Banglalink is participating in Mobile World Congress (MWC) Barcelona 2026, held from 2–5 March 2026 in Barcelona, Spain, to engage with global industry leaders and explore the next phase of AI-led digital transformation.

Banglalink is a VEON company. VEON is a Nasdaq-listed, UAE-headquartered digital operator serving customers across five markets, including Bangladesh.

Hosted by the GSMA, MWC Barcelona 2026 is being held under the umbrella theme "The IQ Era", focusing on how artificial intelligence is reshaping networks, digital platforms and new services.

Banglalink said its officials, alongside VEON representatives, are holding bilateral meetings with global technology partners and development institutions, including the World Bank and the International Finance Corporation, to explore collaboration on digital infrastructure, financial inclusion and AI-driven innovation.

At the event, VEON Group CEO Kaan Terzioğlu delivered a keynote titled "Transforming Tomorrow's Connected World", highlighting VEON's DO1440 strategy and the need to embed digital services into daily life alongside connectivity.

Johan Buse, chief executive officer of Banglalink, said the AI era is a pivotal moment for Bangladesh's digital journey, with telecom operators evolving beyond connectivity to expand economic participation, and digital and financial inclusion.

Banglalink said it has integrated AI and machine learning into network planning and optimisation, introduced AI-enabled customer support tools, and expanded digital financial and lifestyle platforms as part of its evolution into an integrated digital services provider.

Banglalink said it has invested more than $2.5 billion in Bangladesh over the past two decades, contributed over $4 billion to the national exchequer, supported about 10,000 direct and indirect jobs, and serves more than 38 million subscribers.

An extended conflict in the Middle East after the US and Israel launched strikes on Iran could trigger global stagflation -- a troublesome blend of high inflation and anaemic growth -- due to spiking oil and gas prices, economists warned.

WILL THERE BE AN OIL SHOCK?

The conflict has nearly halted traffic through the Strait of Hormuz, through which around 20 percent of global seaborne oil passes, with several ships attacked.

Global oil prices shot higher on Monday, with the Brent crude international reference oil contract up nearly nine percent at $79.30 per barrel at 1410 GMT.

It briefly surpassed $80 per barrel earlier in the day, and was up considerably from the $61 per barrel at the start of the year.

Economist Sylvain Bersinger said the war risks “creating a third oil shock after those in 1973 and 1979 and the 2022 gas shock”.

Europe’s benchmark gas price shot more than 50 percent higher on Monday.

He said the price of oil could rise to $110 per barrel, but added that was no longer exceptional as oil prices had risen over $140 in 2008 and were above $100 in the 2010s.

Adam Hetts at asset manager Janus Henderson said that while oil prices would certainly rise, the increase should remain “at reasonable levels”.

WHAT IMPACT ON GLOBAL TRADE?

The conflict could act as a shock to trade “at the worst possible moment”, said economists at ING bank.

The global trading system is already under stress from US President Donald Trump’s tariff offensive as well as the fragmentation of supply chains since Covid and the war in Ukraine.

Moreover the closure of the Gulf airspace is disrupting aviation between European and Asia, they noted.

For Ruben Nizard, head of political risk research at Coface, a trade credit insurance company, this crisis could also “throw another wrench into the works by driving up maritime freight costs” and pushing up inflation.

“At the global level, this would open the door to an economic scenario of stagflation,” he added, referring to a situation with high inflation and weak or non-existent growth.

WHAT IMPACT ON THE GLOBAL ECONOMY?

According to economists at Natixis bank, a prolonged disruption of traffic in the Strait of Hormuz “would have major implications for markets, but also for inflation dynamics and overall economic stability”.

They added that “China would be particularly affected by this war.”

Cyrille Poirier-Coutansais, director of the research department at the French Navy’s Centre for Strategic Studies, agreed that China is particularly dependent upon oil shipped through the Strait of Hormuz.

“The question is whether there will be enough fuel to keep the world’s factory running,” he told AFP.

For the economist Sylvain Bersinger the impact on Europe will likely be less than the 2022 gas shock, which would help France in particular to avoid a recession.

In a sign of declining investor confidence, the interest rate on European sovereign bonds climbed on Monday.

The yield on 10-year German government bonds, the benchmark in the eurozone, stood at 2.70 percent in afternoon trading, compared with 2.64 percent on Friday.

WHAT RISKS IN A LONG WAR?

The intensity and duration of the conflict will be key in determining its impact.

“In a prolonged conflict, the combination of higher energy costs, disrupted logistics, and a generalised confidence shock would constitute a meaningful drag on global trade volumes at precisely the moment the world economy was still digesting the inflationary and growth consequences of the tariff shock,” said economists at ING bank.

Coface’s Nizard said they estimated that “an increase of roughly 15 dollars in the price of Brent over a prolonged period could shave about 0.2 percentage points off global growth and add almost half a point to inflation.”

These are “not insignificant” effects in a context of “fairly fragile global economic growth”, he added.

The Bangladesh Bank (BB) has allowed banks to provide special term loans to export-oriented industries to help them pay workers’ wages for February this year.

In a circular today, the central bank said that global and domestic economic headwinds, coupled with declining exports, delays in opening letters of credit and liquidity stress, have disrupted production in many export-oriented industrial establishments.

As a result, some firms are facing difficulties in paying workers' salaries and allowances on time, it added.

To ensure uninterrupted production and sustain export capacity, banks have been instructed to extend term loans, outside existing working capital limits, to solvent units for disbursing February salaries.

The loan amount cannot exceed the average wage and allowance payments of the preceding three months of the respective firm.

Only industries that export at least 80 percent of their total production will be considered export-oriented. In addition, eligible applicants must have paid workers’ wages for the period from November 2025 to January 2026, the BB directive reads.

The status of being “export-oriented” and “operational” must be certified by the relevant trade bodies, such as the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association.

Banks will directly disburse the payments into workers’ bank accounts, including through mobile financial services.

The facility will carry market-based interest rates. The loans must be repaid within a maximum of one year, including a three-month grace period. Repayment can be made on a monthly or quarterly instalment basis.

The central bank also barred banks from charging any additional fees, commissions or penalties beyond the regular interest on the loans.

The directive has been issued under Section 45 of the Bank Company Act, 1991.

BGMEA last week appealed to the governor to provide a loan equivalent to two months’ wages on easy terms as short-term support to ensure payment of salaries, allowances and bonuses.

Bangladesh Bank has allowed banks to renew continuous loans even after the stipulated tenure expires, provided the loan has not yet been classified as a default.

In a circular issued yesterday (2 March), the central bank directed all scheduled banks to implement the decision immediately. The facility will remain effective until 31 December 2027.

Under the new directive, if renewal of a continuous loan is not completed within the existing tenure, it may still be renewed until the loan becomes non-performing.

However, if it is classified as a default loan, renewal will no longer be permitted until the outstanding amount is adjusted.

Bankers said the move would ease pressure on both banks and clients during the current economic situation.

They noted that delays and procedural complexities in renewing short-term loans, particularly in the import-export and trade sectors, would be reduced.

A senior Bangladesh Bank official, speaking on condition of anonymity, told The Business Standard there is a risk of creating a culture where continuous loans are kept regular without actual repayment, which could pose long-term challenges for the banking sector.

The official said that in the case of large credit limits, businesses are expected to withdraw and repay funds within the approved limit and adjust the entire loan at the end of the year or keep the account within the stipulated conditions.

"According to the new circular, Bangladesh Bank has given them an extra three months; however, strict monitoring must be maintained to ensure proper implementation," the official said.

The circular also stated that the renewal process, including receipt of applications and preparation of documents, must begin at least two months before the loan tenure expires.

If renewal cannot be completed on time due to reasons beyond control, it may be finalised before the loan is classified as default, provided the cause of the delay is documented in writing.

It further said that any over-limit portion of a loan may be adjusted and renewed. However, such over-limit amounts cannot be shown as a separate new loan or transferred to another account.

Previously, continuous loans, which usually have a one-year tenure, had to be renewed within that period.

If the borrower failed to complete the renewal on time, the entire outstanding amount, including principal and interest, had to be repaid before a fresh process could begin.

Under the new rules, borrowers will get an additional three months after the expiry of the original tenure. If the outstanding interest is paid within this extended period, the loan can be renewed without being classified as default.

If the interest remains unpaid beyond that time, the loan will be treated as non-performing and cannot be renewed until the full outstanding amount is settled.

Gold prices have increased again in the country, with the rate of 22-carat gold rising by Tk3,324 per bhori (11.664 grams), the Bangladesh Jewellers Association (Bajus) said today (3 March).

Following the latest adjustment, the price of 22-carat gold has been fixed at Tk2,77,428 per bhori, according to a notification issued by Bajus.

Bajus said the new rate had been determined in view of an increase in the price of pure gold (tejabi gold) in the local market and the overall market situation.

Under the revised pricing structure, 21-carat gold will cost Tk2,64,773 per bhori, while 18-carat gold has been set at Tk2,26,981 per bhori.

The price of gold produced under the traditional method has been fixed at Tk1,85,749 per bhori.

The last adjustment had come yesterday, when Bajus raised the price of 22-carat gold by Tk5,424 per bhori to Tk2,74,104.

So far in 2026, gold prices have been adjusted 36 times in the domestic market, raised on 24 occasions and reduced 12 times.

Despite the hike in gold prices, silver rates remain unchanged.

Currently, 22-carat silver is being sold at Tk7,173 per bhori.

In 2026, silver prices have been adjusted 21 times, with rates increased 14 times and reduced seven times.

Bangladesh's power plants and factories risk fuel shortages within days after QatarEnergy invoked force majeure on its long-term LNG contract, forcing Petrobangla to scramble for costly spot cargoes in an increasingly strained global market.

QatarEnergy, the world's largest LNG producer and Bangladesh's biggest supplier, halted production following an Iranian attack earlier this week. Prime Minister Tarique Rahman has instructed authorities to urgently procure LNG from the spot market to avert a nationwide energy crisis.

Officials at the Energy and Mineral Resources Division confirmed that at least four spot cargoes are being sought for delivery in March.

QatarEnergy's Force Majeure notice

On 2 March, QatarEnergy formally notified Petrobangla of a "potential event of Force Majeure" under Clause 17 of their agreement, citing "recent hostilities in the region." Petrobangla Chairman Md Arfanul Hoque acknowledged receipt of the letter and said contingency measures are already underway.

Under the contract, QatarEnergy was scheduled to deliver 40 of Bangladesh's 115 planned LNG cargoes this year. With supplies now uncertain, Petrobangla fears a sweeping gas shortage that could disrupt power generation, industrial output, exports, and daily life.

Other long-term suppliers including QatarEnergy Trading LLC, OQ Trading Ltd, and Excelerate Gas Marketing Limited may also face disruptions due to their reliance on Qatari supply, though trading firms could have limited flexibility to source alternatives.

A force majeure clause excuses liability for non-performance during certain unforeseeable, uncontrollable, and exceptional events like natural disasters, wars, or pandemics.

QatarEnergy supplies around 20% of the world's seaborne LNG.

Scramble for alternatives

Policymakers warn that if such a major supplier dries up, securing cargoes from elsewhere will become increasingly difficult due to tightening global supply.

The QatarEnergy letter states, "While the Seller is still assessing the situation, it considers it important to inform the Buyer that these circumstances may prevent it from performing its delivery obligations under the Agreement."

It added, "We will keep you updated as the situation evolves and provide further information when it becomes available."

Immediately after receiving the notice, Petrobangla wrote back to QatarEnergy seeking clarification on whether deliveries would continue, as the letter used the phrase "may prevent" – leaving room for uncertainty.
PM directs LNG procurement from spot market amid Mideast crisis

Even before the production halt, LNG supply had been under pressure following Iran's closure of the Strait of Hormuz, a critical shipping route.

According to the latest Petrobangla data, seven LNG cargoes are scheduled to arrive in March – six from QatarEnergy via the Strait of Hormuz and one from Angola.

Petrobangla has already secured four cargoes from QatarEnergy, while two remain uncertain.

"We wrote to QatarEnergy to confirm whether they would be able to supply or not by today (3 March)," Arfanul said.

Contingency plan activated

Amid uncertainty over long-term supplies, Petrobangla has activated contingency plans and on Monday called for quotations from enlisted suppliers for delivery windows on 15 and 18 March. These two windows were originally scheduled for QatarEnergy cargoes, which are now in question following the force majeure declaration.

Petrobangla has also reached out to other suppliers to confirm whether they can honour their contractual commitments, given their exposure to Qatari supply, the chairman added.

How Petrobangla plans to offset supply cut

With the oil and gas supply chain already fragile amid escalating tensions in the Middle East, concerns are deepening. US President Donald Trump has signalled that the war could drag on for another four to five weeks — a statement that sent shockwaves through global energy markets as oil and gas prices climbed.

Meanwhile, Iran's complete blockade of the Strait of Hormuz has left ships stranded, further complicating logistics.

Officials from the Energy Division and Petrobangla said that if hostilities persist and shipping through the Strait remains blocked, Bangladesh will have little choice but to turn to the spot market.

"We got the green light from the government to search for alternative sources like the spot market," Arfanul said. "But availability has become a major challenge following the production halt by a global giant like QatarEnergy."

Despite soaring prices, the Energy Division has instructed Petrobangla to secure spot cargoes as quickly as possible to fill the vacuum created by disrupted long-term supplies.

Before the escalation, spot LNG was trading below $9 per MMBtu. On Monday, the Asian spot LNG benchmark – the Japan-Korea Marker (JKM) – surged to $13.365 per MMBtu.

If prices rise further, the burden on Bangladesh's energy import bill will aggravate.

Asked how Petrobangla would navigate prolonged high prices, the chairman struck a cautiously hopeful tone: "I hope the war will not last for months," he said. "To keep supply afloat, we have to bring LNG from the spot market. Otherwise, we will have no option but to cut supply to all sectors."

April supply also in question

Policymakers are now sounding alarm bells over April as well, fearing that the crisis may spill into the following month.

Officials say the supply chain has become increasingly fragile due to the complex geopolitical situation and the knock-on impact on QatarEnergy's output.

The Petrobangla chairman said the company has already reached out to all April suppliers seeking clarity.

"We have written to our April suppliers asking them to make their position clear regarding supply next month. They have been given time until 10 April to confirm," he said.

The chairman added that Petrobangla's next course of action will depend on their responses. "Based on their reply, we will decide our next steps, including securing additional LNG from the spot market, if necessary."

With uncertainty now stretching beyond March, energy officials fear that without timely confirmations, Bangladesh may have to rely even more heavily on high-priced spot cargoes to keep gas supply flowing.

Concerns over meeting electricity demand during Ramadan, as well as the upcoming summer and irrigation season, have intensified after two major coal-fired power plants reported fund shortages for coal imports due to unpaid subsidy arrears of Tk4,726.37 crore.

The Power Division yesterday wrote to the finance ministry warning that unless outstanding subsidy payments are released, the two largest coal-fired plants – Rampal's Maitree Super Thermal Power Plant and the Payra Power Plant – will be unable to import fuel and generate electricity.

The two plants together supply 2,400 megawatts of base-load power to the national grid. Subsidy payments have remained pending since August last year.

In the letter to Finance Secretary Dr Md Khairuzzaman Mozumder, the Power Division said that unless outstanding dues are released quickly, it will not be possible to ensure the additional electricity generation needed to meet demand during Ramadan, the irrigation season and the summer months.

"This could lead to load-shedding of 2,000–2,500 megawatts nationwide. As a result, irrigation activities will be disrupted, and public dissatisfaction may grow due to power cuts," the Power Division warned.

The developments come in the wake of the closure of the Strait of Hormuz due to the Iran war, and Qatar – Bangladesh's main LNG supplier – announcing the shutdown of its plants.

Pending subsidy funds

The Bangladesh Power Development Board (BPDB) has requested the finance secretary to release the pending subsidy funds in line with previous practice to ensure uninterrupted electricity supply during the ongoing Ramadan, irrigation season and the upcoming summer.

Subsidy payments to the 1,320MW Rampal Power Plant and the 1,320MW Payra Power Plant – both established during the Awami League government – have been suspended since August last year, as their tariff rates have not been approved by the Cabinet Committee on Government Purchase.

Although the government has held discussions with the two companies to revise the tariff rates, BPDB has been unable to place the proposal before the purchase committee due to pending clearance from foreign lenders.

The letter, signed by Deputy Secretary Mohammad Solaiman of the Power Division, further stated that timely payment to the plants is essential to ensure uninterrupted supply during Ramadan, the irrigation season and the forthcoming summer.

According to BPDB data, approximately Tk700-800 crore in subsidies is required each month for the Rampal and Payra plants. From August 2025 to January this year, subsidy arrears for the two coal-fired plants have accumulated to Tk4,726.37 crore. Due to the delay in fund disbursement, bills of several power plants cannot be paid on time.

"Since foreign loans are involved in the two plants, clearance from the respective lenders is required for tariff revision. As such clearance has not yet been obtained, the revised tariff rate could not be placed before the Cabinet Committee on Government Purchase for approval," the letter said.

"However, discussions with lenders are ongoing, and the tariff review will be completed as soon as possible so that the revised proposal can be sent to the purchase committee," the Power Division added.

In the wake of the conflict across the Middle East following attacks by the United States and Israel on Iran, Prime Minister Tarique Rahman has directed authorities concerned to procure the necessary liquefied natural gas (LNG) from the spot market.

As per the PM's instructions, the Energy and Mineral Resources Division has taken the initiative to purchase at least four LNG cargoes from the spot market during March, sources in the division told The Business Standard today (3 March).

According to the sources, amid the escalating conflict in the Middle East, the Energy and Mineral Resources Division briefed the PM today regarding the overall energy situation in both the public and private sectors.

He was informed that due to the suspension of vessel movement through the Strait of Hormuz and the halt in production by QatarEnergy, there is a risk that Bangladesh may not receive LNG under its long-term contract with Qatar.

However, Oman has confirmed the delivery of two LNG cargoes under the long-term agreement this month and has also pledged to provide an additional two cargoes. Still, a minimum of eight cargoes are required for the entire month.

A senior official of the Energy and Mineral Resources Division, speaking on condition of anonymity, told TBS, "The prime minister has instructed that the necessary LNG be imported from the spot market. He has also directed Bangladesh Bank to remain prepared to make immediate payments for fuel imports."

"Additionally, Bangladesh Bank has been instructed to ensure the supply of required foreign currency for private-sector LPG imports," he said.

The official added that Petrobangla today invited tenders to import two LNG cargoes from the spot market, while tenders for the remaining two cargoes will be floated later.

Notably, the government had not planned to purchase LNG from the spot market this month, he said.

The government currently supplies between 2,600 and 2,900 million cubic feet per day (mmcfd) of gas daily, of which 900 to 980 mmcfd comes from imported LNG.

To meet this demand, Bangladesh imports 110 to 115 LNG cargoes annually. Of these, 60 to 70 cargoes are imported under long-term agreements with Qatar and Oman, while the rest are procured from the spot market.

According to Petrobangla data, 2,662 mmcfd of gas was supplied today, including 952 mmcfd from imported LNG.

The official further said that Bangladesh Petroleum Corporation (BPC) currently has 200,000 tonnes of diesel in stock, sufficient for 14 days.

"Discussions are underway with several alternative countries to import refined fuel oil, particularly Malaysia, China and Saudi Arabia," he said.

The government has also contacted India to ensure the continuation of refined fuel oil supplies. Talks have been held with Saudi Aramco, which has assured that it will supply fuel oil from its sources outside Saudi Arabia.

According to Bangladesh Petroleum Corporation (BPC) sources, as of today, the country has 201,610 tonnes of diesel, 21,705 tonnes of petrol and 34,133 tonnes of octane in stock.

Padma Oil has jet fuel reserves sufficient for 20 days' demand. As flight operations have decreased, jet fuel demand is currently lower.

Energy and Mineral Resources Division sources said private-sector importers have informed the division that letters of credit opened in February are expected to bring in 194,000 tonnes of LPG throughout March.

However, due to the closure of the Strait of Hormuz, some LPG shipments may not arrive on time.

In response, the private sector has been advised to plan for LPG imports from alternative sources.

Business leaders have warned that unless existing public and private sector barriers to investment and exports are removed, Bangladesh will not be able to fully utilise the opportunities created by the recently signed Economic Partnership Agreement (EPA) with Japan. Otherwise, they said, the agreement risks remaining only on paper.

They made the remarks at a seminar titled "Export Potential Under Bangladesh-Japan EPA: Challenges and Way Forward" organised by the Export Promotion Bureau (EPB) yesterday (3 March).

Dr AKM Asaduzzaman Patwary, secretary general of the Dhaka Chamber of Commerce and Industry (DCCI), said a study by the Japan External Trade Organization (Jetro) found that Japanese investors feel there is scope for reinvestment in Bangladesh.

"Despite that, investment has not increased significantly. Last year, only $40 million in investment came," he said.

He added, "We do not want to be complacent about the EPA. We need to identify the roadblocks and take initiatives to resolve them. If these issues are not addressed, the potential of the EPA will remain only on paper."

Mohammad Hasan Arif, vice chairman of EPB, moderated the seminar, which was attended by business leaders and experts from both countries.

Other business representatives highlighted existing challenges to expanding trade with Japan and urged prompt solutions.

Speaking to The Business Standard after the event, Dr Patwary said, "NBR- and customs-related issues, policy inconsistency and bureaucratic complexities are major obstacles to increasing Japanese investment in Bangladesh."

Maintaining product quality in line with Japanese standards is also a key challenge for exporters, speakers noted.

Other speakers echoed the importance of meeting Japanese quality standards. They said Japan offers significant export potential, but without focusing on quality, that potential cannot be realised.

Bangladesh signed the EPA with Japan on 6 February, under which around 7,379 Bangladeshi products will enjoy duty-free access to the Japanese market, while more than 1,000 Japanese products will receive duty-free access to Bangladesh in phases.

Kanchan Miah, managing director of Arot Agro, said his company exports vegetables from Bangladesh to Japan. However, due to the suspension of the direct Dhaka-Narita flight, they are facing difficulties.

He said they used to export about one tonne of vegetables per flight. They have also received orders to export mangoes, and there is potential to export carrots. But with the direct flight suspended, shipping via alternative routes is increasing costs.

He urged the government to take measures to resume the direct flight.

Business leaders also identified language barriers, technological gaps and compliance requirements as major challenges in expanding exports to Japan.

Japan is a significant market for Bangladesh's ready-made garments (RMG). Asif Ashraf, managing director of Urmi Group, a leading RMG exporter to Japan, said, "In Japan's $23 billion apparel market, we are capturing only a very small share. While there is strong demand for man-made fibre garments, we remain stronger in cotton-based products."

He said exporters must have patience to succeed in the Japanese market. "Once trust is established, they will place orders here even if prices are higher."

Tareq Rafi Bhuiyan, president of the Japan-Bangladesh Chamber of Commerce and Industry, and Hajime Suzuki, executive officer of RX Japan Ltd, presented keynote speeches.

Hajime Suzuki, executive officer (Global Relations) of RX Japan, a major Japanese trade show and exhibition organiser, advised Bangladeshi exporters to adopt a three-year strategy to expand exports to Japan.

Global logistics and shipping giant Maersk has suspended all new cargo bookings between Bangladesh, along with three other South Asian countries, and select Gulf destinations, citing operational risks arising from the ongoing Iran crisis and wider instability in the Middle East.

"Effective immediately, we are suspending all new bookings between the Indian Subcontinent (India, Pakistan, Bangladesh and Sri Lanka) and the Upper Gulf markets of the UAE, Bahrain, Qatar, Iraq, Kuwait, and Saudi Arabia (Dammam and Jubail only)," the company said in an advisory on Monday (2 March).

The move comes as Iran said on Monday that the Strait of Hormuz is closed and that Iran will fire on any ship trying to pass, Iranian media reported.

"The strait [of Hormuz] is closed. If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze," Ebrahim Jabari, a senior adviser to the Iranian Revolutionary Guards commander-in-chief, said in remarks carried by state media.

Maersk said it has also halted acceptance of reefer and dangerous or special cargo to and from key Gulf countries until further notice, following a fresh risk assessment.

However, it clarified that this suspension does not apply to other trade corridors.

Maersk said confirmed bookings made before the advisory will be reviewed on a case-by-case basis, while cargo already in transit remains under active management.

"Customers will be contacted directly if operational adjustments are required," it said.

Amid the US-Israeli war on Iran, several Gulf states have temporarily closed their airspace and airlines have cancelled or rerouted flights, tightening logistics capacity across sea-air corridors and potentially extending transit times.

The Bangladesh Securities and Exchange Commission (BSEC) has removed LR Global Bangladesh Asset Management Company Limited as the asset manager of six mutual funds over regulatory violations and alleged mismanagement.

The decision was approved at a recent board meeting of the commission, according to a disclosure published by the Dhaka Stock Exchange today (2 March).

In a statement, the regulator said the action was taken in the interest of investors and to safeguard public funds after its investigation found breaches of securities laws, violations of the Mutual Fund Rules, 2001, and failure to fulfil fiduciary responsibilities.
The affected funds are DBH First Mutual Fund, Green Delta Mutual Fund, AIBL First Islamic Mutual Fund, LR Global Bangladesh Mutual Fund-1, NCCBL Mutual Fund-1, and MBL First Mutual Fund.

Trustees of the respective funds have been directed to initiate necessary legal and administrative measures. Meanwhile, the process to cancel LR Global's registration as an asset manager is underway.

According to the BSEC investigation, funds from the six mutual funds were invested in Padma Printers & Colors Limited, later renamed Quest BDC Limited, at prices higher than the approved rate and without adequate financial analysis.

The commission said the investments violated applicable rules and exposed unit holders to significant financial risks.

The regulator also identified a conflict of interest, noting that a related entity purchased shares of the same company at a lower price, depriving mutual fund investors of potential benefits. In one instance, more than 15% of a single company's paid-up capital was acquired from one fund, exceeding regulatory limits.

In addition, the appointment of a managing director at Quest BDC Limited without prior approval from the trustee or the commission was found to be in violation of the rules.

Since 2022, the investment in Quest BDC has yielded no returns. As the company is listed on the OTC market, the shares are illiquid, making it difficult for the closed-end funds to exit the investment.

Trustees are now assessing options to appoint a new asset manager following the completion of required audits.

The price of gold in Bangladesh has been increased by Tk5,424 per bhori, with the rate of 22-carat gold set at Tk274,104 per bhori from today (2 March), according to the Bangladesh Jewellers Association (BAJUS).

In a statement issued in the morning, BAJUS said the new rates were fixed considering the overall market situation following a rise in the price of pure gold (tejabi gold) in the local market. The revised prices have come into effect immediately.

Under the new rates, 22-carat gold will cost Tk274,104 per bhori (11.664 grams), while 21-carat gold has been priced at Tk261,682 per bhori.
The price of 18-carat gold has been set at Tk224,299 per bhori, and gold of traditional method at Tk183,533 per bhori.

Buyers will have to pay an additional 5 percent government-fixed VAT and a minimum 6% making charge set by BAJUS on the sale price.

However, the making charge may vary depending on the design and quality of jewellery.

The last adjustment to gold prices was made on the night of 28 February, when BAJUS raised the price of 22-carat gold by Tk3,266 per bhori to Tk268,680.

So far in 2026, gold prices have been adjusted 35 times in the country, with rates increased on 23 occasions and reduced 12 times.

Silver prices have also been raised this time. The price of 22-carat silver has been increased by Tk175 per bhori to Tk7,173.

Meanwhile, 21-carat silver has been set at Tk6,882 per bhori, 18-carat silver at Tk5,890 per bhori, and traditional-method silver at Tk4,432 per bhori.

So far this year, silver prices have been adjusted 21 times, including 14 hikes and seven reductions.

Financing new government's flagship schemes family card and farm-loan waiver cost the exchequer Tk 11.4 billion immediately that has to be managed with from the current national budget.

The government has already allocated a lump-sum Tk 400 million from the country's revenue budget for payouts under the newly evolved "family card" programme during the remaining four months of the current fiscal year.

Meanwhile, the Finance Division is set to allocate some Tk 11 billion for the waiver of agriculture loans along with cumulated interest of some 1.287 million borrowers as the new government's election pledge is going materialise in no time, officials say.

A study by the Centre for Policy Dialogue (CPD) estimates that providing family cards to five million rural families with monthly support of Tk 2,000-2,500 would cost the exchequer between Tk 96 billion and Tk 120 billion annually - equivalent to 0.15-0.20 per cent of GDP.

The CPD has recommended adopting a poverty-scorecard method with strong transparency and accountability mechanisms in selecting beneficiaries.

The organisation has also cautioned that fiscal constraints could pose a significant challenge to scaling up the programme.

Dr Fahmida Khatun, Executive Director of the CPD, says the family- card concept is appreciable as it is universal in nature.

"The government needs to make the selection process transparent and must ensure the actual beneficiaries for this safety-net scheme," she adds.

Dr Fahmida suggests proceeding with the family-card initiative in phases being fully prepared to list genuine beneficiaries and digitise the database.

Distribution of family card needs good governance.

If the government wants to give family card worth Tk 2000 each to 50 million beneficiaries as it targets, it would need around Tk 120 billion in a year, she says about their estimate.

"The government has to increase tax, cut unnecessary project expenditures, check corruption to ease fiscal pressure," she suggests.

The flagship initiative is scheduled to be launched on a pilot basis on March 10, covering 6,500 families across 14 upazilas. Each selected family will receive directly Tk 2,500 per month through mobile financial services or bank accounts.

As the expenditure was not included in the national budget for FY2025-26 announced by the interim government, the Ministry of Finance has allocated the funds from the "unexpected expenditure" head, says a senior official of the Ministry of Social Welfare.

The allocated amount would cover all expenditures, including data collection and administrative costs, along with family card's Tk 2500 each.

Prime Minister Tarique Rahman is expected to inaugurate the pilot programme on March 10, 2026.

The Ministry of Social Welfare has already collected data on nearly 50,000 households as part of preparation to issue family cards in phase.

Beneficiaries will be selected using the Proxy Means Test (PMT), a scientific poverty-assessment method used to categorise households from extreme poor to ultra-rich.

Under the pilot phase, priority will be given to households ranging from ultra-poor to lower-middle-class groups.

Officials have said the number of eligible households identified during field data collection is 60-70-percent higher than the figures in the Household Income and Expenditure Survey conducted by the Bangladesh Bureau of Statistics (BBS).Bangladesh economic trends

Talking to The Financial Express on Monday, Secretary of the Ministry of Social Welfare Dr Mohammad Abu Yusuf said teams comprising primary and secondary schoolteachers, deputy commissioners and other officials are working relentlessly to complete data collection in the 14 upazilas by March 8.

"In many areas, survey teams had to visit households two to three times, particularly in slum areas where residents could not immediately provide national ID cards or other necessary documents for enlistment," he said.

He added that densely populated slums presented different socio-economic realities compared to BBS survey data.

The pilot programme will cover Dhaka's Banani Korail and Sattala slums, Mirpur Bhashantek, Begunbari, Olimiatek, Pangsha of Rajbari, Patenga, Bancharampur, and Lama in Chattogram, Khalishpur in Khulna, Charfassion in Barishal, Dirai in Sylhet, Bhairab in Mymensingh, Bogura Sadar, Lalpur in Rajshahi, Thakurgaon Sadar and Nabaganj in Rangpur.

Currently, 95 social-safety-net programmes are being implemented by 23 ministries. The total allocation for these programmes in the current fiscal year stands at Tk 1.26 trillion, accounting for 1.87 per cent of GDP.Financial news subscription

Under the family-card scheme, cards will be issued under the name of the mother or the female head of the household.

About financing the farm-loan waivers a senior official of the finance division told The Financial Express Monday that they would make the budgetary allocation this week.

The division's high-ups held a meeting with top officials of 15 banks on the day to check the nitty-gritty of the waiver process, sources say.

According to the officials concerned, the majority of the 1.287 million borrowers set to get the loan and interest waivers are from Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, and Sonali Bank.

The waiver is planned on a one-farmer-one-loan-interest-waiver basis, meaning a farmer will not get the facility for more than one loan.

State reimbursement of funds in favour of the banks waiving the farm loans of up to Tk 10,000 each and interest thereof will begin after Eid-ul-Fitr.

The banks will be asked to withdraw the certificate cases filed against the borrowers once the payments are made by the government.City & Local Guides

Another senior Finance Division official told The Financial Express they initially calculated that some Tk 15 billion would be needed for the farm-loan- waiver programme.

But, after scrutinising the information forwarded by the banks concerned, they found that around Tk 11 billion would be required.

In line with the electoral pledges of the Bangladesh Nationalist Party (BNP), the government on February 26 in its first cabinet meeting decided to waive farm loans of up to Tk 10,000 for each farmer.

The initiative was hailed by many as it would free over 1.2 million farmers from longstanding debts.

The money the farmers would have spent to pay loan instalments can now be invested in better-quality seeds or modern irrigation technology, which will increase production, officials say.

পুঁজিবাজারকে দেশের দীর্ঘমেয়াদি অর্থনৈতিক প্রবৃদ্ধি, শিল্পায়ন, অবকাঠামো উন্নয়ন এবং কর্মসংস্থান সৃষ্টির অন্যতম প্রধান আর্থিক খাত হিসেবে বিবেচনা করা হয়। তা সত্ত্বেও দেশের অর্থনীতির আকার যতটা বেড়েছে, পুঁজিবাজারের গভীরতা, প্রাতিষ্ঠানিক অংশগ্রহণ ও বিদেশি বিনিয়োগপ্রবাহ কাঙ্ক্ষিত মাত্রায় বাড়েনি। ফলে দীর্ঘমেয়াদি অর্থায়নের কাঠামো এখনো ব্যাংকনির্ভর। যার কারণে আর্থিক ব্যবস্থায় একধরনের ভারসাম্যহীনতা তৈরি হয়েছে।

সাম্প্রতিক এক বিশ্লেষণে দেখা গেছে, ২০১৫ সালে দেশের মোট দেশজ উৎপাদন বা জিডিপির আকার ছিল ১৯৫ বিলিয়ন মার্কিন ডলার। তা এখন বেড়ে ৪৬০ থেকে ৪৭০ বিলিয়ন ডলারে উন্নীত হয়েছে। এ ছাড়া ২০১৫ সালে ব্যাংক খাতের সম্পদের পরিমাণ ছিল ১০ দশমিক ৩১ ট্রিলিয়ন (এক ট্রিলিয়নে এক লাখ) টাকা। ২০২৪ সালের জুনে তা বেড়ে দাঁড়িয়েছে ২৫ দশমিক ৪১ ট্রিলিয়ন টাকায়। তার বিপরীতে ২০১৫ সালে শেয়ারবাজারের বাজার মূলধন ছিল ৩ দশমিক ২৯ ট্রিলিয়ন টাকা। এখন তা বেড়ে প্রায় ৭ দশমিক ১৪ ট্রিলিয়ন টাকায় পৌঁছেছে। ফলে জিডিপির অনুপাতে বাজার মূলধন প্রায় ১২ শতাংশের নিচেই রয়ে গেছে।

এই বৈষম্য কেবল সংখ্যাগত নয়; এ পরিস্থিতির ভেতরে একাধিক কাঠামোগত ঝুঁকি তৈরি হয়েছে। স্বল্পমেয়াদি আমানতের বিপরীতে দীর্ঘমেয়াদি শিল্পঋণ বিতরণের ফলে ব্যাংক খাতে একধরনের চাপ তৈরি হয়। ব্যাংকিং ব্যবস্থায় কোনো ধরনের চাপ তৈরি হলে তাতে পদ্ধতিগত ঝুঁকিও দ্রুত ছড়িয়ে পড়ে। ঋণশৃঙ্খলা দুর্বল হলে ঋণের অপব্যবহার ও খেলাপির প্রবণতা বেড়ে যায়। শক্তিশালী পুঁজিবাজার না থাকলে বড় করপোরেটদের ওপর সুশাসনের চাপও কম থাকে। তাতে স্বচ্ছতা ও জবাবদিহি বাধাগ্রস্ত হয়। অন্যদিকে পরিবারের সঞ্চয়ও উৎপাদনশীল খাতে বিনিয়োগ না হয়ে অনুৎপাদনশীল খাতে প্রবাহিত হয়।

পুঁজিবাজারের দীর্ঘস্থায়ী দুর্বলতা শুধু সামষ্টিক অর্থনৈতিক সূচকের ওঠানামা দিয়ে ব্যাখ্যা করা যায় না; বরং নেতৃত্ব, প্রতিষ্ঠানিক সক্ষমতার ঘাটতি, নীতির ধারাবাহিকতা না থাকা ও বাজার চাহিদার সঙ্গে নীতি প্রণয়নের সংযোগহীনতার কারণে দীর্ঘদিন ধরে পুঁজিবাজারের ওপর বিনিয়োগকারীদের আস্থাকে ক্ষতিগ্রস্ত করেছে। মূলত কার্যকর একটি পুঁজিবাজার গঠনের শুরুটা হয় সামষ্টিক অর্থনৈতিক স্থিতিশীলতা থেকে। অর্থায়নের একটি অংশকে ধাপে ধাপে পুঁজিবাজারমুখী করা হলে—অর্থাৎ মূলধন বিনিয়োগ, বন্ড, প্রকল্পভিত্তিক ইনস্ট্রুমেন্ট ও ফান্ডের কাঠামো দিয়ে দীর্ঘমেয়াদি তহবিল সংগ্রহ বাড়লে—আর্থিক ব্যবস্থার ওপর চাপ কমে এবং অর্থনীতিতে তহবিল সরবরাহের ভিত্তি আরও বৈচিত্র্যপূর্ণ হয়।

পুঁজিবাজারের দীর্ঘস্থায়ী দুর্বলতা শুধু সামষ্টিক অর্থনৈতিক সূচকের ওঠানামা দিয়ে ব্যাখ্যা করা যায় না; বরং নেতৃত্ব, প্রতিষ্ঠানিক সক্ষমতার ঘাটতি, নীতির ধারাবাহিকতা না থাকা ও বাজার চাহিদার সঙ্গে নীতি প্রণয়নের সংযোগহীনতার কারণে দীর্ঘদিন ধরে পুঁজিবাজারের ওপর বিনিয়োগকারীদের আস্থাকে ক্ষতিগ্রস্ত করেছে।

ঋণবাজারকে শক্ত ভিত্তির ওপর দাঁড় করানো ছাড়া এই রূপান্তর টেকসই হয় না। উন্নত আর্থিক ব্যবস্থায় সরকারি ট্রেজারি বিল ও বন্ড বাজারকে বিনিয়োগকারীদের জন্য একটি গুরুত্বপূর্ণ নির্দেশক হিসেবে ব্যবহার করা হয়। অথচ বাংলাদেশে সরকারি সিকিউরিটিজ মার্কেট থাকলেও সেটি পুঁজিবাজারের সঙ্গে পুরোপুরি সংযুক্ত নয়। এ ছাড়া পুঁজিবাজারের প্রাতিষ্ঠানিক ভিত্তি শক্তিশালী করার ক্ষেত্রে নিয়ন্ত্রক কাঠামোর আধুনিকায়ন একটি পূর্বশর্ত। কার্যকর নিয়ন্ত্রক ব্যবস্থায় নীতিনির্ধারণ, তদারকি, প্রয়োগ এবং বাজার উন্নয়ন—এই চারটি কার্যক্রম একে অপরের সঙ্গে ওতপ্রোতভাবে জড়িত। সেখানে আমাদের পুঁজিবাজারে বড় ধরনের ঘাটতি রয়েছে।

পুঁজিবাজারে প্রযুক্তিনির্ভর নজরদারি ‘গেমচেঞ্জার’–এর ভূমিকা রাখতে পারে। রিয়েল টাইম লেনদেন তদারকি, অ্যালগরিদমিক অস্বাভাবিকতা বিশ্লেষণ, ইনসাইডার ট্রেডিং বা কারসাজি শনাক্তকরণ এবং ডেটা বিশ্লেষণভিত্তিক প্রযুক্তিনির্ভর তদারকি ব্যবস্থা চালু হলে বাজারশৃঙ্খলা স্বয়ংক্রিয়ভাবে শক্তিশালী হয়। একই সঙ্গে মূল্য সংবেদনশীল তথ্য প্রকাশের ব্যবস্থাকে একটি একীভূত ডিজিটাল প্ল্যাটফর্মে আনা হলে তথ্যপ্রবাহ দ্রুত হয় এবং সবাই একই সময়ে একই মানের তথ্য পায়।

পাশাপাশি নীতিনির্ধারণ ও নীতিপ্রয়োগকে কার্যকরভাবে আলাদা করা গেলে জটিলতা কমে। লাইসেন্সিং, ইস্যু অনুমোদন, বন্ড নিবন্ধন, রাইটস ইস্যু ও করপোরেট অ্যাকশন অনুমোদনের ক্ষেত্রে সময়সীমা নির্ধারিত করা হলে উদ্যোক্তা ও ইস্যুয়াররা তাতে নিজেদের মতো পরিকল্পনা সাজাতে পারে। এর ফলে ‘হবে কি, হবে না’—এ ধরনের অনিশ্চয়তা কমে যায়। এক্সচেঞ্জগুলোকে অধিক কার্যকর ও ক্ষমতায়িত করা হলে তাতে বাজার ব্যবস্থাপনার গতি বৃদ্ধি পায়। তালিকাভুক্তি, করপোরেট সুশাসন পর্যবেক্ষণ, অস্বাভাবিক মূল্য আচরণ বিশ্লেষণ এবং বাজার তদারকি—এসব কাজ ধাপে ধাপে এক্সচেঞ্জের হাতে ন্যস্ত করা হলে তাতে নিয়ন্ত্রক সংস্থা উচ্চ ঝুঁকি ও নীতিগত তদারকিতে বেশি মনোযোগ দিতে পারে।

পুঁজিবাজারে প্রযুক্তিনির্ভর নজরদারি ‘গেমচেঞ্জার’–এর ভূমিকা রাখতে পারে। রিয়েল টাইম লেনদেন তদারকি, অ্যালগরিদমিক অস্বাভাবিকতা বিশ্লেষণ, ইনসাইডার ট্রেডিং বা কারসাজি শনাক্তকরণ এবং ডেটা বিশ্লেষণভিত্তিক প্রযুক্তিনির্ভর তদারকি ব্যবস্থা চালু হলে বাজারশৃঙ্খলা স্বয়ংক্রিয়ভাবে শক্তিশালী হয়।

আমাদের পুঁজিবাজারে গুণগত মানের কোম্পানির তালিকাভুক্তি দীর্ঘদিন ধরে কম। অনেক বড় ও লাভজনক প্রতিষ্ঠান শেয়ারবাজারের বাইরে রয়ে গেছে। ফলে শেয়ারবাজারের বাজার মূলধন, তারল্য সরবরাহ বাড়ছে না। এমনকি প্রাতিষ্ঠানিক বিনিয়োগকারীদের জন্য পর্যাপ্ত বিনিয়োগের সুযোগও তৈরি হয়নি। তাই প্রাথমিক গণপ্রস্তাব বা আইপিও ব্যবস্থার সংস্কার, অনুমোদন সহজ করা, আইপিও শেয়ারের দামের যথাযথ মূল্যায়নকাঠামো তৈরি এবং বড় প্রতিষ্ঠানকে তালিকাভুক্তিতে বাস্তব প্রণোদনা দিলে বাজারের পরিধি দ্রুত বৃদ্ধি পাবে। পাশাপাশি ডেরিভেটিভ, হেজিং ইনস্ট্রুমেন্টের মতো পণ্যও চালু করতে হবে।
শেয়ারবাজার
শেয়ারবাজারগ্রাফিকস: প্রথম আলো

ক্ষুদ্র ও মাঝারি বা এসএমই খাতের কোম্পানি তালিকাভুক্তি পুঁজিবাজার উন্নয়নের একটি কৌশলগত স্তম্ভ হতে পারে। উচ্চ সম্পদশালীদের সম্পদ ও করপোরেট ট্রেজারি ফান্ডকে বাজারে সক্রিয় করা গেলে তারল্য ও স্থিতিশীলতা—দুটিই বাড়বে। আইপিওতে প্রাতিষ্ঠানিক ও উচ্চ সম্পদশালীদের অংশগ্রহণের জন্য প্রক্রিয়া ডিজিটাল করা, দ্রুত বরাদ্দ, ব্লক ট্রেডিং সুবিধা ও সুশৃঙ্খল ঋণ জোগানের কাঠামো যুক্ত হলে প্রাইমারি ও সেকেন্ডারি বাজারের গভীরতা বাড়বে। এ ছাড়া বিদেশি মূলধন আহরণে শুধু নীতিগত ঘোষণা যথেষ্ট নয়; বিদেশি বিনিয়োগকারীদের জন্য বাজারে প্রবেশ–পরিচালনা–প্রস্থান, এই তিন স্তরের প্রক্রিয়া সহজ করতে হবে। এ জন্য ডিজিটাল কেওয়াইসি, হেফাজতকারী নিবন্ধন, হিসাব খোলা ও বিনিয়োগের সীমাসংক্রান্ত নীতিমালা সহজ করা দরকার।

পুঁজিবাজারের জন্য করনীতির সমন্বয় একটি গুরুত্বপূর্ণ বাঁক হতে পারে। যখন ব্যাংক আমানতের সুদ আয়, সঞ্চয়পত্র ও অন্যান্য বিনিয়োগ থেকে তুলনামূলকভাবে বেশি সুবিধা পাওয়া যায়, তখন পুঁজিবাজার ও বন্ডে দীর্ঘমেয়াদি বিনিয়োগে আগ্রহ কমে যায়। তাই করকাঠামোকে দীর্ঘমেয়াদি মূলধন গঠনের উদ্দেশ্যের সঙ্গে সমন্বয় করা দরকার। শেয়ার ধারণকালের ভিত্তিতে কর–সুবিধা, তালিকাভুক্ত কোম্পানিকে যৌক্তিক সুবিধা, লভ্যাংশ করকাঠামোর সমন্বয়, দ্বৈত করঝুঁকি হ্রাস এবং বন্ড বা মিউচুয়াল ফান্ড আয়ের করহারে সমন্বয় করা হলে তাতে বিনিয়োগ আচরণ ধীরে ধীরে স্থিতিশীলতার দিকে যাবে। করপোরেট বন্ড ইস্যুর ক্ষেত্রে উৎসে কর ও নিবন্ধন ব্যয় যৌক্তিক হলে ঋণবাজারের অগ্রগতি দ্রুত হবে।

রপ্তানি বহুমুখীকরণের সঙ্গেও পুঁজিবাজার সম্প্রসারণের বিষয়টি সরাসরি যুক্ত। তৈরি পোশাকের পাশাপাশি সিন্থেটিক ফাইবার, রিসাইকেলড টেক্সটাইল, প্রাকৃতিক তুলা ও বিকল্প উপকরণভিত্তিক শিল্পে বিনিয়োগ বাড়লে নতুন শিল্পগোষ্ঠী তৈরি হবে। এসব কোম্পানি তালিকাভুক্ত হলে বাজারে ভালো কোম্পানির সংখ্যা বাড়বে। একই সঙ্গে রপ্তানিমুখী কোম্পানির সুশাসন ও বৈদেশিক মুদ্রা আয়ের স্বচ্ছ প্রতিবেদন বাজারের আস্থা বাড়াতে সাহায্য করবে।

শেয়ার ধারণকালের ভিত্তিতে কর–সুবিধা, তালিকাভুক্ত কোম্পানিকে যৌক্তিক সুবিধা, লভ্যাংশ করকাঠামোর সমন্বয়, দ্বৈত করঝুঁকি হ্রাস এবং বন্ড বা মিউচুয়াল ফান্ড আয়ের করহারে সমন্বয় করা হলে তাতে বিনিয়োগ আচরণ ধীরে ধীরে স্থিতিশীলতার দিকে যাবে। করপোরেট বন্ড ইস্যুর ক্ষেত্রে উৎসে কর ও নিবন্ধন ব্যয় যৌক্তিক হলে ঋণবাজারের অগ্রগতি দ্রুত হবে।

অবকাঠামো অর্থায়নে পুঁজিবাজারের ভূমিকা বাড়ানো হলে অর্থনীতির দীর্ঘমেয়াদি তহবিল সংগ্রহের ভিত্তি নাটকীয়ভাবে বদলে যেতে পারে। বিশ্বের বিভিন্ন উদীয়মান বাজারে দেখা গেছে—অপারেশনাল অবকাঠামো সম্পদ ‘মনিটাইজেশন’ করে নতুন প্রকল্পে মূলধন পুনর্বিনিয়োগের জন্য বড় অঙ্কের তহবিল তোলা সম্ভব হয়েছে। পাশাপাশি সরকারি সিকিউরিটিজ কর্মসূচির মাধ্যমে পরিবার বা ব্যক্তিসঞ্চয়কে রাষ্ট্রীয় উন্নয়ন অগ্রাধিকারে ভালোভাবে যুক্ত করা হয়েছে। এ ধরনের উদ্যোগ নেওয়া হলে তাতে অবকাঠামো অর্থায়নে স্বচ্ছতা বৃদ্ধি পায়। মূল্য নির্ধারণে শৃঙ্খলা আসে এবং নাগরিকেরা উন্নয়ন প্রকল্পের রিটার্নে অংশ নিতে পারে।

এ ছাড়া ক্লিয়ারিং, সেটেলমেন্ট ও ডিপোজিটরি ইকোসিস্টেমের সক্ষমতা পুরোপুরি কাজে লাগানোও জরুরি। অল্টারনেটিভ ইনভেস্টমেন্ট ইন্ডাস্ট্রি (প্রাইভেট ইকুইটি, ভেঞ্চার ক্যাপিটাল, গ্রোথ ফান্ড, হাইব্রিড ফান্ড) উন্নয়ন করলে উদ্ভাবনী প্রযুক্তি, ফিনটেক, কৃষি-প্রসেসিং ও রপ্তানিমুখী শিল্প পুঁজিবাজার থেকে দীর্ঘমেয়াদি মূলধন পেতে পারে। রাষ্ট্রীয় বিনিয়োগ প্রতিষ্ঠানের ভূমিকাও বাজার স্থিতিশীলতায় কার্যকর হতে পারে। তবে সেটি যেন প্রাতিষ্ঠানিক সুশাসন, বিনিয়োগের নীতি, জবাবদিহি ও পারফরম্যান্স–নির্ধারণী কাঠামোর ভেতরেই থাকে। ডিজিটাল অবকাঠামো উন্নয়ন পুঁজিবাজার আধুনিকায়নের একটি মৌলিক পূর্বশর্ত। বাজারকে প্রযুক্তিনির্ভর করলে সিদ্ধান্ত গ্রহণের গতি ও স্বচ্ছতা—দুটিই বাড়ে।

নীতিগত ধারাবাহিকতা ছাড়া বাজারের আস্থা স্থায়ী হয় না। তাই বার্ষিক পুঁজিবাজারের নীতিকে জাতীয় বাজেট, করনীতি ও মুদ্রানীতির সঙ্গে সমন্বয়ের মাধ্যমে প্রণয়ন করতে হবে। সেটি করা গেলে বিনিয়োগকারীরা একটি স্থিতিশীল দিকনির্দেশনা পাবেন। এ ছাড়া ব্যাংক ও পুঁজিবাজারের মধ্যে অর্থায়নের ভারসাম্য পুনর্গঠন জরুরি। দীর্ঘমেয়াদি শিল্পায়ন ও অবকাঠামো অর্থায়নের ভার যদি ব্যাংক বহন করে, তাহলে ঝুঁকি বাড়ে। তার বদলে প্রকল্পভিত্তিক বন্ড, করপোরেট বন্ড এবং সিকিউরিটাইজড ইনস্ট্রুমেন্টের মাধ্যমে দীর্ঘমেয়াদি অর্থায়নের একটি অংশ পুঁজিবাজারে স্থানান্তরিত হলে ঝুঁকি বণ্টন আরও ভারসাম্যপূর্ণ হবে।

সবশেষে বলা যায়, পুঁজিবাজার উন্নয়ন কেবল শেয়ারদরের ওঠানামা বা ক্ষণস্থায়ী তারল্য বৃদ্ধির প্রকল্প নয়; এটি একটি কাঠামোগত রূপান্তর, যেখানে অর্থনীতির প্রবৃদ্ধি, করপোরেট শাসন-মান, নাগরিক সঞ্চয়ের উৎপাদনশীল ব্যবহার, অবকাঠামো অর্থায়নের স্বচ্ছতা এবং আর্থিক ব্যবস্থার ঝুঁকি বণ্টন একসূত্রে গাঁথা থাকে। তাই বাজার উন্নয়নে সমন্বিত কর্মসূচি বাস্তবে দৃশ্যমান হলে পুঁজিবাজার ধাপে ধাপে গভীর, স্বচ্ছ, অন্তর্ভুক্তিমূলক ও দীর্ঘমেয়াদি অর্থায়ন প্ল্যাটফর্মে রূপান্তরিত হবে। তাতে করপোরেট প্রবৃদ্ধি, পরিবার সঞ্চয় এবং জাতীয় উন্নয়ন একসঙ্গে যুক্ত হবে।

লেখক: ব্যবস্থাপনা পরিচালক, লংকাবাংলা সিকিউরিটিজ

Bangladesh's export earnings remained in negative territory for the seventh consecutive month, as February shipments fell sharply due to weak global demand and ongoing geopolitical uncertainty.

Exports in February fell sharply to $3.50 billion, down 20.81% from January and 12.03% year-on-year, according to data released by the Export Promotion Bureau (EPB) today (2 March).

Total exports in the first eight months of FY26 (July-February) declined 3.15% year-on-year to $31.9 billion.

Ready-made garments (RMG), which account for over 80% of the country's export earnings, dropped 3.73% year-on-year to $25.80 billion during the period.
February alone saw RMG earnings fall 22.1% month-on-month and 13.21% year-on-year, reflecting weaker order flows and shipment volatility. Within the sector, knitwear exports fell 4.56%, while woven garments declined 2.79%.

Experts blame falling US imports on President Trump's tariffs, while aggressive Chinese and Indian exports are undercutting prices in Europe. Weak demand in several countries adds to the strain.

Export analysts warn that the recent US-Israel strikes on Iran and rising geopolitical uncertainties could prolong the export slowdown.

However, exporters also cited multiple challenges behind the contraction.

Inamul Haque Khan Bablu, senior vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told The Business Standard, "Due to Trump's tariffs, US buyers have reduced clothing imports because of uncertainty. Meanwhile, China and India are selling products at lower prices in Europe and other markets, intensifying competition outside the US."

Bablu added that hopes of improvement after Bangladesh's elections have dimmed due to renewed geopolitical tensions, including joint strikes on Iran by the US and Israel.

Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD), emphasised the need for long-term competitiveness. "Bangladesh must increase productivity, reduce interest rates, stabilise energy prices, and maintain competitive exchange rates to remain relevant in global trade," he said.

He also urged initiatives to boost exports in non-traditional markets but noted that current war-related uncertainties may continue to weigh on shipments.

Despite the overall slowdown, several non-garment sectors posted positive growth, signalling gradual export diversification.

According to EPB, Engineering products rose 23.42%, led by electrical products (25.91%) and bicycles (27.40%). Ores, slag and ash exports increased 45.40%, pharmaceuticals grew 6.32%, leather products excluding footwear rose 18.32%, and home textiles posted 2.67% growth. Exports of frozen and live fish edged up 3.62% year-on-year.

However, these gains were not large enough in value terms to offset the contraction in garments, leaving overall export growth in negative territory.

Bangladesh Bank (BB) Governor Mostaqur Rahman has directed officials to accelerate efforts to recover laundered assets and place the process under a fast-track mechanism.

The instruction was issued at a meeting held at the central bank yesterday, where the newly appointed governor met the consultant of the Stolen Asset Recovery Task Force, according to Arief Hossain Khan, executive director and spokesperson of BB.

The meeting discussed strengthening the recovery process and ensuring that efforts to retrieve stolen assets from abroad produce tangible results, Khan added.

During the discussion, the governor urged the relevant authorities to quickly take necessary steps to identify, trace and repatriate assets siphoned overseas. To prioritise this effort, Rahman ordered all recovery activities to be placed on a “fast-track” status.

The fast-track mandate aims to speed up the return of national wealth through a more coordinated and focused approach, the spokesperson said.

The initiative also seeks to improve ongoing recovery efforts to ensure they are effective and aligned with bringing laundered assets back to the country.

The governor issued the directive as part of the interim government’s continuing efforts to prioritise the recovery of stolen assets from abroad.

Earlier, the Muhammad Yunus-led government appointed the BB governor as chairman of the task force. Its members include representatives from the Ministry of Home Affairs, Ministry of Foreign Affairs, Financial Institutions Division, Law and Justice Division, Ministry of Law, Justice and Parliamentary Affairs, and the Anti-Corruption Commission.

The task force also includes the Criminal Investigation Department of Bangladesh Police, the Attorney General’s Office, the Customs Intelligence and Investigation Directorate and the Central Intelligence Cell of the National Board of Revenue (NBR) and the Bangladesh Financial Intelligence Unit.

It has taken steps to recover allegedly laundered money linked to 10 major business groups and family members of the ousted prime minister, Sheikh Hasina.

The groups are S Alam Group, Beximco Group, Summit Group, Bashundhara Group, Gemcon Group, Orion Group, Nabil Group, Nassa Group, Sikder Group and Aramit Group, which is owned by the family of former land minister Saifuzzaman Chowdhury.

In August last year, the NBR said it had identified assets worth nearly Tk 40,000 crore in five countries. Based on its internal estimates, the total amount involved, including tax and penalties, is about Tk 16,000 crore, according to the NBR.

India has expressed its willingness to work closely with the new government of Bangladesh to expand bilateral business, economic and investment ties.

Indian High Commissioner to Bangladesh Pranay Verma made the comments after a meeting with Commerce Minister Khandaker Abdul Muktadir at his office in Dhaka yesterday.

Speaking to journalists, Verma said the meeting covered a broad range of issues, including the resumption of trade through land ports, transhipment, investment opportunities and the Comprehensive Economic Partnership Agreement (CEPA).

He emphasised that the discussions were not limited to a single topic but spanned a wide range of sectors.

“The land ports are key to expanding trade between our countries,” Verma said, adding that several land ports have remained closed over the past year, except for Benapole.

He added that India is keen to engage closely with the new government of Bangladesh to strengthen trade, economic ties and people-focused cooperation.

“We aim to work together in a positive, constructive and forward-looking manner based on mutual interest and mutual benefit. We have a very strong trade, economic and business relationship between our two countries,” said the high commissioner.

Minister Muktadir also said the meeting addressed the suspension of trade through some land ports over the last 18 months and discussed ways to increase bilateral trade.

During the meeting, the two sides discussed several trade-related issues and explored a roadmap for future cooperation.

According to state-owned news agency Bangladesh Sangbad Sangstha (BSS), Muktadir described India as a major economic partner with a GDP exceeding $4 trillion.

He added that bilateral trade currently totals about $11 billion, with Bangladesh importing roughly $9.5 billion and exporting $1.5 billion worth of goods.

While talking to journalists, Muktadir said the government is closely monitoring the situation in the Strait of Hormuz.

He said that while the strait is a crucial global trade route, there is no immediate threat to the supply of essential commodities or fuel.

The Strait of Hormuz is vital, as around one-fifth of global maritime trade passes through it, the minister said.

“If the strait were to remain closed for an extended period, it would have a major impact on global shipping. However, it is too early to be overly alarmed. The situation may be resolved within a few days.”

He added that the government has applied for a deferment of Bangladesh’s graduation from the group of Least Developed Countries, which will be assessed by the United Nations.

The Dhaka stock market rebounded sharply yesterday, shrugging off a global selloff triggered by escalating tensions in the Middle East, as speculation over a potential change in the Bangladesh Securities and Exchange Commission (BSEC) leadership spurred buying interest among local investors.

Market insiders said optimism surrounding the possible resignation of BSEC Chairman Khondoker Rashed Maqsood drove the rally throughout the session, even though no official announcement was made.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) jumped 72 points, or 1.32%, to close at 5,534, recovering from a steep 138-point fall in the previous session caused by concerns over the Iran-US-Israel conflict.

The blue-chip DS30 index gained 18 points to settle at 2,135.
Market breadth turned strongly positive, with 340 issues advancing against 42 decliners, while 12 remained unchanged.

Turnover inched up to Tk780 crore, indicating improved participation, and the bourse's market capitalisation rose by around Tk4,000 crore.

A managing director of a leading brokerage told The Business Standard that the rebound was largely sentiment-driven. "The market reacted to a rumour circulating from early trading hours that the BSEC chairman might step down. Investors took fresh positions hoping a leadership change could help restore confidence in a market that has struggled in recent years," he said.

The rumour gained traction following the resignations of several high-profile officials, including the insurance regulator's chairman, the chairman of Sadharan Bima Corporation, and the chairman of Sonali Bank.

The earlier replacement of the Bangladesh Bank governor also reinforced expectations of broader institutional reshuffling.

Although Maqsood did not resign during Monday's session, speculation continued on social media about the possible appointment of a new chairman.

Investors appeared willing to bet on anticipated reforms rather than wait for official confirmation.

Finance Minister Amir Khosru Mahmud Chowdhury recently hinted at restructuring the securities regulator, noting that sustainable and structural reforms would be necessary for long-term market stability.

Finance ministry officials indicated that the government has already begun searching for a new BSEC chairman and may undertake broader institutional changes to address long-standing weaknesses in the capital market.

On the sectoral front, bank stocks dominated turnover, accounting for 26.5% of total transactions, followed by pharmaceuticals at 16.8% and textiles at 7.9%.

City Bank led the turnover chart with Tk46 crore in transactions, followed by Orion Infusion, BRAC Bank, Khan Brothers PP Woven Bag, and Bank Asia.

Most sectors closed in positive territory, with financial institutions posting the highest gain at 4.5%, followed by services at 3.1% and travel at 3.0%. Individual gainers included Regent Textile, New Line Clothings, LankaBangla Finance, Olympic Accessories, and BIFC, each surging 10%.

On the losing side were Rahima Food, Information Services, Intech, Grameen Scheme Two Mutual Fund, and ICB Employees Provident Mutual Fund.

The upbeat sentiment extended to the Chittagong Stock Exchange (CSE), where the CSCX index rose 76 points to 9,498 and the CASPI index advanced 148 points to 15,500.

Turnover at the port city bourse climbed 52% to Tk19.44 crore.

Bangladesh’s merchandise exports fell for the seventh consecutive month in February, declining 12.03 percent year-on-year (YoY) to $3.49 billion, driven primarily by weakening garment shipments.

For the first eight months of the fiscal year 2025-26 (FY26), exports dropped 3.15 percent to $31.90 billion, according to Export Promotion Bureau (EPB) data released yesterday.

BAD PERIOD FOR RMG

Readymade garments (RMG), which account for over 80 percent of national exports, recorded $25.79 billion during July-February, a 3.73 percent decline from the previous year.

February alone saw garment exports plunge 13.21 percent YoY to $2.81 billion, and 22.10 percent month-on-month from January’s $3.61 billion.

Within the sector, knitwear exports fell 4.56 percent to $13.68 billion, while woven garments declined 2.79 percent to $12.10 billion during the eight-month period.

The EPB attributed the export decline to temporary factors including port disruptions, the national election, and subdued global demand. Agricultural products, cotton, jute goods, non-leather footwear, and ceramics all underperformed during the period.

Garment exporters cited multiple headwinds behind the drop in the sector.

Faruque Hassan, managing director of garment exporter Giant Group, identified the United States’ reciprocal tariffs as a major factor for the slowdown over the last few months.

In addition, he said, uncertainty ahead of the February national election prompted international retailers and brands to adopt a wait-and-see approach in the earlier months, slowing order placements.

Strained relations with India, an emerging export market for Bangladesh, have also weighed on performance.

Hassan said he does not expect exports to rebound in March as election-related and other holidays alongside a shorter month of 28 days in February significantly reduced working days.

FEAR OVER IRAN WAR

On top of these, Hassan said the US and Israel’s ongoing war against Iran “will also affect the export of garment items from Bangladesh as the price of oil will also escalate the cost of production in the country.”

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said garment exporters had anticipated a recovery as global supply chains revived.

However, echoing Hassan, he also said a prolonged US-Iran war could derail this optimism as higher oil prices are likely to push up production costs and affect the consumers’ spending capacity.

“The war will increase spending, and consumers will buy less garment items for which shipments from Bangladesh may fall,” he added.

Masrur Reaz, chairman of Policy Exchange Bangladesh, also warned that the conflict may affect the shipment to Western countries, including the two prime destinations – Europe and the US.

He explained that conflict near the Suez Canal, a vital shipping artery between Asia and the West, could force vessels to reroute via Africa’s Cape of Good Hope, adding nearly 5,000 kilometers to journeys.

This would significantly increase shipping costs and maritime insurance premiums, he added.

“The ultimate sufferers will be the cost of transportation of goods and will also affect the country’s competitiveness in the global supply chain,” Reaz said.

However, BGMEA chief Khan confirmed that so far, no exporters have reported stuck shipments due to the war.

BRIGHT SPOTS

Despite the overall decline, several sectors showed resilience. EPB data shows that pharmaceuticals, home textiles, leather and leather goods, and frozen fish all posted positive growth during July-February.

China emerged as the fastest-growing major export destination, with a 19.12 percent year-on-year increase. The US remained the largest market at $5.87 billion, registering modest 0.74 percent growth.

Defaulted loans in the banking sector fell to around 31 percent at the end of last year, down from around 36 percent three months earlier, following large-scale loan rescheduling under a special policy support of the central bank.

At the end of December 2025, defaulted loans stood at Tk 5,57,217 crore compared with Tk 6,44,515 crore at the end of September, according to the latest data from Bangladesh Bank (BB).

Within three months, the volume of bad loans dropped by Tk 87,298 crore.

Bankers said widespread rescheduling and restructuring under relaxed terms caused the sharp decline in non-performing loans at the end of the December quarter.

At the end of 2024, bad loans stood at Tk 3,45,764 crore, or 20.20 percent. On a year-on-year basis, defaulted loans rose by Tk 2,11,452 crore, marking a 61 percent increase.

Despite the drop in bad loans, bankers said actual cash recovery remained weak. Some banks had to reschedule loans following the central bank’s instructions.

In January last year, BB formed a five-member committee to provide policy support for restructuring corporate borrowers affected by macroeconomic stress and political instability.

On September 16, the central bank introduced a unified special rescheduling policy aimed at sustaining economic activity and helping borrowers who defaulted due to circumstances beyond their control.

Under the policy, some borrowers were allowed to regularise loans for up to 15 years with a down payment of just 1 percent or 2 percent and a one-year grace period.

During the first nine months of last year, more than 300 companies, including large defaulter conglomerates, applied for rescheduling or restructuring facilities worth around Tk 2 lakh crore.

Bad loans surged to a historic high of 36 percent at the end of September last year after big borrowers such as S Alam, Beximco, AnonTex and Sikder Group defaulted following the fall of the Awami League government in August 2024.

Regarding the reduced figures in December last year, Mati ul Hasan, managing director of Mercantile Bank PLC, said that while defaulted loans have declined, cash flow has not increased.

As many factories and industrial units remain shut, borrowers have been given a one-year grace period. This means banks will not be able to recover funds during this time.

“The true picture will emerge in 2027 when repayments resume,” the senior banker told The Daily Star.

He also said the new government and the central bank governor are encouraging efforts to boost employment and reopen closed factories.

“It remains to be seen whether the coming days will bring positive outcomes,” he added.

Meanwhile, Masrur Arefin, chairman of the Association of Bankers Bangladesh (ABB) and managing director of City Bank, said four factors drove the decline in non-performing loans at the end of December.

Many banks partially wrote off large volumes of bad loans, with some writing off between Tk 300 crore and Tk 1,500 crore.

The second factor was the BB policy support, Arefin said. “Policy support played a role but was not the main driver.”

“Only about 42 percent of the policy support was implemented. In other words, if policy support worth Tk 100 was approved, only around 42 percent was actually executed,” said the ABB chairman.

He labelled recovery drives by banks in December last year as the third factor, which he said helped banks claw back a large chunk of loans.

Besides, he said some loans could not be classified as default due to court stay orders, which also contributed to the decline.

At the end of December last year, bad loans at state-owned banks stood at Tk 1,46,107.59 crore, or 44.44 percent of their total disbursed amounts, according to BB data.

Private commercial banks recorded Tk 3,89,579 crore in non-performing loans, equivalent to 28.25 percent of disbursed loans. Foreign banks held Tk 2,983.77 crore, or 4.51 percent, according to BB data.

Specialised banks reported Tk 18,546.47 crore, or 39.74 percent, in bad loans.

Moinul Islam, former professor of economics at University of Chittagong, said rescheduling loans on overly easy terms is not a lasting solution for reducing bad loans.

The economist said that while such measures may temporarily reduce reported figures, they do not actually solve the underlying problem.

“Strict measures must be taken against defaulters. Separate tribunals should be formed for the top 10 defaulters of each bank in order to recover their defaulted amounts,” he suggested.

After the rescheduling and restructuring, the banking sector now faces a provision shortfall of Tk 1,91,441 crore.

In 1999, bad loans in the banking sector stood at a record 41.1 percent. The ratio gradually declined and reached 6.1 percent in 2011.