United News of Bangladesh

Gold has become even more expensive in Bangladesh, as the Bangladesh Jewellers’ Association (Bajus) has increased its prices for the 18th time this year. On Monday, Bajus set the price of 22-carat gold at Tk172,545 per bhori (11.664 grams), effective from Tuesday. Just a day earlier, on Sunday, the price of 22-carat gold stood at Tk167,833 per bhori, following a decision made on Saturday. The latest hike marks an increase of Tk4,712 per bhori. So far this year, Bajus has raised gold prices 18 times while reducing them on six occasions. Despite gold prices in Bangladesh already being higher than those on the global market, Bajus has continued to justify the hikes, citing a global upward trend. But, the association’s pricing often outpaces international forecasts. Bajus also reminded traders that the selling price of gold and silver must include 5 percent VAT, as per government regulations, along with a 6 percent minimum wage for workers, as set by the association. This means that a 22-carat gold ornament weighing one bhori would now cost around Tk191,545 – the highest price ever recorded in the country. The rising cost has led many consumers, particularly from middle-income households, to turn to alternative metals as gold becomes increasingly unaffordable. According to the revised pricing effective from Tuesday: Hallmarked 22-carat gold will be sold at Tk172,545 per bhori21-carat at Tk164,695 per bhori18-carat at Tk141,169 per bhori Traditional method gold at Tk116,779 per bhori Previously, on Monday: 22-carat gold was sold at Tk167,833 per bhori21-carat at Tk160,205 per bhori18-carat at Tk137,309 per bhoriTraditional method gold at Tk113,491 per bhoriMeanwhile, the price of silver remains unchanged.

After a week of persistent decline, the new trading week began on a similarly grim note for Bangladesh’s stock markets. On Monday, the second trading day of the week, both the Dhaka and Chattogram stock exchanges witnessed significant losses, extending the ongoing downward trend. DSE faced decline throughout week in all indices, CSE no exception The benchmark index of the Dhaka Stock Exchange (DSE), the DSEX, dropped by 29 points, while other two indices followed suit — the Shariah-based DSES shed 8 points and the blue-chip DS30 index lost 9 points. In addition to the falling indices, overall turnover at the DSE also declined. At the beginning of this week, the total transaction value fell to around Tk 350 crore. Monday’s total turnover at the DSE stood at Tk 359 crore. Alongside the index and turnover drops, share prices of most listed companies also fell. Of the 397 companies that participated in trading, prices rose for 103, while 234 saw declines. Share prices remained unchanged for 60 companies. Looking at category-wise performance, share prices in the A, B and Z categories also reflected the downtrend. Notably, within the A category, out of 219 companies, 49 saw gains while 141 experienced price drops. Prices remained unchanged for 29 companies. DSE, 2 other South Asian stock markets unite to drive regional growth Among the 36 listed mutual funds, most registered a fall in unit prices. While unit prices rose for 4 funds, 22 witnessed price declines, and 10 remained unchanged. In the DSE’s block market, 27 companies collectively traded shares worth Tk 18.88 crore. Of these, Midland Bank led with share transactions worth Tk 4.58 crore. Shahjibazar Power Company Limited topped the DSE gainers’ list, posting a 9.87% increase in share price. In contrast, Beach Hatchery suffered the sharpest fall, losing 9.98%. Chattogram Sees Similar Slump Mirroring the downturn in Dhaka, the Chattogram Stock Exchange (CSE) also recorded a steep fall. The CSE’s overall index dropped by 62 points at the end of Monday’s trading session. Other key indices, including the benchmark CSE-50 and the Shariah-compliant CSI, each declined by 6 points. Among the 198 companies that traded on the CSE, prices fell for 114, rose for 47, and remained unchanged for 37 companies. Shahjibazar Power Company Limited also led the trading volume in Chattogram. Meanwhile, the ICB AMCL Sonali Bank Limited First Mutual Fund hit the bottom, losing 10% in share value.  

Bangladesh lost an estimated Tk 226,236 crore in tax revenue in 2023 due to evasion and avoidance, driven by the lack of a fully digitalised tax system. This finding was revealed in a study report of the think tank the Centre for Policy Dialogue (CPD) unveiled on Monday. On the occasion, the research organisation a briefing on corporate income tax reform for graduating Bangladesh at the CPD office in Dhanmondi, Dhaka. Now US could collect over $1 billion in tariffs from Bangladeshi goods: CPD study The CPD study estimated that around 50 percent has been lost to corporate tax evasion. The estimated corporate tax evasion in 2023 would be roughly Tk 113,118 crore. The global trend in corporate income tax (CIT) has declined in recent years, dropping from 27.5 percent in 2006 to about 23.6 percent in 2016. Many developing countries maintain standard CIT rates of 25%, 30%, or higher; for instance, China has a CIT rate of 25 percent, Malaysia 24 percent, Indonesia 22 percent, Pakistan 29 percent and Myanmar 22 percent. Some developing countries offer significantly lower CIT rates, such as Oman and Uzbekistan at 15 percent, and Paraguay and Kyrgyzstan at 10 percent. Tax Structure of Developing Countries and LDCs Country Group CIT Rate Global Trend (2006-2016) 27.5% (2006) to 23.6% (2016) Developing Countries 22%-29% Least Developed Countries (LDCs) 10%-35% Graduated LDCs 21%-35%.

Asian stock markets opened the week with mixed performances on Monday, as investors kept a close watch on upcoming U.S. tech earnings and ongoing concerns over President Donald Trump’s trade policies. Several markets remained closed following the Easter weekend. U.S. futures were in the red as major tech companies prepared to report earnings in a tense economic climate shaped by rising tariffs and global uncertainty. “The damage to the U.S. brand is now undeniable,” said Stephen Innes of SPI Asset Management. “This isn’t something that will be quickly forgotten in the news cycle.” Unconfirmed reports said China has stopped its imports of some U.S. farm products and liquefied natural gas to avoid paying steep tariffs it imposed in retaliation for Trump’s tariffs of up to 145% on imports of Chinese products. U.S. President Donald Trump’s trade war remains a source of deep uncertainty. Economists worry his use of sharp tariff hikes could cause a recession if fully implemented and left in place for a while. Tokyo’s Nikkei 225 index lost 1% to 34,368.42 in the absence of signs of significant progress toward a trade deal with Trump. Japanese automakers, in particular, are facing 25% tariffs on exports to the U.S. of autos and auto parts.   The Shanghai Composite index gained 0.3% to 3,244.44, while the Kospi in South Korea was nearly unchanged at 2,484.23. Taiwan’s Taiex lost 1.2%. Markets were closed in Hong Kong and Australia. U.S. markets were shut on Friday and were mixed at Thursday’s close. The Dow industrials sank 1.3%, while the S&P 500 edged up 0.1%. The Nasdaq composite shed 0.1%. Weekly Market Review: All indices, turnover, share prices drop sharply Treasury yields rose early Monday. Big Tech’s “Magnificent Seven” companies, a group consisting of Apple, Microsoft, Nvidia, Amazon, Tesla, Google parent Alphabet and Facebook parent Meta Platforms kick off earnings season this week. Since Trump’s inauguration, their combined market value had plunged by $3.8 trillion, or 22%, as of April 20. Trump’s tariffs are wreaking havoc with supply chains in China and other key markets around the world. Tesla, which makes its electric vehicles in Shanghai, is scheduled to release its full financial report Tuesday after already revealing that its first-quarter car sales dropped by 13% from the same time last year. Also early Monday, U.S. benchmark crude oil sank $1.20 to $62.81 per barrel. Brent crude, the international standard, gave up $1.20 to $66.76 per barrel. The U.S. dollar bought 141.08 Japanese yen, its weakest level since September, down from 141.80 yen. The euro rose to $1.1473 from $1.1404. A recent drop in the dollar has economists worried that it might reflect something more ominous than the usual ups and downs as Trump tries to reshape global trade: a loss of confidence in the U.S. as a safe haven for investments. In the bond market, the yield on the 10-year Treasury rose to 4.35% from 4.32% late Thursday.      

Bangladesh Bank has instructed all scheduled banks to adhere to best practices in processing payments against Letters of Credit (LCs). In a recent notification, the central bank also allowed banks to consider defective import bills as eligible for payment, provided importers can present logical justification for accepting the errors. It, however, emphasised that banks must ensure the acceptance of such bills does not lead to any change in the nature of the imported goods. The directive comes amid reports that several local banks are declining to settle import bills with foreign banks, citing defects in documentation. This trend has been affecting the commercial relations between Bangladeshi and foreign banks, the notification noted. Expatriates sent $1.78 billion in remittances in first 19 days of April To address this, Bangladesh Bank has urged domestic banks to align their practices with international standards in settling import payments. The central bank further instructed banks to exercise caution when issuing delivery orders against import bills received through importers. Previously, banks were allowed to make payments against defective bills or bills received directly by importers, but only after submission of the bill of entry following customs clearance. Business leaders have long complained that despite receiving defective import bills, banks often refused payment, forcing foreign suppliers to wait until the goods were released, exposing them to financial risks. The new directive is expected to reduce confirmation charges and interest rates on import loans, ultimately helping to lower overall import costs.

Standard Chartered Bangladesh has launched the Freelancer Account, a tailored banking solution designed to meet the unique needs of the country’s vibrant freelance community. The Freelancer Account makes it easier for freelancers to receive overseas payments swiftly and securely. It offers end to end digital account opening process from anywhere — whether working from a home office, university dorm, or startup hub. This account offers zero account maintenance fees, free inward remittance, foreign currency remittance certificate, a complimentary international debit card along with processing fee and annual fee waiver on personal loan and selected credit card, said a press release. It provides freelancers with a simple, cost-effective, and globally accessible banking solution. Account holders can submit Form C via Standard Chartered’s Internet Banking app, enabling faster crediting of remittances. Bangladesh’s gold price exceeds global market prediction Lutful Habib, Head of Wealth and Retail Banking, Standard Chartered Bangladesh, said that Freelancer Account designed specifically for the bold and brave Freelancers of our country. “This is more than a bank account, it is an entire banking experience built so that freelancers can easily receive payments from global platforms like Upwork, Fiverr, and more.” Dr. Tanjiba Rahman, Chairman, Bangladesh Freelancers Development Society (BFDS), said that Freelancing is a powerful pathway to transform the unemployed into skilled contributors to the knowledge-based digital economy. “We are delighted that Standard Chartered has introduced a user-friendly account that meets the financial needs of freelancers and supports the flow of foreign remittances into Bangladeshi.”

The strong inflow of remittances has continued into April, with expatriates sending $1.78 billion in the first 19 days of the month. This follows a record-breaking $3.29 billion received in March. Bangladesh Bank’s latest update revealed that Bangladeshi expatriates have sent around US$ 1.72 billion in inward remittance in 1-19 days of April. In April last year, the expatriates sent $2.04 billion remittance, while in the 19 days of April this year sent $1.78 billion remittance. Accordingly, Bangladesh received $90.45 million remittance so far in each day of April. The state-owned commercial banks received a total of $639.7 million, two specialised banks received $90.26 million, private banks received $985.42 millio,n and foreign banks received $3.35 million. Among the banks, Solani Bank Plc received the highest $278.09 million, Islami Bank Bangladesh PLC received the second highest $266.88 million, and Agrani Bank PLC received the third highest 183.41 million in 19 days of April. Bangladesh received $1.05 billion in remittances in first 12 days of April The expertise sent $21.77 billion remittance in the 9 months (July-March) of the current fiscal year FY2024- 25. On the other hand, remittances of $17.07 billion were received in the first 9 months of the previous FY2023- 24. March $3.29 billion February $2.53 billion. January $2.19 billion December $2.64 billion November $2.2 billion October $2.39 billion September $2.4 billion August $2.22 billion In July $ 1.91 billion

The latest hike in gold prices in Bangladesh has pushed the precious metal’s value beyond levels anticipated from global market trends. On Sunday, high-quality 22-carat gold was being sold at Tk 167,833 per bhori (11.664 grams), marking the highest price ever recorded in the country. This follows the most recent price revision, which came into effect today. Meanwhile, Goldman Sachs has forecast that the global price of gold could reach USD 3,700 per ounce by the end of 2025. One ounce equals 31.1035 grams. The Bangladesh Jewellers' Association (Bajus) has fixed the 22-carat gold price at Tk 14,389 per gram. Accordingly, the local price of one ounce of gold stands at Tk 447,548. But, the current spot price for gold in the United States is approximately USD 3,328.30 per ounce, equivalent to around Tk 402,724. Gold prices rising globally due to central bank policies This means gold in Bangladesh is being sold at Tk 44,824 higher than the international market rate. Bajus had earlier raised the price of gold by Tk 3,033 per bhori last Wednesday. On Saturday, the association announced a further increase of Tk 2,624 per bhori, effective from Sunday. As per the new pricing, from Sunday, hallmarked 22-carat gold is being sold at Tk 167,833 per bhori, 21-carat at Tk 160,205 per bhori, and 18-carat at Tk 137,309 per bhori. Besides, the price of traditional method gold has risen to Tk 113,491 per bhori. Up until Saturday, the prices stood at Tk 165,209 per bhori for 22-carat hallmarked gold, Tk 157,697 for 21-carat, Tk 135,174 for 18-carat, and Tk 111,660 per bhori for traditional gold. Gold prices reach record high in Bangladesh ahead of Eid In a press release, Bajus stated that the selling prices of gold and silver must include a 5 percent VAT as mandated by the government, along with a 6 percent minimum wage set by the association. The wage component may vary based on the jewellery’s design and craftsmanship.

The stock markets of Dhaka and Chattogram suffered a significant setback this past week, with all major indicators, transaction volumes and the majority of share prices experiencing considerable declines. A review of the Dhaka Stock Exchange (DSE) weekly report reveals that the benchmark index, DSEX, dropped by 108 points over the four trading sessions. Starting the week at 5,205 points, the index ended at 5,097, marking a fall of over 2 per cent. Other indices also saw marked drops. The Shariah-based DSES index shed 29 points, losing nearly 2.5 per cent of its value. Even the blue-chip DS30 index, which tracks performance of well-established companies, declined by 52 points or 2.72 per cent, leaving investors in high-performing stocks in a grim situation. The SME index also mirrored the negative trend, falling by 4.15 per cent. The DSMEX lost 40 points over the week, underlining the overall distress in the capital market. Turnover, too, took a hit. The average daily turnover dropped to Tk 399 crore from the previous week’s Tk 487 crore—an 18.11 per cent fall. Investor participation waned, leading to a sharp reduction in share transfers. From Tk 98 crore in the second week of April, the total value of traded shares and units fell to Tk 57 crore in the third week. Only 77 companies recorded gains during the week, while 299 lost value and 20 remained unchanged. Only two sectors—corporate bonds and general insurance—posted positive returns. All other sectors continued to struggle, with mutual funds and ceramics seeing more than 6 per cent drop in returns. Despite a marginal overall gain in the banking sector, individual bank stocks performed poorly. Of the 36 banks involved in trading, 24 witnessed price drops. Mixed trends in stock markets: DSE gains, CSE declines in early trading The non-bank financial institutions sector performed dismally, with a 41 per cent drop in share prices and 31 per cent fall in turnover. Out of 23 listed financial institutions, only one recorded a price increase, 17 declined, and 5 remained unchanged. While the general insurance sector saw an 85 per cent gain in share prices, life insurance faced a setback with over 50 per cent decline. The telecom and IT sectors declined by 32 per cent and 38 per cent respectively. The engineering sector also underperformed, losing 16 per cent in value. In the block market, the top sellers were Marico, Beach Hatchery, and ACI Ltd. Marico offloaded shares worth Tk 25.2 crore, Beach Hatchery Tk 25.1 crore, and ACI Tk 20.68 crore. Among the week's top-performing shares was Desh General Insurance Company Ltd. A B-category company, it posted a return of over 24 per cent in just four trading sessions—its share price climbing from Tk 25 to Tk 31. In contrast, Bangladesh Finance was the worst performer, losing over 15 per cent. The A-category company’s share dropped from Tk 12 to Tk 10. Chattogram Market Equally Strained The Chattogram Stock Exchange (CSE) experienced a similar downturn. Its benchmark index fell by 250 points over the week. Excluding Z-category (non-dividend paying) companies, the selective CSCX index declined by 149 points. DSE announces new trading hours for Ramadan The CSE-50 benchmark index slipped by 17 points, while the Shariah-based CSI index dropped 21 points. The SME index fell by 4.57 per cent. Among 301 companies that traded throughout the week in CSE, prices rose for only 65, fell for 218, and remained unchanged for 18. Anwar Galvanizing Ltd topped the weekly gainers’ list in CSE, with its share price increasing by Tk 28—from Tk 68 to Tk 87. Meanwhile, Shamarita Hospital saw the steepest fall, losing Tk 20 per share. Orion Infusion recorded the highest turnover in the CSE with Tk 7.6 crore in total trades. Investor Confidence Falters Ongoing price falls have left investors demoralised. Many are closing their Beneficiary Owner (BO) accounts and exiting the market altogether. According to Central Depository Bangladesh Ltd (CDBL), the number of BO accounts with zero balance rose from 3,69,210 before the Eid holidays to 3,73,367 by the end of the latest trading session—a net exit of 4,157 investors in just a few days. Tareq Hossain, a retail investor, said, “No visible reforms have taken place in the market so far. There’s no progress in penalising or trying those involved in manipulation. Investors are gradually losing interest.” Another investor, Habibur Rahman, added, “None of our demands have been met. Despite repeated discussions, the buy-back policy hasn’t been implemented. Those who lost everything through margin loans have also been ignored.” Faridur Rahman pointed out the cascading effect of margin loans: “When junk stocks fall, investors are forced to sell off quality stocks to cover their losses—dragging even good stocks down.” Where Are the IPOs? Another major concern is the lack of quality IPOs. Several reputed companies were expected to go public this year, but those plans have not materialised. Weekly Review: DSE plunges as investor confidence wanes; key sectors hit hard A senior official from the Bangladesh Securities and Exchange Commission (BSEC), requesting anonymity, confirmed that no new IPOs are expected this year. “Good companies are not confident enough to enter the market,” he said. He explained that BSEC is in the process of overhauling IPO listing rules. “The revised IPO guidelines may not be gazetted until September. After that, it may take another 5–6 months for new listings, meaning we may not see fresh IPOs before March or April 2026.” In response to queries about the current commission's inability to attract strong listings, the official noted that many previously well-performing firms have undergone management changes due to political shifts. Moreover, higher interest rates on bank loans have cut into company profits, discouraging them from seeking public capital. He concluded that substantial tax incentives are needed to attract large corporations to the market. “Offering meaningful benefits could encourage top firms to list, which would, in turn, revitalise the stock market.”

Drew Greenblatt is fully on board with the Trump administration’s use of tariffs to rebalance a global trading system that it says favors foreign companies over U.S. manufacturers. Greenblatt is the president and owner of Marlin Steel Wire Products in Baltimore, Maryland, which makes baskets and racks for medical device manufacturers, aerospace companies, food processing companies and others. It has 115 employees and makes its products in three locations in Maryland, Indiana and Michigan. The steel is sourced from Tennessee, Illinois and Michigan. Currently, it’s hard to compete with baskets made overseas., Greenblatt says, because the countries he competes against have an “unfair advantage.” For example, due to European tariffs and taxes, it costs much more for a German consumer or company to buy Marlin wire baskets than it does for Americans to buy a German-made basket, creating an uneven playing field, Greenblatt said. “It’s wildly unfair to the American worker,” he said. “And this has, by the way, been going on for decades.” What Trump is doing The Trump administration has called U.S. manufacturing an “economic and national security” priority. U.S. manufacturing has been declining for decades. In June 1979, the number of manufacturing workers peaked at 19.6 million. By January of 2025, employment was down 35% to 12.8 million, according to the Bureau of Labor Statistics. Small manufacturers, which make up 99% of all American manufacturing, have been hit particularly hard. The administration has implemented some tariffs against major U.S. trading partners, while putting a hold on other tariffs pending negotiations. The Trump administration says tariffs will force companies to have more products made in the U.S. to avoid steep price increases on their imports, which will mean “better-paying American jobs,” for people making cars, appliances and other goods. Spanish PM in China to boost ties amid Trump tariffs Greenblatt agrees, saying he could double his staff if “parity” in tariffs becomes a reality. Uncertainty for businesses While other small manufacturing businesses also support the tariffs, other owners have concerns. The Trump tariffs threaten to upend the existing economic order and possibly push the global economy into recession. And the uneven rollout of the policy has created uncertainty for businesses, financial markets and U.S. households. For Corry Blanc, the injection of uncertainty around the economy outstrips any potential benefit. He started his business, Blanc Creatives in Waynesboro, Virginia, in 2012. He makes handcrafted cookware such as skillets and other kitchenware and bakeware with American steel and wood and employs 12 staffers. He gets his steel from a plant in South Carolina and a distributor in Richmond. Wood comes from local regional sawmills near the company’s headquarters in Waynesboro, Virginia. He said he’s been fielding worried calls from customers in Canada and overseas. And he says the infrastructure isn’t in place to increase production if more people do start buying American-made goods. Blanc said he survived the pandemic and other tough times, but conditions now are the hardest they’ve ever been. “There’s so much uncertainty and not a lot of direction,” he said. Michael Lyons is the founder of Rogue Industries, a company that makes wallets and other leather goods in a workshop in Standish, Maine, with a staff of nine. He uses leather from Maine and the Midwest. About 80% of his products are made in Maine and 20% are imported. He said the uncertainty around the tariffs is outweighing any potential long-term benefit. A long-time customer from Canada recently told Lyons that he would no longer be buying from Rogue Industries because of the friction between the two countries. “Hopefully this will pass, and he’ll be able to come back,” he said. “But I did think that was kind of an interesting indicator for him to reach out.” Lyons would like to expand his business, but says, “at the time being, it’s probably going to be, we hold with what we have.” Hoping for more American-made products Asian stocks tumble following Wall Street drop on Trump tariffs American Giant CEO Bayard Winthrop takes a more positive view. He founded his clothing company in 2011 after watching the textile industry go offshore, and seeing a lack of quality, affordable American-made clothing. He started by selling one sweatshirt, and now sells a wider range of clothing, mostly direct-to-consumer, but he also has a contract with Walmart. He sources cotton from Southeastern states like Georgia, Florida and North Carolina and has a factory in North Carolina and a joint partnership facility in Los Angeles. “People forget that in about 1985 that all the clothing that Americans bought was made in America,” he said. “It is only in the last 40 years that that we really pursued as a country a very aggressive approach to globalization.” In 1991, more than half of U.S. apparel, about 56%, was made in the U.S., according to statistics from the American Apparel and Footwear Association. By 2023 that number had shrunk to less than 4%. Winthrop hopes the tariffs will bring about a return to more American-made products. “The imbalances between our trading, in particularly with China, particularly the textiles, it’s just shocking, to be honest with you,” he said, adding that he hopes Trump's policies "put domestic manufacturers on a bit more of a competitive footing.” Winthrop understands people’s concerns but said it’s important to think longer term. “Americans are worried about tariffs, and I think there’s a lot of justification for the worry because I think the administration can be volatile and unpredictable,” he said. But he added that people should put that aside. Trump tariffs ignite global backlash, shake markets, trade alliances “The idea that we’re going to be more protective of our domestic marketplace and have an industrial policy that includes manufacturing jobs is, an old idea. It’s not a new idea,” he said.