশি দামে বিক্রি করেছে বাংলাদেশ ব্যাংক। আবার বিনিময় হার বেড়ে যাওয়ায় ডলারের অসমন্বিত (অবিক্রীত) দরও প্রায় ৪৫ শতাংশ বেড়েছে। আর এ প্রক্রিয়াই নিয়ন্ত্রক সংস্থাটির মুনাফা বাড়ার অন্যতম বড় কারণ বলে সংশ্লিষ্টরা জানিয়েছেন।

বিষয়টিকে অবশ্য কেবল ‘লাভ’ দিয়ে বিচার করলে পুরো বাস্তবতা ধরা পড়ে না বলে জানিয়েছেন অর্থনীতির বিশ্লেষকরা। তারা বলছেন, কেন্দ্রীয় ব্যাংক মূলত বৈদেশিক মুদ্রাবাজার স্থিতিশীল রাখা, রিজার্ভ ব্যবস্থাপনা এবং আমদানি দায় মেটানোর জন্য ডলার কেনাবেচা করে। কিন্তু যখন দীর্ঘ সময় ধরে টাকার অবমূল্যায়ন হয় এবং সে প্রক্রিয়ায় কেন্দ্রীয় ব্যাংকের বিপুল হিসাবভিত্তিক মুনাফা তৈরি হয়, তখন জনগণের মধ্যে সন্দেহ তৈরি হয়—নীতিসিদ্ধান্তগুলো কতটা বাজার বাস্তবতার জন্য, আর কতটা আর্থিক সুবিধার কারণে। কেননা বাংলাদেশ ব্যাংকের এ মুনাফার বিপরীতে ব্যবসাপ্রতিষ্ঠান ও সাধারণ মানুষকে উচ্চ মূল্যস্ফীতি, জ্বালানি ও খাদ্যদ্রব্যের বাড়তি দামের চাপ বহন করতে হয়েছে।

ঢাকা বিশ্ববিদ্যালয়ের অর্থনীতি বিভাগের অধ্যাপক ও সাউথ এশিয়ান নেটওয়ার্ক ফর ইকোনমিক মডেলিংয়ের (সানেম) নির্বাহী পরিচালক ড. সেলিম রায়হান বণিক বার্তাকে বলেন, ‘টাকার অবমূল্যায়নের সরাসরি আর্থিক সুবিধাভোগীদের মধ্যে বাংলাদেশ ব্যাংক অবশ্যই অন্যতম। তবে এটিকে একমাত্র বা উদ্দেশ্যমূলক সুবিধাভোগী বলা অতিসরলীকরণ হবে। বাস্তবে সরকারও বেশি টাকায় রেমিট্যান্স ও রফতানি আয়ের সুবিধা পেয়েছে, রফতানিকারকরা প্রতিযোগিতামূলক সুবিধা পেয়েছেন। আবার একই সঙ্গে আমদানিনির্ভর শিল্প ও সাধারণ মানুষ ক্ষতিগ্রস্ত হয়েছে।’

সেলিম রায়হান আরো বলেন, ‘মূল প্রশ্ন হওয়া উচিত—এ অবমূল্যায়ন অর্থনীতির সামগ্রিক স্থিতিশীলতা ও জনগণের কল্যাণে কতটা কার্যকর ছিল এবং কেন্দ্রীয় ব্যাংকের মুনাফা থেকে জনগণ শেষ পর্যন্ত কী উপকার পেয়েছে। সবশেষে কেন্দ্রীয় ব্যাংকের মুনাফা যদি জনগণের অর্থনৈতিক কষ্ট কমাতে, বাজার স্থিতিশীল করতে এবং আর্থিক খাতে স্বচ্ছতা বাড়াতে কার্যকরভাবে ব্যবহৃত না হয়, তাহলে এটি সাধারণ মানুষের কাছে ইতিবাচক সাফল্য হিসেবে নয়, বরং টাকার ক্রয়ক্ষমতা হারানোর প্রতীক হিসেবেই দেখা হবে।’

বাংলাদেশ ব্যাংকের তথ্য বলছে, ২০২০-২১ অর্থবছরে কেন্দ্রীয় ব্যাংক বাজার থেকে ৭৯৩ কোটি ৭০ লাখ ডলার কিনেছিল। ওই সময় বিক্রি করা হয়েছিল মাত্র ২৩ কোটি ৫০ লাখ ডলার। তখন প্রতি ডলারের বিনিময় হার ছিল ৮৪ টাকা ৮১ পয়সা। ওই বছর কেন্দ্রীয় ব্যাংকের মুনাফা হয়েছিল ৫ হাজার ৯১০ কোটি টাকা। তবে পরিস্থিতি পাল্টাতে শুরু করে ২০২১-২২ অর্থবছর থেকে। কভিড-পরবর্তী বৈশ্বিক অস্থিরতা, আমদানি ব্যয় বৃদ্ধি, ব্যাংক খাতের দুর্বলতা ও ডলার সংকটের মধ্যে বাজারে ব্যাপক হস্তক্ষেপ শুরু করে বাংলাদেশ ব্যাংক। ওই অর্থবছরে নিয়ন্ত্রক সংস্থাটি বিক্রি করে ৭৬২ কোটি ১৭ লাখ ডলার। বিপরীতে কেনে মাত্র ২১ কোটি ডলার। একই সময় ডলারের বিনিময় হার বেড়ে দাঁড়ায় ৯৩ টাকা ৪৫ পয়সায়। আর কেন্দ্রীয় ব্যাংকের মুনাফা বেড়ে হয় ২৯ হাজার ৩২৭ কোটি টাকা।

বাংলাদেশ ব্যাংকের সাবেক কর্তাব্যক্তিদের মতে, ২০২১ সালের আগে কেন্দ্রীয় ব্যাংক ধারাবাহিকভাবে তুলনামূলক কম দামে ডলার কিনে রিজার্ভ করেছিল। কিন্তু পরবর্তী সময়ে সেই ডলারই অনেক বেশি দামে বাজারে বিক্রি করে। ফলে বৈদেশিক মুদ্রা লেনদেন থেকেই বড় অংকের মুনাফা তৈরি হয়েছে। তাদের ভাষ্য, এ মুনাফা কোনো উৎপাদনশীল অর্থনৈতিক কার্যক্রম থেকে আসেনি, বরং এসেছে বিনিময় হার পরিবর্তন ও সংকট পরিস্থিতি থেকে।

বাজারে সংকট থাকায় ২০২২-২৩ অর্থবছরে ডলার বিক্রি আরো বাড়িয়ে ১ হাজার ৩৫৭ কোটি ৮২ লাখ ডলারে উন্নীত করে কেন্দ্রীয় ব্যাংক। ওই সময়ে প্রতি ডলারের বিনিময় হার বেড়ে ১০৬ টাকায় পৌঁছে। একই অর্থবছরে বাংলাদেশ ব্যাংকের মুনাফা দাঁড়ায় ৪৭ হাজার ৩৪৪ কোটি টাকায়, যা ইতিহাসের সর্বোচ্চ।

পরের অর্থবছরেও বৈদেশিক মুদ্রাবাজারে বড় বিক্রেতা হিসেবেই অবস্থান করে কেন্দ্রীয় ব্যাংক। বিক্রি করা হয় ১ হাজার ২৭৯ কোটি ৮৮ লাখ ডলার। বিপরীতে ৩৩৮ কোটি ২৯ লাখ ডলার কেনা হয়। ২০২৩-২৪ অর্থবছরের ওই সময়ে বিনিময় হার বেড়ে দাঁড়ায় ১১৮ টাকা। আর কেন্দ্রীয় ব্যাংকের মুনাফা হয় ৪০ হাজার ৫৬৬ কোটি টাকা।

সর্বশেষ ২০২৪-২৫ অর্থবছরে কেন্দ্রীয় ব্যাংকের ডলার বিক্রি কমে ১১১ কোটি ৮৬ লাখ ডলারে নেমে আসে। একই সময়ে কেনা হয় ৬১ কোটি ৫২ লাখ ডলার। তবে বিনিময় হার আরো বেড়ে ১২২ টাকা ৭৮ পয়সায় উন্নীত হয়। ওই অর্থবছরেও কেন্দ্রীয় ব্যাংকের মুনাফা দাঁড়ায় ৩৪ হাজার ৯৬২ কোটি টাকায়। এ মুনাফা থেকে গত পাঁচ বছরে সরকারি কোষাগারে প্রায় ৫৩ হাজার কোটি টাকা জমা দেয়া হয়েছে বলে বাংলাদেশ ব্যাংক সূত্র নিশ্চিত করেছে।

ব্যাংক খাতসংশ্লিষ্টদের মতে, ডলার বিক্রির মাধ্যমে কেন্দ্রীয় ব্যাংক একদিকে বিপুল পরিমাণ টাকা বাজার থেকে তুলে নিয়েছে, অন্যদিকে একই সময়ে ব্যাংকগুলোকে উচ্চসুদে তারল্য সহায়তা দিয়েছে। এতে নিয়ন্ত্রক সংস্থার সুদ আয়ও বেড়েছে। তাদের ভাষায়, এক হাতে ডলার বিক্রি করে টাকা তুলে নেয়া হয়েছে, আরেক হাতে সে টাকাই আবার ধার দেয়া হয়েছে ব্যাংকগুলোকে।

এ বিষয়ে জানতে চাইলে মিউচুয়াল ট্রাস্ট ব্যাংকের ব্যবস্থাপনা পরিচালক সৈয়দ মাহবুবুর রহমান বণিক বার্তাকে বলেন, ‘ডলারের বিনিময় হারে অস্থিরতা তৈরি হলে ২০২৩ সালে বেশকিছু বাণিজ্যিক ব্যাংককে জরিমানা করা হয়েছিল। বেশি দামে ডলার বেচাকেনার অভিযোগেই ওই সময় জরিমানা করে বাংলাদেশ ব্যাংক। আসলে ২০১৭-১৮ সালের দিকেই বিনিময় হার ধীরে ধীরে বাজারের ওপর ছেড়ে দিলে অর্থনীতি উপকৃত হতে পারত। তখন বাজারের সঙ্গে সামঞ্জস্য রেখে ডলারের দরে সমন্বয় হতো। কিন্তু জোর করে অনেক দিন ডলারের বিনিময় হার চাপিয়ে রাখার কারণেই ২০২২ সালে এসে এতটা অস্থিতিশীল পরিস্থিতি তৈরি হয়। এক্ষেত্রে দেশ থেকে টাকা পাচার বেড়ে যাওয়ার বিরূপ প্রভাবও ছিল।’

সৈয়দ মাহবুবুর রহমান বলেন, ‘মধ্যপ্রাচ্য যুদ্ধ পরিস্থিতি সত্ত্বেও সাম্প্রতিক সময়ে আমাদের বিনিময় হার স্থিতিশীল রয়েছে। এটি দেশের অর্থনীতির জন্য ভালো সংবাদ। তবে রফতানি আয় ও রেমিট্যান্স ইতিবাচক ধারায় না থাকলে বিনিময় হারের স্থিতিশীলতা ধরে রাখা কঠিন। কারণ বিশ্ববাজারে জ্বালানি তেলসহ ভোগ্যপণ্যের দাম বাড়ায় আমাদের আমদানি ব্যয় বেড়েছে। আবার এ মুহূর্তে দেশের অর্থনীতিও নানা সংকটে ঘুরপাক খাচ্ছে। পরিস্থিতি উত্তরণে সরকার ও কেন্দ্রীয় ব্যাংককে সময়োপযোগী সিদ্ধান্ত নিতে হবে।’

অবশ্য ব্যবসার উদ্দেশ্যে নয়, বরং নিজের দায়িত্ব পালন করতে গিয়েই কেন্দ্রীয় ব্যাংক এত পরিমাণ মুনাফা করেছে বলে মনে করেন বাংলাদেশ ব্যাংকের মুখপাত্র আরিফ হোসেন খান। বণিক বার্তাকে তিনি বলেন, ‘নিয়ন্ত্রক সংস্থা হিসেবে বাংলাদেশ ব্যাংক ব্যবসার উদ্দেশ্যে কোনো কার্যক্রম পরিচালনা করে না। দেশের সামষ্টিক অর্থনীতির স্বার্থেই আমরা বিভিন্ন ধরনের পদক্ষেপ নিই। ডলারের বিনিময় হার স্থিতিশীল রাখতে গত পাঁচ বছরে কেন্দ্রীয় ব্যাংক নানা ধরনের পদক্ষেপ নিয়েছে। আমরা বাজার থেকে প্রয়োজন অনুযায়ী ডলার কিনেছি, আবার বাজারের প্রয়োজনে বিক্রিও করেছি। আর এর মধ্য দিয়েই কেন্দ্রীয় ব্যাংকের মুনাফা অর্জিত হয়েছে। গত প্রায় দেড় বছর ধরে আমরা ডলার কিনছি। আগামীতে প্রয়োজন হলে আবার বিক্রিও করতে হতে পারে। এগুলো কেন্দ্রীয় ব্যাংকের দায়িত্ব ও কাজেরই অংশ।’

Robi Axiata PLC has reported a stellar start to 2026, with its net profit after tax skyrocketing by 85% year-on-year to reach Tk232.3 crore in the first quarter ended 31 March.

The country's second-largest mobile operator attributed this significant bottom-line growth to a combination of AI-driven personalised service offerings, a robust surge in data consumption, and a highly disciplined approach to cost management, according to a press release.

According to the company's financial disclosure, Robi's revenue for the January-March period rose by 8% year-on-year to Tk2,531.2 crore. This top-line growth, coupled with operational efficiencies, pushed the earnings per share (EPS) to Tk0.44, up from the Tk0.24 recorded in the same quarter of the previous year.

The company's net asset value (NAV) per share stood at Tk13.78, while the net operating cash flow per share was recorded at Tk0.97 for the quarter.
A major driver of this performance was the continued expansion of Robi's digital footprint. By the end of March, the operator's active subscriber base reached 5.74 crore, with data users accounting for 4.45 crore of that total.

Crucially, the 4G subscriber base climbed to 4.03 crore, reflecting the success of the company's sustained investment in high-speed network infrastructure. On average, each data user consumed 8.95 GB of data per month during the quarter, marking a 15% increase compared to the same period last year.

The company's focus on efficiency was reflected in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which reached Tk1,350.3 crore with a healthy margin of 53.3%. This represents a 21.6% year-on-year growth in EBITDA, suggesting that the company's cost-optimisation strategies are yielding high returns.

Robi's Managing Director and CEO Ziad Shatara said the growth was achieved under adverse socio-economic conditions, further intensified by geopolitical tensions in West Asia.

He added that the company's shift toward AI-driven personalised products and services, supported by consistent network improvements, has been pivotal in navigating these challenges.

Shatara expressed optimism that the company would sustain this momentum as the national economic climate continues to brighten.

Robi also remained a significant contributor to the national exchequer, paying Tk2,073.6 crore in various taxes and fees during the first three months of 2026 alone. This amount represented a staggering 82% of the company's total revenue for the quarter.

Robi shares closed at Tk29.60 on Thursday at the Dhaka Stock Exchange.

Currently, the Malaysian telecom giant Axiata Group Berhad holds a 61.82% majority stake in the company, while Bharti Airtel holds 28.18% and the general public owns the remaining 10%.

The government wants to increase sugar production by reopening some of the nine state-owned mills that are currently idle, Commerce Minister Khandakar Abdul Muktadir said yesterday.

The country has 15 state-owned sugar mills, of which six are currently operating, he told a group of journalists after visiting Panchagarh Sugar Mills Limited, where he exchanged views with sugarcane farmers.

The minister, who also oversees the industries and textiles and jute ministries, said initiatives have also been taken to revive several other state-owned industrial enterprises.

He said the government will revive the closed sugar mills while keeping in mind the interests of sugarcane farmers, workers, and the long-term profitable operation of the mills.

“These mills are assets of the people of Bangladesh. Therefore, ensuring their honest and effective utilisation is the responsibility of the government,” the minister added.

“We want the closed industrial establishments to resume production, create employment opportunities, and bring new momentum to the local economy.”

He also observed that while several sugar mills are currently closed, many operating mills face multiple operational constraints.

Most of the mills are 50 to 70 years old. Therefore, many of these mills cannot be revived without modernisation, renovation, and new technology, he said.

However, in every case, the interests of sugarcane farmers, workers’ employment, and profitable management will be ensured, the minister stressed.

He further stated that when an industrial establishment remains operational, it not only provides direct employment but also creates many additional employment opportunities through various related economic activities.

Therefore, reopening the closed mills is highly important for the country’s economic growth and poverty reduction.

The minister further said that, as it remained shut for a long time, the infrastructure and machinery of Panchagarh Sugar Mill require extensive renovation.

Expert opinions are being sought, and all possible options are being reviewed, he said.