United News of Bangladesh

The prices of gold jewellery fell sharply in Bangladesh on Wednesday as the Bangladesh Jewellers Association (BAJUS) reduced rates across all categories, citing a decline in local bullion prices. The price of the finest 22-carat gold jewellery, including VAT, was cut by Tk 5,482 per bhori (11.664 grammes) to Tk 2,25,290, effective from 10:00am. BAJUS said the adjustment was made in line with a fall in the price of tejabi (pure) gold in the local market. The reduction came just two days after BAJUS raised the price of 22-carat gold jewellery by Tk 4,432 per bhori on June 22, reflecting continued volatility in the domestic bullion market. Besides 22-carat, the price of 21-carat gold jewellery was reduced by Tk 5,249 per bhori to Tk 2,15,142, while 18-carat gold jewellery fell by Tk 4,490 to Tk 1,84,758 per bhori. The price of traditional sanatan method gold jewellery was also cut by Tk 3,674 to Tk 1,50,932 per bhori. Silver prices also saw downward revisions across all categories. The price of 22-carat silver was reduced by Tk 408 per bhori to Tk 4,841, while 21-carat silver dropped by Tk 409 to Tk 4,607 per bhori. The price of 18-carat silver fell by Tk 291 to Tk 3,966 and traditional sanatan method silver by Tk 234 to Tk 2,974 per bhori.  

BAT Bangladesh PLC. has appointed Raiyan Ahmed as its new Head of Talent, Culture & Inclusion, to drive the company’s strategic agenda. In his new leadership role, Raiyan will oversee the company's organizational talent acquisition, workplace culture, and diversity initiatives, while supporting leadership development and fostering an inclusive corporate environment, according to a press release. Raiyan brings 13 years of extensive human resource management experience within the BAT Group. Appointment of his in new position effective from this month.Throughout his tenure, he has served in diverse leadership and operational management positions across BAT Bangladesh and the Asia Pacific and Middle East Regional Headquarters in Hong Kong. Most recently, he held the position of Head of Operations HR for BAT Bangladesh, where he played a pivotal role in guiding the company through a significant period of structural transition and workforce capability development. An alumnus of St. Joseph Higher Secondary School and Notre Dame College in Dhaka, Raiyan completed his graduation with a Bachelor of Business Administration (BBA) degree from East West University. Commenting on his new role, Raiyan said he is honored to take on the responsibility and aims to build on the existing corporate culture while strengthening organizational capability to help teams grow and succeed.

Bangladesh Bank on Monday declared that no political activities or vested interest-driven motives will be tolerated surrounding Islami Bank Bangladesh. The central bank also assured that a fresh, acceptable board of directors consisting of honest, qualified, and highly competent individuals will be formed very soon to manage the institution. Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan disclosed the central bank’s stance to journalists on Monday afternoon. "Islami Bank is a critical institution within the country’s financial ecosystem. If this bank faces damage, it will trigger a severe negative spillover across the entire banking sector. Therefore, no one will be allowed to play politics over Islami Bank. An acceptable board of directors will be constituted shortly," Khan said. The statement came hours after members of the Islami Bank Shacheton Grahok Forum (Conscious Customers Forum) staged an intensive demonstration and sit-in program in front of the main entrance of Bangladesh Bank on Monday morning. The protesters issued an ultimatum demanding the complete reorganisation of the bank’s board of directors within 24 hours, warning of tougher programs if the deadline is missed. The forum leaders demanded that any individuals linked to the controversial S Alam Group must be strictly barred from entering the upcoming board. They also demanded the immediate reinstatement of original sponsors and shareholders who held ownership in the bank prior to 2017. Earlier on June 16, the forum submitted a memorandum to the Governor of Bangladesh Bank pressing similar demands. Bangladesh Bank dissolved the entire board of directors of Islami Bank on June 13 and appointed its Executive Director, Mohammad Zahir Hossain, to oversee the overall corporate operations.

Bangladesh Jeweller’s Association (BAJUS) on Monday raised the gold price in the domestic market by Tk 4,432 per bhori, ending a two-round decline, with 22-carat gold now priced at Tk 2,30,772 per bhori. In a notice issued in the morning, BAJUS cited a rise in the price of pure gold (tejabi gold) in the local market as the reason behind the upward revision. According to the new rates, 21-carat gold will be sold at Tk 2,20,391 per bhori, 18-carat at Tk 1,89,248, and traditional-method gold at Tk 1,54,606 per bhori. BAJUS said the revised price will remain in effect at all jewellery shops across the country until further notice, though applicable making charges will vary by design. It also clarified that since VAT is already included in the selling price, jewellers cannot charge VAT separately from customers. Existing BAJUS rules on jewellery exchange and purchase, excluding specific VAT, making charges and gemstones, will remain unchanged. A separate announcement on VAT applicable to silver jewellery will be made shortly. The latest revision comes just two days after BAJUS cut the price of 22-carat gold by Tk 2,216 to Tk 2,26,340 per bhori on June 20. This is the 79th price adjustment for gold in the domestic market so far this year, with prices raised 40 times, reduced 38 times and VAT-adjusted once. Meanwhile, silver prices remain unchanged. A bhori of 22-carat silver is currently being sold at Tk 5,249, while 21-carat stands at Tk 5,016, 18-carat at Tk 4,257, and traditional-method silver at Tk 3,208 per bhori.  

Bangladesh Textile Mills Association (BTMA) on Saturday urged the government to retain the existing condition of 30 percent value addition for importing raw materials against bank guarantees to protect the domestic textile sector. Expressing deep concern over the proposed national budget for the fiscal year FY2026-27, which seeks to withdraw this requirement, the apex body of primary textile mill ownerst said removing the clause would trigger a massive rise in the abuse of bond facilities and fuel unfair market competition. The demands were raised at a post-budget press conference organised by the BTMA at the Gulshan Club in the capital on Saturday. BTMA President Showkat Aziz Russell, former director Rajeev Haider, former vice-president Abdullah Al Mamun, and Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPEA) President Md. Shahriar were present at the briefing. Withdrawing the 30 percent value addition requirement will push the domestic textile industry toward destruction,the BTMA leaders said. They said  retaining this condition is absolutely vital to safeguarding local industries and preserving export competitiveness in the post-LDC graduation era. The association placed a four-point charter of demands before the government to help the struggling primary textile sector survive its current multi-dimensional crisis: These are retaining the 30 percent Value Addition Condition:BTMA underscored that to retain international tariff benefits in the future, the country's local value addition rate must be elevated to 40 to 50 percent or higher. Therefore, maintaining the 30 percent condition is indispensable to sustaining domestic yarn and fabric manufacturing and curbing irregularities in bonded warehouses, it said. Reducing Corporate Tax to 12 percent: Terming the existing tax structure "extremely discriminatory," the BTMA pointed out that while apparel exporters enjoy a 12 percent corporate tax rate, the effective income tax rate for the primary textile sector stands at a staggering 27.5 percent. The association demanded that the corporate tax rate for textile manufacturing units be lowered to 12 percent and kept effective until June 2030. Withdrawing 5 percent duty on polyester staple fiber: The BTMA urged the government to scrap the proposed 5 percent import duty on polyester staple fiber—the primary raw material used to produce man-made fiber (MMF) yarn and fabrics. Leaders noted that while man-made fibers account for nearly 70 percent of global apparel demand, Bangladesh’s exports remain heavily reliant on cotton. Imposing this duty would escalate yarn production costs, severely hurting the spinning sector and hindering export diversification. Eliminating Source Tax on Export Cash to Incentives: While welcoming the budget proposal to reduce the source tax on export cash incentives from 10 percent to 5 percent, the BTMA demanded a temporary full exemption (zero percent tax) on source taxes to alleviate the ongoing severe liquidity crunch being faced by exporters. Addressing the briefing, BTMA President Showkat Aziz Russell criticized the lack of clarity regarding the government’s recently announced Tk 60,000 crore economic stimulus package. "We have not yet seen any roadmap detailing who will receive this money, why, or how it will be disbursed. We have repeatedly told the government that funding sectors with stagnant or low demand will yield no results and will only lead to a waste of public funds," he said. Russell revealed that Bangladesh imported yarn worth Tk 26,000 crore in the FY2024-25 alone—a massive demand that could have been entirely met by domestic manufacturers. He noted that since 2019, at least 234 textile factories have shut down across the country, while many operational mills are currently running at only 60 to 70 percent of their capacity. Given these dire straits, the textile sector has the strongest claim to the stimulus funds, he added.

Bangladesh Jewellers Association (BAJUS) has reduced the price of 22-carat gold by a total of Tk 6,590 per bhori in two phases, bringing the new price down to Tk 226,340 per bhori. BAJUS cut the price of 22-carat gold by Tk 2,216 per bhori on Saturday morning, following a previous reduction of Tk 4,374 announced on Friday. Gold ornament prices fall as BAJUS adopts new VAT-inclusive pricing system According to the revised rates, a bhori of 21-carat gold is now selling at Tk 216,192, while 18-carat gold is priced at Tk 185,691 per bhori. The price of traditional-method gold has been fixed at Tk 151,690 per bhori. BAJUS said the new prices will remain effective at all jewellery outlets until further notice. However, making charges will be added depending on the design of the ornaments. The association also said customers will not be charged VAT separately, as the applicable VAT has already been included in the sale price of gold ornaments. Existing BAJUS rules regarding the exchange and purchase of ornaments, excluding specific VAT, making charges and the value of stones, will remain unchanged. A decision regarding VAT on silver ornaments will be announced soon. So far in 2026, gold prices have been adjusted 78 times in the local market, with prices increasing 39 times, decreasing 38 times and VAT being adjusted once. Meanwhile, silver prices remain unchanged. A bhori of 22-carat silver is currently selling at Tk 5,249, while 21-carat silver costs Tk 5,016 per bhori, 18-carat silver Tk 4,257 per bhori, and traditional-method silver Tk 3,208 per bhori.

The Foreign Investors' Chamber of Commerce and Industry (FICCI) on Thursday urged the government to implement sweeping structural reforms, including automated tax administration and a broadened tax base to maintain a competitive investment climate ahead of Bangladesh's LDC graduation. While acknowledging the proposed national budget for the fiscal year FY2026-27 as positive and relatively predictable, the apex chamber of multinational companies emphasised that sustainable revenue growth will require a shift away from over-relying on compliant taxpayers. The observations were shared by FICCI President Rupali Haque Chowdhury at a post-budget press briefing held at the chamber’s office in Dhaka on Thursday. To address fiscal deficits without adding extra burdens on existing compliant businesses, FICCI emphasized that expanding the tax net must remain a top policy priority. The chamber recommended making the Proof of Submission of Return (PSR) mandatory for all license renewals, permit issuances, and VAT return submissions. It also called for a 360-degree cross-checking mechanism between suppliers' tax returns and withholding tax records to curb evasion. Presenting the detailed technical observations, FICCI Tax Consultant Snehasish Barua urged the National Board of Revenue (NBR) to adopt a comprehensive automation roadmap that fully integrates Customs, VAT, and Income Tax systems. As an immediate "quick-win" strategy to improve the tax-to-GDP ratio, the chamber proposed establishing a dedicated Data and Analytics Team within the NBR to analyze market share against revenue share across industries. FICCI voiced concerns that recurrent hikes in indirect taxes and supplementary duties have pushed the Effective Tax Rate (ETR) in several domestic sectors much higher than in competing economies. To retain and attract foreign direct investment (FDI), the chamber demanded a clear roadmap to optimize the ETR. Key recommendations included: lowering corporate income tax rates by reintroducing cashless transaction conditions for unlisted companies, transitioning the country to a fully cashless economy within the next five years, gradually reducing the minimum tax on sales and withdrawing inadmissible expense provisions, reviewing the Personal Income Tax (PIT) structure to cushion taxpayers against inflation and easing Trade and Customs Bottlenecks. In preparation for LDC graduation, the chamber underscored the need for urgent customs reforms to boost trade competitiveness. FICCI recommended assessing import duties based on actual transaction values or global reference benchmarks, simplifying customs clearance for capital machinery, and carrying out regular Time Release Studies (TRS) to speed up cargo clearance. The chamber also urged the government to withdraw the proposed Supplementary Duty (SD) increases on industrial raw materials and adopt a uniform, moderate price adjustment cap of no more than 15 percent across all industry tiers to maintain a non-discriminatory business ecosystem. Rupali Chowdhury also lauded the fiscal incentives announced for green initiatives and solar energy, noting that the forward-looking strategy would insulate the domestic power sector from global oil price volatility. However, pointing to the government's inherited inflation challenges, the FICCI chief stressed that while the target to cool inflation down from 9.5 percent to 7.5 percent is commendable, the government must provide a transparent, step-by-step implementation roadmap to achieve it. FICCI Vice President Mohammad Iqbal Chowdhury, Director Habibur Rahman Bhuiyan, and Executive Director T I M Nurul Kabir were also present at the briefing. Representing foreign investors from 35 countries, FICCI's 210 member companies currently generate around 30 percent of the government's internal revenue and represent over 90 percent of inward FDI in Bangladesh.

Women Entrepreneurs Association of Bangladesh (WEAB) on Thursday described the proposed national budget for fiscal year 2026-27 as timely, realistic and inclusive, saying it has been designed to address current economic challenges and ensure sustainable development. .The observation came at a "WEAB Budget Review Press Conference" held at Anchor Tower in the capital, where the organisation reviewed key aspects of the recently announced national budget, its potential impact, challenges and recommendations. Speakers at the event said the budget sets clear economic targets, including achieving 6.5 percent economic growth and reducing inflation to 7.5 percent. They noted that the budget places importance on creating new entrepreneurs, expanding small and medium enterprises (SMEs), strengthening social safety net programmes and building a foundation for long-term economic stability and sustainable development. WEAB President Nasreen Fatema Awal said the budget has been formulated with the goal of building an inclusive, equitable and participatory economy, with special emphasis on increasing the economic participation of women, youth and marginalised groups. She welcomed the allocation of Tk 400 crore in the information and communication technology sector for startup development, women entrepreneurs and youth entrepreneurship in the 2026-27 fiscal year, saying it would help enhance the capabilities of women entrepreneurs, expand businesses through technology and create new entrepreneurs. Nasreen also positively viewed the government's announcement of a Tk 60,000 crore incentive package aimed at increasing investment and employment. She said allocating a specific portion of the fund on easy terms for women-led SMEs, cottage industries, rural women entrepreneurs and new business ventures would further enhance women's contribution to the economy. Meanwhile, Prime Minister's Office National Cell member and technical expert on the 25 crore tree plantation programme, Jamail Basir JB, said the government plans to establish 10,000 nurseries and create employment opportunities for 600,000 people under a five-year programme to plant 25 crore trees. He said more than 400,000 of those jobs would be reserved for women, particularly from marginalised communities. "We want organisations like WEAB to work with us because it is difficult for us alone to reach all these women," he said. Jamail said rural women would be encouraged to establish small home nurseries with 50 to 100 saplings, which the programme would purchase from them, providing direct financial benefits. They would also be involved in tree plantation and maintenance activities, creating additional income opportunities. He invited WEAB to join the programme and help connect women from marginalised communities with the initiative. WEAB placed five recommendations before the government: ensuring effective implementation of separate quotas and easier collateral requirements for women entrepreneurs in bank loans and SME financing; launching special programmes at district and upazila levels to improve market access, e-commerce capabilities and product branding; expanding training on technology, digital marketing, export readiness and financial management; ensuring preferential participation of women entrepreneurs in public procurement; and reducing tax-related complexities and simplifying business registration procedures.

Bangladesh Jewellers Association (BAJUS) has for the first time determined the prices of gold ornaments inclusive of VAT under a new pricing system, setting the price of 22-carat gold ornaments at Tk 232,930 per bhori (11.664 grams), effective from Thursday morning. Following the government's proposal in the national budget for FY2026-27, the previous 5 percent VAT has been replaced with a fixed VAT of Tk 2,500 per bhori. As a result, the price of 22-carat gold ornaments has decreased by Tk 9,013 per bhori under the new method. The decision was taken at a meeting of the BAJUS Standing Committee on Pricing and Price Monitoring, and the revised rates came into effect from 10:00am on Thursday. Previously, on June 15, BAJUS had set the price of 22-carat gold at Tk 230,422 per bhori. After adding 5 percent VAT, the price of gold ornaments stood at Tk 241,943 per bhori. Under the new system, the price of 21-carat gold ornaments has been set at Tk 222,491 per bhori, reflecting a decrease of Tk 8,491. The price of 18-carat gold ornaments has been fixed at Tk 191,056 per bhori, down by Tk 6,920, while the price of traditional-method gold ornaments has been set at Tk 156,064 per bhori, a reduction of Tk 5,170. BAJUS said the new prices will remain effective at all jewellery shops until further notice. However, making charges will vary depending on the design of ornaments. As VAT has already been included in the selling price of gold ornaments, jewellers will not be allowed to collect VAT separately from customers. A decision regarding VAT on silver ornaments will be announced shortly. Although VAT-inclusive pricing has been introduced for gold ornaments, the previous VAT system will remain in place for silver. Customers will have to pay an additional 5 percent VAT on the fixed prices of silver ornaments. With the applicable VAT, the price of 22-carat silver ornaments will stand at Tk 5,365 per bhori, while 21-carat silver ornaments will cost Tk 5,132 per bhori. The prices of 18-carat and traditional silver ornaments have been set at Tk 4,432 and Tk 3,324 per bhori respectively.

Daraz has reaffirmed its long-term commitment to Bangladesh, saying it continues to operate normally and remains focused on sustainable growth, amid recent media reports regarding its investment and operational outlook. “Daraz remains firmly committed to Bangladesh and has no plans to exit the market. Bangladesh continues to be an important market for the company, and we are focused on sustainable growth and contributing to the development of the country’s digital economy,” it said in a statement on Wednesday. The company said some recent characterisations do not accurately reflect its strategic priorities or day-to-day operations. It said it remains committed to investing in technology-driven solutions aimed at improving operational efficiency and enhancing customer experience, while building a scalable and sustainable digital commerce ecosystem in the country. Highlighting its continued business momentum, the company said it onboarded more than 7,000 new sellers over the past year, reflecting the steady expansion of its marketplace and its ongoing efforts to create opportunities for local entrepreneurs and small businesses. It said the growth of its seller network has contributed to job creation and income-generation opportunities across the broader e-commerce ecosystem. The company added that, as part of regular business operations, it periodically reviews its organisational structure to ensure alignment with long-term strategic priorities and business objectives. It further noted that Bangladesh’s growing internet penetration and increasing smartphone adoption beyond major urban centres continue to create significant opportunities for the e-commerce sector. Daraz said companies with strong operational discipline and a long-term vision are well-positioned to capitalise on the country’s expanding digital economy and drive future growth.