বাংলাদেশ ক্যাপিটাল মার্কেট সেন্টিমেন্ট সার্ভে ২০২৬-এ অংশগ্রহণকারীদের মতামতে বিষয়টি উঠে এসেছে। লংকাবাংলা সিকিউরিটিজ এ সার্ভে পরিচালনা করেছে। এতে বিভিন্ন প্রতিষ্ঠানের প্রধান নির্বাহী, পেশাজীবী, শেয়ার লেনদেনে সংশ্লিষ্ট নির্বাহী, ক্ষুদ্র বিনিয়োগকারী, স্বতন্ত্র ব্যবসাপ্রতিষ্ঠান, ছাত্রসহ অন্যান্য শ্রেণীর মানুষ মতামত দিয়েছেন।
বাংলাদেশ ক্যাপিটাল মার্কেট সেন্টিমেন্ট সার্ভে ২০২৬-এ দেশের অর্থনীতি, পুঁজিবাজার ও আর্থিক বাজারের বিভিন্ন বিষয়ে অংশগ্রহণকারীরা তাদের মতামত তুলে ধরেছেন। এতে দেশের অর্থনীতি নিয়ে একধরনের মিশ্র ও সতর্ক আশাবাদ প্রকাশ করা হয়েছে। ২৯ দশমিক ৭ শতাংশ উত্তরদাতার মতে, জিডিপি প্রবৃদ্ধি ৪ দশমিক ৫ থেকে ৫ দশমিক ৫ শতাংশের মধ্যে থাকবে। রেমিট্যান্স ও রিজার্ভ নিয়ে তারা ইতিবাচক ধারণা পোষণ করেছেন। ৩৯ দশমিক ৬ শতাংশ মনে করেন, রেমিট্যান্স ৩০ বিলিয়ন ডলার ছাড়িয়ে যাবে এবং ৪৭ দশমিক ৫ শতাংশ মনে করেন, বৈদেশিক মুদ্রার রিজার্ভ ৩০ বিলিয়ন ডলারের বেশি হবে।

৫৬ দশমিক ৪ শতাংশ উত্তরদাতার মতে, রাজনৈতিক ও প্রশাসনিক অনিশ্চয়তা হলো অর্থনীতির সবচেয়ে বড় ঝুঁকি। এছাড়া মূল্যস্ফীতি ও আর্থিক অস্থিরতাকেও বড় চ্যালেঞ্জ হিসেবে দেখা হচ্ছে। ৪৪ দশমিক ৬ শতাংশ মনে করেন ব্যাংক খাতের সংস্কার কিছুটা উন্নতি ঘটিয়েছে। যুবকদের কর্মসংস্থান এবং দুর্নীতি দমনকে ২০২৬ সালের প্রধান সংস্কারের ক্ষেত্র হিসেবে চিহ্নিত করা হয়েছে।

উত্তরদাতাদের বড় একটি অংশ ২৭ দশমিক ৭ শতাংশ আশা করছেন, ডিএসইএক্স সূচক ২০২৬ সাল শেষে ৫ হাজার ৫০০ থেকে ৬ হাজার পয়েন্টে গিয়ে দাঁড়াবে। দৈনিক গড় লেনদেন ৪০০-৬০০ কোটি টাকার মধ্যে থাকার সম্ভাবনা বেশি। পুঁজিবাজারে প্রবৃদ্ধির ক্ষেত্রে ব্যাংক খাত সবচেয়ে এগিয়ে থাকবে বলে মনে করছেন ৪৬ দশমিক ৫ শতাংশ উত্তরদাতা। এর পরেই রয়েছে ওষুধ ও রসায়ন এবং তথ্যপ্রযুক্তি খাত। ৪১ দশমিক ৬ শতাংশ উত্তরদাতা সাধারণ শেয়ার বা ইকুইটিকে সেরা সম্পদ হিসেবে মনে করছেন। এছাড়া ২৬ দশমিক ৭ শতাংশ উত্তরদাতা স্বর্ণে বিনিয়োগকে লাভজনক মনে করছেন। রাজনৈতিক ঝুঁকি (৪৩ দশমিক ৬ শতাংশ) এবং সুশাসনের অভাবকে (২৩ দশমিক ৮ শতাংশ) পুঁজিবাজারে বিদেশী বিনিয়োগ আসার পথে প্রধান বাধা হিসেবে মনে করছেন উত্তরদাতারা।

জরিপে অংশগ্রহণকারী ৬১ দশমিক ৪ শতাংশ উত্তরদাতা বিশ্বাস করেন, ২০২৫ সালের তুলনায় ২০২৬ সালে পুঁজিবাজারের স্বচ্ছতা ও সততা বাড়বে। ৪১ দশমিক ৬ শতাংশ মনে করেন, বাজার কারসাজি ও জালিয়াতি হলো বর্তমান বাজারের সবচেয়ে বড় নৈতিক সমস্যা। বিনিয়োগকারীদের আস্থা ফেরাতে আর্থিক প্রতিবেদনের স্বচ্ছতা (৩১ দশমিক ৭ শতাংশ) এবং আইনের কঠোর প্রয়োগের (২৮ দশমিক ৭ শতাংশ) ওপর সবচেয়ে বেশি গুরুত্ব দিয়েছেন উত্তরদাতারা। প্রায় ৪৬ দশমিক ৫ শতাংশ উত্তরদাতা মনে করেন, ইটিএফ, গ্রিন বন্ড ও রিয়েল এস্টেট ইনভেস্টমেন্ট ট্রাস্টের মতো নতুন পণ্য বাজারে আসা অত্যন্ত জরুরি।

Remittance hit $3.75 billion in March, the highest on record, giving a respite amid deepening worries over the ripple effect on Bangladesh’s struggling economy due to the US-Israel war on Iran.

The inflow in March was 14 percent higher than $3.29 billion in March 2025 as Bangladeshis working abroad sent increased amounts to their loved ones ahead of the Eid-ul-Fitr festival on March 21.

Overall remittance, which acts as a major source for Bangladesh to clear its external payments, rose 20 percent to $26.20 billion in the July-March period compared to a year ago, according to Bangladesh Bank (BB) data released yesterday.

The surge comes against the backdrop of heightening concern over the possible impact of the war on remittances in the coming months as the conflict spreads across the Gulf -- key employment destinations for Bangladeshi migrant workers.

Nearly 800 Middle East-bound flights from Bangladesh have been cancelled since the war with Iran on February 28, mostly affecting migrant workers.

Last week, the Asian Development Bank (ADB), in a report, said Bangladesh and other South Asian countries could face lower remittances from the Middle East as the ongoing conflict in the region weakens labour demand and squeezes migrant worker incomes.

Nearly half of Bangladesh’s more than $30 billion in annual remittances comes from the Middle East. Saudi Arabia, Oman, Qatar, the UAE, and Kuwait together accounted for 86 percent of Bangladeshi migrant workers who secured jobs abroad in FY25, according to the Bangladesh Economic Review 2025.

Bankers and analysts said the spike in the inflow was largely because of the Eid festival, political stability and an increased rate of the US dollar following a slight depreciation of the taka.

Md Shaheen Iqbal, additional managing director & head of wholesale banking at BRAC Bank, said another factor is that migrants try to send home more during any crisis period. “We have seen this trend during the initial days of the Russia-Ukraine war. A similar thing may happen this time.”

He said the inflow may fall this month but recover in the next month ahead of Eid-ul-Azha. However, the remittance inflows in the later months will depend on the war, he said.

Deen Islam, professor of economics at Dhaka University, said the recent surge in remittance inflows provides meaningful short-term relief to Bangladesh’s external sector, but its sustainability remains uncertain in the current global context.

“Much of Bangladesh’s remittance originates from migrant workers in Gulf Cooperation Council (GCC) economies, making flows sensitive to oil price cycles, fiscal conditions in host countries, and evolving labour nationalisation policies,” he said.

“Additionally, tighter immigration regimes in advanced economies and global economic slowdown risks could constrain future migration and earnings growth.”

During the July-February period of the fiscal year 2025-26, over 10 lakh migrant workers left for jobs abroad, up 15 percent YoY, according to official data.

Birupaksha Paul, a professor of economics at the State University of New York, USA, said imports may increase following the return of political stability in the country after the election.

“There is a concern that pressure is likely to build on Bangladesh’s foreign exchange reserves to pay higher import bills,” he said. “Foreign exchange reserves will not increase in that case.”

In this context, he said, the foreign exchange rate should be re-evaluated. “Some people doubt that it is not yet fully market-based and not reflecting the market price,” he said, adding that any depreciation will fuel import-induced inflation.

“But reserve management is a crucial thing,” said Paul, former chief economist at the BB.

Prof Islam said while the increase in remittance strengthens the balance of payments, supports exchange rate stability, and boosts domestic consumption, it also reinforces a structural dependence on external labour income rather than productivity-driven export growth.

“Therefore, although remittances will likely remain a vital pillar of macroeconomic stability in the near term, their long-run sustainability and developmental impact depend on diversification of migration destinations, skill upgrading of workers, and complementary policies to channel inflows into productive investment rather than predominantly consumption.”

Bangladesh’s first large-scale venture capital firm, an investment management company supported by 39 banks, will begin operations next month to address the long-standing funding gap for local startups.

Named Bangladesh Startup Investment Company (BSIC), the firm has raised nearly Tk 600 crore in initial capital. It plans to begin operations on April 30 and invest in at least three startups by June 30.

Guided by the Bangladesh Bank (BB), the BSIC will provide equity financing, strategic support, and opportunities for international co-investment to help promising startups scale, officials said.

“BSIC will serve as a full-service institution for young entrepreneurs,” BSIC Chairman Mashrur Arefin, and managing director of City Bank Plc, told The Daily Star.

“It will provide not only funding but also ongoing monitoring and strategic guidance to help businesses grow. We know 90-95 percent of startups fail, but if even a few succeed and one or two reach global markets, that will be a significant achievement. Such successful firms will also generate many new jobs,” he added.

The country’s startup growth, strong a decade ago, has slowed over the past two to three years due to tighter global venture capital flows and cautious investors.

Early successes like Pathao and Chaldal attracted foreign funding, but limited profitable exits, regulatory hurdles, low internet penetration, shifting capital to AI, weak local AI startups, macroeconomic pressures, and political uncertainty have all dampened investor confidence.

BSIC will invest only after a startup demonstrates market demand, has a basic operational setup, and shows growth potential, rather than funding ideas at the concept stage.

Officials said the company will initially focus on ventures in health, agriculture, education, transport, retail, and logistics, offering funding in exchange for equity stakes.

If the selected startups perform well, BSIC will also bring in foreign venture capital to co-invest, helping local entrepreneurs scale and access global technology and expertise.

Between 2027 and 2028, BSIC plans to invest in 8 to 12 startups, and from 2029 onward, it aims to exit successful ventures through stock market listings or direct stake sales.

Arefin, also chairman of the Association of Bankers, Bangladesh, said that although the process began under the interim government, new BB Governor Md Mostaqur Rahman has actively overseen its progress. “The governor asked us to focus on developing the rural economy. We will give that high priority,” he added.

The long-term goal, Arefin said, is to build globally competitive startups in Bangladesh that could one day rival Uber, Instagram, Facebook, Spotify, or Airbnb, creating large-scale employment.

Local startups such as 10 Minute School and Shikho have already demonstrated how technology can expand access to education, while digital health ventures could similarly benefit rural communities, he added.

EQUITY-BASED SUPPORT AND BANK CONTRIBUTIONS

Arefin highlighted that the fund will grow each year as participating banks contribute from annual profits. “Unlike loans, the support will be equity-based, meaning BSIC will take ownership stakes in startups instead of charging interest,” he said.

Under a BB directive, participating banks are contributing 1 percent of their profits earned between 2020 and 2024 to build the fund.

Bankers said this reflects an understanding that startups need risk capital rather than traditional loans, which commercial banks are not designed to provide.

According to BSIC sources, BRAC Bank holds the largest share at 7.71 percent, followed by City Bank at 6.74 percent, Dutch-Bangla Bank at 6.67 percent, Pubali Bank at 6.5 percent, Sonali Bank at 5.73 percent, Eastern Bank at 5.58 percent, and Prime Bank at 4.98 percent.

Going forward, banks will contribute around Tk 200 crore annually from new profits, allowing the fund to expand and support more startups.

BSIC’s nine-member board includes managing directors from City Bank, Prime Bank, Mutual Trust Bank, Sonali Bank, and Pubali Bank, along with four independent directors, with Light Castle Partners as strategic consultant.

Nazeem A Choudhury, additional managing director of Prime Bank, is interim chief executive officer (CEO) while BSIC searches for a professional with multinational startup investment experience to appoint a permanent CEO and head of investment by May.

BSIC was registered with the Registrar of Joint Stock Companies and Firms on December 7 last year.

In a comprehensive move to reinvigorate the country's sluggish capital market, key stakeholders have proposed a series of ambitious reforms ahead of the 2026-27 national budget, including mandatory listing for large corporations and sweeping tax adjustments.

The proposals, placed during a pre-budget discussion at the National Board of Revenue (NBR) headquarters today (1 April), aim to boost investor confidence, attract foreign participation and deepen market liquidity.

Representatives from the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), DSE Brokers Association (DBA), Central Depository Bangladesh Limited (CDBL), and the merchant bankers' association presented a unified set of recommendations. The session was chaired by NBR Chairman Abdur Rahman Khan, alongside senior tax officials.

Market intermediaries stressed that the capital market must be treated as a central driver of economic growth rather than a peripheral sector.

Saiful Islam, president of the DSE Brokers Association, said the proposals are aligned with global standards and designed to create a more competitive and inclusive investment environment.
Infographic: TBS
Infographic: TBS

He emphasised that the current economic climate requires the government to treat the capital market as a primary engine for growth rather than a secondary thought.

A major focus of the recommendations is tax reform. The DSE proposed that tax deducted at source on interest income from listed bonds be treated as a final tax liability, simplifying compliance for investors. To further develop the bond market, it suggested a five-year tax exemption on interest income from Treasury bills, Sukuk, asset-backed bonds, and green bonds.

Stakeholders argue that a stronger bond market would reduce the government's reliance on bank borrowing and lower overall financing costs.

To address persistently low foreign participation, currently below 2%, the DSE recommended a five-year exemption on capital gains tax for non-resident investors. Market leaders believe such incentives could attract foreign portfolio investment, strengthen foreign currency reserves, and increase market activity.

The exchange also proposed a five-year tax holiday for companies listed on the SME board, including startups and greenfield ventures, to encourage smaller firms to raise funds from the capital market instead of relying on high-interest bank loans.

For individual investors, the DSE suggested reducing the capital gains tax rate from 15% to 5% on gains exceeding Tk50 lakh, while keeping gains below that threshold tax-free. According to the exchange, high tax rates have discouraged participation from high-net-worth individuals, contributing to declining turnover.

DSE Chairman Mominul Islam said, "We are now in the frontier market; from there, we want to go to the 'emerging market.' The number of investors in the capital market is now 16 lakh; we want to increase it to 50 lakh. We want to increase the daily transaction from Tk500 crore to Tk5,000 crore. As a result, the government's revenue will increase at least 10 times what comes from the capital market."

Stressing the need for cooperation for this transformation, he said they do not want anything that will reduce the government's revenue, but rather want restructuring.

One of the most significant proposals came from the DSE Brokers Association, which introduced a "Deemed-to-Be Listed Company" framework. Under this concept, companies meeting specific thresholds—such as Tk500 crore in paid-up capital, Tk1,000 crore in annual turnover, or Tk500 crore in bank loans—would be required to list on the stock market after a grace period of 15 to 20 years.

The DBA argued that many large corporations benefit from substantial state incentives without offering public ownership opportunities. Mandatory listing, they said, would enhance transparency and broaden investment access.

The association also called for action against inactive or "shell" companies. It proposed that firms failing to hold annual general meetings or declare dividends for three consecutive years should lose tax benefits and be taxed as non-listed entities. This, they believe, would improve accountability and remove underperforming companies from the market.

Additionally, the DBA reiterated its demand to eliminate double taxation on dividend income, noting that the current effective tax rate for individuals exceeds 40%, discouraging long-term investment.

In the credit market, the association proposed allowing listed bonds to be used as collateral for large bank loans, particularly those exceeding Tk500 crore with maturities of more than three years. This measure is expected to promote capital market-based financing.

Meanwhile, CDBL recommended increasing the minimum public shareholding requirement from 10% to 20% for companies seeking tax benefits. A higher public float, it said, would improve price discovery and reduce the risk of manipulation in thinly traded stocks.

The Chittagong Stock Exchange, for its part, emphasised the need for modern market infrastructure. It sought policy support and tax incentives for launching Bangladesh's first commodity exchange and derivatives trading platform. It also requested tax exemptions on specialised software imports required to establish these systems.

Approximately US$234 billion was illicitly transferred out of Bangladesh during 2009-2023, Prime Minister Tarique Rahman told parliament Wednesday on a question about money laundering during the Awami League rule.Bangladesh economic report

He quoted from the findings laid down by the White Paper Preparation Committee formed during the interim government's period.

Thus, an average of $16 billion (about Tk 1.8 trillion) siphoned off the country every year.

The Prime Minister, who became Member of Parliament for the first time, mentioned the data while responding to the question put up during his maiden PM's question hour in the 13th Jatiya Sangsad (JS).

The prime minister said his government is giving the highest priority to recovering assets smuggled abroad as a key part of its "broader strategy to combat corruption, money laundering, and financial crimes".

According to the head of government, legal proceedings are ongoing to recover laundered money in 11 cases identified and prioritised by an inter-agency taskforce. These cases involve 11 individuals and organisations, including family members and related entities linked to former prime minister Sheikh Hasina.

Those named include Sheikh Hasina, former land minister Saifuzzaman Chowdhury, S Alam Group, Beximco Group, Sikder Group, Bashundhara Group, Nassa Group, Orion Group, Nabil Group, HBM Iqbal, and Summit Group, along with their associated family members and affiliated entities.

Responding to a question from ruling-party MP Md Abul Kalam, the prime minister added that the government's election manifesto emphasised publishing a comprehensive white paper on corruption and money laundering during the previous "fascist Awami League era" and taking legal action against those identified.

Since the laundered funds are alleged to have been transferred to multiple countries, the government is strengthening information exchange, asset identification, and mutual legal assistance with relevant countries. To this end, it is working closely with the Ministry of Foreign Affairs and other agencies to conclude Mutual Legal Assistance Treaties (MLATs).

The prime minister mentioned 10 countries initially identified as major destinations for illicit funds: the, United States, the United Kingdom, Canada, Switzerland, Australia, Thailand, the United Arab Emirates, Singapore, Malaysia, and Hong Kong. Among them, Malaysia, Hong Kong and the UAE have agreed to sign such agreements, while discussions with the remaining seven countries are ongoing.

He also presented updates on the 11 priority cases, noting that 11 joint investigation teams have been formed under the leadership of the Anti-Corruption Commission, with participation from the Criminal Investigation Department (CID), the National Board of Revenue's Central Intelligence Cell, and the Customs Intelligence and Investigation Directorate.

Tarique Rahman said as of 25 March 2026, courts had frozen assets worth Tk 704.46 billion, including Tk 571.68 billion domestically and Tk 132.78 billion abroad. A total of 141 cases have been filed, 15 of which have seen charge sheets submitted, and six cases have reached verdicts.

In response to a supplementary question from Jamaat-e-Islami MP Mujibur Rahman about repatriation of the laundered money, the prime minister said the current government being an elected one is committed to upholding the rule of law. He criticised past practices where individuals were allegedly coerced or forced into compliance.

He emphasised that the government would proceed strictly through legal means to ensure justice for all. "The law will take its own course," he said, adding that those who laundered public money would be punished under existing laws.

Responding to another question, he said: "In simple terms, this is people's money. Since we are elected by the people, we are accountable to them and to the country. Naturally, recovering this money and spending it for the benefit of the people is one of the government's key responsibilities."

To a question from NCP MP Akhtar Hossain regarding the financial impact of social-support schemes such as family card and farmer card, the prime minister said the budget allocation would be disclosed gradually and the programme would be implemented in phases, with the number of beneficiaries increasing on monthly basis.Wealth management services

He made it clear that the assistance is not being financed by printing money so it would not trigger inflation. Instead, the funds would be spent within the local economy, boosting economic activity, employment, and living standards for marginalised groups.

Regarding the family-card recipe, in response to a question from ruling-party MP ABM Mosharraf Hossain, the prime minister said it was launched on 10 March in 15 wards across select districts and corporations. Initially, 37,814 women-led households have received benefits, with an additional 30,000 families to be included within the current fiscal year. The annuity programme aims to cover 40 million families over the next four years.

He said issuing the card in the name of the female head of the household would ensure that support is spent on food, nutrition, healthcare, and education, while also increasing women's control over family resources and strengthening their role and dignity in decision-making within the family and society.

The Association of Bankers Bangladesh Limited (ABB) has proposed a series of tax relief measures and policy reforms, including removing the investment cap on government securities for individuals and exempting capital gains from treasury bills and bonds.

In its pre-budget recommendations for the 2026-27 fiscal year, the association presented a 14-point proposal to the National Board of Revenue (NBR) during a meeting in Dhaka today (1 April).

The pre-budget discussion was attended by NBR Chairman Md Abdur Rahman Khan and senior officials of the revenue authority.

ABB Chairman and Managing Director of City Bank Mashrur Arefin urged authorities to introduce measures aimed at strengthening the financial sector and encouraging investment.

Among its key proposals, the ABB called for the withdrawal of the existing Tk5,00,000 ceiling on individual investment in government securities for tax rebate purposes, arguing that the restriction limits investors from fully utilising available tax benefits and discourages participation in a traditionally safe investment segment.

The association noted that instruments such as treasury bills, bonds, savings certificates, debt securities and Shariah-based sukuk remain highly attractive to investors, but the cap has reduced incentives, adversely affecting government cash flow.

The ABB also proposed that capital gains earned from treasury bills and bonds be made tax-free, instead of being taxed at the current rate of 15%. It argued that such a move would help develop a vibrant bond market and attract foreign investors, thereby supporting foreign exchange reserves.

In addition, the bankers' body recommended recognising provisions against non-performing loans as allowable expenses for tax purposes, reducing corporate tax rates to 30% or below, and removing limits on corporate social responsibility (CSR) expenditure.

Under current rules, CSR spending is capped at 10% of total income or Tk8 crore, whichever is lower, with only 10% tax rebate. The ABB suggested treating such expenditure as fully tax-deductible and lifting the ceiling altogether, stating that increased CSR spending would contribute to broader socio-economic development, including in education, healthcare, disaster management and environmental protection.

The association further called for the withdrawal of the requirement to submit proof of submission of income tax return for accessing banking services such as loans and fixed deposits, and reinstating the previous system of electronic Taxpayer Identification Number (e-TIN) submission.

At present, individuals without taxable income must submit proof of submission of income tax return to obtain loans exceeding Tk20 lakh or to open and maintain fixed deposits above Tk10 lakh.

The ABB argued that this requirement has negatively affected retail and CMSME (cottage, micro, small and medium enterprise) clients, pushing many towards informal lenders due to fewer documentation requirements.

It warned that such a trend could drive CMSMEs outside the tax net, whereas facilitating easier access to formal banking could boost future tax revenues, including income tax, VAT and excise duties, while also generating employment.

'Super tax' on stock dividends

The ABB also sought the withdrawal of the 10% "super tax" on stock dividends and retained earnings transfers by listed companies. Currently, companies face additional tax if stock dividends exceed cash dividends or if retained earnings transferred exceed 70% of post-tax net income.

The association argued that such taxes hinder banks' ability to strengthen their capital base, noting that scheduled banks are required to maintain a minimum capital adequacy ratio of 12.5% of risk-weighted assets.

The ABB also urged the NBR to allow provisions against classified and unclassified loans to be treated as tax-deductible expenses, recalling that such provisions were recognised as allowable expenses under earlier tax regulations before the 2006-07 fiscal year.

The Annual Development Programme (ADP) implementation rate in February, while remaining at a low level, has almost doubled compared to the last fiscal when the interim government led by Professor Muhammad Yunus was in power.

According to the latest progress report released by the Implementation Monitoring and Evaluation Division (IMED) under the Ministry of Planning, in February Tk 12771.23 crore has been disbursed which is 6.11 percent of the total amount while it was only Tk 7676.33 crore in the last year that represented 3.39 percent only.

It also stated that the pace of spending and execution has slightly improved for the first eight months of the running 2025-26 fiscal than the previous year.

The implementation progress during the July–February period showed spending reached Tk 63,327.53, representing 30.31 percent of the annual allocation. During the same period of FY2024–25, implementation stood at Tk 67,553.21 crore or 29.87 percent.

In FY2023–24, the implementation rate for the July–February period was 33.65 percent with expenditure amounting to Tk 85,602.59 crore. The rate was 34.74 percent in FY2022–23 with spending of Tk 823,169.96 crore, while FY2021–22 recorded 38.60 percent implementation, with Tk 84,765.07 crore spent.

However, for the current fiscal year 2025–26, the total ADP allocation stands at Tk 208935.53 crore. In comparison, allocations in recent years were Tk 226166.88 crore in 2024–25, Tk 254391.64 crore in 2023–24, Tk 236560.67 crore in 2022–23 and Tk 219601.91 crore in 2021–22.

Officials said the current year’s rate of implementation indicates a continued slowdown in project execution.

The persistent slowdown has been attributed to multiple factors, including administrative adjustments, cautious expenditure management and slower approval processes during the interim administration period.

Project officials have also pointed to delays in procurement, land acquisition and fund release as key reasons behind the lower execution rate.

As per the economists, the ADP plays a critical role in driving economic activity, employment and infrastructure development.Economic forecast publication

A sustained slowdown in implementation may affect overall growth momentum, especially in sectors reliant on public investment.

Despite the lower execution rate, planning ministry officials expressed hope that spending would accelerate in the remaining months of the fiscal year as ministries and agencies traditionally speed up project implementation towards the end of the budget cycle.

The ADP is the government’s primary development budget, financing major infrastructure, social sector and regional development projects.

A higher implementation rate is generally seen as a sign of strong administrative capacity and efficient project management, while slower spending often signals bottlenecks in execution.

With less than half the fiscal year remaining, the pace of implementation in the coming months will be crucial in determining whether the government can narrow the gap with previous years or whether FY2025–26 will end with the lowest execution rate in recent times.

Oil tumbled more than 3 percent on Wednesday, reversing earlier gains as persistent Middle East volatility ‌unnerved markets even amid reports the US-Israeli war with Iran could be winding down.

The front-month Brent contract for June fell $3.33, or 3.2 percent, to $100.64 per barrel at 0641 GMT. US West Texas Intermediate (WTI) crude futures for May slipped $3.34, or 3.3 percent, to $98.04 per barrel.

Prices rose earlier on Wednesday but turned lower as ​uncertainty over the Middle East conflict prompted investors to lock in gains.

“The dip is likely due to ​a lull during Asian hours with profit taking amid signals from the US that the ⁠war may come to a conclusion in the near term,” said Emril Jamil, senior analyst at LSEG.

Brent futures ​for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran’s president was ready to end ​the war.

President Donald Trump told reporters on Tuesday that the US could end the military campaign within two to three weeks and that Iran does not have to make a deal to end the conflict, his clearest declaration yet that he wants to wind down ​the month-long war.

Still, even if the conflict ends, infrastructure damage is likely to keep supplies tight, analysts say.

Oil prices ​will depend on how quickly supply chains normalize afterwards, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Even if it starts ‌to de-escalate, ⁠the flow of tankers won’t resume right away ... shipping costs and insurance, tanker movement will take time to return to normal,” Sachdeva said, adding that the actual damage to oil infrastructure could only be assessed afterwards.

Trump has indicated he could end the war before reopening the Strait of Hormuz, a key route through which 20 percent of global ​oil and liquefied natural gas ​trade flows, according to ⁠a Wall Street Journal report.

“Even with diplomatic channels reportedly still active and intermittent comments from the US administration predicting a short end to the conflict, the combination of limited ​tangible diplomatic progress, continued maritime attacks and explicit threats against energy assets keeps supply ​risks skewed to ⁠the upside,” LSEG analysts said in a note.

Opec oil output dropped 7.3 million barrels per day in March compared with the previous month, a Reuters survey showed on Tuesday, illustrating the impact of forced export cuts because of the closure ⁠of ​the strait.

Meanwhile, US crude oil output fell by the most in two years ​in January following a severe winter storm that knocked production offline in large swathes of the country, data from the Energy Information Administration ​showed on Tuesday.

British American Tobacco (BAT) Bangladesh, a listed multinational company, has incurred Tk714.58 crore in restructuring and relocation costs, with the largest portion – Tk375 crore –stemming from fixed asset impairment, according to its auditor.

In an emphasis of matter in the audited financial statements for 2025, the auditor noted that these developments indicate significant operational changes during the year.

In June last year, BAT Bangladesh decided to shut down operations at its Dhaka factory after the Supreme Court rejected its appeal to extend the land lease agreement. The company also relocated its head office from Mohakhali DOHS to Ashulia in Savar.

Following the decision, the company approved an investment of approximately Tk297 crore to expand production capacity at its Savar facility.

In a disclosure accompanying its 2025 annual dividend announcement, BAT Bangladesh said that operations at the Dhaka factory were shut down in July 2025, and plant, machinery, and cigarette manufacturing equipment were transferred to its Savar factory.

The company said the forced site closure, relocation, and restructuring had a one-off impact of around Tk715 crore on operating profit compared to the previous year.

According to company data, BAT Bangladesh reported a loss of Tk136 crore in the October-December quarter of 2025, reflecting a sharp deterioration in earnings amid declining cigarette sales and rising operating costs.

For the full year, earnings per share (EPS) stood at Tk10.81, marking a 67% decline year-on-year.

The sharp drop in profitability prompted the board to recommend a 30% cash dividend for 2025, significantly lower than the 300% cash dividend declared in 2024.

BRAC Bank PLC has decided to surrender its trustee registration for mutual funds to comply with updated regulations, a move that could have wider implications for the country's struggling fund management industry.

The bank, acting in its capacity as a trustee, has submitted an application to Bangladesh Securities and Exchange Commission seeking formal approval for the surrender, according to officials.

Shaheen Iqbal, additional managing director and head of Wholesale Banking at the bank, confirmed the development, saying a public notice has already been published to inform stakeholders of the decision to surrender the trustee licence.

Under the latest mutual fund regulations, banks are no longer allowed to act as both custodian and trustee for the same fund. BRAC Bank, which has primarily operated as a custodian and never served as a trustee, said it will continue focusing on that role to remain fully compliant with regulatory directives.

Market data shows several institutions—including Eastern Bank PLC, Agrani Bank, Investment Corporation of Bangladesh and Grameen Bank—currently act as trustees for mutual funds in Bangladesh.

Industry insiders have expressed concern over the move, noting that BRAC Bank's exit from the trustee segment could weaken confidence, given its reputation for strong governance and transparency.

They argue that the withdrawal of a credible institution from the trustee segment could further dent confidence in an industry already grappling with longstanding challenges.

The mutual fund sector has been under pressure in recent years due to allegations of malpractice and fund mismanagement, eroding investor trust and dragging down asset values.

Currently, Bangladesh has 38 closed-end and 90 open-end mutual funds in operation. The total asset base of closed-end funds stands at around Tk4,650 crore, while open-end funds account for Tk4,978 crore. Combined, the sector's value fell to Tk9,628 crore in FY2024–25, down from Tk10,729 crore a year earlier.

The Cabinet Committee on Government Purchase (CCGP) yesterday approved the import of another 2.6 lakh tonnes of fuel oil, as the government moves to safeguard national energy reserves against the backdrop of the US-Israel war on Iran.

The committee authorised the direct purchase of 1 lakh tonnes of crude oil from Abeer Trade & Global Markets. The government opted for a direct procurement route, bypassing the standard competitive tender process, citing urgent domestic energy requirements amid the continuing US-Israel war on Iran.

The conflict has introduced significant uncertainty into global oil shipping corridors, particularly through the Strait of Hormuz, through which a substantial share of Asia-bound crude transits.

To mitigate supply chain risks, the government is also diversifying fuel imports as traditional shipping routes face disruption and fears of nationwide shortages grow amid escalating geopolitical tensions in the Middle East.

The CCGP yesterday approved the import of one lakh tonnes of EN590-10 PPM ultra-low sulphur diesel from ExxonMobil Kazakhstan Inc (EMKI) via direct purchase.

A further 60,000 tonnes of 0.5 percent sulphur gasoil (diesel) will be imported from Indonesia’s state-linked PT Bumi Siak Pusako Zapin (BSP Zapin) under a government-to-government (G2G) framework.

Earlier on March 26, the government authorised the emergency purchase of 3 lakh tonnes of diesel following two proposals from the Energy and Mineral Resources Division.

Before that, on March 22, the government wrote to the United States, requesting permission to import up to 6 lakh tonnes of refined fuel from Russia or, alternatively, to obtain a waiver for at least two months, according to the Ministry of Power, Energy and Mineral Resources.

Since the war started, Bangladesh has also received some 17,000 tonnes of diesel from India under an existing arrangement. Two additional shipments, each estimated at around 6,000 tonnes, are expected from Indonesia.

For the agriculture sector, the CCGP yesterday approved the import of 35,000 tonnes of MOP fertiliser from Russia’s JSC Foreign Economic Corporation (Prodintorg).

The procurement, to be implemented by the Bangladesh Agricultural Development Corporation (BADC), is valued at Tk 154.89 crore, with each tonne priced at $360.53.

While 10 proposals were placed before the committee, several, including the procurement of pulses and telecom equipment for the Rooppur Nuclear Power Plant, were withdrawn.

Gold prices rose on Wednesday to their highest in nearly two weeks, supported by a weaker dollar following US President Donald Trump’s statement that the war with Iran could wind down ​in weeks.

Spot gold rose 1 percent to $4,717.82 per ounce by 0712 GMT, its highest level ​since March 20. US gold futures for April delivery gained 1.4 percent to $4,744.30. The US dollar fell 0.4 percent, making bullion more affordable for holders of other currencies.

Trump said Tehran did ​not have to make a deal as a prerequisite for the conflict to wind down ​and that he would provide an update on Iran in an address at 9 pm EDT on Wednesday (0100 GMT on Thursday).

“Talks that the US might wrap up the war in two to three weeks even if the ​Strait (of Hormuz) is not reopened reinvigorated the US equity markets (overnight) and pulled gold higher along ​with it,” said Marex analyst Edward Meir.

Gold fell more than 11 percent in March in its steepest monthly ‌decline since October 2008 as elevated oil prices fuelled inflation concerns and bets of a hawkish monetary policy response. Oil prices gained on Wednesday despite hopes of a de-escalation in the Iran conflict, as infrastructure damage is likely to keep supplies tight.

“Market remains cautious about over-interpreting the de-escalation remark ​as a clean pivot... ​We’ve already seen ⁠multiple rounds where talks appeared constructive before stalling,” said Christopher Wong, a strategist at OCBC.

Traders have almost completely priced out any chance of ​a US rate cut this year from about two cuts expected before ​the war.

While ⁠gold is often used as a hedge against inflation and geopolitical risks, high interest rates make the non-yielding bullion less attractive among investors.

“Should geopolitical tensions de-escalate further, then expectations for Fed easing ⁠could return. ​In such a scenario, real yields can ease, providing ​support for gold,” said Wong of OCBC.

Nitol Insurance PLC, a listed insurer on the stock exchange, has recommended a 10% cash dividend for its shareholders for 2025.

In 2024, the company paid a 10% dividend, comprising 5% stock and 5% cash, according to company data.

Following the declaration, its share price today (1 April) surged by 3.66%, or Tk1, to Tk28.30 at the Dhaka Stock Exchange (DSE).

According to a disclosure published yesterday (31 March) on the stock exchange website, its earnings per share (EPS) declined to Tk1.93 for 2025, from Tk1.97 in the previous year.

Its net asset value per share stood at Tk31.30 and net operating cash flow per share at Tk0.28, compared to Tk31.33 and Tk0.22, respectively, in 2024.

The insurer has called its annual general meeting (AGM) on 12 July through a digital platform. The record date has been fixed for 10 May to determine eligible shareholders, the disclosure said.

Nitol Insurance was listed on the stock exchanges in 2005.

As of February, sponsor-directors held 35% of its shares, institutional investors 25.93%, and the general public 39.07%, according to available data.

The dollar largely held steady on Wednesday as investors grew cautiously optimistic about prospects ​for a ceasefire in the Middle East conflict, though mixed signals kept markets on edge.

The yen has recovered from this year's ‌low of 160.46 per dollar, moving back through the psychologically important 160 level that had fanned concerns about intervention by Japanese authorities. The euro hit more than a one-week high.

"Looking at the market as a whole, expectations for a ceasefire are basically rising, so I think the reversal of the long-running 'buy dollars, sell yen' trade is likely to ​continue," said Sho Suzuki, market analyst at Matsui Securities.

Still, Suzuki added the move has not become a one-way shift into the yen ​gaining momentum due to concerns that the conflict may not wind down easily.

The dollar index , which measures the greenback ⁠against a basket of currencies including the yen and the euro, was last down 0.03 percent at 99.70, slipping to a one-week low. The euro edged ​up 0.2 percent at $1.1574.

The Japanese yen was flat against the greenback at 158.63 per dollar. Sterling strengthened 0.29 percent to $1.3261.

The White House said US President Donald Trump would ​address the nation "to provide an important update on Iran" at 9 p.m. EDT on Wednesday (0100 GMT on Thursday). The president said earlier in the day the US could end its military campaign against Iran within two to three weeks, while Secretary of State Marco Rubio told Fox News Washington could see the "finish line" in the Iran war.

At the same time, ​there were signs of escalation in the conflict. US Defense Secretary Pete Hegseth said the next few days in the war against Iran would be ​decisive and warned Tehran that the conflict would intensify if it did not make a deal.

The Wall Street Journal also reported the United Arab Emirates is preparing to help ‌the US ⁠and other allies open the key Strait of Hormuz waterway by force. The Israel Defense Forces said a surface-to-air missile downed an Israeli military drone during operational activity in southern Lebanon overnight, and missiles and drones continued to strike across the Gulf.

Stocks staged a strong comeback today (1 April), with the benchmark Dhaka Stock Exchange (DSE) index posting a sharp gain after the government decided against raising fuel prices despite ongoing global energy market volatility.

The DSEX index surged 94 points, or 1.82%, to close at 5,272, recovering from a recent downturn linked to Middle East tensions. The blue-chip DS30 index also rose 41 points to settle at 2,001, reflecting renewed buying interest in fundamentally strong stocks.

Market activity turned decisively positive, with 327 advancing issues against 39 decliners, while 25 remained unchanged. Turnover rose significantly to Tk720 crore, and overall market capitalisation increased by around Tk4,000 crore.

Analysts and participants attributed the rally to improved investor sentiment following the government's decision, which eased fears of inflationary pressures and rising business costs.

EBL Securities noted the rebound came after three consecutive sessions of losses, driven by broad-based bargain hunting. Buying pressure intensified throughout the day, leading to widespread price appreciation across sectors.

Sector-wise, pharmaceuticals dominated turnover at 16.4%, followed by engineering and textile sectors at 11.3% each. Top turnover leaders included Orion Infusion, Summit Alliance Port, Khan Brothers PP Woven Bag, Acme Pesticides, and City Bank, highlighting diversified participation.

All major sectors posted gains, with mutual funds leading at 4.9%, services up 3.6%, and general insurance rising 3.1%. Silva Pharma topped the gainers' list with a 10% rise, followed by Bangladesh National Insurance and Apex Spinning. Several mutual funds, including EBL NRB Mutual Fund and First Bangladesh Fixed Income Fund, were also among the top performers.

The financial sector, however, faced some pressure, with Peoples Leasing, Fareast Finance, and International Leasing among the top losers.

The positive trend was mirrored at the Chittagong Stock Exchange, where the CSCX index rose 118 points to 9,021, and the CASPI index gained 200 points to 14,779, with turnover at Tk42.51 crore.

Bangladesh’s financial sector achieved a historic milestone as remittance inflows surged to a record-breaking US$3.75 billion in March 2026, the highest monthly figure ever recorded in the nation’s history.Bangladesh stock alerts

According to data released by Bangladesh Bank today, the March 2026 performance represents a significant leap over previous peaks, comfortably eclipsing the prior record of $3.29 billion established in March 2025.

In March 2026, global remittance performance reached the record high of $3.75 billion, surpassing the previous high-water marks of $3.29 billion in March 2025 and $3.22 billion in December 2025.

This unprecedented surge reflects a broader stabilization and growth trajectory that gained significant momentum following the political transition in late 2024.

The national economy has observed a sustained upward trend in remittance inflows since August 2024, following the fall of the previous Awami League government. These inflows have demonstrated remarkable resilience in recent months, remaining strong despite geopolitical volatility and ongoing unrest in parts of the Middle East, a primary hub for the Bangladeshi expatriate workforce.

Bangladesh Bank officials have attributed this surge in formal inflows to a series of strategic regulatory interventions and more rigorous oversight.

The central bank has focused on ensuring that foreign earnings are processed through legitimate financial institutions to bolster the national reserve.

Hotel and restaurant owners have said they still need to visit VAT offices and "negotiate" with officials, despite the National Board of Revenue (NBR) introducing the online VAT return submission system.

The allegation was raised during a pre-budget meeting held today at the NBR headquarters.

Khaled Ur Rahman, former president of the Bangladesh International Hotel Association, said, "VAT officers treat us like thieves, even though we want to help the government collect revenue. Their behaviour should be professional."

Imran Hassan, secretary general of the Bangladesh Restaurant Owners Association, said many hotels, restaurants, and street food vendors remain outside the VAT net, creating unfair competition for compliant businesses.

He alleged that large, unregistered businesses evade VAT, sometimes with officials benefiting personally. "A well-known restaurant in Uttara sells over 1,000 kilograms of beef daily but remains outside VAT registration. Officers take money from them."

The NBR chairman, presiding over the meeting, rejected claims that the online system is ineffective, stating that once VAT returns are submitted online, visiting offices is unnecessary. He instructed officials to behave professionally, but also questioned whether businesses themselves are evading VAT.

Sharing his own experience, he said he bought sweets twice from the Dhanmondi outlet of Noni Sweets without receiving VAT receipts. When he asked, the staff claimed their EFD machine was out of order. Noni Gopal Ghosh, the owner, was present at the meeting.

The meeting also saw industry requests to reduce import taxes on alcohol to boost tourism, lower minimum taxes on beverages, and withdraw supplementary duty on bottled water. Representatives from 10 organisations shared their proposals during the session.

In another development, officials from the National Board of Revenue (NBR) have indicated that the 7.5% advance tax on newsprint imports for the newspaper industry may be withdrawn.

A senior official told The Business Standard the proposal was presented to the finance minister during a pre-budget meeting yesterday, and the minister responded positively.

The move follows a request by the Newspaper Owners' Association of Bangladesh (NOAB) to reduce or remove import duties and taxes on newsprint. Although the tax is refundable later, industry representatives have long raised concerns over the complex refund process.

Bangladesh faces three major economic challenges – an inherited fragile economy, low revenue collection, and rising expenditure due to the Middle East war, Finance and Planning Adviser Amir Khosru Mahmud Chowdhury has said.

"We aim to address these challenges by increasing investment, boosting employment, and raising domestic revenue," he said today (1 April), while responding to journalists after a meeting with National Board of Revenue (NBR) officials at the Revenue Building in Agargaon.

He said the government aims to revive the fragile economy by creating an investment-friendly environment instead of relying on borrowing and printing money.

"The government is shifting its focus from a debt-driven economy to an investment-led one," he reiterated.

The government will move away from excessive money printing to keep the economy stable, the adviser added.

"Strengthening the economy is essential to increase the tax-to-GDP ratio, and both local and foreign investment will be the main drivers of that strength," he said.

To restore investor confidence, the adviser said frequent policy changes would be avoided.

"Policies will remain stable for a defined period to allow long-term planning," he said.

"The government will move towards deregulation to ease investment," he added.

Bangladesh Bank has enlisted seven Cost and Management Accountant (CMA) firms to conduct audits of applications for export subsidies and cash incentives, according to a central bank directive issued today (1 April).

In a circular issued to all authorised dealer banks, the central bank said each approved CMA firm may undertake auditing assignments for up to three banks in a given financial year.

The seven approved CMA firms are A. Hannan & Co, Hossain & Co, Mujibur Rahman & Co, Podder & Associates, Safe‑Q Associates & Co, Saifur Enayet & Associates and SAM & Associates.

Previously, only chartered accountant firms were permitted to carry out these audits.

Bangladesh Bank expects the move will help ensure greater transparency in the distribution of export incentives and speed up the audit process.

Oil prices climbed more than $4 on Thursday after President Donald Trump said the United States would continue to attack Iran, including energy and oil targets over the next few weeks, and did not commit to a specific timeline to end the war.

Brent crude futures rose $4.88, or 4.8%, to $106.04 per barrel by 0200 GMT. US West Texas Intermediate crude futures were up $4.17, or 4.2%, to $104.29 per barrel.

The gains come after both benchmarks had fallen more than $1 earlier on Thursday ahead of Trump's speech and had settled lower in the previous session.

Trump said in a televised speech to the nation that the US military had nearly completed its goals in its war with Iran, and that the conflict would soon be ending, but gave no specific timeline.

"We are going to finish the job, and we're going to finish it very fast. We're getting very close," he said.

Threats to maritime traffic have grown as the conflict intensifies across the region. Most recently on Wednesday, an oil tanker leased to QatarEnergy was hit by an Iranian cruise missile in Qatari waters, its defence ministry said.

The head of the International Energy Agency cautioned on Wednesday that supply disruptions will start to impact Europe's economy in April. The continent had previously been shielded by cargoes contracted before the war started.