Beximco Pharmaceuticals is set to overhaul its board and sever a key link with its embattled sponsor group as the drug maker seeks to shield its business and investors from the political fallout surrounding Vice Chairman Salman F Rahman.
Mr Rahman has agreed to step down from the board after the company informed the Bangladesh Securities and Exchange Commission (BSEC) that his continued involvement could hamper business and shareholders' interests.

His departure would mark a significant shift in governance for one of the country's largest listed drug makers, whose corporate fortunes have increasingly been overshadowed by the legal and financial troubles that have entangled the Beximco Group, market operators said.

BSEC Executive Director and spokesperson Md Abul Kalam said Beximco Pharma had recently sent a letter to the regulator regarding the restructuring of its board.

However, he said the restructuring process would depend entirely on the company, including decisions on who would remain on the board and who would step down.

"When the appointment of independent directors comes before the regulator, the commission will examine whether the proposed candidates meet the criteria," Mr Kalam told The Financial Express.

Mr Rahman, former private industry and investment adviser to the Awami League government, has remained in custody since his arrest in August 2024 following the political changeover. He is currently under investigation by the Anti-Corruption Commission (ACC) in several money-laundering cases.

Mr Rahman's continued physical absence from board meetings has emerged as a concern for investors, particularly foreign investors, amid the changed political and regulatory environment.

The reconstituted board, as proposed by the company, would comprise three sponsor-group directors, four independent directors, one director nominated by IFIC Bank and the managing director as an ex-officio director, according to BSEC sources.

The securities regulator has reportedly responded positively to the proposed structure.

The new structure would have the sponsor group's representation reduced while the number of independent directors would increase amid investors' demand for stronger corporate governance and a greater distance from the Beximco Group.

Foreign shareholders, who hold a significant 26.90 per cent stake in Beximco Pharmaceuticals, reportedly supported Mr Rahman's removal from its board in the interest of the company.

Initially, the BSEC invited foreign investors to take board seats, but they declined, prompting the regulator to move towards increasing the number of independent directors, according to a BSEC official requesting anonymity.

Dual-listed on the London Stock Exchange's Alternative Investment Market (AIM), Beximco Pharma must subject all incoming directors to standard international due diligence. The vetting process is expected to take four to six weeks.

Governance key to investor confidence

Market operators said the key issue is not merely the departure of an individual director, but whether the reconstituted board can exercise greater independence, strengthen oversight and protect investors' interests.

Salim Afzal Shawon, head of research at BRAC EPL Stock Brokerage, welcomed the move, saying the proposed restructuring, if implemented properly, could help insulate Beximco Pharma's operating business from the wider group's governance and financial problems.

"The restructuring could send a positive signal to investors about the company's prospects, particularly if the new board can demonstrate greater independence, transparency and accountability.

"The key issue now is who will join the new board, attend board meetings physically and actively participate in decision-making," said Mr Shawon.

Company Secretary Mohammad Asad Ullah could not be reached for comment.

Earnings remain strong

The board restructuring comes at a critical time for Beximco Pharma. While the company has shown financial resilience, governance issues remain a major concern.

The company reported a profit of Tk 7.05 billion for the first nine months through March this year, up 34 per cent year-on-year, while revenue rose 13 per cent to Tk 41.42 billion during the period.

The drug maker's annual profit also jumped 19 per cent year-on-year to Tk 6.99 billion in FY25. The company declared a 47.5 per cent cash dividend for the year, compared with 40 per cent for the previous year.

Its earnings performance has stood in sharp contrast to the financial difficulties faced by some other entities within the Beximco Group, reflecting the strength and resilience of its core pharmaceutical business.

Unlike some group entities facing heavy debt burdens and liquidity pressure, Beximco Pharma has continued to generate strong revenue and profit from its operating business, supported by steady demand for medicines in both domestic and export markets.

London listing

The restructuring also carries additional significance because Beximco Pharma has an international investor base and is listed on the London Stock Exchange (LSE).

The foreign listing exposes the company to greater scrutiny by international investors, who typically place strong emphasis on transparency, board independence and timely financial reporting.

Meanwhile, trading in Beximco Pharma resumed on the LSE in June after a nearly six-month suspension due to the delay in the publication of its financial statements.

Beximco Pharma's stock closed at Tk 149.70 on Tuesday, gaining 1.42 per cent from the previous session at the Dhaka Stock Exchange.

The US Federal Reserve on Wednesday raised interest rates for the first time since 2023, defying President Donald Trump's demand for cuts, as central bank chief Kevin Warsh stressed the need to combat inflation that has been "too high" for "too long."

The Fed's Federal Open Market Committee voted unanimously to raise rates by 25 basis points to between 3.75 and 4.00 percent.

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"The plain fact is that inflation is too high, and has been for too long," Warsh told a press conference, adding that the decision was a "serious" but necessary one.

And Wednesday's rate hike may not be the last -- the vast majority of Fed policymakers indicated that at least one more rate hike was likely necessary before the end of the year, according to their Summary of Economic Projections (SEP).

US households and businesses have been battered by years of higher-than-target inflation, and prices have surged in the wake of Trump's war on Iran, his signature tariff policies and the ongoing AI boom.

The US president reacted angrily to the decision Wednesday, calling it a "raise against Trump" and accusing the Fed's rate-setting committee -- which he called "hostile" -- of making decisions for political reasons.

The president has launched an unprecedented assault on the Fed's independence since taking office, attempting to fire a Fed Governor and launching a criminal probe against Warsh's predecessor in his quest for lower rates to spur economic activity.

Wednesday's statements refrained from directly insulting or criticizing Warsh, as Trump was wont to do with former Fed chair Jerome Powell.

Trump's Republican Party faces a stern test in upcoming midterm elections, with rival Democrats seeking to wrest control of both houses of Congress and economic issues front-and-center for voters.

Growing calls for hike

The Fed had held rates steady since January, choosing to wait to gauge the effects of the Iran war's energy price shocks and to let the impact of tariffs on prices ripple through the economy.

Since July, however, a growing faction of policymakers had indicated a rate hike may be required to tame inflation, as the war grinds on and prices remained elevated, particularly for energy.

On Friday, August's consumer price index came in at 3.4 percent -- unchanged from the month before, but still well above the Fed's long-term two-percent target.

Diane Swonk, chief economist at KPMG, said inflation had "forced the Fed's hand."

"Price pressures remain too elevated and too persistent for policymakers to look through, while the economy and labor market have held up well enough to absorb tighter policy," she said.

In its SEP, the Fed raised its forecast for its preferred gauge of inflation -- the Personal Consumption Expenditures (PCE) price index -- by 0.1 percentage points to 3.7 percent by year-end.

The Fed also raised its projection for GDP growth by year-end to 2.3 percent, up 0.1 percentage points.

Warsh reiterated his belief in the "resilience" of the US economy, citing its strength as being a marker of its ability to absorb tighter financial conditions.

'Rather unfortunate'

US stock markets largely priced in Wednesday's rate hike, but they were still down on the news -- expected with any rate hike as investors adjust their portfolios.

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Yields on 10-year US Treasury bonds -- which have surged in recent days as uncertainty on long-term inflation has spiked -- were also up past the five-percent threshold, a sign that uncertainty remains a factor.

Warsh was named to his position after a contentious Senate confirmation process, during which Democratic lawmakers accused him of being a "sock puppet" for Trump, which he denied.

The Fed has a dual mandate to deliver maximum employment while keeping inflation to its long-term two-percent target.

It mainly achieves these goals by setting the key US interest rate -- lower rates tend to spur economic activity but fuel inflation, and hiking them cools both activity and prices.

The Fed's SEP showed that at least 12 of 18 policymakers who participated in the projection expected one more rate hike would be required before the end of the year.

Four policymakers expect two more rate hikes to be required.

Warsh has criticized the Fed's policy of offering such projections in the past and did not participate in the previous iteration in June.

This projection also included only 18 policymakers, suggesting he had once again withheld his contribution.

The Federal Reserve raised interest rates on Wednesday and flagged more hikes in the coming months, with new US central bank chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration's inability so far to control inflation that policymakers worry could worsen.

While President Donald Trump had promised to lower prices on his watch, the combined impact of his global import tariffs, an energy shock following the start of the US-Israeli war with Iran, and capital spending from the artificial intelligence boom has kept price pressures intense enough that the Fed felt it needed to raise its benchmark overnight interest rate by a quarter of a percentage point to the 3.75%-4.00% range.
Updated quarterly economic projections showed 16 of 18 policymakers anticipate at least one more quarter-percentage-point hike by the end of this year, with only two of them seeing rates remaining stable from here. All but one indicated they saw upside risks to inflation that they no longer described as largely arising from one-off supply shocks.
What do higher rates mean for borrowers and savers?

Warsh, who again did not submit rate or other economic projections, attributed the need for tighter monetary policy in part to an economy he sees as picking up speed, with strong economic and job growth adding to price pressures that no longer seem rooted in oil costs or import tariffs alone.

"There's been a pretty wide-ranging set of data, including the labor markets, that the economy has strengthened," Warsh told reporters in listing the reasons that prompted him to support a rate hike after advocating that rates should remain on hold at the Fed's July 28-29 meeting. "Domestic spending has been resilient, productivity growth strong, and capital investment is robust."

The rate increase was the first such move in three years and the first policy shift under the new Fed chief, who took office in late May after being selected by Trump with an expectation that he would cut rates.

"Inflation remains elevated. Today's policy action will support a timelier return to the committee's 2% goal," the central bank's Federal Open Market Committee said in its policy statement after the end of a two-day meeting.

Warsh, speaking in his post-meeting press conference, called the rate hike the "right decision."

"I would be hard-pressed to describe broad financial conditions as restrictive," he said. "This view was widely shared by the committee, so we removed a dose of accommodation."

Trump responds

Trump reacted quickly, repeating what has been a standing call since returning to office in January 2025 that interest rates in the US should be slashed to perhaps 1%, a level usually associated with Fed efforts to boost the economy out of a crisis and something that would likely be inflationary in normal times.

"Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World — BY FAR. Our Country is BOOMING with new Investment! If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year. The word 'Deficit' is nothing more than a fancy word for LOSS ... LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!" Trump said on his Truth Social platform in comments that, while not mentioning Warsh by name, were reminiscent of the sorts of barbs the president launched routinely at former Fed Chair Jerome Powell.

The president's reaction highlighted the significance of the Fed's move under Warsh on Wednesday. In a truncated press conference, roughly 15 minutes shorter than what was typical under his predecessors, Warsh focused on the emerging evidence that convinced him inflation would not improve at an adequate pace without tighter monetary policy — a direct counter to administration officials' comments that inflation was no longer a problem or would fall on its own over time.

The dollar strengthened broadly and yields on 2-year US Treasury notes — highly influenced by Fed policy rate expectations — shot to the highest in more than two years after the release of the Fed's policy statement and projections. Yields on longer-dated bonds, meanwhile, held steady, flattening the yield curve in an initial vote of confidence that Warsh — who calls inflation a "choice" of the central bank — was at last acting on his running pledge to deliver price stability.

"The Fed has finally begun its hiking cycle, and the debate now shifts from whether rates will rise again to how many hikes lie ahead," said Seema Shah, chief global strategist at Principal Asset Management in London. "The unanimous vote shows that rising energy prices and stubborn inflation have brought even the doves on board, making a one-and-done move highly unlikely."

Indeed, rate futures markets reflect about a 90% probability of a follow-up quarter-percentage-point Fed rate hike by the end of this year, according to CME Group's FedWatch Tool.

The Fed's policy statement and projections show the policy rate rising to the 4.00%-4.25% range by the end of this year and ending 2027 at the same level.

Notably, the policy statement dropped a previous reference attributing current elevated inflation to "supply shocks," particularly in the energy sector, a nod to concerns among policymakers, including Warsh, that price pressures were too broad for comfort.

The rate increase was announced less than two months ahead of midterm elections that will determine whether Trump's Republicans maintain control of Congress for the final two years of his presidency. The Republicans are facing an uphill battle with voters angry about gasoline prices that are about a third higher than a year ago and interest rates on home mortgages that have been rising steadily this year. The average rate on a 30-year fixed-rate mortgage is approaching 7%.

Fed policymakers marked up their estimates of inflation, as measured by the Personal Consumption Expenditures Price Index, to 3.7% versus the 3.6% projected at the meeting in June. Inflation is not projected to return to the 2% target until 2029, a year later than previously expected.

Economic growth was marked up slightly from 2.2% to 2.3%, while the unemployment rate is seen ending the year at 4.1%, versus the 4.3% projected in June.

Bangladesh's request for a smooth-transition mechanism after the graduation from the least-developed-country (LDC) category is "legitimate", says WTO deputy chief Xiangchen Zhang about the country's move for getting the process deferred.
The country will face changes in preferential treatment and new obligations under World Trade Organisation (WTO) rules after the graduation.

The Deputy Director-General (DDG) of the global trade body expressed his opinion here Wednesday at a training session titled 'The WTO's Work on Trade and development' held at the WTO headquarters in Geneva with participation of journalists from different countries. The session was organised under the Journalist Programme on Global Trade Polices in the context of the WTO Public Forum 2026.

"LDC graduation is an important subject in the WTO. Bangladesh, together with some other LDCs like Cambodia and Nepal, will graduate from the group. First of all, it is a subject for celebration. It is a demonstration of the progress you have made," Zhang said.

At the same time, he noted, graduating LDCs have legitimate grounds to seek a smooth transition to help them adjust to the changes arising from the loss of LDC-specific trade benefits.

Eligibility for LDC-specific support measures for a period beyond graduation is referred to as a smooth-transition period.

Bangladesh is scheduled to graduate from the world's poor-country club in November this year. The government has, however, submitted a formal request for deferring the gradation for three more years. If approved by the United Nations, the country will graduate in 2029.

Zhang drew an analogy with policies in China, saying that some regions below a certain poverty line receive additional government support and preferential treatment. When those regions move above the threshold, the benefits are withdrawn, which is a sign of progress but can also justify a transitional period.

"In China, our policy is that we give those countries some transitional period of time -- five years -- to continue to enjoy the preferential treatment," he told the journalists.

He said some WTO members had already responded positively to calls for extending preferential treatment for graduating LDCs for an additional three years. He mentions the European Union, the United Kingdom, Australia and Japan. "Not all the countries did the same," Zhang said, adding that the LDC Group, led by Bangladesh, is continuing to push for a smooth transition while the WTO is facilitating discussions among members.

There are currently 44 LDCs on the United Nations (UN) list of which 37, including Bangladesh, have become WTO members to date. Four LDCs are negotiating to join the WTO now.

The 13th Ministerial Conference (MC13) has provided graduating LDCs additional time to align with WTO disciplines on dispute- settlement system and also be eligible for LDC-specific technical assistance and capacity building.

Referring to his visit to Bangladesh two years ago, Zhang said he had witnessed the country's economic progress and the development of emerging industries, including the pharmaceutical sector.

He said graduating LDCs should also focus on specific areas where the impact of graduation could be significant, particularly emerging industries.

Bangladesh needs to understand the implications of new obligations arising from graduation, particularly those relating to the WTO's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), he said.

"The TRIPS obligations are important for this new emerging industry," Zhang said, referring to Bangladesh's pharmaceutical sector.

He notes that Bangladesh had requested WTO assistance and training on intellectual-property rules for both government officials and entrepreneurs.

"I think it is the right approach."

In 2026, the organisation has conducted training on the TRIPS Agreement and Bangladesh's LDC graduation, focusing on intellectual property-related issues and the obligations that will become relevant after graduation.

Zhang has previously highlighted the need for graduating LDCs to prepare for changes in areas that include TRIPS, agricultural policies and non-agricultural subsidies, while stressing the role of WTO technical assistance in supporting the transition.

Meanwhile, Wednesday was the second day of the public forum, WTO's biggest annual outreach event. This year forum focuses on the fast-growing diversification of the trade in services.

Bangladesh and Italy have discussed enhancing investment, technological cooperation and business partnerships in the country's leather sector, including a possible visit by a Bangladeshi delegation to Italy.
The discussion was held between Commerce Minister Khandakar Abdul Muktadir and Italian Ambassador to Bangladesh Antonio Alessandro at the Ministry of Commerce in the city, BSS reports citing a press release.

Prime Minister's Finance and Planning Adviser Professor Dr Rashed Al Mahmud Titumir was present at the meeting.

Muktadir said the proposed Italy visit would focus on attracting new investors, expanding technological cooperation and strengthening international partnerships in Bangladesh's leather industry.

The Italian ambassador proposed visits to Milan, Florence and Rome to showcase Bangladesh's leather-sector capabilities, environmentally friendly production facilities and investment opportunities to Italian businesses and investors.

He suggested holding meetings with business organisations in Milan, visiting leather industry areas in Tuscany in Florence and conducting government-level discussions in Rome to establish effective contacts with potential investors.

The meeting also underscored the importance of ensuring international-standard certification, environmental management and an investment-friendly environment in Bangladesh's leather industry.

The Italian ambassador said progress in these areas would help expand mutually beneficial partnerships between companies of the two countries.

Waste management at the Savar Leather Industrial Estate also came up for discussion.

The Bangladesh side said large factories would be encouraged to develop their own waste-management facilities while central facilities would continue to be maintained for smaller factories. Plans are also being taken to promote the recycling of industrial waste.

The meeting also discussed the registration process of the Italy Chamber of Commerce and Industry in Bangladesh.

Both sides expressed optimism about further strengthening trade, investment and industrial cooperation between Bangladesh and Italy.

Bangladesh's foreign exchange reserves stood at US$36.32 billion (gross), according to the latest data released by Bangladesh Bank (BB) on Wednesday.

The country's gross foreign exchange reserves reached US$36.32 billion, while reserves calculated under the IMF's BPM6 methodology stood at US$31.47 billion.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the winding-up proposal for the UFS-Pragati Life Unit Fund, a mutual fund.

Bangladesh General Insurance Company (BGIC), trustee of the fund, disclosed the regulatory approval in a statement today (15 September), citing a BSEC letter dated 9 August.

As trustee, BGIC has begun the process of liquidating the fund in accordance with the Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, 2025. Further directives on asset realisation and investor settlements are expected from the trustee in due course.
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The open-ended mutual fund was sponsored by Pragati Life Insurance, which maintained an investment of Tk98 lakh in the vehicle, while management responsibilities rested with Universal Financial Solutions Limited (UFS).

The liquidation follows years of profound regulatory investigations and financial scandals surrounding the asset management company. Stock market regulators first unearthed financial misappropriations by UFS officials, including Managing Director Syed Hamza Alamgir, back in 2022.

The malfeasance widened significantly when the BSEC moved to file cases against top executives for laundering Tk170.69 crore across multiple open-ended portfolios, including the UFS-Bank Asia Unit Fund, UFS-IBBL Shariah Unit Fund, UFS-Padma Life Islamic Unit Fund, and UFS-Popular Life Unit Fund.

In December 2023, the Anti-Corruption Commission (ACC) filed a formal case against 24 individuals, implicating high-ranking UFS personnel, officials from the Investment Corporation of Bangladesh who served as fund trustees, and independent auditors for embezzling Tk311 crore of investors' funds.

According to ACC case filings, Syed Hamza Alamgir and his co-accused executed coordinated forgeries, systematically routing investments through unauthorised bank accounts and business entities to obscure the illicit origins of the money.

Investigators documented widespread regulatory breaches, which included showing Tk59.40 crore in unauthorised investments, generating Tk148 crore in fake fixed deposit receipts, and failing to deposit Tk63.87 crore accrued from share sales back into the fund. Additional siphoning involved millions collected under the guise of management and trustee fees.

The sweeping financial fraud also prompted the securities regulator to penalise audit firm Ahmed Zaker and Co, barring them from the stock market for collaborating in the systematic embezzlement of public savings.

The Bangladesh Financial Intelligence Unit (BFIU) has ordered brokerage houses, merchant banks and other capital market intermediaries to set up dedicated compliance units as part of a broader move to strengthen safeguards against money laundering and terrorist financing.

The directive, issued in a circular yesterday (15 September) to the chief executives of brokerage houses, merchant banks, portfolio managers, securities custodians and asset management companies, requires each institution to establish a Central Compliance Unit (CCU) at its head office, headed by a chief anti-money laundering compliance officer (CAMLCO).

They must also appoint branch anti-money laundering compliance officers (BAMLCOs) and formulate specific policies to prevent money laundering and terrorist financing.

Under the new rules, firms must establish whether any influential person is among the beneficial owners associated with capital market-related institutions.

They must collect complete and accurate customer information from reliable sources, including national identity cards, passports and birth registration certificates, when opening accounts. Electronic know-your-customer (e-KYC) procedures may also be used where necessary.

The institutions must regularly screen customers to identify links with individuals or entities listed under United Nations Security Council resolutions or designated by the Bangladesh government as prohibited persons or entities.

They have also been instructed to monitor transactions regularly and report any complex, inconsistent or apparently illegal transaction in writing to the BAMLCO. The CCU must verify such transactions and, where necessary, report them immediately to the BFIU through the GoAML web-based system.

The circular stressed that such reports must be kept strictly confidential.

The firms must conduct self-assessments every six months using a prescribed checklist and arrange independent verification through their internal audit departments.

The BFIU also directed them to conduct background checks when recruiting staff, provide regular training on anti-money laundering measures, and retain customer and transaction records for at least five years after an account or business relationship is terminated.

Aamra Technologies Ltd's loss nearly doubled in the third quarter of fiscal 2025-26 as a sharp decline in sales and higher finance costs weighed on profitability.

The company reported a loss per share (EPS) of Tk0.65 for January-March 2026, compared with Tk0.33 in the same quarter a year earlier, according to its unaudited financial statements disclosed today (15 September).

For the nine months through March, its loss per share rose to Tk1.84 from Tk0.97 a year earlier.

The company said declining sales adversely affected all major financial indicators, while higher finance expenses further weakened its performance.
Its operating cash flow also deteriorated sharply. Net operating cash flow per share (NOCFPS) turned negative at Tk0.18 during July 2025-March 2026, compared with positive Tk1.33 in the same period a year earlier.

Aamra Technologies attributed the decline mainly to lower cash collection, while higher finance expenses also contributed. It said operating expenditure and supplier payments had improved compared with the previous year.

The weaker earnings and cash generation were reflected in its net asset value (NAV), which fell to Tk16.62 per share as of 31 March 2026 from Tk18.46 as of 30 June 2025.

The company's financial performance had been deteriorating since the beginning of the fiscal year. It reported losses per share of Tk0.52 in the first quarter and Tk0.67 in the second quarter, compared with Tk0.25 and Tk0.39, respectively, a year earlier. Its six-month loss per share stood at Tk1.19, up from Tk0.64.

Meanwhile, the company's share price has shown unusual volatility in recent months.

The stock rose nearly 59% from Tk14.50 on 23 June to Tk23.10 on 9 August on the Dhaka Stock Exchange (DSE), before falling 33% in 24 days to Tk16.30 yesterday.

The unusual trading activity has drawn regulatory attention. The Bangladesh Securities and Exchange Commission (BSEC) has instructed the DSE to investigate the abnormal price movement and trading in the shares.

The probe will examine possible market manipulation, insider trading and the role of brokers in suspicious transactions.

The proposed price hike of bakery products, including biscuits and bread has been put on hold for the time being following a meeting between the government and business leaders yesterday (15 September).

The decision was taken at a meeting held at the Ministry of Commerce with Commerce Minister Khandakar Abdul Muktadir in the chair, according to a press release.

The meeting discussed in detail the recent announcement by businesses to increase prices of bakery products and the costs involved in their production and marketing.

Representatives of relevant business organisations attended the meeting.

Following the discussion, business leaders agreed to keep the decision to increase the prices of biscuits and bread suspended for the time being.

Meanwhile, a committee headed by the chairman of the Bangladesh Trade and Tariff Commission (BTTC) has been formed to review the costs related to the production and marketing of bakery products, prices of raw materials, taxes and duties, and other relevant issues.

The committee has been asked to submit its report within seven days. The government will take further decisions after reviewing the issues concerned based on the committee's report.

The government said at the meeting that it would take initiatives to keep the market of essential food items stable, giving the highest priority to public and consumer interests without causing losses to businesses.

It also said necessary measures would be taken in coordination with all relevant stakeholders to ensure the supply of products at reasonable prices.

Commerce Secretary Md Ataur Rahman Khan and leaders of bakery product businesses were present at the meeting.

Bangladesh is seeking alternative sources of crude oil as rising security risks around the Bab el-Mandeb Strait are making shipments from the Middle East longer and more costly.

The Bangladesh Petroleum Corporation (BPC) has already started discussions with potential suppliers and hopes to import crude from a new source soon, its newly appointed chairman Md Rafiqul Islam said yesterday.

“We have already spoken to representatives of an alternative source about importing crude oil. We are hopeful that we will be able to import crude from an alternative market very soon,” he told reporters at an exchange-of-views meeting at the BPC headquarters in Chattogram.

He said BPC began exploring alternative sources after the Middle East crisis escalated in March.

Following tests of crude from different countries, Eastern Refinery found oil from four countries -- Nigeria, Malaysia, Norway and Algeria -- compatible with its existing refining process.

The refinery tested Nigeria’s Bonny crude, Malaysia’s Malaysian Blend, Norway’s Alvheim Blend and Algerian crude and found that all four could be processed using its existing facilities.

Eastern Refinery submitted its findings to BPC in early April.

The state-owned refinery has the capacity to process around 1.4-1.5 million tonnes of crude oil a year. It currently processes Arabian Light crude from Saudi Arabia and Murban crude from the United Arab Emirates.

These two grades are used to produce 13 types of petroleum products, including diesel, bitumen and petrol.

Rafiqul Islam said there would be no fuel shortage until December, as the country has sufficient stocks and confirmed import orders.

The government has both short- and long-term plans to meet fuel demand, he said.

Meanwhile, BPC has almost finalised an LPG import deal following several rounds of tenders. The consignment is expected to arrive by the end of this month, the chairman said.

The move to diversify crude sources comes as security risks around the Bab el-Mandeb Strait are forcing Bangladesh-bound fuel vessels to take longer and costlier routes.

Bangladesh Shipping Corporation’s crude oil tanker MT Ninemia, carrying nearly 100,000 tonnes of crude, arrived at Chattogram port on Saturday after taking an alternative route through the Suez Canal, the Mediterranean, the Strait of Gibraltar and around the Cape of Good Hope.

The voyage took around 50 days and incurred an additional cost of Tk 66.63 crore.

A local official of the tanker told The Daily Star that the vessel could have reached Chattogram from Yanbu in around 13-15 days had it sailed through the Bab el-Mandeb and the Indian Ocean.

Some 55 percent of knitwear factories have seen international retailers and brands either cancel or reduce work orders amid the ongoing energy crisis, according to a survey by the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

The disruption has also caused widespread production losses, shipment delays and higher costs, with nearly two-third of the surveyed factories facing the risk of defaulting on bank loans, according to the survey findings released yesterday.

The BKMEA surveyed 20 percent of its member factories in Narayanganj, Gazipur, Chattogram, Dhaka and other areas between August 21 and September 14, BKMEA Executive President Fazlee Shamim Ehsan confirmed to The Daily Star.

Nearly 78 percent of the surveyed factories reported partial production shutdowns, while 87 percent faced shipment delays. Around 60 percent had to offer discounts to buyers because of the disruptions.

Electricity shortages were the biggest reported disruption, affecting around 90 percent of the factories.

The crisis has also increased production costs. Around 92 percent of the surveyed factories incurred additional costs for alternative fuels, while a similar proportion reported wasted labour and working hours.

Nearly 89 percent said they faced the risk of losing buyers’ confidence, while about 59 percent faced the risk of defaulting on bank loans. Around 7 percent reported completely shutting down production.

“The garment sector is going through a difficult time. Even though many of us are doing well… some factories got shut down. If the government gives us good policy support we can overcome this challenge,” said Fazlee.

90% AFFECTED BY POWER SHORTAGE

The survey showed that electricity shortages were the biggest reported disruption, affecting around 90 percent of the factories. Nearly 75 percent were affected by gas shortages and about 14 percent by other shortages or disruptions.

Among respondents who provided information on gas pressure, supply had fallen by an average of around 78 percent from normal requirements.

The deterioration in electricity supply was also significant. Among respondents who provided information on load-shedding hours, the average daily duration of outages had increased by around 200 percent from the previous period.

The disruptions have had a substantial impact on production. Knitting output fell by an average of 37-38 percent, dyeing production by 51 percent and garment sewing production by 40 percent, according to the survey.

Of the surveyed factories, around 45-46 percent were from Narayanganj, 20 percent from Gazipur, 18 percent from Chattogram, 13 percent from Dhaka and nearly 3 percent from other areas.

The government has raised the commission paid to dealers on urea, triple superphosphate (TSP), diammonium phosphate (DAP) and muriate of potash (MOP) by Tk 1 to Tk 3 per kilogramme, while keeping the prices paid by farmers unchanged.

The Finance Division issued the order following a letter from the Ministry of Agriculture dated September 14. The revised dealer-level prices will take effect from July 1, 2027.

The move comes amid concerns over alleged hoarding and supply control by some dealers and retailers to create an artificial shortage of fertiliser and drive up prices, according to a Special Branch report.

Shahnaz Akhter, agriculture economist for fertiliser management and monitoring at the Ministry of Agriculture, said dealers previously received a commission of Tk 2 per kg, which has now been raised to Tk 3.

Dealers had long been demanding the increase, citing rising loading and unloading costs. Their commission had not been revised since 2009, Shahnaz said.

Under the revised rates, the dealer-level price of urea has been reduced from Tk 25 to Tk 24 per kg, while the farmer-level price remains Tk 27.

The dealer-level price of DAP has been cut from Tk 19 to Tk 18 per kg, with farmers continuing to pay Tk 21. The price of TSP for dealers has been reduced from Tk 25 to Tk 24, while the farmer-level price remains Tk 27. For MOP, the dealer-level price has fallen from Tk 18 to Tk 17, with farmers continuing to pay Tk 20.

Meanwhile, a Special Branch report alleged that collusion among dealers and retailers to create an artificial shortage through hoarding and supply control was causing discontent among farmers.

The report was sent to the Ministry of Home Affairs on September 8 with 15 recommendations to address the problems identified.

The recommendations include ensuring a transparent and competitive process free from political and local influence in appointing dealers, selecting dealers through a digital lottery based on merit, monitoring dealers’ fertiliser stocks and distribution online, and taking swift legal action, including cancellation of dealerships, when irregularities are found.

The Insurance Development and Regulatory Authority (IDRA) aims to improve the claim settlement rate from 57 per cent as of June to at least 75 per cent, as it faces a mammoth volume of unpaid claims worth Tk 70 billion.
At a programme at the IDRA office in the capital on Monday, IDRA Chairman Mir Nadia Nivin said the regulator had adopted a two-pronged strategy to reach the goal by gradually clearing the backlog of unpaid claims. She, however, did not mention any timeframe within which the target will be achieved.

Under the strategy, she said, IDRA has been holding meetings with owners and chief executive officers of insurers to identify and resolve obstacles to claim settlement, including compliance-related issues. At the same time, it has been monitoring financially distressed insurers.

Monday's programme marked the second phase of a special claim settlement initiative, under which Tk 230.4 million in long-pending claims was paid to 5,868 policyholders of five life insurance companies.

The IDRA chairman, who took office in July this year, said quick settlement of long-pending legitimate claims was one of her top priorities. The initiative was aimed at protecting policyholders' rights and restoring discipline and public trust in the insurance sector, she added.

The payments were made possible by mobilising funds from various sources, including the sale of assets and encashment of security bonds of the insurers concerned.

Ms Nivin said IDRA was conducting one-to-one governance review meetings with insurance companies to determine why legitimate claims remained unpaid and what operational or compliance-related problems were delaying settlement.

"Some companies have ancillary and compliance-related problems," she said, adding that the regulator is working with relevant parties to resolve the issues quickly.

Of the country's 82 insurance companies, roughly eight life insurers are facing serious difficulties, and their failure to settle policyholders' claims on time has eroded public trust across the industry, according to the IDRA chief.

These seven to eight troubled life insurers are being dealt with separately, but IDRA's intervention is not confined to those companies.

"We have taken a holistic approach to improving claim settlement across the entire insurance sector," she said.

Companies facing moderate-level problems are also being brought under close supervision, with their financial capacity being reviewed and pressure applied to accelerate settlement of legitimate claims, she added.Banking Sector Analysis

Finance minister praises IDRA initiatives

Meanwhile, Finance and Planning Minister Amir Khosru Mahmud Chowdhury praised IDRA's ongoing reform initiatives during a visit to its office on Monday, particularly its efforts to strengthen governance, transparency and accountability in the insurance sector.

The minister welcomed the move to settle long-pending legitimate claims, saying payment of policyholders' rightful dues would help rebuild public confidence in insurance.

"Restoring policyholders' confidence is crucial to strengthening the insurance industry," he said, adding that visible steps were already contributing to rebuilding trust.

Mr Khosru also said the government was supporting IDRA in making insurance companies more effective, efficient and dynamic through the introduction of risk-based supervision.

He stressed that protecting the rights and interests of policyholders must remain a top priority, adding that customer complaint resolution and service-monitoring mechanisms should also be strengthened to ensure better protection for policyholders.

The minister underscored the need to increase public awareness of insurance, financial security and risk management, saying IDRA's initiatives should make insurance more accessible, understandable and trustworthy to ordinary people.

He praised the reform measures being pursued under the leadership of Ms Nivin and expressed hope that the reforms would make the insurance sector more robust, transparent and customer-centric, enabling it to play a greater role in the national economy.Stock Market Updates

IDRA steps up claim settlement

In the second phase of the claim settlement initiative, Padma Islami Life Insurance paid around Tk 120 million to 3,600 policyholders.

Homeland Life Insurance settled claims worth Tk 49.8 million for 1,145 policyholders, while Fareast Islami Life Insurance paid Tk 50 million to 580 policyholders.

Sunflower Life Insurance paid Tk 5.53 million to 300 policyholders, and Sunlife Insurance settled Tk 5.01 million in claims for 243 policyholders.

The second-phase payments followed the first phase, executed on September 3, when IDRA facilitated the settlement of claims worth Tk 145.1 million for 2,549 policyholders of seven life insurers.

The first phase covered policyholders of Baira Life, Fareast Islami Life, Golden Life, Homeland Life, Padma Islami Life, Progressive Life and Sunflower Life Insurance.

The latest move is part of IDRA's broader effort to address the sector's chronic claim settlement problem, which has left thousands of policyholders waiting for years to receive legitimate dues.

The IDRA chairman said the effort to pay policyholders back would continue, and the remaining valid but unpaid claims would be verified and scrutinised before being settled.

Moody's Ratings has revised Bangladesh's sovereign outlook to stable from negative, citing easing political and external pressures, stronger foreign exchange reserves and record remittance inflows.

The rating agency, in its latest assessment released today (15 September), affirmed Bangladesh's long-term issuer and senior unsecured ratings at B2 and its short-term issuer ratings at Not Prime.

Moody's said the risks that had prompted the negative outlook had become more balanced at the B2 rating level.

It said the post-election transition and the government's strong mandate had reduced the risk that political uncertainty would derail reforms.

Bangladesh's external position has also strengthened, supported by higher foreign exchange reserves, a more flexible exchange rate regime and record remittances that have helped offset increased energy import costs, the agency said.

Continued engagement with the International Monetary Fund (IMF) and other international financial institutions remains an important anchor for external financing and reforms, although discussions are still under way over the terms of a successor IMF programme.

Reserves strengthen, growth recovery gradual

Bangladesh's foreign exchange reserves had risen to around $32.9 billion by mid-2026, equivalent to more than four months of import cover, from about $21.4 billion at the end of 2024.

Moody's attributed the improvement to record remittances increasingly flowing through formal banking channels, the more flexible exchange rate regime and the removal of earlier market distortions.

The agency expects economic growth to recover gradually. Real GDP growth rose to 4.1% in FY2026 from 3.5% in FY2025 and is projected to reach 4.3% in FY2027 before accelerating to around 4.9% from FY2028 as investment and industrial activity normalise.

Inflation, however, is expected to remain around 9% before easing gradually.

Banking sector remains key weakness

Despite the improved outlook, Moody's retained Bangladesh's B2 rating, citing the country's narrow revenue base, weak debt affordability and significant vulnerabilities in the banking sector.

The agency said reforms had revealed system-wide non-performing loans of around 32.8%, while banks would require recapitalisation equivalent to around 10% of GDP to restore regulatory capital adequacy.

Such a requirement could place a significant burden on the government because of limited fiscal space and growing reliance on domestic bank financing, Moody's said.

Banking-sector liquidity, meanwhile, has remained stable, with system-wide deposits growing by around 12% year-on-year to March 2026. This suggests the sector's main weakness is solvency rather than liquidity, according to the agency.

Narrow revenue base constrains fiscal strength

Moody's said Bangladesh has one of the narrowest government revenue bases among rated sovereigns, limiting its fiscal flexibility.

Interest payments absorb close to 30% of government revenue, even though government debt remains relatively moderate at around 40% of GDP.

The agency expects debt to rise gradually over the medium term because of persistent primary deficits and potential costs associated with supporting the banking sector.

Continued access to concessional financing should nevertheless help contain borrowing costs and refinancing risks, it said.

Energy, LDC graduation pose risks

Energy supply constraints remain a risk to Bangladesh's growth prospects, Moody's said.

A recent disruption at an LNG import terminal exposed vulnerabilities in the country's energy supply system and caused shortages affecting power generation, industry and fertiliser production.

The agency also warned that Bangladesh's graduation from least-developed-country (LDC) status in the coming years could put pressure on export competitiveness and access to concessional financing.

The ready-made garment (RMG) sector is expected to remain a key pillar of exports, supported by Bangladesh's competitive position. Sustained structural reforms, however, will be needed to realise the country's longer-term growth potential.

What could change the rating?

Moody's said faster-than-expected progress in addressing banking-sector weaknesses, stronger revenue mobilisation, and improvements in institutions and policy effectiveness could create upward pressure on the rating.

Conversely, a material crystallisation of banking-sector liabilities on the government's balance sheet, a weaker growth or fiscal outlook, reduced access to external financing or renewed political instability could put downward pressure on the rating.

When Finance Minister Amir Khosru Mahmud Chowdhury unveiled this fiscal year’s budget, he offered good news to compliant taxpayers, particularly those who file returns early.

“All categories of taxpayers will be able to file returns throughout the year. Those who submit returns early in the year will receive tax incentives,” he told the parliament.

But there is a catch. Taxpayers who have already cleared their full income tax liability before June may be excluded from the new 5 percent early-filing incentive.

This has raised questions about fairness among taxpayers, practitioners and former officials of the National Board of Revenue (NBR).

Under Finance Act 2026, individuals filing between July 1 and September 30 qualify for an incentive equal to 5 percent of tax payable, or Tk25,000, whichever is lower. The problem lies in the phrase “tax payable”, rather than “total tax liability”.

Consider a taxpayer with a final liability of Tk5 lakh who has already paid it in full through advance tax or tax deducted at source (TDS).

When the taxpayer files, there is no tax payable left after adjustments, leaving little scope for the incentive. Another taxpayer with the same liability but an outstanding balance at filing time could receive the full Tk25,000.

Tax practitioners say the provision could discourage the very taxpayers it is meant to reward.

Meanwhile, another taxpayer with an identical liability but an outstanding balance at filing time could pocket the full Tk 25,000.

“If the objective is to encourage voluntary compliance, taxpayers who have already paid their taxes should not be placed at a disadvantage,” said Sabbir Ahmed, tax practitioner and president of the Institute of Chartered Accountants of Bangladesh.

“There should be a distinction between encouraging late taxpayers to file early and rewarding taxpayers who have already demonstrated compliance,” he said.

The issue is particularly relevant for salaried employees, whose taxes are often deducted at source throughout the year, and taxpayers who pay advance tax against expected liability, since such payments are later adjusted against final liability.

Former NBR member Syed Md Aminul Karim said the provision raises questions about equity.

“The person who has been a good taxpayer and has already paid the tax earlier, he is the loser. And the person who has not paid, he is the gainer. This raises a question of equity,” he said.

Aminul said the issue could be addressed through a clarification in the relevant circular rather than a legal amendment.

“The law does not necessarily have to be changed. The explanation in the circular needs to be changed,” he said.

“Those who regularly pay their taxes are facing a disadvantage. I think this is a mistake. It should be corrected,” he added.

Snehasish Barua, director of SMAC Advisory Services Limited, said the provision could particularly disadvantage salaried employees whose taxes are fully deducted at source and deposited with the government.

“Those who work in compliant companies have 100 percent of their tax deducted and deposited into the government treasury,” he said. “So you are effectively penalising the compliant taxpayers and incentivising the non-compliant.”

He suggested calculating the incentive on gross tax liability rather than net payable amount.

“This should have been based on the gross amount, because you are not giving more than Tk25,000 anyway. Since it is based on the net amount, it is creating discrimination here,” he said.

The NBR introduced the incentive as part of changes to the return-filing framework for individual taxpayers, following repeated extensions of filing deadlines.

Under the new provision, returns filed between October 1 and December 31 will face neither incentive nor additional tax.

Those filed between January 1 and March 31 will attract additional tax of 2 percent of payable tax or Tk 3,000, whichever is higher. For returns filed between April 1 and June 30, the additional tax rises to 5 percent of payable tax or Tk 5,000, whichever is higher.

An official involved with the budget process said the new provisions need to be read together to understand the incentive and advance tax requirements.

“Whatever advance tax is payable has to be paid by June. If not, there will be additional interest on the unpaid portion,” the official said. “Suppose a person has Tk 100 tax payable. If he pays Tk 90 by June, he will pay simple interest on the remaining Tk 10.”

Asked whether the provision raises a fairness issue for taxpayers who have already paid in full, the official said, “We are ensuring fairness in this area,” adding that the issue would become clearer when the relevant provisions are considered together.

Another tax official, speaking on condition of anonymity, said the original plan was broader.

“Initially there was a plan on the whole tax liability. But it was curtailed by the high-ups,” the official said, adding that there was currently no option to address the issue unless the tax law was amended.

Bangladesh's apparel exports to the US surged 25.65% year-on-year in August, despite a decline in shipments to the market during the first half of 2026.

According to data from the Bangladesh Export Promotion Bureau, compiled by non-government organisation Bangladesh Apparel Voice, the country exported more than $817 million worth of ready-made garments to the US market in August.

In the first two months of the current fiscal year, July and August, Bangladesh's RMG exports to the US totalled $1.61 billion, up 11.42% year-on-year.

The US is Bangladesh's single largest export market. In the fiscal 2025-26, Bangladesh exported more than $7.74 billion worth of RMG to the country.

However, according to the latest statistics from the Office of Textiles and Apparel (Otexa) under the US Department of Commerce, Bangladesh's RMG exports to the US fell 5.75% in the first half of 2026 compared with the same period a year earlier.

"We are seeing better order flows from the US market for the coming months than in the previous months."

Rakibul Alam Chowdhury, managing director, HKC Apparels Ltd
Exporters cautiously optimistic

Exporters have mixed expectations about the market, with some remaining cautious while others are hopeful that shipments will recover in the coming months if geopolitical tensions do not worsen and Bangladesh's energy supply improves.

Rakibul Alam Chowdhury, managing director of Chattogram-based RMG exporter HKC Apparels Ltd, which sends 90% of its exports to the US market, told The Business Standard, "We are seeing better order flows from the US market for the coming months than in the previous months."

He added. "We hope the market will rebound, provided geopolitical tensions do not escalate further and the country's gas and electricity supply situation improves."

Abdullah Hil Nakib, deputy managing director of Team Group, a leading RMG exporter whose exports to the US account for about one-fourth of its total exports, said, "The US market scenario is still not optimistic. It is not like a normal scenario."

Mohiuddin Rubel, CEO of Bangladesh Apparel Voice, said if the current pace of exports is maintained throughout the 12 months, Bangladesh's RMG exports to the US could reach nearly $9 billion in FY27.

Oil prices rose more than 2 percent on Tuesday after attacks on Saudi Arabian energy infrastructure left the kingdom’s East-West pipeline offline, raising fears that damage to energy infrastructure and transport routes could take longer to repair.

Brent crude futures rose $2.5, or 2.37 percent, to $108.18 a barrel at 0813 GMT, while US West Texas Intermediate futures were up $2.46, or 2.43 percent, at $103.85 a barrel. Concerns over oil supplies intensified after Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, while Gulf Arab states postponed planned discussions with Iran.

“Fresh attacks by the Houthis targeting Saudi Arabia may be influencing oil market investors’ expectations about the severity and duration of the conflict,” said Hamad Hussain, senior climate and commodities economist at Capital Economics.

The Houthis on Monday said they fired dozens of missiles and drones at a military airbase in Khamis Mushait in southern Saudi Arabia, targeting aircraft hangars, radar systems, runways and ammunition depots in retaliation for Saudi airstrikes in Yemen.

This followed attacks on Friday on Saudi Arabia, which Riyadh blamed on Iranian-backed fighters in Iraq, that disrupted the country’s East-West pipeline, which allows oil exports to bypass the blockaded Strait of Hormuz, through which about a fifth of global oil supplies previously passed.

Saudi Arabia could exhaust crude available for export within days unless the East-West pipeline resumes operations, according to buyers and traders. The pipeline strike threatened up to 4 percent of global oil supply. “The recent attack may be more severe and could threaten the remaining 2mb/d of recent Yanbu exports, with the latest repair assessments ranging from ‘very soon’ to eight weeks,” Goldman Sachs said in a note.

The attacks on oil infrastructure marked a meaningful escalation of the conflict and increased the probability of Brent rising above $120 a barrel, Goldman Sachs said, citing a scenario in which average Gulf oil output in 2027 remains 4 million barrels per day below pre-war levels.

Commodity vessel traffic through the Strait of Hormuz dropped to four on Monday, down from 10 a day earlier, preliminary data from Kpler showed on Tuesday, raising concerns about a route that carried about a fifth of global oil supplies before the US-Israeli war on Iran kicked off on February 28.

“In the absence of an adjustment in demand or greater oil flows through the Strait of Hormuz, several weeks of the East-West pipeline being closed could lift Brent crude prices towards $130 per barrel,” Hussain said.

Separately, in China, official data showed that oil throughput rose for a second straight month in August, boosted by fuel exports after Beijing eased restrictions in mid-July.

Market intermediaries have proposed reviving the long-suspended pre-opening trading session and introducing new trading strategies and products to improve liquidity and revive activity on the Dhaka Stock Exchange (DSE).

The proposals came at a meeting between the DSE and representatives of leading brokerage firms held at the DSE boardroom today (15 September), where participants discussed short-, medium- and long-term measures to address the capital market's prolonged weakness.

The brokers also called for a review of debt repayment deadlines and extensions of Bangladesh Bank's special capital market schemes to provide relief to financially distressed intermediaries.

They proposed introducing a members' margin net-off facility to reduce financing costs and ease liquidity-management pressure on brokerage houses.

The meeting was attended by DSE Managing Director Nuzhat Anwar, senior DSE officials and representatives of leading brokerage firms.

Opening the meeting, Nuzhat said the DSE wanted to hear stakeholders' practical experiences and constructive recommendations on the market's development.

She said the exchange would consider the proposals and, where necessary, place them before the DSE board and the Bangladesh Securities and Exchange Commission for further action.

She also said preparations for launching a derivatives market were progressing, with the exchange working to complete the necessary technological infrastructure, including software, within the planned timeframe.

Saiful Islam, president of the DSE Brokers Association (DBA), said the market was going through a difficult and frustrating period, while several longstanding issues remained unresolved.

"Identifying the causes of the current situation and finding ways to overcome them are among the key objectives of the discussion," he said, urging market participants to put forward practical solutions rather than merely identifying problems.

Participants also called for inspection and surveillance activities to become more regular, data-driven, risk-based and transparent.

They recommended that regulatory action be taken after system-based verification of information, with greater focus on unusual price movements and genuine signs of manipulation rather than normal fluctuations in trading volume.

They further stressed the need to diversify the market beyond equities by expanding the range of bonds and other financial instruments. A clearer regulatory framework for dealers' roles and responsibilities was also proposed.

To attract foreign investment, participants recommended identifying and removing policy and procedural barriers, arranging investor-focused seminars and dialogues, and increasing direct engagement with high-net-worth investors and genuine market players.

They also urged the exchange to encourage leading companies to list on the stock market and examine the possibility of allowing share buybacks over the longer term.

Nuzhat said the DSE was strengthening its IT and organisational capacity, with a board-approved plan already under implementation. Training officials and developing data-based software are also underway to make inspection more structured and facilitate data reconciliation.

She said coordinated efforts were also progressing on online account opening, improving retail investor services and introducing T+1 settlement.

The DSE's new website is nearing completion and is scheduled to be launched at a press conference on 22 September. The existing website will remain operational for another two to three months to facilitate the transition and allow improvements based on user feedback.

Nuzhat said the exchange would work with all stakeholders to make its operations more transparent, efficient and accountable while strengthening the broader capital market ecosystem.

Bangladeshi expatriates sent home $1.526 billion in remittances during the first 14 days of September, according to the latest data from Bangladesh Bank.

This reflects a 3.4 percent growth compared to $1.475 billion received during the corresponding period last year.

On September 14 alone, the country received $98 million in remittances.

With the latest figures, total remittance inflows between July 1 and September 14 in fiscal year 2026-27 reached $7.351 billion, marking a 15.3 percent year-on-year growth from $6.375 billion collected during the same period of FY26.