SpaceX jumped 23% in its Nasdaq debut on Friday, as investors piled in to the world's largest ​IPO and bet on Elon Musk's sprawling empire spanning rockets, internet service and AI.

The stock was last trading at $166 a share after opening for trading at $150, making SpaceX ‌the sixth-largest US company, with a market value above $2 trillion.

The company's debut is widely viewed as a dress rehearsal for a new generation of mega-listings, with market participants watching for signals on investor appetite ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

SpaceX's stock performance was being closely scrutinized in part because some bankers said the IPO market could face difficulties if SpaceX shares close below Thursday's pricing level of $135 a share.

The landmark listing cemented Musk's status as ​the first trillionaire ever - even though the firm posted a loss of nearly $5 billion last year and generated only a fraction of the revenue brought in by similarly valued tech ​giants.

"Elon deserves an extreme premium because of his track record and his vision for calling technology trends early," said Shaun Maguire, a Sequoia Capital partner ⁠who led the firm's investment in SpaceX. At the IPO price its $2 billion investment would be worth over $20 billion, a person familiar with the matter told Reuters.

SpaceX President Gwynne Shotwell and Chief ​Financial Officer Bret Johnsen rang the Nasdaq opening bell earlier on Friday.

World's largest IPO

The IPO is a culmination of Musk's long-held ambitions in space and technology, and has stood out for rewriting Wall Street's IPO ​playbook and drawing legions of retail investors into the market.

At $75 billion, the deal's proceeds were more than double those of Saudi Aramco's record-setting 2019 IPO.

The valuation could rise further should underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.

Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds ​and ETFs that track the index, creating a fresh source of demand for its shares.

"We have to go back 100 years to get comparable entrepreneurs. He's a visionary unlike others, and he executes ​extremely well," said Joel Shulman, CEO of ERShares, which manages an ETF that has an exposure to SpaceX.

It will take about a month before it gets added to that index under Nasdaq's new fast-entry rules, as ‌opposed to a ⁠typical wait of as much as a year.

Some analysts expect SpaceX's debut to trigger a reshuffling of investor portfolios, creating selling pressure on other technology heavyweights as funds rotate into the stock. On Friday, shares of other space firms and satellite companies declined sharply, reversing gains spurred by SpaceX's April IPO filing, with Planet Labs down 8% and EchoStar down 14%.

A $28.5 trillion market opportunity

For all the excitement surrounding the IPO, determining what SpaceX is actually worth remains a difficult valuation exercise.

SpaceX said its market opportunity spans $28.5 trillion, a figure it called the largest in human history. With its leading position in space - ​the firm says its operation is responsible for ​more than four-fifths of the mass launched into ⁠orbit over the past three years - and revenues from Starlink, some investors said it has a strong foundation upon which to build.

John Belton, portfolio manager at Gabelli Funds, said the best comparable to SpaceX is Musk's electric vehicle company Tesla, as each has an established business and "a moonshot opportunity on ​the other side."

"For Tesla, that's things like humanoid robotics and other future applications. For SpaceX, it's the AI business," he said.

With revenue of $18.7 ​billion in 2025, the company's ⁠market cap puts its price-to-revenue ratio at a lofty 94. Some analysts have already issued positive ratings on the company. Morningstar analysts this month said it is more fairly valued at around $780 billion, and CFRA on Friday started coverage with a sell rating.

"This is not a name you're buying based on fundamentals. For me, the analogy is Amazon. This was a company that changed the way we live," said Nancy Tengler, CEO ⁠and CIO ​of Laffer Tengler Investments. "If the stock drops to $100, that's not ideal, but it wouldn't change our long-term view. We want ​to participate."

Bangladesh may need two years to take off from the present miasma and make the economy get full stability and prosperity, says Finance Minister Amir Khosru Mahmud Chowdhury.

"The country's economy will need two years from where it stands now. After that, the economy will stabilise and fully turn around in the fourth and fifth years."

He came up with the optimism a day after presenting in parliament an upscale Tk 9.38-trillion national budget replete in projected upgraded macroeconomic parameters and a wide recipe of reforms to get to the goal.

At a post-budget press conference held Friday in Dhaka, the finance and planning minister highlighted government intent to reform the country's public-finance architecture and explore alternative sources of funding to lower borrowing from banking sector.

"This year we have reduced bank borrowing by Tk 60 billion, and once the new public finance is fully designed, alterative sources will have significant contributions to the funding," he told journalists.

The minister in his budget speech Thursday said that Tk 1.12 trillion (net) will be borrowed from the banking system, down by Tk 60 billion from the revised budget of the current year (2025-26)Regional business directory

He notes that the proposed budget for fiscal year 2026-27 has been designed as an inclusive one aimed at bringing all sections of society into the economic mainstream.

"No class, profession, religion or caste is outside the scope of the budget this time," he told the press about the maiden budget of the Tarique Rahman-headed government that assumed office amid uprising-spurred popular aspirations for sociopolitical and economic recast.

Mr. Khosru says preparing the budget has been particularly challenging because of severe time constraints and resource constrains.

"Normally, the budget-preparation process takes at least six months. We had only one and a half to two months. Despite that, we completed the task with the cooperation of all concerned, including the journalists."

He notes that this budget has been prepared in a fundamentally different political and economic environment. "By budget, we basically mean a reflection of the will of the people."

The minister says the new government's objective is to build a more people-oriented economy rather than one benefiting only a limited group of individuals or businesses.Global economy podcast

He claims the budget includes targeted allocations, programmes and implementation plans for different social and professional groups despite resource constraints.

Mr Khosru also highlights shifts in the global economic landscape, saying that the world is gradually moving away from a rules-based system towards greater protectionism. "This year's budget has been formulated keeping those global changes in mind."

Responding to questions on inflation, the finance minister said effective policies, improved management and lower business costs would be more effective than administrative crackdowns in controlling prices.

"There is no alternative to strengthening the supply system, reducing inefficiencies and implementing reforms."

He links the recent inflationary pressures to a combination of international and domestic factors, including global conflicts, higher import prices, shortages of capital in the banking sector and money laundering which have increased the cost of funds.

"High borrowing costs, port inefficiencies and logistical expenses continue to raise the cost of doing business," he told the journalistsPersonal finance e-book

"It can take six months to a year to establish a company or obtain the necessary approvals. Businesses ultimately pass those costs on to consumers," he further explains the price hikers.

The government has already initiated regulatory reforms aimed at lowering business costs and improving efficiency.

Mr Khosru stresses the importance of maintaining an efficient supply chain and building strategic reserves of key commodities.

Long-term planning and stronger buffer stocks for fuel, food and fertiliser are underscored and that Bangladesh should maintain at least three months' energy reserves to strengthen energy security.

In the past, he says, excessive reliance on spot purchases often left the country exposed to volatile prices.

"With long-term planning, adequate storage facilities and strategic stocks, costs can be reduced substantially."

The minister announces plans for deregulation, overseen by a high-powered taskforce.Politics

"A dedicated online platform will allow businesses and citizens to report licensing and regulatory obstacles, enabling authorities to respond quickly."

The custodian of exchequer had a word on corruption, an incendiary issue in all quarters. He thinks implementing new pay scale for the government officials and employees could help reduce incentives for corrupt practices.

"When people face shortages, there is naturally a tendency to resort to corruption. There is no point in denying this reality."

The finance minister says pressure on living standards, particularly among low-income households, has prompted the government to allocate the largest-ever amount for social protection and welfare programmes.

Significant resources have been earmarked for family-support schemes, agriculture, universal healthcare and primary healthcare services.

He mentions that employment generation and skills development remain central priorities of the budget.Entrepreneurship resources

Major investments are being planned in education, technical training and vocational programmes to help workers secure higher-paying jobs both at home and abroad.

To support the rural economy, the government plans to provide financing, training, design support, and market access to traditional occupations under a new "Creative Economy" initiative.

This administration places greater emphasis on employment creation and quality-of-life improvements rather than pursuing large-scale megaprojects.

"Value for money and employment generation are being considered in every project," he says.

A major component of the government's strategy involves developing Bangladesh's creative economy as a new growth driver.

Mr. Khosru mentions plans for an integrated creative centre on 160 acres in Purbachal, bringing together theatre, arts, design, entertainment and cultural activities.

The project aims to create jobs, attract visitors and transform culture into an economically productive sector.Regional business directory

"We have to monetise creativity."

The government is launching an investment programme worth around Tk 8.0 billion to support the initiative.

The minister argues that Bangladesh possesses significant cultural assets, including music, folk traditions and performing arts, but has yet to commercialise them effectively.

He points to the global success of Korean music and drama industries as examples of how cultural products can generate export earnings and international influence.

Thousands of artists, musicians, actors and other creative professionals currently lack sufficient income opportunities, he says, adding that the new programme would help create sustainable livelihoods.

Responding to questions about tourism, Mr. Khosru said domestic tourism offers substantial untapped potential.

While foreign tourist arrivals remain limited, he argues that stronger entertainment and tourism infrastructure could stimulate economic activity and improve quality of life.Personal finance e-book

"Bangladesh is also lagging behind in soft power," he says. "Our goal is to create opportunities through culture and entertainment that generate employment, support growth and strengthen the country's global presence."

Present at the news conference were Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmud Tuku, Information and Broadcasting Minister Zahir Uddin Swapan, Education Minister Dr. ANM Ehsanul Haque Milon, Agriculture, Fisheries and Water Resources Minister Mohammad Amin Ur Rashid, Health Minister Sardar Mohammad Sakhawat Hossain and State Minister for Finance and Planning Jonayed Saki.

Also present were Prime Minister's Adviser Mahdi Amin, Posts, Telecommunications and Information Technology Adviser Rehan Asif Asad, Cabinet Secretary Dr. Nasimul Ghani, Bangladesh Bank Governor Md. Mostaqur Rahman, National Board of Revenue (NBR) Chairman Md. Abdur Rahman Khan and Prime Minister's Special Assistant on Investment and Capital Market Tanvir Ghani.

Landowners will soon have to pay a 15% capital gains tax on the value of apartments or any other financial benefits received from developers beyond the initial signing money, according to changes proposed in the new Finance Bill.

The proposed measure, included in the income tax provisions of the bill presented by Finance Minister Amir Khosru Mahmud Chowdhury, seeks to broaden the capital gains tax base by treating apartments and other non-cash benefits received from developers as taxable gains.

Under the existing system, the signing money received by landowners when entering into a development agreement is subject to a 15% capital gains tax. However, apartments allocated to landowners as part of the development arrangement are currently exempt from such taxation.

The new proposal would change that. Apartments received in place of land will be valued at the current official government valuation for the specific area, known as the mouza value. The acquisition cost of the land will then be deducted, and the remaining amount will be treated as capital gains subject to a 15% tax.

How it would work

Speaking to TBS, a senior official from the National Board of Revenue explained that if a landowner, who purchased a 10-katha plot for Tk50 lakh two decades ago and later handed it over to a developer, could face a substantial tax liability.

In the example cited by the official, the landowner receives Tk50 lakh as signing money and is allocated 10 apartments out of a 20-unit project. If each apartment carries a mouza value of Tk50 lakh, the total value of the apartments would amount to Tk5 crore.

Including the signing money, the landowner's total proceeds would reach Tk5.5 crore. After deducting the original acquisition cost of Tk50 lakh, the taxable gains would stand at Tk5 crore, resulting in a capital gains tax liability of Tk75 lakh.

Tax liabilities would vary depending on location, land valuation and acquisition history. In cases where land was inherited or acquired many years ago at relatively low values, the taxable gain could be significantly higher because the acquisition cost would be comparatively small.

Government-assessed mouza values for both land and apartments are periodically updated by the relevant valuation committee.

Sector insiders estimate that more than 10,000 flats are sold annually in Bangladesh, with the market value exceeding Tk10,000 crore.

Industry raises concerns

Developers and tax specialists have expressed concerns that the proposed measure could encourage under-reporting of property values and increase tax evasion.

MA Awal, former vice-president of the Real Estate and Housing Association of Bangladesh, told TBS, "If such a tax is imposed, there will be a greater tendency to conceal the actual value of transactions. For that reason, it would be more reasonable not to increase taxation in this area."

Snehasish Barua, tax expert and managing partner of Snehasish Mahmud and Company, said taxpayers already tend to understate actual property values.

"If additional taxes are imposed on landowners, the tendency to conceal values may increase further because higher declared income would result in higher tax liabilities," he said.

Industry participants warned that if compliance is effectively enforced and opportunities for concealment are limited, the additional tax burden could ultimately be reflected in higher apartment prices, affecting buyers rather than sellers.

'Substantial revenue generation likely'

NBR officials said the measures could generate substantial revenue. Syed Md Aminul Karim, a former member of the NBR, said, "Even when based on official government valuation, this measure is highly likely to generate substantial revenue."

He thinks transitioning to actual market valuation would yield far greater returns. "Regardless, this remains a commendable step towards boosting state revenue."

Karim further noted that the policy would not place an additional financial burden on ordinary or low-income citizens, as the tax is effectively levied indirectly on substantial wealth and assets.

Remittances sent by Bangladeshi expatriates have continue to surged in the wake of Eid-ul-Azha, with the crucial economic indicator crossing $34 billion with 20 days left in the current fiscal year.

Bangladesh Bank officials estimate that it will exceed $36 billion by the end of the 2025-26 fiscal year on Jun 30.

Bangladesh Bank spokesperson and Executive Director Arief Hossain Khan gave an update on the remittance situation on Friday, stating that expatriates from different countries across the world sent in $1.20 billion in the first 10 days of June, the last month of the outgoing fiscal year.

This figure is about a 26 percent year-on-year jump from the same period last year.

In total, expatriates sent approximately $34 billion in the 11 months and 10 days of the outgoing fiscal year (Jul 1, 2025 to Jun 10, 2025). This is 19.31 percent higher than in the same period in the previous fiscal year and a 12 percent increase from total remittances throughout the entire fiscal year (Jul 1, 2024 to Jun 30, 2025).

If remittances keep pace for the remaining 20 days of June, the total for the month could exceed $3.6 billion, the second highest in a single month. Accordingly, at the end of the fiscal year (Jul 1, 2025 to Jun 30, 2026), the amount will exceed $36 billion.

In the first 10 days of June last year, $956.2 million in remittances came in. The total for the month was $2.82 billion.

Previously, the highest incoming remittances in a single month was in March, with $3.75 billion. Last May saw an inflow of $3.42 billion.

Currently, remittances have crossed the $3 billion threshold for six consecutive months. If that level is passed in June, it will be seven.

Bangladesh celebrated Eid-ul-Azha on May 28. Bangladesh Bank spokesman Arief said that more remittances came in during the month of May as expatriates sent their families additional funds to meet their needs ahead of and during the festival.Regional business directory

The $3.75 billion that came in last March was due to the Eid-ul-Fitr holiday, he said.

Arief told bdnews24.com, “We have seen in the past that remittance flow usually decreases quite a bit after Eid. But this time, even after two Eid holidays, the positive trend in expatriate income transfers has continued.”

“So, all in all, we have calculated that remittances will exceed $36 billion by the end of this fiscal year.”

The Bangladesh Bank official noted there had been fears remittance flows would decrease due to the Iran war. But so far, there has been no impact, he said.

Banks are currently paying Tk 123 per dollar on remittances. Accordingly, expatriates sent Tk 147.98 billion to the country in the first 10 days of June. The daily average was $120.3 million per day, which is Tk 14.78 billion.

Of the economy’s major indicators, remittances are performing the best, helping to keep the gears of the economy turning in the face of adversity.

More than $3 billion in remittances came to Bangladesh each month from December to May.

The number was $3.17 billion in April, $3.22 billion in December, $3.17 billion in January, and #3.02 billion in February.Newspapers

In July, the first month of the outgoing fiscal year, remittance inflow was $2.48 billion. The second month – August – saw $2.42 billion.

September, October and November recorded inflows of $2.68 billion, $2.56 billion and $2.89 billion respectively.

Even in the face of the Iran war and global economic headwinds, remittances have propped up the Bangladesh government’s foreign currency reserves, a significant relief following an extended dollar crunch under the Awami League regime.

On Thursday, the last day of the week, Bangladesh had $30.07 billion in reserves, according to the BPM-6 measure. The gross amount was $34.73 billion.

The government has proposed the introduction of a fully digital e-loan that will allow individuals to obtain up to Tk 50,000 through an online process, aiming to improve access to finance and expand financial inclusion.

Finance Minister Amir Khosru Mahmud Chowdhury unveiled the proposal while presenting the national budget for fiscal year 2026-27 in parliament on Thursday.Personal finance e-book

According to the budget proposal, loans of up to Tk 50,000 may be provided for a period of 12 months through a fully digital process to simplify the receipt and disbursement of small loans.

"The introduction of e-loan has been allowed to simplify the receipt and disbursement of small loans. Loans of up to Tk 50,000 may be provided for a period of twelve months through a fully digital process," the finance minister said in his budget speech.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has welcomed the proposed national budget for the FY2026-27, describing it as broadly business-friendly and reform-oriented.

However, the apparel industry body has also urged the government to incorporate five key demands that it says were not addressed in the budget.

In a statement issued today (13 June), BGMEA said the proposed budget includes several positive initiatives such as policy stability, digitalisation of the tax system, simplification of business startup procedures, incentives for renewable energy, modernisation of the bond and VAT systems and tax benefits for SMEs and women entrepreneurs.

The association said these measures send a positive signal for industry and investment amid global and domestic economic challenges.

BGMEA noted that the ready-made garment (RMG) sector is currently facing significant pressure due to global slowdown and rising production costs.

According to the organisation, during the current fiscal year, export earnings from RMG declined by 3.41%, average unit price fell by 1.55%, and back-to-back L/C openings for raw material imports dropped by 7.93%. It also claimed that around 400 factories have shut down over the past three years.

Against this backdrop, BGMEA placed five key demands before the government.

The demands include reducing the export source tax on garments from 1% to 0.65% and keeping it stable for the next five years; fully waiving the 10% tax deduction at source on cash incentives instead of the recently reduced 5%; and removing the 1% double source tax on subcontract values, along with simplifying VAT exemption procedures for small and medium factories.

The association also called for ensuring that the 12% corporate tax rate for the garment sector and 10% rate for green factories are not increased due to other income sources.

BGMEA also demanded withdrawal of proposed additional import duties on polyester staple fibre (PSF), PVC resin and PET resin, considering the growing potential of man-made fibre-based garment exports.

The association said that after Bangladesh's graduation from the Least Developed Country (LDC) category, reducing production costs, ensuring affordable energy supply, and further simplifying customs and port procedures are essential to remain competitive in the global market.

The government is planning a Tk192.66 crore project to establish a national artificial intelligence (AI) hub and train a new generation of AI professionals, with most of the funding expected to come from a grant by the Korea International Cooperation Agency (Koica).

The project, titled "Fostering Innovative Technology Experts with a Focus on Artificial Intelligence (AI) in Bangladesh", will be implemented by the Bangladesh Hi-Tech Park Authority (BHTPA) under the ICT Division between July 2026 and December 2029.

Of the total cost, Tk159 crore will come from Koica and Tk33.66 crore from the government.

According to project documents, the initiative aims to establish a state-of-the-art AI Hub Center, develop AI curricula, strengthen industry-academia collaboration, support startups and create international employment opportunities.

The project targets training 865 AI and digital technology specialists, establishing 30 AI-based startups, publishing 10 international AI research papers and achieving an 80% employment rate for trainees. It also includes Korean language training for 230 participants and infrastructure development for the AI hub.

The ICT Division recently urged the Planning Commission to quickly approve the project's Technical Assistance Project Proposal (TAPP), warning that delays could jeopardise Koica's proposed $13 million grant.

According to an official letter, the project proposal was sent to the Planning Commission and the Economic Relations Division (ERD) on 1 December 2025, but approval is still pending. As a result, the ERD and Koica have been unable to sign the required Record of Discussion (RoD) and Terms of Reference (ToR).

The ICT Division said Koica is reviewing its project portfolio and considers signed RoDs and ToRs essential for funding decisions. The ERD has also cautioned that delays could put the grant at risk.

Project documents describe Bangladesh as being at a critical stage of digital transformation, with demand for advanced ICT and AI skills far exceeding current capacity. While AI has been identified as a strategic priority under the National AI Policy 2024, existing institutions lack the infrastructure and expertise needed for advanced training and research.

Officials said the proposed AI hub would help bridge the skills gap, support innovation and entrepreneurship, and strengthen Bangladesh's position as a destination for technology investment.

The initiative builds on the government's wider high-tech park strategy. Bangladesh has already established software technology parks in Agrabad, Chattogram and Jashore, alongside IT training and incubation centres in Natore, Rajshahi, Kuet and Cuet, while major projects such as Kaliakoir, Sylhet and Rajshahi Hi-Tech Parks are also operational or under development.

Individual taxpayers will receive refund of the amount paid in excess of due taxes within 60 days of the processing of their tax returns.

The refund will be made under a landmark provision proposed in the Finance Bill 2026 accompanying the new budget.

The refunded amount will be transferred directly into taxpayers' bank accounts electronically, marking a significant shift towards a more taxpayer-friendly and transparent tax-administration system.

Tax experts have described the move as a paradigm shift that could help ensure tax justice and strengthen public confidence in the country's revenue-collection framework.

The new provision, introduced for the first time, will apply to individual taxpayers earning income from salaries, financial assets, and agriculture.

Under the proposal, tax refunds will be generated automatically through the online tax-return portal and transferred electronically within 60 days of the taxpayer's application.

However, the refund will be subject to the completion of return processing, which must be finalized within 120 days.

The Finance Bill further stipulates that "failure to transfer the refund within the prescribed timeframe will be treated as misconduct on part of the responsible tax official".

From the current fiscal year, the National Board of Revenue (NBR) has made online submission of income-tax returns mandatory for individual taxpayers, with only a few exceptions.

A senior tax official says tax -refund mechanisms are a common feature in developed countries and play an important role in building trust between taxpayers and tax authorities.

"We will introduce this system from the next fiscal year to assure taxpayers that they will not have to bear the burden of excess tax payments to the public exchequer," the official says.

Tax expert Snehasis Barua thinks the provision represents a major reform in the country's tax regime and would help strengthen taxpayers' confidence in the revenue administration.

"It is a significant change in tax law and a positive step towards improving trust between taxpayers and tax authorities," he says.

Debabrata Roy, Director-Legal, Regulatory & Scientific and Corporate Affairs at Nestlé Bangladesh, welcomes the initiative, describing it as "beyond imagination" in the context of Bangladesh's tax administration.

However, he notes that effective implementation would be the key challenge.

"The execution of the refund system will be crucial. If implemented properly, automated tax refunds will significantly enhance transparency and accountability in tax administration."

Oil prices fell over $1 on Friday (12 June), extending losses from the previous session after US President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.

Brent futures LCOc1 fell $1.83, or 2%, to $88.55 a barrel at 0410 GMT, while US West Texas Intermediate (WTI) CLc1 crude dropped $1.6, or 1.8%, to $86.11.

Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying discussions with Iran had progressed and a peace deal that would reopen the Strait of Hormuz to shipping could be signed as soon as this weekend.

Iran's semi-official Fars news agency reported that Tehran had not approved the text of any agreement.

"While this could, of course, be yet another false dawn, the market's reaction has been both swift and decisive," said IG market analyst Tony Sycamore.

He added that even as oil prices correct downwards, "as long as the price can hold above support in the low $80s, the risks remain firmly skewed to the upside."

On Thursday, Iran announced "the closure" of the Strait of Hormuz, through which vessel traffic was already severely limited, saying it would fire on any ship trying to pass through the waterway.

The strait normally carries a fifth of global oil and liquefied natural gas shipments and Tehran's months-long blockade has kept energy prices elevated.

State media reported on Friday that Iranian forces prevented a tanker from transiting the Strait of Hormuz without coordination.

The US military said on social media that commercial ships continued to transit the waterway.

"We would be cautious about assuming that the extension of the ceasefire is a done deal. Even if it is, it could be fragile. And clearly, if nuclear talks do not progress, it could very easily fall apart," said ING analysts in a Friday note.

"We believe the market reaches an inflexion point in late July if we do not see oil flows resuming before then. This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per barrel."

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day (bpd) from a previous 1.17 million bpd, marking its second straight downward revision.

The producer group also said consumption would rebound later, raising its demand growth forecast for 2027. It expects 2027 oil demand to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.

Finance Minister Amir Khosru Mahmud Chowdhury has said that large-scale investment must be channelled through the capital market instead of relying excessively on bank-based financing, arguing that Bangladesh needs a fundamental shift in its financial architecture.

He made the remarks while inaugurating a conference titled "Road for Trade, Growth and Economic Diplomacy 2026 – Navigating Risks: Leveraging Resilience" held at a hotel in Dhaka today (13 June).

The conference was jointly organised by the International Trade, Investment and Technology Wing of the Ministry of Foreign Affairs and the Bangladesh Investment Development Authority (Bida), aiming to serve as a working platform for informed policymaking on trade, investment, and economic diplomacy.

Speaking at the event, the finance minister said the current structure of short-term deposits and high-interest lending through banks is "not working well" for either financial institutions or businesses.

"High interest rates, short-term deposits and long-term financing mismatch are not good for anybody – not for banks, not for clients," he said.

He stressed that large investments should raise equity and debt directly from the capital market.

The minister said the existing financial system, heavily dependent on bank loans and high interest rates, is constraining business growth and increasing pressure on the economy.

He also noted that public finance architecture needs to be restructured in line with global changes in financial flows, where borrowing costs from multilateral and bilateral sources have increased significantly.

"The cost of finance is going up globally. Even multilateral lenders who used to lend below 1% have crossed 1% to 2%," he said.

Khosru also said the government is going to form a taskforce to oversee deregulation activities as part of its broader reform agenda to improve the business environment.

Bangladesh Bank Governor Md. Mostaqur Rahman on Friday issued a stern warning against financial fraudsters, declaring that those involved in money laundering will not be allowed to live in peace in Bangladesh.Bangladesh economic report

“We will not let those who have stolen the country’s money and smuggled it abroad stay in peace. The ongoing drive against money launderers will continue,” the central bank governor said.

He made the remarks while addressing journalists on contemporary economic issues, including money laundering and financial sector stability, in the post budget press conference, reports UNB.

The Finance Minister Amir Khosru Mahmud Chowdhury, Power and Energy Minister Iqbal Hasan Mahmud Tuku, NBR Chairman Abdur Rahman, Governor Md Mostaqur Rahman, many other ministers and secretaries of different ministries were present.

Stating that those who have accumulated wealth through illicit financial flows will face rigorous accountability, the Governor added that the central bank, in coordination with relevant state agencies, is actively working to identify and track down stolen assets.

Governor Rahman also assured that specific actions, including legal measures and international cooperation, are being leveraged to bring back the laundered money and penalize the perpetrators.

The central bank chief emphasized that ensuring discipline and transparency in the banking sector remains a top priority for the regulatory body, and no concessions will be made for those involved in rampant corruption and financial irregularities.Personal finance e-book

About the liquidity crisis of different banks including Islami Bank, the governor said that the central bank is taking steps to resolve the problem as soon as possible.

Bangladesh's stock market extended its rally for a fourth consecutive week, driven by optimism over the new leadership of the Bangladesh Securities and Exchange Commission (BSEC) and expectations of market-friendly measures in the proposed FY2026-27 budget.

Despite bouts of profit-taking, investor sentiment remained positive. Over the past four weeks, the benchmark DSEX index has gained 286 points, while average daily turnover has nearly doubled to around Tk1,500 crore, reflecting renewed confidence in the market.

The DSEX rose 45 points during the week to close at 5,520. The blue-chip DS30 gained 5 points to 2,073, while the Shariah-based DSES edged up 0.21 points to 1,067. The SME-focused DSMEX advanced 6 points to 1,115.

Trading activity strengthened further. Average daily turnover increased 11.4% to Tk1,288 crore from Tk1,156 crore a week earlier, taking total weekly turnover to Tk6,438 crore. Market capitalisation, however, slipped 0.43% to Tk6,90,011 crore.

Of the 412 issues traded on the Dhaka Stock Exchange, 183 gained, 173 declined, and 30 remained unchanged, while 26 saw no trading activity.

Market participants said many stocks battered by prolonged selling pressure have reached attractive valuations, encouraging investors to rebuild positions. Confidence was also supported by expectations that the new BSEC commission will strengthen governance, market discipline and investor protection.

The week began strongly, extending the market's winning streak to 10 consecutive sessions. Buying interest was concentrated in banks, financial institutions, insurance companies and fundamentally strong stocks trading at discounted prices.

The rally briefly paused midweek as investors booked profits and adopted a cautious stance ahead of the national budget announcement. However, sentiment improved later as expectations grew for measures to stimulate private-sector growth and support the capital market.

According to BRAC EPL Stock Brokerage, the market maintained an overall positive trajectory, closing higher on three of the five trading sessions. Strong performances by insurance, non-bank financial institutions, telecommunications, and fuel and power stocks outweighed weakness in banking and food sectors.

The General Insurance sector was the week's top performer, gaining 5.94%, while Telecommunications led among large-cap non-financial sectors with a 1.64% rise.

EBL Securities said investors remained optimistic about regulatory reforms under the new BSEC leadership and potential fiscal support in the budget. The brokerage noted that broad-based accumulation of beaten-down stocks drove the early rally, while selective buying later helped the market recover from the midweek correction.

Investor participation was highest in General Insurance, which accounted for 19.3% of total turnover. Engineering followed with 12.9% and Pharmaceuticals with 10.5%.

Among sectors, Services gained 7.8%, Ceramics 6.5% and General Insurance 6.2%. Miscellaneous fell 11.9%, while Travel & Leisure and Jute declined 2.3% and 1.3% respectively.

Analysts say sentiment is gradually improving after a prolonged downturn, supported by expectations of regulatory reforms and policy support. However, they cautioned that sustaining the rally will depend on the implementation of reforms and measures that encourage long-term investment.

Brent crude oil prices fell to their lowest levels since early March as traders grew more confident about an imminent ‌peace agreement between the US and Iran.

Brent futures settled at $87.33 a barrel, down $3.05, or 3.37 percent.

US West Texas Intermediate (WTI) crude finished at $84.88, down $2.83, or 3.23 percent. That was WTI’s lowest level since April 17.

“What’s got the market going down is the Iranians saying there is a memorandum of understanding (with the US),” said John ​Kilduff, partner with Again Capital.

A memorandum between the US and Iran to halt the war in the Gulf could be signed ​as soon as Sunday, a Western source told Reuters on Friday, with Geneva emerging as the likeliest venue.

Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.

US ​President Donald Trump called off threatened air strikes against Iran on Thursday, while Iran’s Mehr news agency reported that final negotiations on the ​memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme.

Iran’s IRNA news agency, meanwhile, said nuclear talks would take place within a 60-day period after a memorandum was signed.

“Headlines are driving the market once again as confidence grows that an eventual deal will be struck and the Strait (of Hormuz) reopens,” said Tamas Varga, an analyst at PVM Oil Associates.

One caveat, however, is that global and regional oil stocks ​are still low and could drift lower, even with a deal, as it would take time to ensure uninterrupted oil flows, he added.

On Thursday, Iran ‌announced ⁠a complete closure of the strait, saying it would fire on any ship trying to pass through. Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.

The US military, however, said on social media that commercial ships continued to transit the waterway.

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“We believe the market reaches an inflection point in late July ​if we do not see ​oil flows resuming before then,” ING ⁠analysts said in a note.

“This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per barrel.”

Again Capital’s Kilduff said an agreement couldn’t come at a better time.

“This really can’t go ​on much longer before there are shortages,” he said.

Goldman Sachs lowered its 2027 average Brent forecast ​to $80 a barrel ⁠on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.

The Organization of the Petroleum Exporting Countries on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day ⁠from a ​previous 1.17 million bpd, its second straight downward revision.

The producer group also said ​consumption would eventually rebound. It expects oil demand in 2027 to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.

The proposed national budget for FY2026–27 has set the stage for a sweeping transformation of the country's capital market, with a clear pivot toward long-term structural reform and sector-driven growth.

Presented by Finance Minister Amir Khosru Mahmud Chowdhury, the Tk9.38 lakh crore budget signals a decisive move away from short-term retail incentives toward building a deeper, more institutionalised market. The result is a sharply differentiated landscape where policy support is concentrated on high-growth industries, while traditional sectors and retail investors face new pressures.

Pharmaceuticals lead sectoral gain

Pharmaceutical companies are among the biggest beneficiaries, gaining from a series of duty cuts and tax exemptions.

The government has reduced import duties on key raw materials used in the production of cancer drugs, Active Pharmaceutical Ingredients (APIs) and medical equipment, with some items receiving full exemptions until 2030.

These measures are expected to lower production costs and enhance export competitiveness for major listed firms such as Square Pharmaceuticals, Beximco Pharma, Renata and Beacon Pharma.

According to EBL Securities, the policy support will strengthen Bangladesh's position as a growing pharmaceutical exporter while encouraging domestic manufacturing of high-value medical products.

Tech and telecom sectors get digital boost

The technology and telecommunications sectors have also emerged as key winners, driven by policies aimed at accelerating digitalisation and local manufacturing.

The budget proposes a reduction in Advance Income Tax (AIT) on IT hardware from 5% to 2%, along with full duty exemptions on laptops, desktops and computer components until 2030, measures expected to significantly reduce costs for both consumers and businesses.

In the telecom sector, operators such as Grameenphone and Robi stand to benefit from the withdrawal of a 20% withholding tax on regulatory payments and the elimination of the Tk300 SIM card tax. These changes are expected to improve cash flow, lower customer acquisition costs and potentially revive growth in the mobile market, according to a research report by Sheltech Brokerage.

EV and energy sectors gain long-term incentives

In a forward-looking move, the government has extended strong policy support to the electric vehicle (EV) and renewable energy sectors.

EV manufacturers will enjoy steep duty concessions, with only 3% import duty on raw materials for high-value-added production and tax exemptions until 2031, complemented by duty-free imports of charging infrastructure and reduced vehicle registration costs.

According to Sheltech Brokerage, companies such as Runner and Walton are expected to benefit from these incentives, which aim to position Bangladesh as a regional hub for EV manufacturing.

The solar power sector has also received a significant boost, with tax exemptions extended until 2035 and duty waivers on key components. Analysts believe these measures will improve project viability and attract fresh investment into renewable energy. Key beneficiaries are expected to include Summit Power, Beximco, Confidence Cement and Paramount Textile.

Agriculture and consumer sectors see cost relief

The agriculture sector has received targeted support through duty exemptions on key feed ingredients and VAT relief on fertiliser trading. These measures are expected to lower production costs for companies such as Index Agro and Aman Feed, with potential downstream benefits for farmers and consumers.

Consumer-facing industries are also set to benefit from reduced input costs. Lower duties on raw materials used in household cleaning products and personal care items are expected to improve margins for manufacturers, with Kohinoor Chemical and Marico among the key players in the sector.

Tobacco, steel under pressure

Not all sectors have fared well under the new budget.

The tobacco industry faces one of the steepest tax hikes, with supplementary duties of up to 350% imposed on key raw materials and products. The increased burden is expected to significantly compress margins for companies such as BAT Bangladesh.

The steel sector, meanwhile, is grappling with higher input costs following an increase in duties on ferroalloys, likely impacting major players such as BSRM and GPH Ispat in the near term.

Shipping faces regulatory tightening

The shipping and port sectors face new challenges under stricter regulations. The government has reduced the maximum allowable age for imported ships from 25 years to 10 years, significantly raising capital expenditure requirements. The mandatory holding period before selling vessels has also been extended from three to five years, limiting operational flexibility for firms such as Bangladesh Shipping Corporation and MJL Bangladesh.

Financial sector sees mixed impact

The financial services sector presents a mixed picture. Banks, non-bank financial institutions and insurance companies will benefit from tax exemptions on stock dividends, which are expected to support capital strengthening. However, the introduction of mandatory Tax Identification Number (TIN) requirements for opening most bank accounts may slow account growth, particularly in rural areas.

Policy shift reshapes market dynamics

At the heart of the budget is a structural overhaul aimed at transitioning Bangladesh from a debt-led to an investment-driven economy. The government has prioritised capital market development through reforms in taxation, listing procedures and financial instruments.

A key highlight is the shift in Tax Deducted at Source (TDS) from a "minimum tax" to an "advance tax" system, a move widely welcomed by market intermediaries.

According to a budget research paper by BRAC EPL Stock Brokerage, this shift effectively ends a persistent liquidity trap where non-refundable final tax settlements previously depleted operating capital regardless of a company's actual profitability. By making the tax adjustable and refundable, the government has addressed a decade-old grievance, potentially boosting the operational capacity of brokers, asset management companies and the stock exchanges.

Retail investors feeling the squeeze

Perhaps the most controversial aspect of the budget is its impact on individual retail investors. The government proposes reducing the tax rebate rate from 15% to 10% and lowering the maximum investment ceiling for rebates from Tk10 lakh to Tk7.50 lakh.

Zuhaier Shams, a senior research executive at Sheltech Brokerage, warned that these measures could discourage middle-class participation in the market.

Rehan Kabir of EBL Securities noted that the stock market remains a viable investment avenue, given the absence of the rigid restrictions found in savings certificates. However, the psychological impact of a reduced rebate may weigh on retail sentiment. The withdrawal of the 20% flat tax on dividend income in favour of standard corporate tax rates is also likely to affect the bottom line of market intermediaries.

The tax exemption for individual investors on income from zero-coupon bonds has been scrapped, after the government removed the benefit in the proposed budget for FY2026–27.

A zero-coupon bond is a debt instrument that does not pay periodic interest. Instead, it is issued at a deep discount to its face value, generating a return when the investor receives the full-face value at maturity.

With the removal of the tax benefit, individual investors who earn income from zero-coupon bonds must now include such earnings when calculating their taxable income and pay taxes accordingly, capital market analysts and investors say.

They said the tax exemption had gradually drawn individual investors toward zero-coupon bonds, and its withdrawal may discourage further investment in such instruments.

The government had earlier introduced the tax break to encourage individual participation in the zero-coupon bond market and support the broader development of the bond market. The rebate had been in place for nearly two decades.

The tax exemption on income from zero-coupon bonds was introduced for eligible investors through the Finance Act for FY2007–08, effective from 1 July 2007.

Under the sixth schedule of the Income Tax Act, subject to prescribed conditions, any income arising from a zero-coupon bond received by an individual, other than a bank, insurance company or financial institution, was excluded from the calculation of taxable income.

The conditions required that the zero-coupon bond be issued by a bank, insurance company or financial institution with the prior approval of Bangladesh Bank or the Bangladesh Securities and Exchange Commission (BSEC), or by any other institution with similar prior approval from either regulator.

For the purposes of this provision, the term "zero-coupon bond" also included zero-coupon Islamic investment certificates.

In the Finance Bill for FY2026–27, clause 25 of Part 1 of the sixth schedule, which provided the exemption, has been removed.

The issuance of various bond types including perpetual, subordinated, zero-coupon and coupon-bearing bonds has been on the rise following approvals from the capital market regulator, BSEC.

According to BSEC's annual report, 11 companies raised Tk6,675 crore through zero-coupon bond issuances in FY2023–24. However, only one company raised Tk171 crore through such instruments in FY2024–25.

In March this year, BSEC approved City Sugar Industries to raise Tk1,300 crore and Akij Food and Beverage to raise Tk500 crore through zero-coupon bond issuances.

Listed non-life insurer Global Insurance has declared a 10% cash dividend for the year ended 31 December 2025, maintaining the same payout as the previous year.

The dividend, equivalent to Tk1 per share with a face value of Tk10, was approved at a board meeting on Thursday following the adoption of the company's audited financial statements.

Despite the unchanged dividend, the insurer's earnings declined during the year. Earnings per share (EPS) fell 18.35% year-on-year to Tk1.29 in 2025 from Tk1.58 a year earlier.

However, cash generation improved significantly. Net operating cash flow per share rose to Tk1.64 from Tk0.26 in the previous year, while net asset value per share (NAVPS) increased slightly to Tk14.83 from Tk14.54.

Following the dividend announcement, the company's shares fell 2.06% to Tk38 on the Dhaka Stock Exchange (DSE), indicating a modest negative reaction from investors.

Global Insurance will hold its 26th annual general meeting (AGM) on 18 August through a digital platform to seek shareholder approval of the audited financial statements, dividend proposal and other agenda items. The record date has been fixed for 20 July 2026.

Listed on the stock exchanges in 2005 and classified under the 'A' category, Global Insurance conducts general insurance, guarantee and indemnity business, excluding life insurance.

As of May 2026, sponsor-directors held 35.32% of the company's shares, institutional investors owned 12.62%, and the general public held the remaining 52.06%.

The World Bank has revised Bangladesh's growth prospect into down trajectory as it forecast the Gross Domestic Product (GDP) growth at 4.6 per cent in the upcoming fiscal year (FY) 2026-27.
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It has also downgraded Bangladesh's GDP growth projection for the outgoing FY2026 by 0.8 percentage point to 3.8 per cent from its 4.6 per cent forecasted in January 2026 report, the Global Economic Prospect (GEP) report, unveiled by the World Bank on Friday.

Bangladesh's economic growth for the next fiscal is likely to be lowered by 1.50 percentage point to 4.6 per cent from that of 6.10 per cent, the global lender forecasted in its January GEP report.

The growth forecast by the global lender for the next fiscal has been cut to only 4.6 per cent when Bangladesh government has taken a target to achieve 6.5 per cent GDP growth in the next fiscal.

The global lender in its latest GEP report said the conflict in the Middle East is expected to slow global growth to the lowest rate since the onset of the COVID-19 pandemic amid higher energy prices, steeper inflation, and increased borrowing costs.

The global growth is forecast to slow to 2.5 per cent in 2026, down from 2.9 per cent in 2025, the WB GEP report added saying forecasts for two-thirds of economies have been downgraded relative to January this year.

Global growth is expected to improve to 2.8 per cent in 2027 but will remain 0.4 percentage point below the average during the 2010s.

The World Bank said: "The disruptions to commodity markets and international trade resulting from the conflict in the Middle East have led to shortages of energy and agricultural products and put upward pressure on energy and food prices in South Asian Countries (SAR)."Market trend analysis

Although the inflation has still generally remained within or below central banks' target ranges, but in Bangladesh the inflation has stayed elevated, alongside tight monetary policy.

"In Bangladesh and Nepal, domestic political uncertainties have waned, but private activity has been constrained by increased input costs and weaker investor sentiment. In these economies, the financial sector remains fragile, with subdued credit growth and deteriorating asset quality," the GEP report stated.

"Fiscal balances in the region are set to deteriorate in 2026. In several economies, including Bangladesh, Bhutan, India, and Maldives, fiscal deficits are anticipated to rise, partly owing to increases in subsidies intended to counteract the surges in energy prices," the WB report projected.

The World Bank said the weak growth in developing economies has stalled progress toward advanced-economy income levels. By 2028, developing economies other than China and India will have collectively experienced nearly a decade of no progress on narrowing their per capita income gap with advanced economies, the report finds.

"Developing countries have faced a series of challenges over the last decade," said Ajay Banga, President of the World Bank Group.

According to the report, the closure of the Strait of Hormuz has severely disrupted energy markets, with Brent crude oil prices projected to average $94 a barrel in 2026, 36 per cent above 2025 levels, assuming the worst disruptions abate in July.
Fertiliser prices are forecast to increase significantly this year, with knock-on effects for food prices. Together, these pressures are pushing up global inflation, which is expected to rise to 4.0 per cent this year, up substantially from 3.3 per cent in 2025, the GEP report said.

About the global economy, the WB said if energy supply disruptions prove more severe than currently assumed and are accompanied by substantial financial stress, global growth could fall to just 1.3 per cent in 2026, and inflation would rise to 4.4 per cent.

The Dhaka Stock Exchange (DSE) and the DSE Brokers Association of Bangladesh (DBA) have welcomed the proposed budget, saying its reform measures will strengthen the country's capital market, restore investor confidence and create a more investment-friendly environment.

In a statement, DSE Chairman Mominul Islam said the budget reflects the government's commitment to improving market governance and ensuring the long-term stability of the capital market.

He welcomed initiatives aimed at enhancing coordination among regulatory authorities and capital market institutions, saying the measures would improve transparency, accountability and overall market efficiency.

Mominul also appreciated the simplification of the Non-Resident Investor's Taka Account (Nita) operating process, noting that it would help attract both domestic and foreign investment while increasing market depth.

Referring to the DSE's ongoing reforms, he said the exchange has already taken steps to shift from the current T+2 settlement cycle to T+1 and eventually T+0, which would significantly improve settlement speed, safety and efficiency in line with international standards.

The DBA also termed the proposed budget timely and investment-friendly.

In a separate statement, DBA President Saiful Islam said the budget demonstrates a strong commitment to building a transparent, credible and robust capital market capable of supporting long-term investment financing, industrialisation and economic growth.

He highlighted several key initiatives, including strengthening the regulatory framework, enhancing investor protection, improving governance and accountability, expanding the bond market, promoting corporate bonds, mutual funds, green bonds and sukuk, simplifying the listing process, making disclosure systems more transparent and business-friendly, introducing municipal bonds, and encouraging equity-based financing over excessive reliance on bank lending.

According to Saiful, these initiatives could open a new horizon for the development of Bangladesh's capital market.

He added that the budget's clear policy commitment to positioning the capital market as a key driver of the economy, if effectively implemented, would attract both domestic and foreign investment, enable entrepreneurs to raise capital more easily, and accelerate employment generation and industrial growth.

Noting that the story of Bangladesh-China relations extends far beyond the fifty years of formal diplomatic ties, experts from both countries at a book launching-cum-seminar have said the next 50 years promise even greater opportunities for both nations and for the wider region with vision, patience, and continued cooperation.

Ahead of Prime Minister Tarique Rahman's scheduled visit to China later this month, the experts highlighted that understanding history is essential for shaping the future and that the friendship between Bangladesh and China, nurtured over generations, remains a bridge connecting civilisations, economies, and people.

The event marking the formal launching of the book titled "50 Years of Bangladesh-China Relations: Achievements, Challenges & Prospects" was held at Baridhara in the capital on Friday (12 June) evening as part of the Cosmos Dialogue hosted by Cosmos Foundation, the philanthropic arm of the Cosmos Group.

The seminar was chaired by Cosmos Foundation President Iftekhar Ahmed Chowdhury. The book is co-edited by Cosmos Foundation Chairman Enayetullah Khan and Professor Imtiaz Ahmed.

Air Vice Marshal (retd) Altaf Hossain Chowdhury, MP, distinguished fellow of the Centre for Policy Dialogue and eminent economist Debapriya Bhattacharya, Barrister Ahmad Bin Quasem Arman, MP, Chargé d'Affaires of the High Commission of Singapore in Dhaka Mitchel Lee, Cultural Counsellor at the Embassy of China Li Shaopeng, Executive Member (Planning and Development) of the Bangladesh Economic Zones Authority Major General (Retd) Md Nazrul Islam, Director General of the Bangladesh Institute of International and Strategic Studies Major General ASM Ridwanur Rahman, Chinese Enterprises Association in Bangladesh President Han Kun, and former deputy press secretary of the interim government Abul Kalam Azad Majumder were also present.

The speakers discussed the PM's upcoming official visit to China, as the two countries eye new investment agreements, infrastructure projects, and economic initiatives that are expected to strengthen cooperation further.

Plans for the modernisation of Mongla Port, the Teesta River Comprehensive Management and Restoration Project, and discussions on a future Free Trade Agreement were seen as important steps toward shared prosperity.

From the next fiscal year, a 15 percent capital gains tax may apply when selling gold, jewellery, digital currencies, or club memberships.

Finance Minister Amir Khosru Mahmud Chowdhury proposed the measure in the Finance Bill 2026 while presenting the national budget for the fiscal year 2026-27 in parliament on Thursday.

Under the proposal, profits from selling or transferring gold, silver, jewellery, precious stones, diamonds, coins, digital currencies, artworks, antiques, and club memberships declared in a taxpayer’s return will be treated as capital gains and taxed at 15 percent.

Capital gains from securities will also be taxed at 15 percent, including treasury bills, bonds, savings instruments, debentures, sukuk and other shariah-based securities, as well as shares or stocks issued by companies and other entities.

The government has proposed the tax on gold and jewellery at a time when prices have risen sharply in recent years.

Gold was priced at Tk 1.72 lakh per bhori on June 5, 2025. It then rose steadily to Tk 2.24 lakh per bhori on June 13, 2026. Earlier, on January 29 this year, it had reached Tk 2.86 lakh per bhori, the highest level in Bangladesh’s history.

After falling four times in a row, gold prices in the domestic market rose again yesterday, driven by higher international prices of pure gold, prompting the Bangladesh Jewellers Association to adjust local rates.

Yesterday, the price of 22-carat gold increased by Tk 6,590 per bhori, bringing it to Tk 224,940 per bhori.

Industry insiders fear the new tax may discourage formal transactions, encourage asset concealment, and create difficulties for people needing to sell gold during financial emergencies.

INDUSTRY OPPOSITION

Enamul Haque Khan, president of the Bangladesh Jewellers’ Association, has called the proposed capital gains tax on gold “illogical and unacceptable” for the industry.

“We are already preparing a response and will announce a protest programme seeking its withdrawal,” he said.

He argued that gold should not be treated like a regular financial asset for taxation, saying, “Gold is usually kept as gold, not converted into cash. Globally, it is measured by weight, not value.”

Khan warned that traders may become reluctant to sell gold if the tax is imposed.

Comparing the proposal with VAT, he said that while VAT compliance has improved over time, adding or replacing taxes with a capital gains tax would not bring major benefits and would instead make the tax system more complicated.

He also said the measure could discourage formal transactions, reduce transparency, and create unintended effects in the gold market.

Using a train analogy, he said the sector must work as a single system, adding, “All parts need to function together. If policies are applied partially, the system will not run smoothly.”

INCENTIVES FOR THE JEWELLERY SECTOR

Despite the proposed tax, the jewellery sector has also received budget incentives expected to support business growth.

The finance minister has proposed replacing the existing 5 percent VAT with a fixed VAT of Tk 2,500 per bhori of gold.

The government has also proposed reducing the tax deducted at source on purchases of gold, silver, jewellery, precious stones, diamonds and platinum from 5 percent to 0.5 percent.

Under this proposal, any individual or business buying these items will have to deduct 0.5 percent tax at source from the seller at the time of purchase.

However, Khan said these incentives would have little impact if the government proceeds with the 15 percent capital gains tax.

NBR DEFENDS PROPOSAL

Officials of the National Board of Revenue have rejected the industry’s criticism, with a senior official saying, “We have included the provision in line with global standards.”

On club memberships, the official said the rule would apply to registered clubs mainly used by higher-income groups.

The finance minister has also proposed a 10 percent tax deducted at source on fees for joining, renewing, transferring or changing club memberships.