Bangladesh Bank (BB) has set a target of disbursing agricultural and rural loans worth Tk 600 billion during the fiscal year (FY) 2026-27 with an aim to give an impetus to rural economy and farm productivity.

The disbursement target is 53.85-percent higher than Tk 390 billion set for the previous fiscal.

To achieve the target within the stipulated time, the central bank also instructed the commercial banks concerned to allocate at least 4.0 per cent of their total lending to the agricultural sector in place of the existing ceiling of 2.50 per cent.

Of the total target, state-owned commercial and specialised banks have been assigned to disburse Tk 205 billion while private and foreign commercial banks will have to disburse Tk 395 billion during the current fiscal.

The BB disclosed the new target unveiling details of the Agricultural and Rural Credit Policy and Programme for FY2026-27 on Monday at a press briefing after a meeting with top executives of the commercial banks at its headquarters.

The new policy has laid emphasis on ensuring credit access for genuine farmers, expanding financing in fisheries and livestock sectors, and supporting rural economic activities.

Under the policy, local agricultural extension officers, assistant agricultural officers, fisheries officers and livestock officers will play their roles in identifying genuine farmers.

Information from 'farmer card' issued by the government may also be used for the purpose.

After unveiling the policy, BB Deputy Governor Dr Md Habibur Rahman said the share of the agriculture sector in the country's GDP is more than 10 per cent but the share of farm lending in the financial sector is only 2.50 per cent, which is very insufficient.

As the government plans to largely promote the agriculture sector, which is one of the strongest pillars of the economy, the share of farm lending has been raised to 4.0 per cent, he said.

And the banks concerned have been directed to take necessary steps in attaining their credit-disbursement targets.

The latest policy has also eased some requirements for borrowers in the fisheries and livestock sectors.

Banks have also been instructed to provide loans to organised groups of farmers and relax the prescribed membership limit wherever necessary.

Loans of up to Tk 0.5 million in the fisheries and livestock sectors will be eligible for collateral-free financing.

Banks have also been advised to consider alternative forms of security, including personal, social and group guarantees, particularly for women and marginal farmers.

The central bank has instructed banks to ensure that borrowers are not charged fees or charges beyond those prescribed under the policy.

It has also sought to simplify the process of obtaining loans under contract farming arrangements.

The policy has incorporated provisions for revising the operational guidelines of the Bangladesh Bank Agricultural Development Common Fund (BBADCF) and facilitating loans to organised farmers and farming groups.

It has also allowed financing for hatchery fish fry production, poultry chicks and duck rearing.

Two separate refinancing facilities --Tk 100 billion and Tk 30 billion--have been incorporated in the policy framework.

To address the impact of climate change, the policy also seeks to bring agricultural borrowers and customers under insurance coverage based on mutual agreements between banks and farmers.

New crops and agricultural activities, including sweet potato, ash gourd, mixed grains, rosemary, asparagus, sweet potato varieties, rubber fruit and egg-shell-based fertiliser production, have also been brought under the agricultural and rural credit programme.

Under the policy, financing provisions determine specific loan disbursement schedules, crop-cutting dates, and harvest-based repayment timelines for high-value and seasonal crops like banana, papaya, mango, lemon, guava, chilli, and lychee

BB Spokesperson and Executive Director Arief Hossain Khan said providing adequate financing to the agricultural and rural sectors is essential for reducing poverty, creating employment, increasing incomes of marginal and poor people, and establishing a sustainable economy.

He also said the central bank expects the new policy to contribute to higher agricultural production and supply, employment and income growth in rural areas while supporting overall macroeconomic stability and sustainable development.

Hailing the new policy, Managing Director and Chief Executive Officer of Southeast Bank PLC Md. Khalid Mahmood Khan said the agriculture sector is the backbone of the economy and the bank has already intensified its focus on that area.

Citing data, the seasoned banker said his bank financed Tk 8.0 billion in the previous fiscal (FY'26).

The bank needs to give loans equivalent to Tk 14 billion in this fiscal under the new policy, which is achievable.

He further said the bank instructs their officers to focus more on selection of the borrowers through cross-checking with the data of concerned government offices and regular post-disbursement monitoring to ensure proper usage of the fund.

Already struggling under a huge non-performing loan crisis and a severe demand slump, Bangladesh's banking sector faces another challenge: escalating legal battles between banks.
Rising disputes over Inland Bill Purchase (IBP) facilities and Letter of Credit (LC) bank guarantees have entangled over Tk12,000 crore in Money Loan Courts countrywide, signalling a breakdown in inter-bank trust.

One such case is a 23-year-old dispute between Uttara Bank and Sonali Bank that began in 2002 over 57 post-dated cheques issued by Chattogram Tobacco Company.
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Chattogram-based Prime Global Ltd presented the cheques to Uttara Bank and obtained IBP financing against them. The cheques were drawn on Sonali Bank accounts, which endorsed each as "Good for Payment" and later reconfirmed the assurance in writing.

Relying on the assurance, Uttara Bank extended around Tk15.46 crore in IBP financing to Prime Global. But all 57 cheques were dishonoured between November 2002 and February 2003.

Uttara Bank subsequently filed a case with a Dhaka money loan court in 2003, seeking around Tk17.88 crore. The court issued a decree against Sonali Bank in 2006.

Sonali Bank challenged the decree in the High Court in 2007, but its petition was dismissed. It then appealed to the Appellate Division, which upheld the verdict in August last year.

The Money Loan Court has yet to implement the decree, leaving Uttara Bank unable to recover the money. Repeated calls and text messages to Sonali Bank Managing Director Shawkat Ali Khan seeking comment on the matter went unanswered.

Mohammad A (Rumee) Ali, former chairman of AB Bank, said many countries use arbitration tribunals to settle such disputes, while courts in developed countries often require parties to pursue alternative dispute resolution (ADR) before litigation.

"Bangladesh could adopt such mechanisms," he said, calling for clear guidelines empowering the central bank to act against banks whose conduct leads to such disputes.

Tk12,000cr stuck in legal battles

Data from the Supreme Court and money loan courts show that 7,354 such cases, involving nearly Tk12,000 crore, were pending nationwide as of June. Four money loan courts in Dhaka accounted for 3,634 cases involving Tk6,500 crore.

Banks filed around 578 lawsuits against other banks in January-June this year, involving nearly Tk2,000 crore. The number was 843 in 2025, involving around Tk2,000 crore; 715 in 2024, Tk1,200 crore; 1,123 in 2023, Tk2,500 crore; and 1,223 in 2022, Tk3,000 crore.

Despite the volume of litigation, case disposal remains very low.

Supreme Court data show that only 72 cases involving around Tk300 crore were disposed of in 2025, compared with just 26 cases involving about Tk80 crore in 2024.

When can a bank sue another bank

IBP is a commercial financing facility offered by banks. Under the facility, banks provide cash or advance payment against bills or documents to individuals or suppliers soon after goods are delivered, typically against a domestic LC or a sales contract.

Imran Ahmed Bhuiyan, banking and company law expert, told TBS that Section 2(c)(2) of the Money Loan Court Act 2003 covers liabilities arising from IBP, guarantees, indemnities, LCs and other financial arrangements.

He said LCs are widely used in domestic and international trade, where one bank may act as a guarantor for another. In domestic trade, banks commonly use the IBP system.

"Such arrangements may involve two local banks or a local bank and a foreign bank," he said. "If the guarantor bank fails to pay the negotiating bank, the latter can file a case to recover the outstanding amount."

Banks can also sue over indemnities. For instance, one bank may issue a written indemnity guaranteeing payment to a customer or settlement of an LC bill, he added.

"If the customer receives the money but fails to repay, the bank that made the payment can sue the indemnifying bank to recover the amount," said the expert.

First inter-bank lawsuit

Velvet Textile Mills opened an LC through City Bank's Principal Office in Motijheel in 2001 to purchase cotton from Square Yarn, a cotton producer. The LC was worth around $40,000.

Square Yarn maintained its banking relationship with Mercantile Bank's Motijheel Main Branch. City Bank was the issuing bank, while Mercantile Bank was the negotiating bank.

After the shipment, Square Yarn sent the shipping documents to City Bank through Mercantile Bank. City Bank found the documents in order and assured Mercantile Bank that payment would be made within 120 days.

Based on that assurance, Mercantile Bank paid $40,000 to the seller. However, City Bank failed to reimburse Mercantile Bank even after three years.

Mercantile Bank subsequently filed a case against City Bank in Dhaka Money Loan Court-1 in 2004 to recover the outstanding amount.

In 2006, the court issued a decree in favour of Mercantile Bank for around Tk35 lakh, including interest, and City Bank subsequently paid the amount.

A lawyer who represented Mercantile Bank told TBS that it was the first case in Bangladesh in which one bank sued another under the Money Loan Court Act 2003.

MA Shahjahan, then manager of Mercantile Bank's Main Branch, said domestic LCs were also denominated in US dollars at the time. "Bangladesh Bank made taka mandatory for domestic trade transactions only about six months ago."

Slow case disposal

In 2013, Jamuna Bank sued Premier Bank at the Chattogram Money Loan Court. Jamuna Bank had guaranteed four LCs opened by a businessman to import goods from abroad and is seeking around Tk8 crore. Court officials said the case is still pending.

In early 2023, Premier Bank filed a case against Bangladesh Krishi Bank with Dhaka Money Loan Court-1, seeking Tk9 crore. Court sources said Krishi Bank had acted as guarantor for a customer's LC but failed to make the payment on time. The case remains unresolved.

What BB says

Bangladesh Bank spokesperson and Executive Director AriefHossain Khan said the Arbitration Act provides for resolving disputes between banks.

He said such disputes sometimes arise over LCs, but cases are not necessarily filed solely against the bank. The party involved in the underlying transaction is also made a defendant.

"When the court finds the bank liable, it issues a decree against the bank," he said. "The Bangladesh Bank has issued guidelines to help resolve such disputes, but their disposal ultimately falls under the courts' jurisdiction."

Commercial importers of solar equipment will now be entitled to concessional tax treatment similar to that available to manufacturers, following a clarification issued by the National Board of Revenue (NBR).

The NBR on Monday issued an instruction to all field-level customs offices, simplifying the import procedure for solar power equipment under the tax waiver scheme to facilitate faster clearance of such goods at ports.

Although the government offered tax benefits in the current fiscal year's budget to accelerate the adoption of renewable energy, businesses subsequently raised concerns over complexities in availing the concessions.

Customs officials at field offices were also reportedly uncertain about allowing the concessions because of ambiguities in the relevant provisions.

Against this backdrop, the NBR's Customs Policy Wing - in its latest directive signed by Md Tareq Hasan, first secretary (Customs: Policy and IT) of the NBR - clarified the applicable customs duties, taxes, and Customs Procedure Codes (CPCs) for imports of solar power equipment.

Research Director of the Centre for Policy Dialogue Dr Khondaker Golam Moazzem says the directive would help address concerns among solar equipment importers over availing the benefits.

"It was a longstanding demand of commercial importers providing engineering, procurement, and construction (EPC) services to allow them to avail the same tax benefits," he says.

"It is a significant step. Commercial importers will be able to avail the tax rebate if they are involved in manufacturing later," he adds.

Even general importers, except for commercially registered importers or manufacturers, will also be able to avail the benefit, according to the clarification.

The directive aligns with the finance minister's pledges in the budget as well as the government's political assurances to facilitate the transition to renewable energy.

It clarifies the duty exemptions and applicable CPCs for solar photovoltaic modules, panels, inverters, and other related equipment.

The clarification came after the same HS code for solar photovoltaic modules and panels - 8541.43.00 - appeared in two separate notifications, creating confusion among importers and customs officials.

According to the directive, solar panels under HS code 8541.43.00 should be cleared under Notification No 191-Law/2025/13/Customs, while other relevant items should be cleared under Notification No 159-Law/2026/14/Customs, with the appropriate CPC mentioned in the Bill of Entry.

The NBR also addressed a clerical error concerning solar inverters in the 2026 notification.

Although the notification mentioned HS code 8504.40.40, the correct code is 8504.40.90.

The NBR said the product description - "Solar Inverter" - would prevail in determining eligibility for the duty exemption.

Therefore, the clerical error will not deprive eligible importers of the benefit.

For manufacturing companies importing capital machinery to establish solar power plants, the applicable customs duty will be 1.0 per cent, subject to fulfilment of the prescribed conditions.

Commercial importers, however, will have to pay 1.0 per cent customs duty, along with 7.5 per cent advance tax and 5.0 per cent advance income tax.

The advance tax and advance income tax will subsequently be adjustable in accordance with the applicable tax provisions.

Mostafa Al Mahmud, president of the Bangladesh Sustainable and Renewable Energy Association (BSREA), says the tax burden remains comparatively high because of the 15 per cent VAT, taking the total tax incidence to 17 per cent.

"We held a meeting at the NBR following the call from the Customs Wing," he says.

The government could consider waiving VAT while retaining only 2.0 per cent advance income tax for commercial importers, he says.

"Solar equipment imports will see a significant rise if the government considers VAT exemption for the sake of rapid growth of solar energy," he adds.

The directive was sent to customs houses in Dhaka, Chattogram, and Mongla, as well as the Ministry of Power, Energy and Mineral Resources, Bangladesh Investment Development Authority (BIDA), Sustainable and Renewable Energy Development Authority (SREDA), and relevant trade bodies, including BSREA.

The clarification is expected to reduce disputes and delays in the clearance of solar equipment by providing customs officials and importers with a uniform interpretation of the relevant notifications and duty provisions.

The government has taken an initiative to establish economic zones on the land of the closed Latif Bawany Jute Mills Limited and Karim Jute Mills Limited in Demra, Dhaka, and Kushtia Sugar Mills Limited.

The move aims to put long-unused industrial assets back into productive use, attract domestic and foreign investment, establish new industries and create jobs, according to officials of the Bangladesh Economic Zones Authority (Beza).
The decision was taken at a meeting of Beza's governing board in August. Under the plan, the land of the three state-owned enterprises will be transferred to Beza to facilitate the establishment of economic zones and expand investment activities.The proposed zones will require infrastructure such as internal roads, gas, electricity and water supply to create an investment-friendly industrial environment, officials said.

Beza officials said the success of Adamjee Export Processing Zone, developed on the site of the former Adamjee Jute Mills, is being considered an example for putting the land of closed factories to productive use.
133 acres in Demra

Latif Bawany and Karim Jute Mills in Demra have been closed since 2000 due to persistent losses. The factories were established in 1953 and 1954 respectively and brought under the Bangladesh Jute Mills Corporation in 1972.

Karim Jute Mills has around 50 acres of land, while Latif Bawany Jute Mills has about 83 acres. Together, the two sites offer around 133 acres for new economic activities.

The government hopes the proposed economic zones will turn the long-idle industrial land into new centres of production and investment.

220 acres of Kushtia Sugar Mills

The government also plans to establish an economic zone on 220 acres of land belonging to Kushtia Sugar Mills.

Established in the 1965-66 fiscal year, the sugar mill initially operated profitably but began incurring persistent losses after the 1990s. Its production was eventually suspended in 2020 due to continued losses.

The factory's machinery, worth hundreds of crores of taka, has remained unused and is gradually deteriorating. Although there had been a decision to restart the mill after years of closure, the plan was not implemented. The latest initiative seeks to use its 220 acres for new economic activities instead.

Contacted, Saleh Ahmed, executive member (Investment Promotion) of Beza, told TBS, "We are now working on how the transfer process will be carried out. In this regard, we are considering Adamjee Jute Mills as an example."

He said they want the process to follow the same approach as Adamjee, where the government settled the mill's liabilities and handed over the land to Bepza.

"We are working on transferring the land of these closed mills after the government settles all their outstanding liabilities," Saleh added.

To come under Invest Bangladesh Authority

The proposed economic zones may eventually come under the planned Invest Bangladesh Authority, officials said.

Parliament recently passed the "Invest Bangladesh Bill, 2026", paving the way for a single investment development agency by abolishing Beza, the Bangladesh Investment Development Authority and the Bangladesh Public-Private Partnership Authority.

The law allows industrial areas or establishments to be transferred to or from the new authority under mutually agreed terms.

Accordingly, the government may, in consultation with the governing board, transfer industrial establishments or areas owned by other authorities or agencies to Invest Bangladesh Authority.

Similarly, industrial areas or establishments under the authority may be transferred to other agencies for development, operation and management.

Beza officials said this provision could allow the proposed economic zones to eventually be managed under an integrated investment development framework.

Adamjee EPZ sets example

The Adamjee site demonstrates how unused industrial assets can be transformed into productive economic centres.

After independence, the jute mill was nationalised and later came under the management of Bangladesh Jute Mills Corporation. However, prolonged losses, weak management, technological limitations and labour unrest pushed the mill into crisis.

The government eventually shut down the mill on 30 June 2002 after years of losses.

On 1 December 2004, the government decided to hand over the mill's land to the Bangladesh Export Processing Zones Authority. The Adamjee EPZ was formally inaugurated in 2006 by then Prime Minister Khaleda Zia.

According to data, the 292.62-acre Adamjee EPZ now has 276 industrial plots, with 47 enterprises in operation. Since its establishment, the EPZ has attracted $847.03 million in investment and exported goods worth $11.14 billion.

The zone currently employs 76,027 people and produces a wide range of export products, including garments, textiles, electronics, electrical goods, footwear, safety jackets, suits and blazers, as well as Japanese automobile seat covers.

Abul Kalam Azad runs a small grocery shop, about thirty-five square feet, next to his home at Ratankandi union in Sirajganj Sadar upazila. Like many village shops, it stocks almost everything from rice and biscuits to soft drinks and bakery items.

During a recent conversation with Kalam, it took about five minutes to explain what a taxpayer identification number (TIN) was and ask whether his shop had one.

Over the phone, he said he had never heard that his grocery shop needed a TIN.

“I have never faced the need for it, and nobody has ever asked me to get one,” said Kalam.

His case is not unusual, as more than 90 percent of the country’s economic units have no TIN, according to the Bangladesh Bureau of Statistics (BBS).

The BBS Economic Census 2024 estimates that the country has 1.17 crore economic units. Only 10.22 lakh, or about one in 12, have a TIN.

The census defines an economic unit as a single establishment or economic household engaged in economic activities for profit, household gain, or indirect benefit to the community.

The more than 90 percent figure does not mean that all 1.07 crore units without a TIN have taxable income and are evading tax. A TIN is an identification number, and tax liability depends on factors such as income and the nature of the activity. A business may have a TIN but owe no tax while still being required to file a return.

According to the census, 45 lakh of the country’s economic units are cottage enterprises, 66 lakh are micro ventures, about 5 lakh are small businesses, and only 40,000 are medium-sized enterprises.

According to the BBS, the low TIN coverage reflects the sheer number of small and household-based businesses. Besides, a large chunk of the economic units is based in rural areas, making the reach of the revenue authority even more challenging.

“The data point to a significant gap in the tax net, although not every economic unit is required to have a TIN or BIN,” said Towfiqul Islam Khan, additional director (research) at the Centre for Policy Dialogue (CPD).

“The major issue is whether the NBR can identify those eligible and bring them into the tax net,” he added.

That challenge comes as Bangladesh struggles with one of the lowest tax-to-GDP ratios among comparable economies. The ratio fell to 6.73 percent in FY2024-25 from 7.38 percent a year earlier. The government wants to raise the revenue-to-GDP ratio to 10.7 percent by FY29.

Towfiqul said the absence of a BIN did not always mean value-added tax (VAT) went uncollected. Some products, such as cigarettes, are taxed at the factory gate before reaching retailers. For products such as biscuits, however, VAT may not be collected separately at the point of sale, leaving gaps across the value chain.

Compared with TIN, business identification number (BIN) coverage is even lower. Only 3.82 lakh, or 3.3 percent, of the total economic units have a BIN. Among permanent establishments, 5.9 percent are BIN-registered, while only 5,781 of the 5.73 lakh temporary units have one.

According to the census, TIN coverage varies across the country. Dhaka has the highest rate, followed by Chattogram. Rangpur, a northern district, has a TIN coverage rate of just 4 percent among its economic units.

The NBR says it is stepping up efforts to identify taxpayers and improve compliance through field-level monitoring.

“Our work to expand the tax base is continuously going on. There are always activities under way. We may not always see the results immediately, but numerous things are happening simultaneously,” said Md Rafiqul Islam Chowdhury, NBR member for tax survey and inspection.

He said the NBR is strengthening verification of taxpayers’ Proof of Submission of Return (PSR), which is required for around 40 types of services and activities.

“We are now pursuing this work very strongly so that the verification of PSRs and whether people have submitted their returns can take place at different stages,” Chowdhury said. The NBR recently issued a nationwide order to strengthen such verification through banks and other institutions, he said. It is also expanding field-level efforts, including setting up new tax offices in three districts in Chattogram and planning surveys to identify taxpayers outside the tax net.

China managed to add a small volume of crude oil to inventories in July, as weak refinery processing outweighed a sharp drop in imports.

China’s surplus crude for July amounted to 210,000 barrels per day (bpd) and came after the world’s biggest oil importer drew on stockpiles in both May and June amid supply constraints caused by the Iran conflict.

The return to a surplus in China’s crude availability in July comes as a surprise given the huge decline in imports, with seaborne arrivals of oil down more than 3 million bpd from levels prior to the conflict. This had seen China’s refiners draw on stockpiles by about 940,000 bpd in June and 500,000 bpd in May.

China does not disclose the volumes of crude flowing into or out of its strategic and commercial stockpiles, but an estimate can be made by deducting the amount of oil processed from the total crude available from imports and domestic output.

On this basis, crude oil imports of 8.41 million bpd and domestic output of 4.3 million bpd mean refiners had a total of 12.72 million bpd available.

China’s refiners processed 12.51 million bpd in July, according to official data released on Monday, down 15.8 percent from the same month last year and only marginally above the 12.47 million bpd from June.

Subtracting the July throughput from the total crude available leaves a surplus of about 210,000 bpd available for storage.

For the first seven months of the year China has added about 480,000 bpd to stockpiles after strong imports in the first quarter boosted the surplus of available crude.

What the numbers show is that China has not really had to tap its vast oil inventories, estimated to contain at least 1.2 billion barrels, despite dramatically cutting its crude imports since the start of the Iran war.

Since the US and Israel attacked Iran on February 28 shipments of crude and refined products through the Strait of Hormuz have been constrained as Iran attacked vessels, partly as retaliation but also to gain leverage for any eventual peace settlement.

Just under 20 percent of the world’s crude oil passed through the narrow waterway prior to the war, and while the volumes getting through now are disputed, even the most optimistic figures from the US government still point to a current loss of about 5 million bpd from the Middle East from pre-conflict levels.

CHINA ADJUSTS

China’s imports of 8.41 million bpd in July were up from the decade-low of 7.12 million in June, but were still more than 3 million bpd below pre-war levels.

To compensate for the lower imports, China has cut refinery processing rates, but they are still at levels sufficient to meet domestic demand.

China has instead cut exports of refined products, with shipments of 4.65 million metric tons in July being only marginally higher than the 4.36 million tons in June.

For the first seven months of the year fuel exports dropped 13.1 percent to 28.25 million metric tons, according to customs data.

Beijing placed restrictions on fuel exports shortly after the start of the Iran war, a measure aimed at ensuring domestic supply, but also one that allowed China to dramatically cut crude imports without dipping too far into stockpiles.

Beijing is easing restrictions on fuel exports for a second month in August, a move that will allow refiners to capture the elevated margins in Asia for diesel and gasoline.

However, allowing more fuel exports does lead to the question as to whether China will seek to lift crude imports, a move that may lead to higher prices given the ongoing supply disruptions from the Middle East.

China’s seaborne crude imports are estimated at 7.0 million bpd in August by commodity analysts Kpler, slightly higher than the 6.98 million recorded for July.

It’s likely that the August figure will be revised higher as more cargoes are assessed, but it is still certain to be well below the average of 11.52 million bpd for seaborne arrivals in the three months to end February.

This means that for August China is continuing to act as the main force absorbing the restricted crude supply from the Middle East.

Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers, while US-Iran talks to resolve the Middle East conflict stalled.

Five commodity vessels transited the strait on Saturday, with none registered for Sunday, shiptracking data from Kpler showed, versus 31 in the prior weekend.

Ships entering the strait on Saturday included an empty Very Large Crude Carrier with its Automatic Identification System switched off and an Indian-flagged Very Large Gas Carrier that used the Iranian route, Kpler data showed. A small tanker laden with Iranian fuel oil exited, it showed.

Shipping appeared to grind to a near standstill after the United Arab Emirates said three vessels operated by the Abu Dhabi National Oil Company were attacked in transit last week. The United States said it could maintain a naval blockade of Iran indefinitely.

Some ships may pass through undetected with transponders off, but the figures are far from the more than 130 ships a day that traversed the Strait of Hormuz before the war launched by the US and Israel on Iran in February.

Washington must meet Iran’s conditions regarding the strait in order for shipping to resume, Foreign Minister Abbas Araqchi said in an interview with local media on Saturday. The waterway handled a fifth of the world’s shipments of crude oil and liquefied natural gas before the war.

At the Bab el-Mandeb strait, where Yemeni Houthis declared a naval blockade on Saudi Arabia on July 20, Kpler data showed 49 weekend transits by commodity vessels, down from 55 in the prior week. There were no tracked Saudi oil shipments.

China’s retail sales and factory activity grew at a slower pace in July, official data showed on Monday, missing forecasts and highlighting persistent pressure on the world’s second-largest economy.

The country’s leaders have battled sluggish spending in the domestic economy since the end of the Covid-19 pandemic as it threatens overall growth, even as exports and certain high-tech sectors boom.

Beijing is targeting national growth of 4.5-5.0 percent this year, the lowest official goal in decades, but the economy fell short of that in the second quarter.

Data released Monday by the National Bureau of Statistics showed retail sales grew 0.6 percent in July, well below the 1.5 percent forecast in a Bloomberg survey and down from the one percent increase seen in June.

The NBS figures also showed industrial production growth slowed to 4.5 percent on-year in July -- down from 5.3 percent the month before and short of the five percent forecast in the Bloomberg survey.

“In July, international geopolitical conflicts persisted and the global energy market was characterised by significant instability and uncertainty,” said NBS spokesman Fu Linghui at a news conference Monday.

Also noting the impact of severe weather last month in some Chinese regions, Fu said authorities had “actively addressed internal and external risks and challenges”.

In another sign of the challenges facing the government, fixed-asset investment in January-July fell 6.7 percent on year, the NBS said.

“The weak economic data indicate that the economy faces further downside risks that require more effective policy response,” wrote Zhiwei Zhang, President and Chief Economist at Pinpoint Asset Management.

“The Politburo meeting in late July promised stronger fiscal spending but the implementation and transmission likely takes time,” said Zhang.

Many economists contend that China must shift towards a growth model driven more by household spending than the traditional engines of past decades, including real estate and infrastructure investment.

Trade data for July released this month showed exports and imports soaring, boosted by increased overseas demand for AI-related tech products.

The surge in exports has helped China’s vast manufacturing sector through the prolonged slump in domestic spending.

From now on, the Bangladesh Bank (BB) will allocate half of any sukuk issue to Shariah-based banks, financial institutions and insurance companies.

A separate 30 percent will be allocated to Islamic branches and windows of conventional banks, the central bank said in a circular overhauling the subscription allocation for Shariah-compliant sukuk bonds.

Individual investors will get a dedicated 10 percent quota, up from a combined 15 percent they previously shared with provident funds, investment companies and corporate entities, it added.

Conventional banks, financial institutions and insurance companies, which held a 5 percent share, have now been grouped with provident funds, gratuity funds and mutual funds into a single 10 percent category.

Istequemal Hussain, director of the Debt Management Department at the BB, said the allocation for sukuk subscriptions was 80 percent for Shariah-based banks and Islamic banking branches and windows of conventional banks.

“We have separated this through a quota for Shariah-based banks. This is because Shariah-based banks cannot subscribe to conventional bonds and treasury bills, whereas conventional banks can,” he said.

The BB has reallocated the subscription quota ahead of the auction of a new sukuk.

The government is expected to raise Tk 30,000 crore in the current fiscal year by issuing various sukuk bonds.

Interest in sukuk has been rising since its launch in December 2020. With the auction of the first short-term, or nine-month, sukuk, the total amount raised by the government has exceeded Tk 53,000 crore.

Sonali Life Insurance settled 55,300 insurance claims worth Tk405.15 crore in 2025, while declaring a 15% cash dividend to its shareholders for the year.

The dividend was approved at a recent meeting of the company's board of directors held at its head office in Malibagh Chowdhury Para in the capital.

The company said it has maintained the momentum in claims settlement this year as well. As of July 2026, Sonali Life had settled insurance claims worth approximately Tk259 crore.

The company's share price rose 1.90% on the Dhaka Stock Exchange (DSE) today (17 August).

Sonali Life said it has maintained a 100% claim settlement record since inception, attributing the performance to faster data verification, automated processes and paperless internal monitoring that have shortened settlement times.

Sonali Life Director Sheikh Mohammad Danial said the insurer settled claims worth over Tk124 crore in 2023, Tk380 crore in 2024 and Tk405 crore in 2025. It settled another Tk259 crore in claims in the first seven months of 2026.

"Trust is the foundation of every successful insurance company. We earn that trust by settling claims promptly, strengthening governance, and continuously improving the customer experience," Danial said.

He said the company is introducing AI-assisted underwriting and optical character recognition (OCR)-based onboarding to make customer services faster and more efficient while strengthening risk management.

Sonali Life has paid cash dividends consistently since 2020, with a cumulative 85% cash dividend paid and approved between 2020 and 2025, according to the company.

Danial said the company aims to create sustainable value for shareholders and other stakeholders by boosting productivity and reducing operating costs.

Sonali Life said it holds a leading position among Bangladesh's fourth-generation life insurers in claim settlements, gross and renewal premium collection, life fund accumulation and investment portfolio management.

The company's Acting Chief Executive Officer (CEO) Mohammad Rafiqul Islam said Sonali Life is working to establish itself as a reliable institution for people's financial security and future protection.

"Sonali Life Insurance is not just an insurance company; it is a reliable commitment to financial security and future protection for people," he said.

He said the company is focusing on developing skilled human resources and expanding customer-centric services to bring positive changes to Bangladesh's insurance sector.

Sonali Life currently operates 256 branches nationwide. Its management attributed the company's continued growth to employees' sincerity, hard work and customer-focused approach.

Rafiqul Islam said Sonali Life has established dedicated corporate support teams and strengthened internal controls to ensure faster claims settlement and greater accountability.

The insurer is also expanding modern services, including bancassurance, to make insurance more accessible. It said its investment portfolio is helping mobilise domestic capital, while sustained premium growth is strengthening its long-term financial position.

Bangladeshi expatriate businesspeople and entrepreneurs based in the United Arab Emirates are planning to invest around Tk 1,000 crore in Bangladesh, mainly in technology-driven banking, renewable energy, food processing, tourism, education and healthcare.

The Bangladesh CIP-Business Association, which represents non-resident Bangladeshi Commercially Important Person (CIP) status holders living abroad, made the announcement yesterday at a press conference at the Economic Reporters’ Forum in Dhaka.

In a press statement, the association said its members are scheduled to meet the Bangladesh Investment Development Authority (BIDA) today to discuss the proposed investment, including the investment environment, government support and faster approval processes.

The proposed investments will include digital and AI-based Islamic banking, dry food processing and packaging, e-rental services, solar panels and renewable energy, tourism, education and healthcare, the statement added.

The investors said the plan’s implementation hinges on faster approvals, land or lease facilities, infrastructure support, investment protection and one-stop services.

Mohammad Rubel, speaking for the UAE-based NRB-CIP delegation, said expatriates want to contribute to productive sectors.

The announcement comes as UAE-based Bangladeshis report ongoing visa-related problems, including cases of stranded workers whose UAE visas have been cancelled, affecting their employment and businesses.

The association called for government-to-government talks to restore intra-country employer transfers for Bangladeshi workers, a facility it said has been unavailable for nearly 12 years.

The association also urged expanded consular services, including a 24-hour hotline and digital complaint management.

A 14-member delegation from the Confederation of Indian Industry (CII) is now in Bangladesh to explore opportunities for trade, investment and industrial cooperation with Bangladesh.

They arrived in Dhaka yesterday and will stay until Wednesday, according to the High Commission of India in Dhaka.

Led by CII Director General Chandrajit Banerjee, the delegation includes senior representatives from Indian companies in pharmaceuticals, healthcare, engineering, automobiles, manufacturing and energy, the high commission said.

The delegation includes representatives from Bharat Biotech, Infravision Foundation, Godrej Industries, Arvind Limited, LMW Global, Mahindra Group, Larsen & Toubro, Forbes Marshall, Numaligarh Refinery, Apollo Hospitals and Indian Oil Corporation.

The delegation is scheduled to meet senior government officials, including Commerce Minister Khandaker Abdul Muktadir, Finance and Planning Minister Amir Khosru Mahmud Chowdhury and State Minister for Foreign Affairs Shama Obaed Islam.

It will also hold discussions with Bangladeshi business leaders, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), which is hosting a luncheon for the delegation. Environment, Forest and Climate Change Minister Abdul Awal Mintoo will attend the event as chief guest.

FBCCI Administrator Md Fazlul Hoque said the discussions would focus on expanding bilateral trade and encouraging Indian companies to consider Bangladesh as an investment destination.

“An investor will naturally make a comparative analysis -- what happens if they invest there and what happens if they invest here,” Fazlul told The Daily Star.

He said Bangladesh’s large domestic market, competitive manufacturing base and access to international markets could make it an attractive location for Indian investment.

Indian companies, he said, could potentially manufacture in Bangladesh for both the domestic market and exports to India and other destinations.

Fazlul also said that Bangladesh should push for the removal of tariff and non-tariff barriers that limit its exports to India. “India is our important neighbour in every respect and, because of its proximity, our nearest large market,” he said.

Bilateral trade between Dhaka and Delhi reached about $12.36 billion in fiscal year 2025-26, according to the High Commission of India in Dhaka. India exported goods worth $10.56 billion to Bangladesh, while Bangladesh’s exports to India stood at $1.78 billion.

The trade imbalance is likely to remain an important issue in discussions between the two sides. At the same time, business leaders say political differences between the two countries should not disrupt commercial relations.

“As businesses, we want to see trade and commerce continue without barriers,” Fazlul added.

Bangladesh's development pursuit may get a boost as the Islamic Development Bank (IsDB) chief will come here early next month with the confirmation offer of US$1.0-billion assistance in the first go.

The Jeddah-based lender might also offer extended support to Bangladesh government from its newly introduced IsDB Concessional Fund (ICF), a new lending facility of the IsDB, said an Economic Relations Division (ERD) official on Monday.

The IsDB President, Dr Muhammad Al Jasser, would arrive in Dhaka on September 2 and sit for different official programmes across on September 3, he added.

"His visit would extend our relations with IsDB. It will strengthen the bilateral relations of Bangladesh with the development partner," said ERD Additional Secretary Dr Md Mizanur Rahman.

He said in the presence of Prime Minister Tarique Rahman and the IsDB President, they were going to sign a deal on $1.0 billion worth of loan for financing the Easter Refinery Limited (ERL)'s oil-refinery-expansion project.

The loan will be utilised to enhance the ERL's oil-refining capacity to 4.5 million tonnes from the existing 1.5 million tonnes.

Mr Rahman says since the IsDB opened a 10-year-cycle ICF facility for the LDCs in February last, Bangladesh could avail up to $60 million worth of loan at a concessional rate. The interest rate for the ICF would be 1.5 per cent.

The ICF is a specialised financing facility to support 27 least-developed member-countries and vulnerable borrowers facing debt stress, fragility, or climate shocks.

According to the ERD, the IsDB President would take part in the official programme the day after his arrival.

He is expected to call on Prime Minister Tarique Rahman on September 3 when the $1.0-billion- loan deal will be signed between the ERD and the IsDB.

Besides, Mr Jasser might call on the ministers for Finance, Road Transport and Bridges, and Power, Energy and Mineral Resources the same day separately. The ERD official said the government would seek extended support from the IsDB in the years to come as Bangladesh needs huge investments for its energy and infrastructure development.

"We will also discuss the next Member Country Partnership Strategy (MCPS) for Bangladesh (2027-2030) with the President to finalise it," he added.

The IsDB Regional Hub Dhaka launched the last Member Country Partnership Strategy for Bangladesh (2024-2026) on April 29, 2024, with an estimated financing package of $5.15 billion to support the nation's structural transformation.

The trustee of CAPM BDBL Mutual Fund-01 has called a special general meeting of its unitholders to consider converting the scheme from a closed-end to an open-end mutual fund, or proceeding with its redemption, according to a stock exchange filing.

The special meeting is scheduled for 7 October, and the record date for determining unitholders' eligibility to attend and vote has been set for 15 September, the filing said yesterday on the stock exchange's website.

In accordance with regulations, trading in the fund's units across stock exchanges will be suspended starting on the record date.

The trustee, Investment Corporation of Bangladesh (ICB), has also informed that trading in the fund's units on the stock exchanges shall remain suspended from the record date until further notice, or as otherwise communicated by the fund, the disclosure said.

The move comes under directives set out by the Bangladesh Securities and Exchange Commission (BSEC) governing closed-end mutual funds.

Under BSEC regulations, if a closed-end fund's six-month average market price trades at a discount of more than 25% below its issue price or fair-value-based net asset value (NAV), or as it approaches maturity, the trustee is required to convene a special meeting to decide the fund's future.

To pass a conversion proposal from closed-end to open-end status, at least 75% of the voting unitholders must vote in favor of the resolution.

Under amended BSEC rules, closed-end mutual funds are prohibited from extending their operational tenure, leaving conversion to an open-end scheme or winding up (redemption) as the only permissible options upon maturity or regulatory triggers.

Trading remains suspended from the record date through the voting process to preserve unit ownership integrity. If unitholders approve the conversion, conversion and meeting expenses are borne by the fund manager, if rejected, the fund proceeds toward liquidation or redemption, the rules said.

Nvidia will invest $1.5 billion in SoftBank-backed SB Energy and secure up to 8 ​gigawatts of AI computing capacity at an ‌Ohio campus being built by the data centre developer for OpenAI.

The deal is the latest where Nvidia is financing ​the ecosystem consuming its chips, a strategy ​that has helped fuel demand but also drawn scrutiny over the circular flows of ​funds from the chipmaker to its biggest customers.

Leading ​tech firms are increasingly tying together chips, power and data centre development as they race to secure the infrastructure ​needed for increasingly power-hungry AI models.

Chip giant Nvidia ​has secured land and power at Ohio’s PORTS-Pike Technology Campus ‌for an AI data centre that will use its graphics processors and networking gear, with an initial capacity of 4.25 GW.

SB Energy and SoftBank plan ​to build ​at least 10 GW of new power generation and invest $4.2 billion in Ohio ​grid infrastructure to support AI data centres.

Also ​backed by OpenAI, SB Energy develops large-scale power and data centre infrastructure projects. Founded in 2019, the company ​is building several data centre ​campuses to support rising demand tied to AI workloads.

Bangladesh will shift its financial year from the current July-June cycle to April-March from fiscal 2028-29.

The 2027-28 fiscal year will instead run for nine months, from July to March, as a transition before the new cycle begins.

The decision came at a cabinet meeting on Monday at the Secretariat, the Cabinet Division said.

Bangladesh follows a July-June financial year at the moment, meaning infrastructure work often continues through the July-August monsoon. This can delay projects, affect quality and cause widespread public hardship, a statement said.

An April-March cycle would allow infrastructure development to be completed before the monsoon, it added.

A committee involving the Cabinet Division, Bangladesh Bank, National Board of Revenue, Legislative, and Finance divisions and other relevant stakeholders will determine the next steps.

The shift will require amendments to the Constitution and the General Clauses Act, 1897, as well as technical changes to government financial management systems.

The government will complete the nine-month transition year in March 2028 and begin all activities under the new April-March financial year from fiscal 2028-29.

Another close-ended mutual fund -- CAPM BDBL Mutual Fund-1 – nears conversion or liquidation as its 10-year term will end in January.

The trustee has called a special meeting of unitholders on October 7 at BDBL Bhaban in the capital, where they will vote to determine the course of action after the maturity of the fund, according to a regulatory filing on Monday.

The record date for the meeting has been set for September 15, while trading in the fund’s units on the stock exchanges will remain suspended from September 16 until further notice, said the trustee of the fund, Investment Corporation of Bangladesh.

The fund is managed by CAPM (Capital & Asset Portfolio Management) Company and will complete its tenure on January 12, 2027.

Under the amended Mutual Fund Rules 2025, close-ended funds must be redeemed at maturity as tenure extensions are no longer allowed, a corrective move to change course from past mistakes. However, such funds may be converted into open-ended schemes if at least three-fourths of unitholders, based on ownership share, approve the move.

Akramul Alam, head of research at Royal Capital, said unitholders would benefit in both ways – conversion or liquidation.

He explained that redemption would allow unitholders to recover their investments at the current net asset value (NAV) of the fund, a relief for them, especially when units of listed mutual funds were trading at heavy discounts in the secondary market.

On the other hand, if the fund is converted into an open-ended scheme, unitholders will have the scope to remain invested in the new scheme or exit from it.

Mr Alam added that unitholders can surrender open-ended fund units any day, and the asset manager is bound to liquidate the underlying assets of the units and pay cash back to investors as per the current net asset value.

Modest return for investors

CAPM BDBL Mutual Fund-1 was listed on the stock exchanges in January 2017 with an initial size of Tk 500 million.

As of Monday, the fund’s total net assets stood at Tk 456.28 million at current market value and Tk 548.11 million at cost value after accounting for all assets and liabilities.

Investors who put money into the fund in 2017 and have held their units until conversion or redemption are set to receive relatively modest returns.

The fund distributed cash dividends ranging from 5 per cent to 13 per cent between 2018 and 2023. Its NAV currently stands at Tk 9.10 per unit, which is 9 per cent lower than the face value of Tk 10.

Considering dividend income and the current NAV, the average annual return for unitholders comes to around 4.33 per cent, significantly below the rate of inflation over the period.

Following the disclosure, the fund’s unit price fell 5.94 per cent to Tk 9.50 on the Dhaka Stock Exchange on Monday.

If converted into an open-ended scheme, CAPM BDBL Mutual Fund-1 will become the fourth closed-end mutual fund to complete such a conversion. Earlier, Southeast Bank 1st Mutual Fund, NLI First Mutual Fund and SEML Lecture Equity Management Fund were converted into open-ended schemes.

Meanwhile, Asian Tiger Sandhani Life Growth Fund and Vanguard AML BD Finance Mutual Fund One were liquidated as decided by the majority of the unitholders.

Dhaka stocks extended their losing streak to a fourth consecutive session today (17 August), as lingering uncertainty over the final shape of margin lending rules triggered fresh selling pressure. Concerns over corporate earnings amid weak domestic economic conditions added to the downbeat sentiment.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) fell 46 points to close at 5,814. The DS30 index shed 9 points to settle at 2,177, while the DSES index slipped 14 points to 1,158.

Turnover dropped 12% from the previous session to Tk995 crore, reflecting a pullback in overall trading activity as investors turned more cautious.

Of the 391 issues traded, 318 declined, 54 advanced, and 19 remained unchanged.

EBL Securities, in its daily market commentary, said the market faced a sharp sell-off as the lack of clarity over potential changes to the margin lending rules continued to weigh on sentiment. This uncertainty compounded existing concerns about weaker corporate earnings amid prevailing domestic economic conditions.

The brokerage noted that the market remained under pressure from the opening bell but held relatively steady through the middle of the session. Rumours about possible changes to the final margin rules spurred some opportunistic buying in select sector-specific stocks.

However, buying interest weakened as the session progressed, as investors remained uncertain about the final regulatory framework. Selling pressure subsequently intensified, triggering broad-based corrections amid heightened investor anxiety, the brokerage said.

A market analyst told TBS on condition of anonymity that cautious investors were waiting for the final rules before taking fresh positions.

"There was uncertainty among investors over the proposed amendments to the margin lending rules, and that uncertainty has not completely gone away. Cautious investors want to know what the final rules will contain," he said.

He noted that the market had risen significantly in recent months, creating an opportunity for investors to realise gains.

"Until investors know how the rules will ultimately be finalised, many are choosing to remain cautious instead of making fresh investments," he said.

Market participants said profit-taking has become more pronounced following the recent rally, while uncertainty over margin financing has made investors even more reluctant to increase their exposure.

The Bangladesh Securities and Exchange Commission (BSEC) is expected to publish the amended margin lending rules in the gazette soon. Investors and market intermediaries are closely watching the final provisions, particularly their potential impact on margin financing, borrowing capacity and market liquidity.

Meanwhile, a handful of stocks bucked the broader downturn. Peoples Leasing was the top gainer, rising 10%, followed by S Alam Cold Rolled Steels, which gained 9.76%, and Popular Life Insurance, up 5.26%.

Dominage Steel Building suffered the steepest decline, falling 9.97%. Nurani Dyeing dropped 9.52%, while C & A Textiles declined 8.11%.

IPDC Finance, Dominage Steel Building and Bangladesh Export Import Company, commonly known as Beximco, led the market in turnover.

The sell-off was also reflected on the Chittagong Stock Exchange (CSE). The CASPI index fell 111 points to close at 15,624, while the CSCX declined 62 points to 9,520. Turnover on the CSE stood at Tk105.27 crore.

Market participants said the market's near-term direction would likely hinge on the final margin lending framework. Publication of the rules may ease some of the uncertainty, though their actual impact on investor behaviour and market liquidity will only become clear after implementation.

By most measures, Bangladesh is one of the planet’s great fish-producing nations. It ranks second in the world for fish caught in rivers, lakes and wetlands, and fifth for farmed fish production, according to a June 2026 report by the Food and Agriculture Organization (FAO).

The country’s production now exceeds 50 lakh tonnes, surpassing the annual demand for around 48.93 lakh tonnes, according to the Department of Fisheries (DoF) data.

Yet, government data shows that the country regularly imports thousands of tonnes of fish every year.

The reasons, according to government officials and importers, come down to variety. Some fish Bangladeshis want to eat aren’t available domestically in enough supply, or at all. Imports are needed to meet the demand of the processing industry, hotels and restaurants, and specialised markets.

WHAT COMES, HOW, AND FROM WHERE

Around 288 companies are currently registered to import fish and fish products into the country, according to DoF data.

The agency reports that Bangladesh imported 56,000 tonnes of fish, worth Tk 521 crore in fiscal year 2025-26. In the previous FY25, the figure stood at 55,000 tonnes worth Tk 475 crore. The amount was 71,000 tonnes, worth Tk 660 crore, in FY24, and 57,000 tonnes, worth Tk 406 crore, in FY23.

The fish importers bring in most often include rui, pangas, rupchanda, tuna, shad, mullet, dorab, and mackerel, along with dried fish like loitta and puti.

Most of it, 86 percent last fiscal year, arrives frozen – deeply chilled below -18°C, halting decay and extending shelf life for months. The rest comes chilled or on ice – kept just above freezing at 0°C-4°C using melting ice, offering superior texture for short-term use.

DoF data show that the main countries selling fish to Bangladesh are China, India, Myanmar, Japan, Oman, Pakistan, the UAE, South Korea, and Thailand.

WHY IMPORT

Importer Md Saheed Ali brings in a wide mix, marine fish – hilsa, rui, katla, Indian mackerel, horse mackerel, tuna, catfish, and chandana hilsa – from Yemen, Oman, Dubai, China, Pakistan, Myanmar, and India.

He also imports certain types of Hilsa, known locally as ruposhi or lafa, from as far as Uruguay.

Saheed’s customers are spread across the country. He said that some of the imported fish, including loitta, sell well mainly because they’re cheaper, which matters a lot to middle and lower-income families.

He stated that imports fill a real gap in what’s available domestically right now.

Another importer, Mohammad Rakibul Islam Rokon, brings in rui, katla, bhetki, and hilsa from India and Myanmar. He sells to markets across Dhaka, where demand for these fish stays high and steady.

The imports help meet the growing demand for these popular fish varieties among residents and ensure a steady supply in local markets, he said.

Hotels and restaurants are a major buyer of imported fish. A review of menus at several of Dhaka’s international hotels and Western-style seafood restaurants shows a similar reliance on imports.

A menu of Pan Pacific Sonargaon’s Jharna Grill, obtained from the hotel’s website, shows the pattern explicitly. The restaurant’s own menu copy describes its “Pacific-inspired cuisine” as built on ingredients including “Vietnamese prawns, Canadian salmon and Singapore crab.” Its seafood section features a Norwegian salmon steak, alongside a separate “Imported Steaks” section for its meat offerings.

The Westin Dhaka’s Seasonal Tastes restaurant ran a seafood festival in April and May this year built around “Authentic Chilled Norwegian Salmon,” alongside seafood paella and terrine.

An official of the luxury hotel,seeking anonymity, told The Daily Star, that demand runs high for imported seafood: chilled salmon, smoked salmon, tuna fillets, Chilean sea bass, and pangas fillets.

The hotel goes through about 2,300 kilogrammes of imported fish every month, he added.

A Sheraton Dhaka official, who also asked not to be named, said the hotel has a similar level of demand for imported sea fish, with consumption of approximately the same quantity each month.

Md Barkatul Alam, who oversees fish inspection and quality control at DoF, told The Daily Star that Bangladesh doesn’t need to import to survive, since it already produces enough, but imports help fill specific gaps in the market.

He noted that imports help meet demand for particular species and products and support different segments of the domestic market and fish-based industries.

NEED BETTER REGULATORY OVERSIGHT

The DoF official, however, stressed that a stricter regulatory oversight is needed to ensure the quality of imports.

“As the sources and types of imported fish and fishery products diversify, it is important to continuously strengthen our regulatory system so that only safe, quality and fit-for-human-consumption products enter the domestic market,” Barkatul said.

Stating that Bangladesh already has an administrative and institutional system for controlling fish imports, he said there is scope to make it more integrated and more science-based.

The objective, he said, should be to protect consumers while also ensuring fair trade and safeguarding the interests of domestic fish producers and responsible businesses.

Right now, regulatory oversight mostly comprises issuing no-objection certificates or conducting a limited number of tests, he said.

The system should cover the entire control chain, from assessment of exporting countries and establishments, pre-import verification and health certificate verification to risk-based border inspection, laboratory testing, traceability and post-clearance surveillance, he added.

The DoF official also suggested lining up Bangladesh’s rules with global trade standards, specifically the World Trade Organization’s food-safety agreement, which requires decisions to be based on science, not guesswork.

The Fish and Fish Products (Inspection and Quality Control) Rules, the Import Policy Order and other relevant regulatory and administrative arrangements should also be updated and strengthened where necessary, he said.

Amid delays in tax clearance, the Bangladesh Securities and Exchange Commission (BSEC) has extended the deadline until September for Reckitt Benckiser (Bangladesh) to disburse dividends to its foreign shareholders.

The regulator also granted the multinational a waiver from a May 2024 directive requiring listed companies to disburse at least 80% of approved dividends within a stipulated timeframe or face a downgrade to the "Z" category.

The stock market regulator notified Reckitt Benckiser (Bangladesh) PLC of the decision in a letter dated 10 August, also informing the two stock exchanges.

When asked about the matter, Md Nazmul Arefin told The Business Standard, "We need to obtain a certificate from the National Board of Revenue (NBR) to remit dividends to the company's foreign shareholders."

"We applied to the NBR, but have yet to receive the certificate. That is why we applied to the commission for a time extension to pay the dividends," he added.

Reckitt Benckiser, for the 2025 fiscal year, approved a massive 1,730% cash dividend —equivalent to Tk173 per share— amounting to a total payout of Tk81.74 crore.

However, the dividend repatriation has stalled because its majority shareholder, UK-based Reckitt Benckiser PLC, holds an 82.96% stake in the Bangladesh subsidiary and is entitled to Tk67.81 crore of the total dividend.

Under capital market rules, listed companies must complete dividend disbursements within 30 days of shareholder approval. Reckitt secured shareholder approval at its annual general meeting on 21 May.

Failure to disburse at least 80% of the declared dividend within the stipulated period constitutes regulatory non-compliance and triggers an automatic downgrade to the junk "Z" category.

Amid administrative delays at the tax authority, Reckitt applied to the stock market regulator on 29 July for an extension and exemption from the category-transfer directive.

In response, the BSEC relaxed its enforcement rules, granting the company relief from the non-compliance and extending the final compliance deadline to 30 September.

The BSEC letter said the company must complete the 2025 dividend disbursement process by 30 September.

According to central bank guidelines, foreign dividend repatriation must be processed through a nominated authorised dealer bank based on auditor-certified applications.

Before approving the transfer, banks must verify that the profits arose from regular operations and that all prior losses, tax liabilities and government subsidies have been fully adjusted.

To avail of reduced withholding tax rates under Double Taxation Avoidance treaties, companies must obtain an official clearance certificate from the NBR under Section 119 of the Income Tax Act 2023.

In 2025, Reckitt Benckiser reported Tk566.44 crore revenue, and Tk81.70 crore profit.