Bangladesh's remittance inflow continued its upward trend in August, rising more than 22 per cent year on year to $2.97 billion, according to Bangladesh Bank data.

The inflow was $545 million higher than the $2.42 billion received in the same month a year earlier.

The latest monthly figure was also 3.77 per cent higher than the $2.86 billion recorded in July, the central bank data showed.

Among banks, Islami Bank Bangladesh received the highest remittance inflow in August at $550.89 million, followed by Bangladesh Krishi Bank with $291.91 million, BRAC Bank with $252.81 million, Trust Bank with $211.49 million and Agrani Bank with $162.08 million.

Despite the strong growth, monthly remittance inflows have remained below $3.0 billion for three consecutive months since May.

Bangladesh Bank officials attributed the rise to stricter crackdowns on informal hundi channels, improved exchange-rate policies and growing confidence among non-resident Bangladeshis in using formal banking channels.

Higher remittance inflows have helped ease pressure on the balance of payments and support the country's foreign exchange reserves.

According to Bangladesh Bank, gross foreign exchange reserves stood at $37.41 billion under its own calculation and $32.50 billion under the IMF's BPM6 methodology as of September 1.

At the end of July, the reserves stood at $36.42 billion under Bangladesh Bank's calculation and $31.60 billion under the IMF methodology.

The Bangladesh Securities and Exchange Commission (BSEC) has approved a draft regulation allowing qualifying companies to get listed on stock exchanges directly, without going through an Initial Public Offering (IPO), by offloading a portion of existing shareholders' holdings.

The decision was taken at the 1,027th commission meeting held on Tuesday at the BSEC office, chaired by its Chairman Masud Khan.

Under the draft “Bangladesh Securities and Exchange Commission (Direct Listing of Securities by Stock Exchange) Rules, 2026”, companies will be able to list through direct listing by offloading at least 10 to 20 percent of shares held by existing shareholders, instead of raising fresh capital through an IPO.

Eligible companies include those wholly or majority owned by the government; companies where the government holds at least 10 percent of paid-up capital directly or indirectly; companies majority owned by foreign shareholders; BTRC-approved telecom and ICT service or infrastructure companies with a minimum paid-up capital of Tk 300 crore; scheduled banks, financial institutions and insurance companies with at least three years of commercial operation; and companies with an annual turnover or total assets of at least Tk 500 crore.

Companies will also need to fulfil additional conditions set by the respective stock exchange, depository and central counterparty as prescribed by the commission.

The draft rules will be published in newspapers and on the BSEC website shortly for public opinion, the commission said in a press release.

The Asian Development Bank (ADB) has approved a $175 million concessional loan to expand reliable and affordable electricity access in Bangladesh’s Chittagong Hill Tracts.

The Sustainable Energy Development and Community Empowerment in the Chittagong Hill Tracts Project will modernise power distribution networks across 26 upazilas in Khagrachari, Rangamati, and Bandarban, according to a statement from ADB yesterday.

The project will construct six 33/11 kilovolt substations, adding 80 megavolt-amperes of capacity, build 5,032 kilometres of distribution lines, and upgrade 1,874 kilometres of ageing lines.

It is expected to benefit at least 88,000 additional households, including 35,000 from small ethnic communities, while avoiding at least 19,300 tonnes of carbon dioxide equivalent emissions annually.

Although Bangladesh has achieved 99 percent national electrification, grid access remains significantly lower in the hill region, with 49 percent in Khagrachari, 43 percent in Rangamati, and 41 percent in Bandarban.

ADB said the project aims to raise grid access across the region to 68 percent by 2032.

“Reliable electricity is a powerful driver of jobs, enterprise, education, health care, and community resilience,” said ADB Country Director for Bangladesh Qingfeng Zhang.

The project also includes a $2.72 million grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific. The government is contributing $36.54 million to the initiative, while the Bangladesh Power Development Board (BPDB) is providing $45.65 million.

The National Board of Revenue has been asked to find ways to meet a sharply higher revenue target as the government seeks to finance the additional expenditure arising from the new pay scale for public servants.

Prime Minister's Economic and Planning Adviser Professor Rashed Al Mahmud Titumir gave the directive at a meeting with NBR officials yesterday (1 September), according to officials present at the meeting.

The NBR has a revenue collection target of Tk6.04 lakh crore set for FY27 – nearly 46% higher than the Tk4.15 lakh crore collected in FY26. Officials said achieving such growth would be challenging as Bangladesh has never recorded revenue growth of more than 27% since independence.
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The government has instructed that the additional funds needed for the new pay scale must come from NBR revenue collection. "The adviser told us to achieve the target at any cost," a senior NBR official told The Business Standard on condition of anonymity.

Another official said, "The salaries of government employees have been increased, and we have been told that the NBR has to provide the funds."

The government announced the new pay scale on Monday, which will directly benefit around 24 lakh government employees and nine lakh pensioners. Full implementation is expected to cost the government an additional Tk1,05,580 crore annually.

NBR officials said the target would be difficult to achieve amid sluggish economic activity, production disruptions caused by gas and power shortages and declining imports, particularly of goods that generate higher import tax.

Revenue collection has already shown signs of weakness in the new fiscal year. Although September has begun, the NBR has yet to officially publish its July collection figures.

Requesting anonymity, an NBR official said VAT collection stood at Tk9,301 crore in July, down from Tk11,547 crore in the same month last year. Preliminary figures show Vat collection fell further to Tk8,362 crore in August, compared with Tk11,081 crore a year earlier.

Import tax collection has also declined year-on-year, officials said, without providing figures.

Repeated attempts to contact Adviser Titumir for comment were unsuccessful.

Experts also said the revenue target was unrealistic under the current economic conditions.

Fahmida Khatun, distinguished fellow at the Centre for Policy Dialogue (CPD), told TBS that the NBR's structural weaknesses and the prevailing economic environment would make the target difficult to achieve.

"The NBR has a capacity gap due to its structural weaknesses, while the current economic reality is not conducive to achieving the target. As a result, meeting the revenue target will be very difficult," she said.

She said the NBR had seen little meaningful reform, while the skills of its officials had not improved significantly. At the same time, effective measures had not been taken to expand the tax base, she added.

"The current government inherited an economy in poor condition. Inflation is high, business costs are elevated, investment is low, industries are contracting, and there is a fresh energy crisis. Imports have also declined. Naturally, VAT and tax collection cannot gain momentum when businesses are not doing well," Fahmida said.

The country’s leading commodity importers and processors have urged the government to ensure uninterrupted gas and electricity supply to their factories, warning that disruption could trigger serious supply-chain problems nationwide.

They made the call at a discussion on ensuring stable stocks, supply and prices of essential items held at the Federation of Bangladesh Chambers of Commerce and Industry’s (FBCCI) Motijheel office yesterday.

The country has been grappling with gas and power shortages in recent months, disrupting production across industries. The average daily gas supply fell to 2,235 million cubic feet per day in August, the lowest level recorded for the month in a decade, according to an analysis of gas-supply data from 2017 to 2026 by The Daily Star.

Shafiul Athar Taslim, director for finance and operation at TK Group, said one of the group’s two factories had been closed for two months because of the gas crisis and that this would ultimately have an impact on production.

Shafiul Athar Taslim, director for finance and operation at TK Group, said one of the group’s two factories had been closed for two months because of the gas crisis

In terms of gas allocation, he called on the government to ensure utility supplies for companies producing essential commodities just as it prioritises electricity and fertiliser production.

Otherwise, he warned supply problems could emerge during Ramadan, which is expected to begin in early February 2027.

Biswajit Saha, director of corporate and regulatory affairs at City Group, called on authorities to closely monitor the opening of Letters of Credit (LCs) for essential commodities such as sugar, wheat and lentils.

Stating that LCs are not being opened and the volume of LCs has declined, he said it was important to identify the factors behind the reduction.

With Ramadan approaching, he warned that if LCs are not opened by October or November, it may not be possible to import the required commodities within the necessary timeframe.

Biswajit also highlighted the impact of power and gas shortages on industrial production, saying many City Group industries are currently closed because of inadequate gas supply.

The gas shortage is also affecting mills that produce and supply essential commodities such as edible oil and sugar, said the City Group official, adding that this could affect the country’s ability to maintain the supply of these products.

Shafiur Rahman, adviser at Meghna Group of Industries, spoke about the recent rise in retail sugar prices by Tk 10-15 per kg.

He said around 99 percent of Bangladesh’s sugar consumption is dependent on imports, making domestic prices sensitive to developments in the global sugar market.

He also said international sugar prices have risen significantly, partly because higher crude oil prices can encourage reduced sugar output.

Golam Mawla, president of the Bangladesh Wholesale Edible Oil Traders Association, said the number of companies producing and supplying essential commodities has declined significantly over the years, from around 30-40 groups to only a few major players.

He urged the government to support these companies and address the gas, electricity, banking and regulatory problems affecting their operations.

He warned that if imports and production are disrupted and stocks fall, shortages will inevitably occur.

Keeping the upcoming Ramadan in mind, Mawla called on the government to engage directly with the major commodity companies, identify their problems, resolve gas and banking constraints, and ensure sufficient stocks in the market.

Addressing allegations that ‘syndicates’ and ‘middlemen’ are distorting the market, he said these terms should not be used as a substitute for addressing the “actual problems” in the supply chain.

Mohammad Ziaur Rahman, general manager for sales and marketing at Erfan Group, spoke about the recent price hike of aromatic rice, which is reportedly selling at up to 60 percent higher than a year ago.

Ziaur claimed that there has been a 20 percent decline in aromatic rice production compared with last year, largely due to adverse weather. Export was another factor behind the price rise.

Meanwhile, referring to the recent report of pay rise for government employees, FBCCI Administrator Md Fazlul Hoque called on essential commodities sellers not to hike prices unjustifiably.

A large portion of the population is engaged in the private sector and other professions, he noted. “Increasing the prices of essential goods such as rice, lentils, and cooking oil whenever salaries increase is by no means acceptable.”

He also said it is the social and moral responsibility of the business community to conduct business responsibly, keeping the interests of ordinary people in mind, and to play an active role in preventing unjustified price hikes.

Sri Lanka’s inflation hit a 38-month high of 8.0 percent as prices of food and other essentials rose across the board, the government’s statistics office said on Monday.

The annual inflation rate in August compared with 7.3 percent last month and 1.2 percent a year ago, according to the Department of Census and Statistics.

“This month’s inflation was mainly driven by increases in the price index for transport, housing, water, electricity, gas and other fuels,” the department said.

Sri Lanka has hiked fuel prices by about half since the Middle East war triggered a surge in global energy prices in the import-dependent nation.

The island recorded deflation of 0.3 percent in July 2025, and prices have risen steadily since then.

Sri Lanka has warned that any prolonged conflict in the Middle East could threaten its fragile economic recovery from the meltdown of 2022, when the country ran out of foreign exchange to finance essential imports.

The government told the International Monetary Fund (IMF), which approved a $2.9 billion bailout for Colombo in March 2023, that sustained high energy prices could undermine efforts to recover from the country’s worst economic crisis.

Under the IMF-backed reforms, Sri Lanka is required to ensure cost recovery in fuel and electricity pricing while limiting subsidies that strain public finances.

Sri Lanka defaulted on its $46 billion foreign debt in 2022. Colombo has been drawing down the IMF bailout loan to stabilise the country since then.

China’s installed solar energy capacity has surpassed that of coal-fired power for the first time, the national energy body said Tuesday, hailing the milestone.

China, the world’s largest emitter of greenhouse gases that drive climate change, has pledged to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.

“As of the end of July this year, China’s installed solar power capacity reached 1.286 billion kilowatts,” the National Energy Administration (NEA) said.

“For the first time, photovoltaic installed capacity surpassed coal-fired power, becoming the largest power source category in China,” it added.

China, the world’s largest emitter of greenhouse gases that drive climate change, has pledged to peak carbon emissions by 2030 and achieve carbon neutrality by 2060
The country’s coal-fired power installed capacity, the energy body said, stood at 1.285 billion kilowatts.

Solar generation rose 15.5 percent on-year in the first seven months of 2026 to 802.4 billion kilowatt-hours, about one-eighth of the country’s total, the NEA said in another statement. It did not detail in these statements what the total generation of coal-powered energy was for the first seven months of this year.

The NEA said China’s installed solar power capacity and power generation “have maintained a steady trend of rapid growth”, with it playing an “increasingly prominent role” in guaranteeing electricity supply and driving the energy transition.

Coal has been China’s key power generation source for decades and a key driver of its planet-warming emissions.

But the country’s coal-fired power generation fell by nearly two percent in 2025, despite rising energy demand in the world’s largest emitter, data reviewed by AFP showed in February. It marked the first decline in six years, with some analysts saying it was the first time on record that coal generation dropped at the same time as power demand rose.

China has seen an explosive growth in its renewable installation, with coal’s share in its energy mix edging down in recent years.

The country installed a record 315 gigawatts of solar power and 119 gigawatts of wind power capacity last year -- over 80 percent of total newly installed power generation capacity, according to the China Electricity Council.

The Bangladesh Bank today (1 September) resumed buying dollars from commercial banks after a three-month gap, purchasing $50 million at Tk122.75 as ample market liquidity and weak demand pushed the exchange rate lower.

The purchase from four commercial banks was the central bank's first since 20 May, a senior Bangladesh Bank official confirmed to The Business Standard.

The move came after the dollar rate had fallen amid strong supply of foreign currency and easing demand for import payments. Commercial banks were buying dollars from remittance houses at Tk122.30-Tk122.40 this morning, while settling letters of credit (LCs) at Tk122.50-Tk122.60.

A senior commercial bank official said the central bank's purchase at Tk122.75 sent a signal that it would support the dollar rate at that level.

Bankers had expected the Bangladesh Bank to intervene when the rate fell two weeks ago. However, another $100 million in government LC payments was added after 20 August, taking outstanding government payment obligations above $1 billion. The central bank may have held back from buying dollars because of the increased payment pressure, the official said.

Another senior banker said sharp fluctuations in the exchange rate over the past 15 days had left banks and clients uncertain about where the rate would settle. Many clients were seeking forward bookings, he added.

High supply, weak demand

Commercial banks currently have ample dollar liquidity, while pressure from LC payments has eased. Weak private-sector credit growth has also reduced demand for foreign currency.

As a result, excess supply amid subdued demand has been pushing the dollar rate down. Bangladesh Bank's latest purchase appears aimed at preventing a further decline.

Demand for dollars could rise somewhat next month as the Bangladesh Petroleum Corporation (BPC) has some payments due, a banker said.

Purchase information came late

There was no prior indication in the market that the Bangladesh Bank would purchase dollars today, according to a senior banker. Commercial banks were informed around 1pm.

Normally, the central bank informs banks of such purchases by around 11:30am. As a result, banks bought remittance dollars at lower rates in the morning and settled LCs at Tk122.50-Tk122.60.

Dollar rate rises after purchase

After the Bangladesh Bank bought dollars at Tk122.75 in the afternoon, several commercial banks raised their rates for remittance collection and LC settlements to the same level.

The purchase effectively pushed the dollar rate higher and signalled that the central bank was prepared to support it at Tk122.75.

The dollar rate had been falling again since Sunday. With no earlier intervention from the Bangladesh Bank, there had been little clarity in the market over where the rate would settle, he said.

The dollar rate climbed as high as Tk123.65 late last week after falling to Tk122 about two weeks ago, reflecting unusually sharp fluctuations over the past 15 days.

Bangladesh Bank Governor Md Mostaqur Rahman has urged the government to take steps to place the proposed amendments to the Money Loan Court Act, 2003, and the proposed Distressed Asset Management Act, 2026, before the ongoing session of parliament.

The central bank governor made the request in a demi-official (DO) letter to Finance Minister Amir Khosru Mahmud Chowdhury on August 31.

Mohammad Shahriar Siddiqui, assistant spokesperson of Bangladesh Bank, confirmed the matter to The Daily Star.

In the letter, the governor said high levels of non-performing loans and distressed assets in the banking sector are hindering financial stability and economic activity.

Bangladesh Bank has already sent drafts of the two laws to the Financial Institutions Division of the finance ministry for necessary action, he said.

The proposed amendments to the Money Loan Court Act aim to make the recovery of defaulted loans more effective, dynamic and time-bound. The new Distressed Asset Management Act will provide a legal framework for managing, restructuring and resolving distressed assets held by banks and financial institutions, according to the letter.

The governor said the laws would help accelerate loan recovery, improve the quality of banks’ and financial institutions’ balance sheets, and strengthen governance in the banking sector.

He also assured the ministry that Bangladesh Bank would provide any necessary support in this regard.

The governor urged the ministry to take the necessary measures to place the two legislative proposals before parliament during the ongoing session, saying they are needed to ensure financial stability and revitalise economic activity.

Under the proposed amendments to the Money Loan Court Act, the governor suggested establishing an appellate tribunal with powers equivalent to those of the High Court; fixing reserve prices for auctions conducted under the law; appointing recovery officers to oversee execution proceedings in loan recovery cases; reducing the time limits prescribed under various sections of the Act to expedite case disposal; and increasing the mandatory deposit required to file an appeal.

The government has cut import tax on green chillies and tomatoes from 61% to 20.50% following a sharp rise in their prices.

The Internal Resources Division (IRD) of the Ministry of Finance issued the order on 30 August and published it on the government website yesterday (31 August).

The lower tax rate will remain in effect for one month before rising to 30% for another month. After 60 days, it will return to the previous rate of 60%, according to the order.
Officials of the National Board of Revenue (NBR) were primarily involved in preparing the order on behalf of the IRD.

A senior NBR official familiar with the development told The Business Standard, "The prices of these two products have increased in the market recently. The reduction in import tax will create an opportunity to increase supply in the market, allowing consumers to purchase the products at somewhat lower prices."

Green chilli prices began rising in July and crossed Tk400 a kilogramme in some markets in August, according to media reports.

The government took the latest measure following the sharp rise in prices.

The government has announced a special incentive package to encourage consumers to install rooftop solar power systems with battery storage, as part of its efforts to expand renewable energy and strengthen energy security.

The Ministry of Power, Energy and Mineral Resources issued a circular yesterday outlining the new scheme, which also came into effect on the same day.

Under the scheme, the cost of generating electricity from rooftop solar systems with battery storage has been set at a maximum of Tk 8 per unit. The benchmark is based on current market prices and recent tenders reviewed by the Power Division.

To make the investment more attractive, the government has added a 20 percent profit margin and an 11.25 percent premium to the production cost. This takes the final purchase tariff to Tk 10.50 per unit.

The average retail price of grid electricity is currently Tk 10.40 per unit, according to the latest decision of the Bangladesh Energy Regulatory Commission. Consumers who can install and operate the systems at a cost below the Tk 8 benchmark will be allowed to keep the savings as additional profit.

Under the Net Metering Guidelines 2025, consumers who install rooftop solar systems by February 28, 2027, and supply surplus electricity to the national grid will receive Tk 10.50 per unit for three years, until February 28, 2030.

However, systems installed after the February 2027 deadline will not qualify for the incentive.

Power distribution companies will maintain records of consumers participating in the scheme and measure how much electricity they supply to and receive from the grid. They will also manage the incentive payments.

The payments will be made directly to consumers through bank accounts or mobile financial services (MFS). Cash payments will not be allowed.

The government has also made it mandatory for all solar equipment, including panels, batteries, inverters and meters, to meet the technical standards set by the Bangladesh Standards and Testing Institution (BSTI) and the Sustainable and Renewable Energy Development Authority (SREDA).

Consumers seeking policy guidance or technical assistance can contact the Power Division’s One-Stop Service Centres or utility offices at the district and upazila levels.

Merchandise shipments from Bangladesh grew 5.43 percent year-on-year to $9.15 billion in July-August, the first two months of the current fiscal year, riding on a moderate rebound in garment exports, according to data from the Export Promotion Bureau (EPB) today.

Also, in the monthly comparison, exports of goods grew 13.14 percent year-on-year to $4.42 billion in August this year.

However, exports declined by 6.30 percent in August compared with July, when earnings stood at $4.72 billion, the EPB data also showed.

The readymade garments (RMG) sector remained the principal driver of export growth, posting a 13.92 percent year-on-year increase to $3.89 billion in August 2027.

Cumulative RMG exports during July-August also increased by 5.12 percent, reaching $7.50 billion, the EPB said in a statement.

Both major apparel segments recorded notable growth. Knitwear exports rose by 14.88 percent, while woven garments increased by 12.70 percent in August. During July-August, knitwear and woven exports grew by 6.17 percent and 3.81 percent, respectively.

Several non-RMG sectors also delivered impressive performances, highlighting the country's export diversification efforts.

Among the major gainers were jute & jute goods (37.09 percent), pharmaceuticals (28.52 percent), leather & leather goods (24.85 percent), printed materials (24.83 percent), engineering products (23.88 percent), and other footwear (15.29 percent). Cumulative growth remained particularly strong in printed materials (41.89 percent), pharmaceuticals (38.94 percent), other footwear (27.32 percent), and jute & jute goods (22.26 percent).

The United States, Bangladesh's largest export destination, registered robust growth of 26.09 percent in August and 11.90 percent cumulative growth during July-August.

The United Kingdom regained its position as the second-largest export market, followed by Germany, Spain, and the Netherlands. Among emerging markets, Türkiye (141.03 percent), the Republic of Korea (42.37 percent), and Saudi Arabia (42.09 percent) recorded outstanding export growth.

Export growth was supported by stronger demand in major markets, increased buyer confidence in Bangladesh as a reliable sourcing destination, expansion of production capacities, growing exports of higher value-added products, and ongoing efforts towards product and market diversification, the EPB also said in the statement.

The continued growth of both knitwear and woven garments, together with robust performances of pharmaceuticals, leather goods, jute products, engineering products and footwear, reflects the increasing competitiveness and resilience of Bangladesh's export sector amid a challenging global trade environment, the EPB said.

India’s economy grew at a faster pace than expected in the April to June quarter, official data showed on Monday, quelling fears that the Iran war would derail growth in Asia’s third-largest economy.

Gross domestic product rose 7.8 percent in the three months through June from the same period a year earlier, helped by a robust services sector, according to data from the statistics ministry. While this was down from a revised 8.6 percent recorded in the previous quarter, it was still above market expectations of 7.3 percent growth.

“Growth was led by services, but a key upside surprise came from manufacturing, which grew 9.2 percent,” Teresa John of Nirmal Bang Institutional Equities told AFP.

Prime Minister Narendra Modi called the figures a “herculean feat”, noting that it came despite “oil price shocks and supply chain issues”.

“Doomsayers were doomed and India bloomed... yet again!” the premier said in a post on X.

Monday’s reading cements India as the world’s fastest growing major economy, and is a shot in the arm for Modi’s government, which has been grappling with political setbacks and a series of delicate policy challenges.

The year kicked off on a strong note for India, with robust economic growth and progress on a much-delayed interim trade deal with the United States. That momentum, however, quickly stalled with a stalemate in talks with Washington. The Iran war has also raised energy costs as well as India’s import bill, stoking inflation.

New Delhi depends heavily on imports for its oil and gas needs, making it particularly vulnerable to the global energy shock caused by the conflict. Initial assessments of the Mideast turmoil prompted India’s central bank to cut growth projections for the current fiscal year. The projections were later revised slightly upwards.

The Indian government has so far shielded citizens from the worst of the war’s economic impact with limited and staggered fuel price hikes.

But analysts warn that this may not hold given renewed tensions in the Mideast and consistently elevated global crude prices. Modi has had to face rising anger in recent months over government accountability, education and a lack of well-paying jobs for the millions of graduates that join the workforce every year.

Weeks of massive student protests forced the resignation of education minister Dharmendra Pradhan in July over a national exam scandal and have placed Modi on weaker political footing ahead of key state elections next year.

Policymakers have also struggled to prop up the Indian rupee, which has been under pressure due to a range of factors including fears of a higher current account deficit and foreign investors dumping Indian shares.

India’s central bank and finance ministry have launched a flurry of steps to woo dollar inflows -- including a deposit scheme for non-resident Indians that has brought in over $65 billion as of late-August.

But this has done little to salvage the sinking rupee, which after recovering has continued to see sustained pressure.

US oil company North American Blue Energy Partners will take over some oilfields previously controlled by several Chinese companies ​and a Russian firm, two US officials told Reuters on Monday.

The takeover will be part of a sweeping oil production agreement that President ‌Donald Trump announced with Venezuela, they said.

The projects were among 14 contracts newly granted to US-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned by US oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.

"Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential," Betancourt said in a statement, confirming the deal. "This ​transaction will unleash that potential to the great benefit of both Venezuelans and Americans."

NABEP said it will have operating control of the business and the ​US government will have holding rights to a 35% stake in the company, alongside "preferential access" to 20% of the company's production ⁠at cost.

The White House said NABEP has also granted the US Department of State the right of first refusal to purchase the remaining 80% of its production.

Last ​week, Trump announced that the US had secured access to some 64 billion barrels of Venezuela's proven oil reserves through a partnership with private business.

The arrangement gives US companies a ​foothold in some of Venezuela's strategically important oil assets while displacing Chinese and Russian interests that have long played a major role in the country's energy sector. It also gives Washington a direct role in determining who produces and sells Venezuela's oil, as the Trump administration seeks to reshape the country's oil industry and bring its vast reserves closer to US economic and geopolitical ​interests.

The US will also have veto power over NABEP's board and directors and has stipulated that a majority of the board must be American citizens, the White House ​added.

NABEP is expected to control a total of 17 projects in Venezuela that it plans to develop and ultimately use to supply oil to the US Fourteen of those projects will ‌be newly ⁠granted by the Venezuelan government, the officials said.

Five of the 14 fields have been operated by Chinese companies under a model promoted by then-President Nicolas Maduro, while one was previously operated by a Russian company, the officials said.

Two of the projects have been operated by China Concord Resources, which was sanctioned by the US in 2019 for Iran-related activity. Another project was operated by Sinopec and another by China National Petroleum Corp, the officials said.

"Not only are we opening up new opportunities for the US government ​to benefit and for US operators to ​benefit, we are opening up the ⁠United States as the market for this oil which was previously being sent to China," the official said.

Two other projects were operated by affiliates of Alex Saab, a former close associate of ousted Venezuelan President Nicolas Maduro who is currently being held ​in US custody, the officials said.

Another oilfield was linked to a nephew of Maduro's wife, Cilia Flores, the officials said.

Trump ​told reporters earlier on ⁠Monday that the US was taking out "millions and millions of barrels of oil" that is currently being shipped to refineries in Texas and Louisiana, among other locations. He is to meet oil and gas retailers and refineries on Tuesday.

The officials said talks between Venezuela's interim authorities and representatives of the 2015 National Assembly are aimed at restoring a measure of ⁠constitutional order ​and addressing legal questions surrounding the country's transition.

The Trump administration views the 2015 assembly as the last ​Venezuelan legislative body elected and operating under the country's constitution, although it has no formal governing power.

One official said reaching an agreement with the 2015 assembly could provide a constitutional and legal basis for ​the broader transition, including economic decisions such as the revival of Venezuela's oil industry.

With a view to tightening regulatory oversight and enforcing strict supervision, the Bangladesh Securities and Exchange Commission (BSEC) constituted an 8-member standing joint inspection panel to conduct surprise inspection of stock brokers and stock dealers across the country.

The eight-member inspection panel is comprising of members from the regulatory body, stock exchanges and central depository of Bangladesh Limited (CDBL), according to official order of the commission.

On Monday, BSEC Chairman Masud Khan, speaking at an open discussion titled "The Current State of the Bangladesh Capital Market and Way Forward", organised by the DSE Brokers Association of Bangladesh (DBA) said, "Much has been discussed about surveillance of brokers. A broker may have several types of problems. Some are regulatory in nature, while another is a shortfall in the CCA, which has accumulated over many years.

"When irregularities occur, the commission imposes fines, which is a regular measure. But when there is a major shortfall, simply imposing a fine is not enough. A fine leads to a certificate case, which can continue for a long time.

"We need to adopt a risk-based approach and conduct surprise visits. In some cases, CCA shortfalls were detected, the money was returned, and then withdrawn again. The commission and the DSE have agreed to conduct visits on a regular basis."

Considering past incidents where brokerage houses embezzled client funds using duplicate servers to display fake information, the regulator aims to prevent further misappropriation through surprise inspections.

Capital market investors usually deposit their hard-earned money through brokerage houses into listed shares of the capital market.

These funds are kept separately in Consolidated Customers' Accounts (CCA), which can only be used to buy and sell shares on behalf of the investors.

However, recent cases show that some brokers embezzled funds from these accounts for personal use, creating severe client deficits.

This embezzlement has severely damaged investor confidence and discouraged further capital market investment, leading to a steady decline in active investors.

So, now the capital market regulator planned to increase surveillance in to the stock brokers, who were licensed to work for the investors for buying and selling shares of the listed companies also for the its own account.

The joint panel

As decided by the capital market regulator, a standing eight-member joint inspection panel will be formed, comprising two representatives each from the Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), and Central Depository of Bangladesh (CDBL).

Each institution will nominate two members to represent them.

Once formed, the panel will conduct unannounced inspections of brokerage houses to review Consolidated Customers' Accounts (CCAs), regulatory compliance, margin lending rules, and other related issues.

Through a letter to the respective institutions, the reglator sent seprate letters asking nomination of two members in the standing joint inspection panel.

In the letter, the BSEC stated that the Commission has decided to constitute a standing Joint Inspection Panel for conducting spot/surprise inspections/visits of stock brokers and stock dealers.

The initiative aims to tighten regulatory oversight, enforce strict compliance with securities laws, and safeguard general investors' interests.

According to previous news of TBS, on the day of an inspection, officials will meet at the BSEC office in the morning and select a brokerage from a list of firms identified as potentially risky based on suspicious activities, possible irregularities and other risk indicators.

The inspection team will then be sent to the vicinity of the selected firm before the inspection notice is issued.

The BSEC will subsequently send a spot inspection letter to the firm's head, after which the team will arrive at the office and begin the inspection.

The procedure is intended to minimise the time available for firms to alter records, manipulate software or conceal irregularities.

The new salary structure approved by the government for public sector employees on Monday could lead to a slight increase in inflation, says Prime Minister's Information and Broadcasting Adviser Zahed Ur Rahman.

He said, "Inflation is very high now, isn't it? It’s high. The inflation rate in Bangladesh has been high for a long time. In a country like ours, of course, there should be some inflation. If it's up to 5 per cent, up to 6 per cent, then it's good or okay.

"But for us, it has reached double digits, even crossed it. At the moment, it has decreased a little, at least that's what our data says."

The information adviser was speaking at a weekly press conference on the progress of different government projects in the conference room of the Press Information Department at the Secretariat on Tuesday, bdnews24.com reports.

Zahed said, "If this many people actually get an increase in their (public sector employee) salaries, there is a risk of some inflation. There are many senior employees who have reached close to the salary they will get in the new scale due to their salary increments.

“So, a lot of money will reach the people, but there are concerns about where the government will meet this expenditure, about where the money will come from, but while (the expenditure will increase, the government has a budget for that expenditure). It is not that the inflation rate increasing is impossible. There is a possibility of inflation increasing a bit.”

Regarding the implementation of the new salary structure, Adviser Zahed said: “The new pay scale has been announced, and a roadmap has been given on how it will be implemented step by step.

“I would like to mention two very significant findings. One is that if an employee has a child with special needs, he will get a monthly allowance of Tk 3,000. I claim this is a very groundbreaking step.”

He said, “I am not saying that Tk 3,000 is a lot of money. I am not saying that all problems can be solved with it. But we know that these children with special needs need special care, treatment, special schools. The state, this government, is recognising all this, and it will help them to some extent.

“We hope that as the state’s capacity increases—when the state recognises something that people are suffering from, they recognise that people have needs—we can hope that the amount of this allowance will increase soon. This is a very big deal.”

Regarding the salaries and allowances of government employees at the Grade-1 level, he said, “The second thing is that there has always been a reasonable criticism regarding the ratio between our Grade-1 - this calculation is available all over the world; if you search for it, you can find it - and the last grade—what is their compensation ratio? It is very high in Bangladesh, huge. The lower it is, the better.”

Stating that the government is trying to reduce the difference, Zahed said: “You will see that there is also an effort to reduce this disparity. The first 10 grades will increase step by step to a maximum of 100 per cent, and the next 10 grades will increase up to 142 per cent.

“Then the gap, the ratio, that we had between Grade-1 and Grade-20 will decrease. I think this is also a step to reducing inequality.”

The securities regulator is set to finalise the direct listing framework within a month, allowing well-governed private companies, state-owned enterprises and multinational firms to enter the stock market by bypassing the need to float an IPO.

"The draft direct listing rule is almost complete and will be placed for approval at the commission meeting tomorrow (Tuesday)," said Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan on Monday.

The draft will be published for public opinion this week before being finalised within the next month, he added.

Mr Khan made the remarks at an open discussion titled "The Current State of the Bangladesh Capital Market and Way Forward", organised by the DSE Brokers Association of Bangladesh (DBA) at the DSE Tower in Dhaka.

Currently, only state-owned entities can use the direct listing mechanism to list by floating at least 25 per cent of their shares.

Once the direct listing framework is finalised, the Central Depository Bangladesh Limited (CDBL), the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) will be listed, said the BSEC chief.

The initiative is expected to encourage quality companies to enter the market, particularly large private firms, state-owned enterprises and multinational companies that are otherwise reluctant to raise funds by issuing primary shares.

The commission is also pursuing a series of structural reforms, including a hybrid IPO mechanism, T+1 settlement, activation of the Central Counterparty Bangladesh Limited (CCBL), development of the bond market and introduction of an extended audit for issuers.

Listing of "public interest companies"

The BSEC is also working on a framework to bring certain companies to the capital market.

Referring to Section 20A of the Securities Act, Mr Khan said the commission has the authority to direct companies to come to the market when it considers such listing necessary in the public interest.

A new regulation would define "public interest companies", and they would be required to list, Mr Khan said.

The BSEC is also seeking to shorten the IPO approval process by introducing an "extended audit" to cover a company's assets, land, machinery, receivables and liabilities in greater detail than a conventional statutory audit.

Under the proposed system, an issuer would submit its IPO application to the stock exchanges, with a copy to the BSEC. The exchanges would conduct the initial scrutiny and raise necessary queries with the issuer, while the commission would give the final approval.

Acknowledging the current weak investor confidence, Mr Khan said the regulator would not interfere in the normal movement of the capital market or seek to artificially support it.

"The market will run on its own strength," he said.

The commission would investigate unusual trading or price movements and take action if irregularities are detected, he said.

Mr Khan said the regulator's role was not to increase the market index or turnover, but to ensure a fair, transparent and orderly market and protect investors.

He said structural reforms, quality listings and modern market infrastructure were essential to restoring confidence among local and foreign investors.

The BSEC chief also said the board of the Central Counterparty Bangladesh Limited (CCBL) is expected to be reconstituted within a month, paving the way for the long-delayed launch of its operations as a clearing company. He said he expected the CCBL to become operational within a year and that it would strengthen risk management and automate clearing and settlement processes.

The regulator is also targeting the introduction of T+1 settlement by the end of this year. A roadmap has been prepared following discussions with the Dhaka Stock Exchange (DSE), the Chittagong Stock Exchange (CSE), the Central Depository Bangladesh Limited (CDBL) and foreign custodian banks.

Moreover, the securities regulator is looking to expand the bond market by reducing fees and encouraging issuers to list bonds on the main board.

Mr Khan said BRAC Bank was planning to issue a Tk 10-billion social bond on the condition that it would be listed on the DSE main board.

"We want every bond to be listed on the main board," he said.

He expressed optimism that a significant number of bonds will be listed on the main board over the next year, creating investment opportunities for mutual funds, merchant banks and other institutional investors.

Surprise inspections

The regulator will strengthen surveillance of brokerage houses through risk-based and surprise inspections rather than relying on penalties.

"Surprise inspection is very important. Both the DSE and we believe that surprise inspections should be conducted regularly, not after five years," Mr Khan said.

The regulator will also examine whether large orders or repeated transactions are being used to manipulate stock prices. Mr Khan said placing a large order by itself was not illegal, but a series of transactions aimed at influencing prices could constitute an offence.

DSE Chairman Mominul Islam said the market had long been considered "overly regulated," preventing it from developing according to its own dynamics. The exchange is working to introduce scrip netting and bring technological changes to its matching engine and order management system, he said. The DSE is also preparing to launch trading in open-ended mutual funds and upgrading its website to attract institutional and foreign investors.

DSE Managing Director Nuzhat Anwar said much remained to be done to improve governance among listed companies, adding that the DSE and the BSEC were working in coordination on investor protection, margin requirements, Consolidated Customer Accounts and IPOs.

DSE Director Richard D'Rozario stressed the need for stronger surveillance to detect irregularities at an early stage.

DSE Director Minhaz Mannan Emon said global economic uncertainty, including the oil market crisis, was affecting Bangladesh's capital market among other factors. He called for coordinated efforts among the regulator, exchanges and market participants to address the challenges facing the secondary market.

Investor confidence in Bangladesh's stock market is weakening as persistent selling pressure, weak fresh fund inflows and concerns over the economic outlook continue to weigh on market activity.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell another 16 points today (31 August) to close at 5,598, taking its total loss to 306 points, or nearly 5%, in just 13 trading sessions. The index also slipped below the 5,600-mark for the first time in around two months.

According to EBL Securities' daily market commentary, the downbeat capital market extended its negative trajectory despite brief recovery attempts by bargain hunters. Persistent domestic headwinds and a lack of fresh positive catalysts continued to weigh on investor sentiment.

Although the market staged intermittent recovery attempts, the indices failed to sustain the momentum as selling pressure regained dominance in the latter half of the session, reflecting weak investor conviction across the market, the brokerage said.

Trading activity has also plunged. Daily turnover on the DSE fell 61%, or Tk734 crore, over the past 18 trading sessions, from Tk1,211 crore on 4 August to Tk477 crore today.

The DS30 index declined 9 points to 2,113, while the DSES index fell 4 points to 1,124. Of the 391 companies and mutual funds traded today, 192 declined, 128 advanced and 69 remained unchanged.

Market participants say the lack of fresh or net fund inflows is one of the biggest challenges facing the market. Much of the current trading is driven by existing investors reallocating funds rather than new money entering the market.

As a result, buying pressure remains too weak to sustain a recovery. They said a durable market rally requires a steady flow of fresh funds; otherwise, selling pressure can quickly overwhelm buying interest, even in fundamentally strong stocks.

The DSEX had earlier climbed from around 5,200 points to nearly 5,900, but failed to sustain the momentum. The recent correction has further increased uncertainty over the market's near-term direction.

The weakness comes despite bank deposit and lending rates starting to decline, while yields on government treasury bills and bonds are also moving downward. Under normal circumstances, this could make equities more attractive, but investors have yet to shift significant funds into the stock market.

Market participants said many institutional and large retail investors are staying on the sidelines. While some have reduced their equity exposure, others are waiting for lower prices before making fresh investments. Meanwhile, some retail investors are selling shares over fears of further losses, adding to the selling pressure.

Ongoing gas and electricity shortages are also weighing on investor sentiment. Many manufacturing companies are operating below capacity due to inadequate gas and power supplies, raising concerns over production, sales and profitability in sectors such as textiles, ceramics and plastics.

EBL Securities also highlighted concerns over the short-term market outlook amid the gas and power crisis as a factor negatively affecting investor sentiment.

Increased regulatory scrutiny is another source of caution. The DSE is investigating several listed companies, while the Bangladesh Securities and Exchange Commission (BSEC) has intensified spot inspections of market institutions.

Market participants said stronger regulatory oversight is positive in the long run as it can improve transparency and accountability. However, a series of investigations and regulatory actions could make investors cautious in the short term, especially amid weak liquidity.

The Tk775 crore rights issue of United Commercial Bank (UCB) could further strain liquidity, as some investors may sell existing shares to raise funds for the issue, increasing selling pressure in the secondary market.

However, they do not see the current weakness as the start of a prolonged downturn. Investor interest could return if uncertainty eases, fresh funds enter the market and fundamentally strong stocks become attractive at lower valuations.

For now, the 306-point fall in the DSEX in 13 sessions and the 61% decline in turnover over 18 sessions indicate a significant deterioration in market liquidity and investor confidence.

The Bangladesh Securities and Exchange Commission (BSEC) has unveiled an ambitious roadmap to rescue the country's capital market from a decade of stagnation, promising to dismantle the "analog" hurdles of the "paper age" and transition into a technology-driven institutional powerhouse.

Speaking at an open discussion titled "The Current State of the Bangladesh Capital Market and Way Forward", organised by the DSE Brokers Association of Bangladesh (DBA) at DSE Tower today (31 August), BSEC Chairman Masud Khan outlined a "Mega Plan" featuring digital share trading, T+1 settlement, AI-powered surveillance and mandatory market participation for large companies.

He identified the "IPO drought", liquidity crunch and lack of investor confidence as the major challenges facing the market, and said the regulator aims to shift it from a "retail-dominated, rumor-based" environment to one driven by professional analysis and valuation.

Masud, who has 46 years of corporate leadership experience, said the current government is perhaps the most market-friendly in Bangladesh's history. He cited the FY2026-27 budget's market-oriented measures, particularly the treatment of the 15% tax on individual dividend income as a "final tax liability".

He said such structural changes are needed to encourage informed investment rather than herd behaviour.

Reflecting on his first two months at the regulator, Masud said the removal of the floor price on his second day in office was a pivotal step towards restoring free-market dynamics.

He said MSCI (Morgan Stanley Capital International) has decided to resume publishing the Bangladesh Index from November, while the resolution of Beximco Pharmaceuticals' GDR listing issue on the London Stock Exchange within a month of his tenure has helped restore the country's international credibility and could encourage other large local companies to pursue global listings.

Trading to go fully digital

Masud described the current system of using physical documents for buy and sell orders as a "horror story", saying it creates scope for signature forgery and fund misappropriation.

He said BSEC will introduce digital order placement through mobile apps, bringing the process in line with global practices.

The regulator will also digitise its internal file management and adopt IAS 34 to allow "condensed" quarterly reporting, which Masud said would reduce excessive regulatory queries to listed companies.

Easier IPO, direct listing

Addressing the IPO drought that has persisted since 2024, Masud said the existing public-issue rules are discouraging entrepreneurs from entering the capital market.

He said BSEC is overhauling direct-listing rules, previously restricted to government companies, to allow all companies, including large multinationals and profitable local firms, to list directly.

The mandatory offloading requirement will also be reduced from 25% to 10%. BSEC is additionally planning a "hybrid" capital-raising model combining IPO and direct listing, which Masud said could be approved within seven days for fundamentally strong companies.

To further institutionalise the market, BSEC is formulating rules to bring "Public Interest Entities" (PIEs) into the capital market. The category would cover companies using Tk300 crore or more in public funds through equity or bank loans.

Masud also indicated that a new law could require major multinational branches, including Standard Chartered and HSBC, to register as local companies and eventually list on the stock exchange.

T+1 settlement, AI surveillance

BSEC is moving towards a T+1 settlement cycle, with a long-term goal of T+0, or same-day settlement.

Masud said he is in discussions with Bangladesh Bank to extend Real-Time Gross Settlement (RTGS) hours to facilitate the cash side of stock transactions.

He has also given the Dhaka Stock Exchange (DSE) one year to shift its surveillance department to an AI-based automated system. The system would use automatic triggers to detect and halt suspicious trading, reducing human intervention and potential bias, he said.

Masud called on market stakeholders to support the reforms, saying BSEC would not intervene in price levels but would remain focused on ensuring a fair, transparent and internationally compliant market.

DSE cuts bond listing fees

DSE Managing Director Nuzhat Anwar and Chairman Mominul Islam expressed support for coordinated reforms.

Mominul said the DSE board had reduced listing fees for bonds by up to 80% to encourage fixed-income trading on the main board.

He also said the DSE is working to resolve the long-standing issue of investors whose funds are trapped in closed brokerage houses, estimating that 95% of affected investors would be repaid in full by the end of this year.

Meanwhile, Riad Mahmud, president of the Bangladesh Association of Publicly Listed Companies (BAPLC), urged BSEC to act as a "vanguard" for listed companies.

He said the worsening energy crisis is now a direct threat to industrial survival and called for BSEC and Bangladesh Bank to work together to ensure listed companies receive priority in working-capital financing to protect production and jobs.

He also urged the regulator to remove legal barriers preventing stronger corporate groups from taking over sick or non-operational listed companies.

Bangladesh Bank (BB) is introducing a comprehensive electronic Foreign Exchange (FX) Market Module to automate and streamline foreign exchange intervention auctions, interbank FX transactions and the collection of market data for the preparation of the reference exchange rate.Market Research Reports

According to the Operational Guidelines on the FX Market Module, the system is designed to improve efficiency, transparency, accuracy and regulatory oversight in the country’s foreign exchange market.

The module will automate the entire FX intervention process, including auction management, bid submission and evaluation, allocation, reporting and record-keeping. Bangladesh Bank may conduct FX buying or selling auctions when required as part of its market intervention operations.

Under the system, Bangladesh Bank will publish auction notices specifying the auction amount, date and time, transaction type, eligible participants and other applicable requirements. Authorised Dealer (AD) banks will then submit their bids electronically within the prescribed cut-off time.

The system will also operate as a centralised electronic dealing platform for interbank FX transactions among AD banks.

Spot, Forward and Swap transactions will be conducted through the platform, with trade confirmation, transaction monitoring, reporting, audit trails and record management incorporated into the system.Bangladesh Trade Data

For Spot transactions, the settlement cycle may be up to T+2, while Forward transactions will be settled according to the specified tenor. Swap transactions will consist of two legs-a spot transaction and a forward transaction, or vice versa-with separate settlement procedures for the near and far legs.

The guidelines provide separate responsibilities for Front Office, Mid Office and Back Office users of AD banks.

Front Office users will create and accept FX deals and submit or authorise auction bids, while Mid Office users will administer user IDs and dealer limits. Back Office users will handle foreign currency and taka settlement as well as reporting.

The new system will also support preparation and publication of the official FX Reference Rate (RR).

AD banks will submit standardised client-level data on export, import and remittance transactions, which will be used to calculate the reference rate for the foreign exchange market.

Under the guidelines, AD banks will have to submit client-level FX transaction data three times on each business day.

Data covering transactions up to 11:00am must be submitted by 11:30am, while data up to 4:00pm must be submitted by 4:30pm. Transactions conducted after 4:00pm may be reported by 11:00am on the following working day.

Even if there is no reportable FX transaction during a reporting period, banks will have to submit a “Null Report”.Business News Portal

Transactions equivalent to US$100,000 or above are required for construction of the reference rate, while wage-earner remittance transactions must be reported regardless of their size.

The guidelines say AD banks will be able to submit client-level data either through a prescribed Excel file or by entering individual transactions directly into the system.

Submitted data will be subject to approval by designated Checker users, creating a maker-checker mechanism for the reporting process.

The electronic platform is expected to reduce manual intervention and processing time while strengthening transparency and standardisation in Bangladesh’s foreign exchange market.