Gold edged up on Friday as Brent crude retreated from above $100 a barrel, while investors assessed developments in the Middle East conflict and their implications for inflation ahead of the US interest rate decision next week.

Spot gold was up 0.1 percent at $4,052.78 per ounce by 4:10 p.m. EDT (2010 GMT), after falling about 2 percent in the previous session.

Prices were up 0.9 percent for the week so far, supported by dip-buying earlier in the week.

US gold futures for August delivery settled 0.5 percent higher at $4,070.80.

“Gold and silver are carving out a base around $3,950 and $55, respectively, despite relentlessly higher yields,” said Tai Wong, an independent metals trader.

“While a stop-loss move below can’t be ruled out on a sharp war escalation, gold feels ready to move back higher ... A Fed clearly on hold next week would help,” Wong said.

Brent crude oil prices fell over 4 percent, after rising over 7 percent to settle above $100 in the previous session for the first time since May, after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea.

Bullion has fallen about 23 percent since the US-backed war with Iran began in late February, pressured by expectations that war-driven inflation could keep interest rates higher for longer.

While gold is seen as a hedge against inflation, higher rates typically weigh on the non-yielding metal.

Investors now await the US Federal Reserve’s policy meeting outcome next week, when it is largely expected to keep rates unchanged.

Traders are pricing in about an 82 percent chance of a US rate hike in September, according to the CME FedWatch Tool.

“Recent strength in bullion appears driven largely by dip-buying and short covering,” analysts at ING said in a note.

“This follows the sharp correction from record highs earlier this year ... Elevated oil prices and rising yields are likely to cap any recovery, leaving $4,000 as the key near-term level to watch,” ING analysts said.

Finance Minister Amir Khosru Mahmud Chowdhury on Thursday said the true success of the budget depends on its effective implementation, urging officials of the Finance Division to work collectively to translate the fiscal blueprint into tangible outcomes.

Speaking at his first meeting with Finance Division officials at the Ministry of Finance, the minister said the budget, prepared through nearly two months of work, has received appreciation from people across the country, UNB reports.

“A well-prepared budget alone is not enough. Its real success depends on effective implementation,” he said.

Khosru expressed confidence that the Finance Division will be able to implement the budget through coordinated efforts.

Finance Division Secretary Dr Khairuzzaman Mozumder chaired the meeting.

The minister also called for changing the negative public perception of bureaucracy, saying he has realised over the past four months that any challenge could be overcome through teamwork.

He urged officials to move away from conventional approaches and embrace innovative thinking to keep pace with a rapidly changing world.

Khosru said official meetings should not remain one-way, stressing the need to encourage open and spontaneous participation of officers.

He called for a work culture based on free discussion, mutual cooperation and “out-of-the-box” thinking, adding that the workplace should function like a family where officials focus on solutions instead of merely identifying problems.

The minister said objective and timely feedback from different wings of the Finance Division will facilitate better policy-making and decision-making.

Describing the Finance Division as the centre of the country’s economic management, he urged all officials to discharge their responsibilities with professionalism and dedication in the national interest.

Later, speaking to reporters after a meeting at the Secretariat on the integrated development plan for Cox’s Bazar, the minister said the government has initiated steps to prepare a comprehensive master plan to develop the coastal district into an international and regional tourism hub.

He said the government is also reviewing the long-standing 50 metre and 500 metre development restrictions in coastal areas to facilitate planned tourism infrastructure while ensuring environmental protection.

“Where tourism is developed, hotels, motels, resorts and recreational facilities will have to be established. Development opportunities must be created without compromising environmental conservation,” Khosru said.

He said the government has a broader vision for Cox’s Bazar, highlighting ongoing infrastructure projects, including the construction of an international airport, railway connectivity and improved road links from Chattogram.

The minister said these projects will be integrated to transform Cox’s Bazar into a modern digital tourism city.

He also said Bangladesh’s target of becoming a $1 trillion economy by 2034 will be supported by Cox’s Bazar as one of the country’s major growth hubs through the expansion of tourism, trade and service sectors.

While young Bangladeshi entrepreneurs are eager to innovate, start businesses, and scale up, their momentum is severely hindered by process-related bottlenecks, Hossain Zillur Rahman, chairman of Power and Participation Research Centre (PPRC), said yesterday.

Beyond bureaucratic hurdles and policy inconsistencies, he identified three major state-level ailments that continuously suppress entrepreneurial energy – corruption, harassment and underperformance.
Extortion, bribery, and rent-seeking behaviour create unfair financial burdens on emerging businesses, Hossain also said at a panel discussion at the InterContinental Dhaka, organised by the Dacca Institute of Research and Analytics.The economist noted that these issues drain resources from young entrepreneurs at both the inception phase and the scaling phase, discouraging investment and innovation.

Harassment, he said, operates even where favourable policies exist on paper, because implementation depends on individual officials – customs officers, for instance – who interpret regulations arbitrarily.

The result is administrative friction across the system, which is as damaging as corruption itself, said the PPRC chairman.

On chronic underperformance, he pointed to state infrastructure projects plagued by persistent delays and poor execution.

He cited Dhaka’s drainage and sewage pump project, which was launched in 2013 and originally scheduled for completion by 2020, but remains unfinished years later while continuing to draw budget allocations.

“All of these are state-level diseases that are holding back business,” said the PPRC chairman.

Also speaking at the event, Zonayed Saki, state minister for planning, outlined the government’s roadmap for economic recovery, including a five-year strategic framework meant to translate plans into implementation.

Ending capital flight, he said, is essential to redirecting capital toward productive domestic investment.

He said social safety net programmes – Family Card, Farmers Card, etc. – serve both as direct support for citizens and a stimulus for consumption.

Concurrently, he added that public investment in health, education, and skills training is prioritised to boost human capital and industrial productivity to match global competitors.

On energy, the state minister said the government is moving away from an import-dependent policy through domestic gas exploration, including the purchase of five rigs and drilling of five wells, alongside expanded storage capacity. It has also set a target of generating 20 percent of energy from renewables within a decade, driven mainly by private-sector incentives.

He also cited efforts to streamline bad loan management while offering targeted support to distressed but viable industries, and described plans to merge licensing processes under Bida, Beza, Bepza, and the PPPA into a single-window system aimed at issuing licenses within two days and utility connections within seven.

To cut delays and waste in public investment, Saki said the ministry is introducing programmatic project planning, revising Project Director appointment policy to allow private-sector professionals and retired experts, simplifying inflated rate schedules, and moving toward full digital automation.

Asif Ibrahim, former president of the Dhaka Chamber of Commerce and Industry, focused on regulatory hurdles facing entrepreneurs.

Existing one-stop-service systems, such as those run by Bida and Beza, operate in isolation, he said. “There must be a single, overarching OSS to handle all licensing centrally under one framework.”

He said trade licence fees based on factory square footage disproportionately burden large manufacturers, whose annual renewal costs can reach Tk 20-25 lakh, and that fee structures should instead be scaled to company size to avoid overburdening industry.

The former DCCI president also pointed to licensing overload from multiple sector-specific clearances.
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He cited a prior reform that had allowed environmental licence renewals through banks rather than requiring annual visits to the relevant department — a change that was later reversed.

Such “reverse reforms,” he said, need to end.

Bank Asia PLC's consolidated earnings per share (EPS) fell 16% year-on-year to Tk1.77 in the first half of 2026, from Tk2.11 a year earlier, mainly due to higher interest expenses and lower investment and fee-based income.

The bank's board approved its financial statements for the January-June period on Thursday, according to the lender's price-sensitive information published on the Dhaka Stock Exchange (DSE) website.

Bank Asia said the decline in EPS was primarily driven by an increase in interest expenses compared with interest income, along with lower investment income and reduced commission, exchange and brokerage income.

On a consolidated basis, the bank's net asset value (NAV) per share stood at Tk26.92 at the end of June 2026, up from Tk24.33 at the same time last year.

Its net operating cash flow per share also increased to Tk48.77 in the first half of 2026, compared with Tk37.60 a year earlier.

Explaining the rise in NAV, Bank Asia said it was mainly due to growth in shareholders' equity, driven by an increase in paid-up capital and statutory reserves, as well as the transfer of startup funds from other liabilities.

The increase in net operating cash flow was mainly due to higher cash inflows from deposits and borrowings, the bank said.

In 2025, Bank Asia reported a profit of Tk407.25 crore, with EPS of Tk3.18.

The bank paid a 17% dividend for 2025, comprising an 8.5% cash dividend and an 8.5% stock dividend to shareholders.

On Thursday, Bank Asia shares closed at Tk18.50 each on the Dhaka Stock Exchange.

The number of classified loan accounts in the banking sector more than doubled in a year, reaching a staggering 45.83 lakh in March 2026, and the most dramatic surge was seen in retail loan accounts, according to the latest Bangladesh Bank (BB) report.The number of accounts with classified loans of up to Tk 1 crore rose to 45.43 lakh at the end of March this year, marking a sharp rise from 21.63 lakh accounts a year earlier.
“This indicates a mass retail-level deterioration, which can stem from the rising cost of living and household indebtedness, a slowdown in SME activity, and weak repayment capacity in agricultural and small-trading segments,” said the BB in its report, "Banking Sector Update," published on July 23.“Although high-value defaults create larger monetary shocks, the explosion in small-account defaults is a warning sign of widespread financial stress,” it added.The central bank said overall nonperforming loans (NPLs) as a share of total outstanding loans increased to 32.7 percent in March this year from 24.6 percent a year ago and termed the rising NPL ratio alarming.

“Islamic banks and state-owned banks are particularly vulnerable, signaling weak credit discipline and possible governance issues. Foreign banks, in contrast, maintain very low default levels, reflecting stricter risk management,” the report said.

The BB said that, except for foreign banks and new banks that began operations in 2016 or later, classified loans at all banks — state-owned, private, and Islamic — rose between March 2025 and March 2026.

The report said that industry-wise classified loans show that the cottage industry exhibits the highest vulnerability, with a classified loan ratio of 52.8 percent, reflecting severe repayment stress among the smallest business entities.

The combined CMSME and informal sectors represent 21.4 percent of total loans but account for 34.2 percent of classified loans, indicating disproportionate credit quality concerns in these segments.

However, the large industry segment remains the dominant source of credit risk as it accounts for 58.7 percent of total loans and 39 percent of classified loans. This makes the large industry segment the biggest contributor to the banking sector's NPLs, the BB said.

Md Mahiul Islam, deputy managing director and head of retail banking at BRAC Bank, said the lack of proper credit risk appraisal might be one reason for the spike in classified loans for loan amounts of up to Tk 1 crore. A portion could be consumer and credit card loans. Here, high inflation and the erosion of purchasing power may be a factor.

“But our situation is better because we conduct credit appraisal based on customer’s risk appetite and regularly monitor clients,” he said, adding that the ratio of NPLs to retail and SME loans at BRAC Bank is less than 3 percent.

The BB said classified loan ratios increased across all industries, with trade, agriculture, and industry facing the highest risks between March 2025 and March this year.

Some 44.5 percent of total loans were concentrated in the industry sector as term loans and working capital, and the industry sector accounted for roughly 32 percent of the NPLs.

Of the total loans, the trade and commerce sector accounted for 32 percent. The sector's classified loans accounted for 43.8 percent of its total loans.

“This indicates deep-rooted stress in the real economy, possibly due to global economic challenges and weak financial discipline,” said the BB.

The central bank report said the banking crisis is primarily driven by “willful defaulters” and large corporate groups rather than small individual borrowers.

“This pattern may suggest weaknesses in credit appraisal and monitoring systems for high-value loans or the impact of sectoral and macroeconomic shocks affecting large borrowers.”

The Dhaka Stock Exchange (DSE) ended its three-week gaining streak last week as heavy selling by foreign and institutional investors, coupled with regulatory uncertainty and renewed Middle East tensions, dampened investor sentiment.

Analysts said the Bangladesh Securities and Exchange Commission's (BSEC) proposed changes to margin lending rules prompted major investors to cut exposure.

The benchmark DSEX index fell 96 points, or 1.63%, to 5,804.30, while average daily turnover dropped 28% to Tk1,063 crore from Tk1,474 crore the previous week.

Foreign, institutional investors lead sell-off

DSE data showed foreign and institutional investors remained net sellers throughout the week.

On 21 July, foreign investors accounted for 3.31% of total turnover on the sell side against just 0.23% on the buy side. By the final session on 23 July, foreign buying had dropped to zero, while selling stood at 2.45%.

Institutional investors also sold more than they bought in three of the five sessions, with selling peaking at 10.18% of daily turnover on 21 July.

Retail investors remained the market's biggest buyers, accounting for nearly 90% of purchases, though they also sold shares as the market weakened.

Insurance stocks tumble on margin rule proposal

The main trigger for the decline was the BSEC's draft proposal to tighten margin lending rules, particularly by excluding several insurance stocks from margin loan eligibility, sparking a broad sell-off in the sector.

According to EBL Securities, investors reacted negatively from the week's opening session. Although speculation over possible regulatory easing briefly stabilised the market midweek, the recovery was short-lived.

Sheltech Brokerage said buying interest emerged in December-closing stocks ahead of the earnings season but lacked the strength to sustain a rebound.

General insurance stocks fell 7.4%, and life insurance shares lost 5.4%, making insurance the week's worst-performing sector. Meghna Insurance dropped 13.5%, Global Insurance 12.4%, and Standard Insurance 12.2%.

Mutual funds buck the trend

Mutual funds were the week's top-performing sector, gaining 9.3% after regulators allowed funds to retain unrealised gains instead of distributing them as cash dividends, a move seen as strengthening their financial position.

MBL First Mutual Fund surged 47.8%, while NCCBL Mutual Fund One and Green Delta Mutual Fund each gained 25%.

The non-bank financial institution (NBFI) sector also rose 2%, led by Fareast Finance, up 41.7%, and FAS Finance, which gained 38.5%.

Akij Group has entered Bangladesh’s commercial helicopter market through its subsidiary Akij Aviation Limited, launching charter operations with three helicopters.

The fleet comprises a Bell 505 for patient transportation and two Robinson R66 helicopters for passenger services, according to Air Commodore (retd) Md Mamunur Rashid, chief executive officer of Akij Aviation.
Rather than operating on fixed routes, the company will provide charter services based on customer demand, covering corporate and business travel, tourism, industrial purposes, personal trips and medical emergencies, he said.Akij Aviation previously used its helicopters to transport executives, doctors and patients between the group’s factories and hospitals. It has now opened the fleet to commercial charter services to help offset operating and maintenance costs.

The move comes as demand for helicopter services has grown among industrialists and businesspeople for business travel and emergencies, according to Mamunur.

Helicopters are also used for rescue operations in remote areas, transportation of critically ill patients, urgent travel, political events, weddings, media coverage, and film and television shoots, he said.

Bangladesh currently has 10 helicopter operators with a combined fleet of about 23 helicopters, according to the CEO.

However, the sector has struggled with high operating costs, forcing several operators to shut down over the years, he said.

“Running a helicopter business is expensive. Hangar rent, electricity, utilities, maintenance, spare parts and tools all cost a great deal,” Mamunur said.

Private helicopter operators also do not receive some of the incentives available to state-owned carriers, particularly on aviation fuel, making it difficult to sustain operations, he added.

Beximco Aviation and R&R Aviation have already ceased operations, according to him.

Akij Aviation said its commercial operations would help cover the cost of maintaining its fleet while supporting its medical transportation services.

Mamunur said patient transportation, particularly emergency medical evacuation involving Akij’s hospitals, remains the company’s primary objective.

“Our goal is to ensure quick transportation for critically ill patients. We are not entering this business to maximise profits,” he said.

The company is also providing a free air ambulance service for poor and underprivileged people in Khulna division who require emergency medical care, according to him. The service is being run under the supervision of the Ad-din Foundation.

Helicopter use has also expanded beyond corporate clients in recent years, with more families opting for charter flights for weddings and other social occasions.

The country’s existing operators are South Asian Airlines, Square Air, Bashundhara Airways, Impress Aviation, Meghna Aviation, Partex Aviation, BCL Aviation, Bangla International Airlines, BRB Air and ATL Aviation.

The dollar was set for its biggest weekly gain since mid-June, buoyed by the rise in oil prices, while the yen was poised for its largest weekly percentage decline in more than two months as the currency languishes at 40-year lows despite Japan’s pledges to buttress the currency.

Verbal efforts to support the yen have seen muted results, with Japan’s Finance Minister Satsuki Katayama once again reiterating on Friday the government’s readiness to take action in the foreign exchange market.
Some analysts see another intervention by Japanese officials as likely to have only a short-lived effect, similar to recent interventions in the currency, without coordinated steps such as a more aggressive path of rate hikes by the Bank of Japan (BOJ).The US Treasury Department on Thursday joined calls for rate hikes by the BOJ, warning that excessive currency volatility was undesirable.Markets have completely priced out any chance of a rate hike from the BOJ at its policy meeting next week, according to LSEG data.

“It’s not surprising that dollar-yen has gone up under the conditions that we’re facing. It’s a low-yielding currency facing a terms-of-trade shock with higher oil prices,” said Thierry Wizman, global FX & rates strategist at Macquarie Group in New York.

“So if there’s going to be a currency that the specs are going to go after in those conditions, it’s going to be the yen,” Wizman said.

“... And so that girds the whole thesis for why it’s been dollar-yen ... doing so well since the (Iran) war began, since oil prices went up.”

The war began on February 28.

The dollar index, which measures the greenback against a basket of currencies, inched up 0.01 percent to 101.46 and was up about 0.7 percent for the week, on track for its biggest weekly gain in five weeks.

Against the Japanese yen, the dollar weakened 0.02 percent to 163.81 but was up nearly 0.9 percent on the week, which would mark its strongest week against the currency since May 15.

On Thursday, the dollar hit 163.98, its strongest against the yen since November 1986.

The dollar has been rising in recent days as renewed strikes in the Iran war have caused a reversal in oil prices and again fanned inflation fears, in turn buoying expectations the US Federal Reserve may hike interest rates.

Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan today (25 July) said company secretaries and other governance professionals would play a key role in implementing the proposed Corporate Governance Rules, 2026, as their effective oversight would be vital for improving corporate governance and compliance.

"Proper compliance with the rules will improve transparency, accountability and investor confidence in the capital market," he said while addressing a continuing professional development (CPD) programme organised by the Institute of Chartered Secretaries of Bangladesh (ICSB) at the BIM auditorium in Dhaka.

Speaking as the chief guest, Masud said the proposed rules aim to strengthen corporate governance standards, promote sustainable business practices and enhance the credibility of Bangladesh's capital market.

Bangladesh Association of Publicly Listed Companies President Riad Mahmud, who attended the event as the special guest, said regulators and listed companies need to work together to ensure the proposed rules are implemented properly.

Presenting the keynote paper, former ICSB president Mohammad Sanaullah outlined the main features of the proposed rules, including enhanced responsibilities for boards of directors, audit committees and independent directors.

"Aligning Bangladesh's corporate governance practices with international standards will help improve market credibility and attract investment," he said.

The programme, titled "Proposed BSEC Corporate Governance Rules, 2026", was organised by ICSB to discuss the draft rules.

The session was chaired by ICSB President Hossain Sadat, who said the institute would continue to support chartered secretaries in adapting to new regulatory requirements.

The Foreign Exchange Policy Department of the central bank issued the circular to consolidate previously scattered directives and update foreign currency-based refinancing policies for export-oriented manufacturers importing raw materials and intermediate inputs.

Under the updated framework, regular EDF loans must be settled within 180 days, with the provision for extending the repayment window up to 270 days upon receiving prior approval from the central bank.

According to the new financial structure, Bangladesh Bank will provide refinancing to Authorized Dealer (AD) banks at a rate equal to the 6-month benchmark interest rate plus an additional 0.50 percent. AD banks, in turn, can charge exporters a maximum interest rate of up to 1.50 percent above the 6-month benchmark rate.

The central bank has also tightened eligibility criteria to ensure financial discipline. Exporters who fail to repatriate export proceeds within the stipulated timeframe, those whose EDF liabilities have been adjusted through other bank loans, and banks that default on timely EDF settlements will be ineligible for the facility. Exporters can, however, regain access to EDF financing once overdue export earnings are brought back or upon securing approval from the discount committee.

The Master Circular retains the existing sector-specific financing limits for back-to-back Letter of Credit (LC) imports, capped at up to $20 million depending on the industry. Sector-specific limits for bulk imports also remain unchanged, ranging between $1 million and $20 million.

In addition, a maximum EDF refinancing facility of $500,000 has been introduced for eligible bulk imports regardless of sector. Exporters who utilize both bulk imports and back-to-back LCs will be restricted to using the financing ceiling designated for a single trade association.

Business leaders have welcomed the central bank’s initiative, noting that bringing isolated instructions under a single master circular will simplify compliance and make EDF operations far more transparent and efficient for commercial banks and exporters alike.

The two-day National Semiconductor Symposium & BEAR Summit 2026 began in Dhaka yesterday, bringing together government officials, global semiconductor experts, academics and industry leaders to discuss Bangladesh’s ambitions of developing a semiconductor industry.

Prime Minister Tarique Rahman inaugurated the summit as the chief guest at Novotheatre in the capital. Alongside the summit, he inaugurated the BEAR Innovation Expo 2026, which features semiconductor and deep-tech innovations developed by students and startups.
The summit, organised by the Bangladesh Semiconductor Industry Association (BSIA), BEAR and Silicon River Bangladesh, is being held under the theme “Building Bangladesh’s Semiconductor Future through Global Partnership.”

The opening session began with a welcome address by BSIA President MA Jabbar.

Special remarks were delivered by Fakir Mahbub Anam Swapan, minister for ICT, and science and technology; M Anwar Hossain, science and technology secretary; Rehan Asif Asad, the prime minister’s adviser on posts, telecommunications and information technology, and science and technology; and Prof Muhammad Mustafa Hussain of Purdue University, who outlined the long-term vision for the BEAR initiative and Bangladesh’s semiconductor ecosystem.

Following the inauguration, the prime minister toured the BEAR Innovation Expo, visiting exhibition stalls and interacting with participating students, startups and technology companies showcasing semiconductor and deep-tech innovations.

The afternoon programme featured a keynote plenary by Ahmed Bahai, chief technology officer of Texas Instruments, followed by three panel discussions on semiconductor talent development, ecosystem building and global industry collaboration.

The discussions brought together representatives from government agencies, universities, semiconductor companies and international organisations, including GlobalFoundries, NXP Semiconductors, Ulkasemi, Prime Silicon, Neural Semiconductor, BUET, Islamic University of Technology, Arizona State University and the University of Saskatchewan.

The summit will continue on Sunday with four additional panel discussions focused on Bangladesh’s deep-tech future, the CREST Fellows Research Symposium and a closing ceremony.

Organisers said eight strategic national frameworks and roadmaps aimed at supporting the country’s semiconductor ecosystem are expected to be unveiled during the closing session.

Participants at a seminar on Saturday called for stronger collaboration among regulators, listed companies and governance professionals to ensure effective implementation of the proposed Bangladesh Securities and Exchange Commission (BSEC) Corporate Governance Rules, 2026.Bangladesh Business Directory
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BSEC Chairman Masud Khan said the updated rules would strengthen transparency, accountability and sustainable corporate practices in Bangladesh’s capital market while boosting investor confidence.

He said governance professionals would play a crucial role in ensuring effective implementation of the proposed regulatory framework.

The BSEC chairman was speaking at a Continuing Professional Development (CPD) programme organised by the Institute of Chartered Secretaries of Bangladesh (ICSB) on the proposed corporate governance rules at the BIM Auditorium in Dhaka, according to a press release.

Bangladesh Public Listed Companies Association (BPLCA) President Riad Mahmud stressed the need for closer cooperation among regulators, listed companies and governance professionals to facilitate smooth implementation of the new governance requirements.

Presenting the keynote paper, Mohammad Sanaullah, former president of ICSB and chief executive of Mohammad Sanaullah & Associates, highlighted the major changes proposed in the Corporate Governance Rules, 2026, and their implications for listed companies, boards of directors, audit committees, independent directors and company secretaries.

He also emphasised the importance of aligning corporate governance practices with international standards.

The technical session featured Walton Deputy Managing Director and Company Secretary Md. Rafiqul Islam, BRAC Bank Company Secretary Mahbubur Rahman and International Finance Corporation (IFC) Corporate Governance Officer Lopa Rahman, who shared practical insights on implementing the proposed rules, addressing compliance challenges and strengthening governance practices.

ICSB President Hossain Sadat, who chaired the session, reaffirmed the Institute's commitment to promoting professional excellence through continuous learning and capacity-building initiatives.

He said the institute would continue to enhance the professional capacity of governance practitioners to help them adapt to the evolving regulatory landscape.

The National Board of Revenue (NBR) has set a 6 percent lower revenue collection target for Benapole Customs House for the current fiscal year due to a fall in trade with India through Bangladesh's largest land port.

However, this year’s target -- Tk 10,588 crore -- still seems high considering the previous year’s collection of only Tk 6,559 crore against a target of Tk 11,290 crore.
Imports from India through the port fell by 6 percent year-on-year to 12.05 lakh tonnes in the last fiscal year, mainly because of trade restrictions imposed by India, bilateral tensions and operational disruptions, port officials said.Stricter measures taken by the port authorities to curb tax evasion and irregularities have also played an important role, as the authorities detected at least 130 cases of customs fraud at Benapole in the past six months.

In addition, four separate cases were recently filed over the alleged smuggling of goods worth approximately Tk 20 crore.

Fifty-seven individuals, including customs officials, port authorities, members of various security agencies, and representatives of the business community, have been named as accused in the cases.

"There is no alternative to revitalising import trade and ensuring transparency to achieve the next revenue collection target," said Aminul Haque, vice-president of the Benapole Importers and Exporters Association.

He said stronger monitoring would be required to prevent smuggling and customs duty evasion.

Meanwhile, Rahat Hossain, assistant commissioner of Benapole Customs House, said customs officials were making every effort to increase revenue collection.

"We have adopted a zero-tolerance policy against customs duty evasion and all forms of irregularities. Alongside departmental and legal action against those involved in fraud, financial penalties are also being imposed," he said.

The National Board of Revenue (NBR) has set a 6 percent lower revenue collection target for Benapole Customs House for the current fiscal year due to a fall in trade with India through Bangladesh’s largest land port.

However, this year’s target -- Tk 10,588 crore -- still seems high considering the previous year’s collection of only Tk 6,559 crore against a target of Tk 11,290 crore.

Imports from India through the port fell by 6 percent year-on-year to 12.05 lakh tonnes in the last fiscal year, mainly because of trade restrictions imposed by India, bilateral tensions and operational disruptions, port officials said.

Stricter measures taken by the port authorities to curb tax evasion and irregularities have also played an important role, as the authorities detected at least 130 cases of customs fraud at Benapole in the past six months.

In addition, four separate cases were recently filed over the alleged smuggling of goods worth approximately Tk 20 crore.

Fifty-seven individuals, including customs officials, port authorities, members of various security agencies, and representatives of the business community, have been named as accused in the cases.

“There is no alternative to revitalising import trade and ensuring transparency to achieve the next revenue collection target,” said Aminul Haque, vice-president of the Benapole Importers and Exporters Association.

He said stronger monitoring would be required to prevent smuggling and customs duty evasion.

Meanwhile, Rahat Hossain, assistant commissioner of Benapole Customs House, said customs officials were making every effort to increase revenue collection.

“We have adopted a zero-tolerance policy against customs duty evasion and all forms of irregularities. Alongside departmental and legal action against those involved in fraud, financial penalties are also being imposed,” he said.

Bangladesh Bank has tightened the eligibility criteria for Export Development Fund (EDF) loans, barring exporters with overdue export proceeds or converted EDF liabilities from accessing the foreign-currency lending facility unless they regularise their position.

Exporters that fail to repatriate export proceeds within the prescribed timeframe, or whose EDF liabilities have been converted into funded facilities, will no longer qualify for EDF financing, according to the circular issued by Bangladesh Bank (BB) on Thursday.

However, such exporters may regain eligibility once the overdue export proceeds have been repatriated or an exemption has been granted by the Discount Committee, the circular said.

"We have tightened the eligibility criteria for EDF financing to ensure greater credit discipline in the country's banking sector," a senior BB official told The Financial Express in response to a query.

Under the new framework, the central bank will refinance authorised dealer (AD) banks at the six-month Secured Overnight Financing Rate (SOFR) plus 0.50 percentage points, while banks may lend to exporters at the six-month SOFR plus 1.50 percentage points.

EDF loans will continue to be repayable within 180 days, although the repayment period may be extended to a maximum of 270 days, subject to Bangladesh Bank's approval.

The circular retains the existing sector-wise financing limits for back-to-back letters of credit (LCs), with a maximum ceiling of US$20 million depending on the export sector.

Separate financing limits have also been maintained for bulk imports under inland back-to-back LCs, with ceilings ranging from US$1.0 million to US$20 million.

In addition, the central bank has introduced a new EDF refinancing facility of up to US$500,000 for eligible bulk imports, regardless of sector.

Exporters using both bulk import and back-to-back LC facilities will be allowed to avail themselves of the financing limit applicable to only one trade association.

The circular also sets out detailed procedures for submitting EDF applications, obtaining repayment extensions and complying with other operational requirements.

Business leaders welcomed the central bank's latest move, saying the master circular consolidates multiple instructions into a single, comprehensive framework, making the EDF guidelines easier for banks and exporters to understand and implement.

Bangladesh’s major export sectors rely heavily on chemicals, but the country still imports most of its chemical needs despite having a domestic market estimated at $6 to $8 billion that is growing by 10 to 15 percent annually.

Developing a strong domestic chemical industry is essential to reduce import dependence and improve the competitiveness of export sectors, stakeholders said at a seminar yesterday.

The seminar titled “Backward Linkage Development of Chemical-Dependent Key Export-Oriented Industries: Current State & Issues” was organised by the Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium in the capital.

Chemicals are a key input for industries such as textiles, garments, pharmaceuticals, leather, construction, agriculture and plastics. The textile and RMG sector alone uses more than 2,500 chemicals, including dyes, auxiliaries and finishing agents. Pharmaceutical companies require active pharmaceutical ingredients (APIs), excipients and solvents, while leather manufacturers depend on tanning chemicals and dyes.

Rising demand has led to higher chemical imports, with Bangladesh importing $6.2 billion worth of chemicals in FY25, up 17.8 percent from the previous year. Although the pharmaceutical industry exports products to more than 150 countries, it still imports around 90 percent of its APIs.

Chemicals now account for about 10 percent of the country’s total imports, while chemical imports are more than 15 times higher than exports.

BARRIERS HOLD BACK SECTOR

At the seminar, speakers highlighted several challenges facing the sector, including high tariffs, logistics problems, inadequate infrastructure and weak supply chains.

In his keynote presentation, Asif Rabbani, managing director of SR Chemical Industries Ltd, said policy reforms and stronger industrial capacity are needed to develop the sector.

DCCI President Taskeen Ahmed said the competitiveness of Bangladesh’s RMG, textile, leather and pharmaceutical sectors depends on a strong chemical supply chain.

He said industrial growth is being affected by heavy reliance on imported dyes, chemicals and specialised raw materials, along with tariff complexities, lengthy environmental clearance processes and logistics bottlenecks.

KSM Mostafizur Rahman, president of the Bangladesh Agrochemical Manufacturers Association, said high import duties on raw materials are hurting the agrochemical industry and called for stronger policy support.

Md Akter Hossain, director at the Directorate General of Drug Administration, said entrepreneurs are being held back by delays in developing the API Industrial Park.

Md Shaheen Ahamed, chairman of the Bangladesh Tanners Association, said the leather industry remains highly dependent on imported chemicals and urged the government to reduce import-stage duties.

ROADMAP NEEDED TO BUILD LOCAL CAPACITY

Stakeholders also called for a clear roadmap for chemical backward linkage development. Taskeen Ahmed said such a roadmap is now a strategic necessity to protect the future of Bangladesh’s export sector.

Md Salim Ullah, director general of the Bangladesh Institute of Management, said the government is reforming the National Industrial Policy. He said the private sector should decide whether the chemical backward linkage sector requires a separate policy or a dedicated chapter in the existing industrial policy.

Md Moniruzzaman, director of the Bangladesh Knitwear Manufacturers and Exporters Association, said the success of RMG backward linkage industries through government support could serve as a model for the chemical sector by attracting investment and creating jobs.

Sheikh HM Mustafiz, director of the Bangladesh Garment Manufacturers and Exporters Association, said uninterrupted energy supply, supportive policies, compliance with international quality standards and specialised industrial zones are essential for the sector’s growth.

M Mosaddek Hossain, senior vice-president of the Bangladesh Association of Pharmaceutical Industries, stressed the need to strengthen the chemical ecosystem through expanded research activities and skilled manpower development.

Abul Fatah Md Baligur Rahman, member for development at the Bangladesh Council of Scientific and Industrial Research (BCSIR), said stronger cooperation between industries and academia is needed to accelerate economic growth.

“BCSIR is working to add significant value to export products and build competitive import-substitute industries by mobilising local resources,” he said.

Suraiya Sultana, second secretary (Customs: Export and Bond) at the National Board of Revenue, said tariff rates are gradually being reduced to encourage local chemical production.

She added that the bonded warehouse licensing process has been fully digitised to reduce difficulties for entrepreneurs.

Stakeholders said achieving 60 percent chemical backward linkage could save billions of dollars in foreign exchange, increase export competitiveness, create thousands of skilled jobs and strengthen Bangladesh’s industrial base.

Circumventing the US Supreme Court, President Donald Trump has found a way to resurrect his tariff wall in a fashion that analysts say could prove more durable to legal challenges.

Just this week, Trump slapped sweeping new tariffs on 60 trading partners and saw 25-percent duties take effect on Brazilian products. Both cases involved an authority that has previously been used to impose levies.

Trump separately tapped an untested justification for 50-percent tariffs on many Canadian goods.

The actions and threats “underscore the president’s continued affection for tariffs, and that they are not going away as long as he is in the White House,” Asia Society Policy Institute senior vice president Wendy Cutler told AFP.

Trump’s latest tariffs of 10 percent to 12.5 percent apply to goods from 60 economies starting Friday.

They came after probes over forced labor concerns, under Section 301 of the Trade Act of 1974.

Cutler said this has a lower likelihood of being overridden by courts, noting Trump’s top trade official Jamieson Greer had carefully navigated procedural requirements before imposing duties.

More concerning was Trump’s targeting of Canada using the untested Section 338 of the Tariff Act of 1930, the Atlantic Council’s Josh Lipsky told AFP.

The justification was Canada’s alleged discriminatory treatment of US exports, with duties effective after a month.

“That’s more tariff-as-punishment” and could signal that Washington intends to keep less conventional tools at its disposal, Lipsky said.

This is an “uncertainty generator,” added Scott Lincicome of the libertarian Cato Institute.

Already, Trump’s newest tariffs face legal challenges from small businesses.

As courts have earlier allowed the use of Section 301 for imposing duties, arguments against Trump’s latest salvo would likely focus on official findings that justified action, Lincicome said.

“That’s just not something that courts typically want to weigh in on,” he added.

Still, some argue that Trump lacks such broad powers to impose sweeping tariffs.

Within months of returning to the presidency, Trump unleashed a barrage of tariffs on US trading partners.

He invoked emergency economic powers to impose a swath of these duties quickly, a move deemed illegal by the high court this February.

Trump’s sector-specific tariffs, imposed under different legal authorities on steel, automobiles and other goods, are unaffected.

Officials have since launched Section 301 investigations, including on forced labor, to reinstate duties.

Lincicome warns however that past investigations were more substantive. A probe into China during Trump’s first term took a year to result in duties.

This time, probes into 60 economies including major partners like the EU and India spanned just four months.

US tariffs are tough to undo. Former president Joe Biden, the Democrat who succeeded Trump after his first term, kept his predecessor’s tariffs on China intact.

Even if a future leader wanted to reverse Trump’s duties, revenue considerations will complicate the situation, Lipsky predicts.

Many countries were likely hoping the worst of trade wars are behind them, he said, but some may now have doubts.

The Trump administration has struck 19 framework or reciprocal tariff deals. Yet, threats of further duties loom with Washington investigating 16 economies including China, the EU and Japan over excess industrial capacity.

“The administration has been careful not to exceed the tariff levels agreed to in bilateral agreements,” Cutler said. “But partners are concerned that this assurance may not hold.”

Chad Bown of the Peterson Institute for International Economics believes Trump is missing a chance to address bigger problems like China’s rare earth export curbs.

Trading partners have to “fight a two-front trade war –- dealing with Trump’s tariffs and China’s export restrictions –- instead of just being able to focus on China,” he said.

While countries have expressed disappointment, Cutler said, there are no signs of retaliation, “knowing full well they would risk further US tariff escalation.”

A double-digit drop in capital machinery imports and falling export revenues have driven Bangladesh's trade deficit up by nearly 24 percent to $23.98 billion in FY 2025-26, leaving a historic $35.5 billion remittance surge to single-handedly cushion the external economy from severe distress.

The external trade is presenting a stark, two-way picture. On one hand, a slowdown in industrial raw material and capital machinery imports points to sluggish domestic manufacturing; on the other, export earnings have failed to meet expectations. Consequently, the country's trade imbalance has worsened, driving the foreign trade deficit up by nearly 24 percent.

However, a record surge in foreign remittances has significantly cushioned the pressure on external transactions and played a pivotal role in boosting foreign exchange reserves.

Data from Bangladesh Bank's Economic Indicators and Balance of Payments (BoP) reports, combined with Export Promotion Bureau (EPB) statistics, paint a challenging macroeconomic landscape. Economists attribute this subdued trade momentum in FY 2025-26 to global uncertainties, high interest rates, financial distress among major industrial conglomerates, rising production costs, and a lingering deficit in business confidence.

Trade deficit surges to $23.98 billion

The gap between Bangladesh's imports and exports widened sharply during the first 11 months (July–May) of the fiscal year 2025-26, according to Bangladesh Bank data.

Trade Deficit: $23.98 billion
This represents a 23.73 percent (nearly 24%) increase compared to the $19.38 billion trade deficit recorded during the same period of the previous fiscal year. Economists warn that if export growth remains sluggish, maintaining this import burden could severely strain the external sector over the long term.

In FY 2025-26, import settlements via Letters of Credit (LCs) stood at $70.4 billion, reflecting a negligible growth of 0.09 percent compared to $70.3 billion in the preceding year. Because import settlements serve as a key barometer for industrial activity, this stagnation signals that the manufacturing sector has yet to regain full momentum.

While fresh LC openings increased by 7 percent to $74.7 billion—hinting at potential future recovery—business owners remain cautious regarding major capital commitments.

The most concerning contraction occurred in essential production inputs:

Industrial Raw Materials: Fell 3.33 percent to $23.18 billion.
Capital Machinery: Dropped 10.68 percent to just $1.80 billion, highlighting a sharp decline in long-term investment.
Consumer & Intermediate Goods: Declined by approximately 7 percent each.
Energy (Exception): Petroleum imports bucked the trend, rising 6.42 percent to $10.68 billion.
Bankers and industrial leaders noted that following recent political shifts, several prominent business groups—including Beximco Group, Nassa Group and Gazi Group—have had factory operations suspended or restricted to just 30 to 40 percent capacity. Coupled with high interest rates and rising debt costs, new investments have ground to a halt.

Exports miss $55 billion target

The domestic manufacturing slowdown directly spilled over into export performance. Total merchandise exports for FY 2025-26 reached approximately $48 billion—a 0.58 percent drop year-on-year, missing the government's target of $55 billion.

The Ready-Made Garment (RMG) sector, which accounts for nearly 80 percent of total exports, generated around $38.7 billion. Exporters attributed the shortfall to:

US retaliatory tariffs and intense competition in European markets.
Softening global demand and high domestic logistics costs.
Persistent energy shortages and high interest rates.
Although June recorded a 26 percent spike in exports, analysts note this was primarily driven by a higher number of working days rather than a genuine surge in international demand or new market penetration.

Record remittances provide critical relief

Amid trade pressures, the remittance sector emerged as the economy's strongest pillar. Bangladesh received a record $35.5 billion in remittances in FY 2025-26, marking a 17.3 percent increase year-on-year.

This robust inflow significantly narrowed the current account deficit and helped generate a $4.16 billion surplus in the financial account, preventing severe balance-of-payments distress.

In response to trade headwinds, the government has initiated steps to launch the country's first Free Trade Zone (FTZ). Bangladesh Bank has already issued comprehensive guidelines allowing duty-free import, storage, processing, repackaging, re-labelling and re-exporting of raw materials on a consignment basis without needing conventional LCs. Business leaders anticipate this move will reduce lead times, optimise working capital and enhance supply chain efficiency.

Commenting on the economic trajectory, Mohiuddin Rubel, Founder & CEO of Bangladesh Apparel Voice and former Director of BGMEA, emphasised the need for structural policy support.

"Exporting is not solely dependent on foreign demand; it is directly tied to domestic production capacity, raw material supply, energy, logistics, and the investment climate. The decline in raw material and capital machinery imports is a clear warning sign for future production. The investments we lack today will manifest as reduced output and exports months down the line," he added.

"Global competition is fierce, with rival nations like Vietnam and India leveraging various Free Trade Agreements while Bangladesh prepares for LDC graduation. To stay competitive, we must reduce the cost of doing business, enhance port efficiency, guarantee uninterrupted energy, and accelerate trade facilitation reforms. The FTZ is a positive initiative, but realising its full potential requires effective policy execution, rapid customs clearances, product diversification and new market entry," said Mohammad Hatem, President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

There is no alternative to reforms to increase competitiveness. Professor Mustafizur Rahman, distinguished fellow of CPD, told UNB, "The coming days will be more difficult due to global conflicts, transition from LDCs and free trade agreements with competing countries."

According to him, Bangladesh's competitiveness must be increased by reducing business costs, improving logistics systems, implementing a National Single Window, facilitating trade, diversifying export products and quickly concluding a Free Trade Agreement (FTA).

Entrepreneurs in the garment sector also say that competing countries like India and Vietnam are getting additional benefits in the European Union market. Therefore, reducing production costs, ensuring energy supply and increasing the efficiency of ports and logistics are the biggest demands of the time.

Masrur Reaz, Chairman and Founder of Policy Exchange Bangladesh and former senior economist of the World Bank Group, told UNB that there is no alternative to product diversification to enhance Bangladesh's export share in global markets.

Bangladesh earns 83 percent of its export revenue from the single Ready-Made Garment (RMG) sector. Whereas Vietnam and other competing countries export a much more diversified range of products, the export volumes of those countries are increasing at the desired pace, he pointed out.

Masrur also emphasised the upgrading of smart technology and the appointment of technically skilled personnel in the manufacturing sector through a long-term policy to increase exports and ensure stability in the domestic economy.

Speaking at the inception workshop on “Analysis of the Inclusive Instant Payment System (IIPS) in Bangladesh and Cross-Border Remittance as a Use Case” at PRI in Banani, he said financial inclusion, digital payments and the IIPS should be pursued as a single, integrated national strategy to reduce payment costs.

Mansur said reducing the cost of digital transactions is essential to boosting adoption, adding that temporary incentives or subsidies for digital payments could yield greater long-term benefits than continuing large-scale subsidies in other sectors.

He also called for making smartphones and internet services more affordable to bridge the digital divide and promote nationwide financial inclusion.

The former BB chief further observed that restoring public confidence in the banking system is critical to reducing cash dependency and encouraging wider use of formal financial channels.

Highlighting the untapped investment potential of the Bangladeshi diaspora, he said establishing dedicated mechanisms for Non-Resident Bangladeshis (NRBs) could help repatriate an estimated $2-3 billion in investments through formal channels.

Director General of the Bangladesh Institute of Bank Management (BIBM) Ezazul Islam said the IIPS has the potential to significantly cut digital payment costs, strengthen financial inclusion, and enhance the efficiency and competitiveness of Bangladesh’s payment ecosystem.

He said wider adoption of digital payments and IIPS could encourage greater use of formal financial channels, improve transaction traceability, and contribute to higher tax compliance and a more transparent economy.

Ezazul stressed that the long-term success of IIPS hinges on a robust governance framework, appropriate commercial incentives, sustainable pricing, effective dispute resolution mechanisms, sound settlement risk management, and a comprehensive cost-benefit assessment.

Chairing the session and delivering the opening remarks, PRI Chairman Zaidi Sattar underscored the macroeconomic significance of remittances, which currently account for around 6 percent of Bangladesh’s GDP, and called for policy measures to redirect these flows from consumption toward productive investment.

He also pointed to the digital divide within the country’s financial sector, noting that many of the roughly 7 lakh Bangladeshi migrants in Oman, cited as an illustrative example, continue to prefer informal hundi channels over formal banking systems to send money home.

A panel discussion featured Mohammad Jahid Iqbal, additional director of the Payment Systems Department at Bangladesh Bank, and Sayed Shaikh Ibna Jilany, vice president (Remittance, Financial Services, Commercial) at bKash Limited.

Iqbal said Bangladesh Bank is developing the IIPS on the open-source Mojaloop platform to cut costs, enable local customisation, and connect banks, payment providers and eventually microfinance institutions through a more integrated digital infrastructure.

Launched in November 2025, he said, the system will support feature-phone access, simpler account opening, fewer failed transactions, and stronger fraud protection through the Tazama toolkit.

Jilany shared perspectives from Bangladesh’s leading mobile financial services provider on the opportunities and challenges of integrating private-sector platforms into an interoperable instant payment ecosystem, touching on consumer protection, affordability and user trust.

Participants at the workshop, organised with support from the Gates Foundation, discussed broader opportunities and challenges in developing an inclusive instant payment ecosystem, including interoperability, regulatory readiness, consumer protection, affordability, and the potential to make remittance transfers faster and more accessible to underserved populations.

Stocks fell sharply this week, snapping a three-week winning streak as investors rushed to lock in short-term gains amid uncertainty over proposed amendments to margin lending rules and renewed geopolitical tensions.

The benchmark index of the Dhaka Stock Exchange (DSE) retreated after touching a near two-year high above the 5,900-point mark, wiping out all the previous week's gains.

Market operators said the strong rally in recent weeks encouraged many investors to book profits, while uncertainty surrounding the proposed margin financing rules prompted others to adopt a cautious stance.

"The recent rally encouraged many investors to book profits, while uncertainty over the proposed margin rules prompted others to stay on the sidelines," said a leading stockbroker.

He added that escalating tensions in the Middle East further weakened investor sentiment, prompting a broader risk-off mood across financial markets.

Investors are now awaiting greater clarity on the final margin financing rules, which are expected to influence market liquidity and sector-specific demand in the coming weeks, he said.

The market correction came just a week after the DSEX crossed the 5,900-point milestone for the first time in nearly two years, supported by a series of regulatory reforms that had improved investor confidence and revived market momentum.

Sentiment weakened after the securities regulator unveiled draft amendments to the margin financing rules aimed at strengthening risk management and governance in the capital market.

Under the proposed rules, banks and financial institutions with a price-to-book (P/B) ratio above three and insurance companies with a P/B ratio above one would become ineligible for margin financing, raising concerns that reduced access to leveraged buying could curb demand for many stocks in those sectors.

Insurance shares remained under heavy selling pressure throughout the week as investors feared the proposed restrictions would reduce margin financing eligibility.

Profit-taking also spread across major sectors, including insurance, engineering, power, pharmaceuticals, food, banking and telecommunications, after their strong gains in recent weeks.

The market traded all five sessions during the week, with three ending lower and two posting gains. However, renewed geopolitical tensions and policy uncertainty triggered broad-based selling in the final session.

Consequently, the benchmark DSEX index shed more than 96 points, or 1.63 per cent, to close the week at 5,804. The decline also ended a three-week advance during which the benchmark index had gained about 248 points.

According to EBL Securities, persistent uncertainty surrounding the proposed margin rule amendments, coupled with renewed geopolitical tensions in the Middle East, weakened investor confidence and reduced overall risk appetite.

The brokerage said investors initially reacted negatively to the proposed margin rules, particularly concerns over the possible exclusion of many insurance stocks from margin loan eligibility.

Although hopes of regulatory adjustments later helped the market recover temporarily, investors ultimately adopted a wait-and-see approach amid unresolved policy uncertainty and escalating geopolitical risks, triggering widespread profit-taking across sectors.

Selective heavyweight stocks, including Square Pharmaceuticals, Walton Hi-Tech Industries, Beximco Pharmaceuticals, BRAC Bank and BSRM, accounted for nearly one-third of the benchmark index's weekly decline.

The DS30 Index, comprising blue-chip companies, fell 35 points to 2,192, while the DSES Index, which tracks Shariah-compliant stocks, declined 24 points to 1,183.

Trading activity also slowed markedly. Total turnover on the DSE stood at Tk 53.16 billion during the week, down from Tk 73.75 billion a week earlier. Consequently, average daily turnover dropped 28 per cent to Tk 10.63 billion from Tk 14.75 billion in the previous week, indicating that many investors preferred to remain cautious after the recent rally.

Textile companies accounted for the largest share of weekly turnover at 17.6 per cent, followed by pharmaceuticals with 13.3 per cent and banking with 8.8 per cent.

Market breadth turned sharply negative as 240 issues declined, 120 advanced and 26 remained unchanged, reflecting broad-based selling pressure.

Malek Spinning Mills emerged as the week's most-traded stock with transactions worth Tk 1.30 billion. It was followed by Techno Drugs, Shepherd Industries, IPDC Finance and City Bank.

The Chittagong Stock Exchange (CSE) also ended the week lower. Its All Share Price Index (CASPI) dropped 194 points to 15,620, while the Selective Categories Index (CSCX) lost 164 points to close at 9,536.