The Dhaka Stock Exchange (DSE) has set a target of bringing at least 10 blue-chip companies to the capital market by 2027 to address the prolonged market slump and shortage of quality securities.

The target includes state-owned enterprises, multinational corporations and large local companies, according to DSE Chairman Mominul Islam.

At a press briefing, DSE chairman said the capital market had not seen any major quality initial public offering (IPO) or new listing for more than two years.

To address the shortage of new securities, the Bangladesh Securities and Exchange Commission (BSEC) has prepared draft regulations to simplify and expedite both the IPO and direct-listing processes.

“We hope that through the combined efforts of the government, regulator, stock exchanges and merchant banks, we will be able to achieve the target of bringing at least 10 blue-chip companies to the market by 2027,” the DSE chairman said.

The DSE has also cut bond listing fees significantly to encourage companies to raise funds through the capital market.

“Companies applying for listing by March 2027 will be eligible for a 50 per cent waiver on listing fees,” he said.

The prime bourse has also taken a major step to compensate investors affected by five defaulting brokerage houses.

Of the 17,925 investors affected by the five firms, those whose claims are up to Tk 500,000 will receive their dues in full from the IPF. This means 17,332 investors, or about 97 per cent of the affected investors, will get their money back in full.

Disbursement will begin on September 28, with the process expected to be completed within two months, the DSE chairman informed.

For the remaining 593 investors with claims exceeding Tk 500,000, the commission will pursue legal measures to recover the money.

The measures will include selling shares and immovable properties of the defaulting brokerage firms, as well as personal assets of their directors, the DSE chairman said.

“Many people, including retired teachers, judges and bankers, had invested their life savings and were caught in the crisis. The decision to expedite repayment was taken out of a sense of humanitarian and moral responsibility,” he stated.

The move is expected to help restore confidence among small investors in the capital market, the official added.

Oil prices gained for the first time in five sessions on Tuesday as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.

The Brent crude futures November contract rose $1.72, or 1.7 percent, to $102.06 a barrel at 0617 GMT.
The WTI October contract, which expires on Tuesday, climbed $1.62, or 1.7 percent, to $97.4 a barrel.

The more actively traded November contract was up $1.28, or 1.4 percent, at $93.65 a barrel.Tehran and Washington exchanged threats on Sunday, though US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN meeting."The move higher in WTI and the stronger open in Brent have the appearance of a typical short-covering bounce after the recent decline, rather than a fundamental shift," said Tim Waterer, chief market analyst at KCM Trade.

"Traders who were positioned for further downside are taking some risk off the table while the diplomatic narrative plays out."

Over the weekend, Iran also conveyed its conditions to mediators for re-engaging in negotiations, Al Jazeera reported, citing Iran's security chief, Mohsen Rezaei.

Waterer said oil prices were likely to remain range-bound and sensitive to headlines until there was either clear progress or a setback in diplomatic efforts between the US and Iran.

Middle East tensions remained elevated after Yemen's Iran-backed Houthis said they attacked Riyadh and a Saudi Aramco facility in Yanbu and stepped up efforts to cut off Saudi-backed forces from the Red Sea coast.

China has privately urged Tehran to help curb attacks by the Houthis, three Iranian sources said, after Saudi Arabia appealed to Beijing following a recent surge in the group's military operations.

Saudi Aramco has increased exports through the Strait of Hormuz after attacks on its East-West Pipeline forced it to halt some shipments through Yanbu.

Around 14 million barrels of its crude oil were loaded on seven supertankers inside the Gulf on Sunday, tanker tracking data showed.

"Supply concerns are easing as shipments through the Strait of Hormuz reach a six-month high and Saudi Arabia works to restore its East-West pipeline ... Crude implied volatility eased 3.3 percent to 50.39, although it remains historically elevated," said Saxo Bank analysts in a client note.

Separately, an armed group closed valve seven on Libya's Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, Libya's National Oil Corporation said in a statement.

Production at the field has fallen by around 200,000 barrels per day and is currently between 100,000 and 105,000 bpd, two engineers at the field told Reuters.

Gold prices fell on Tuesday as expectations of interest rates staying higher for longer weighed on sentiment, with investors awaiting comments from US Federal Reserve officials for policy clues.

Spot gold was down 0.6percent at $4,319.39 per ounce by 0652 GMT. US gold futures fell 0.6percent to $4,356.30. Bullion is traditionally viewed as a hedge against inflation and geopolitical risks, but its appeal tends to wane in a high-interest-rate environment as investors favour yield-bearing assets.
With US economic data this week, investors will focus on comments from Fed officials for signs of whether the central bank is leaning toward another rate increase in October, as well as on crude oil prices, said Chris Weston, head of research at Pepperstone.“While crude has come modestly off its recent highs, a reversal higher that builds inflation expectations would only intensify the rates story, and gold would likely continue to face headwinds,” said Weston.

The Fed raised its policy rate by a quarter of a percentage point last week and flagged more hikes in the coming months.

The US central bank will likely need to hike rates further to lower inflation resulting from strong demand as well as a commodity price shock that has moved beyond oil, St. Louis Fed President Alberto Musalem said, adding that it would be better for the Fed to act sooner than wait.

On the geopolitical front, Houthi fighters pushed to seize strategic heights in Yemen to cut off the Red Sea coast from remaining areas held by Saudi-backed forces, after a report that US President Donald Trump had called off American strikes on the group at the last minute.

Oil prices gained for the first time in five sessions as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week.

Spot silver fell 1.1percent to $65.28, platinum lost 1.1percent to $1,777.29 and palladium declined 0.8percent to $1,290.07.

Prime Minister Tarique Rahman and World Bank Group President Ajay Banga today (22 September) discussed Bangladesh's development priorities, economic progress and ways to further strengthen World Bank support for the country's development efforts.

During their meeting at the UN Headquarters in New York on the sidelines of the United Nations General Assembly, they also exchanged views on ways to explore opportunities to expand areas of partnership between Bangladesh and the World Bank in the future, according to a release issued by the Prime Minister's Office.

Earlier in the day, Prime Minister Tarique Rahman attended a welcome breakfast hosted by UN Secretary-General António Guterres for heads of delegation and their spouses.

He later joined the high-level General Debate of the 81st session of the UN General Assembly at the UN Headquarters.

The prime minister is scheduled to hold a series of bilateral and high-level meetings with heads of government and senior officials of international organisations during his brief stay in New York.

He is scheduled to address the General Assembly on September 24, delivering his first speech at the world body as prime minister. He is expected to outline Bangladesh's vision for the future, its development priorities and its position on major regional and global issues.

A large number of employees were recruited at Islami Bank Bangladesh during the S Alam era in violation of recruitment rules, without job advertisements or written examinations, according to a Bangladesh Bank inspection report that uncovered widespread irregularities.

Between 2017 and 2024, the bank recruited 8,099 employees from Chittagong district, accounting for 74.77 percent of all hires, Bangladesh Bank data show.
The concentration was particularly pronounced in Patiya upazila, which accounted for 5,148 recruits, or 47.5 percent of total hires and 63.56 percent of Chittagong’s recruits. S Alam Group Chairman Mohammed Saiful Alam hails from Patiya.

The report attributed the concentration largely to the absence of publicly advertised vacancies, which limited opportunities for candidates from other parts of the country.

Contacted, Arief Hossain Khan, executive director and spokesperson of Bangladesh Bank, told The Daily Star that he was not aware of the report’s findings, but action would be taken against those responsible if any irregularities were found.

In September last year, Islami Bank terminated more than 5,000 officials who did not appear for a special competency evaluation test ordered by the management on September 22 for 5,385 officials whose recruitment was questionable.

The officials were appointed by the S Alam Group without any examination and with fake certificates after the Chattogram-based business group forcibly took over the bank in 2017, the BB report showed.

The S Alam Group’s control over Islami Bank ended in August 2024 with the fall of the Awami League regime. Bangladesh Bank dissolved the bank’s board, which was heavily dominated by individuals linked to the conglomerate.

The new board’s HR audit found that more than 10,000 of the bank’s 21,000 officials had been appointed after the 2017 takeover, according to the bank’s HR department.

CV BOXES REPLACED JOB ADS

The inspection report found that candidates were sourced without advertisements or written tests through CV collection boxes at S Alam Group Chairman’s home in Patiya and the group’s Asadganj office in Chattogram.

The boxes were labelled for different categories, including Patiya General, Patiya Cash, male general/cash, Satkania-Lohagara, Gandamara-Banshkhali, Hindu general, female cash and peon/diploma positions, the report said.

In 2019, 178 trainee officers were recruited for the 24th Probationary Officer batch without a newspaper advertisement, violating the bank’s HR policy and prescribed recruitment procedures. Four probationary officer batches -- the 23rd, 24th, 25th and 26th -- were recruited through direct entry.

The BB report said the bank’s rules required written and oral examinations, with candidates needing at least 50 percent in the written test to qualify for the viva. Vacancies were also required to be advertised in at least two national dailies at least 15 days before recruitment. These requirements were not followed in several cases.

In May 2019, the bank issued appointment letters to 178 people, while a memo instructed that 126 of them be sent to First Security Islami Bank at its request. The inspection report said the bank, not being a human-resource agency, was not authorised to make such an arrangement.

The report also found that some DMDs, including Md Akiz Uddin and Miftah Uddin, did not meet the required experience criteria, including the minimum experience in their previous positions and as officers. It further observed that some policy changes after 2017 appeared to have provided unjustified benefits to certain groups.

BB FLAGS UNEQUAL ASSESSMENTS

Bangladesh Bank also found discriminatory treatment in staff assessments involving terminations by the current management. Officers with similar recruitment backgrounds were treated differently, according to the report.

Although the special assessment was arranged for employees recruited during the specified period, 17 officers were dismissed before being given an opportunity to sit for the test.

Another 243 officers did not sit for the assessment but remained employed.
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Although the bank cited overseas postings, illness and maternity leave as reasons, the inspection found that some officers who had not applied for exemption were retained, while others who had applied were dismissed.

CURRENT MANAGEMENT’S RESPONSE

Md Altaf Hossain, acting managing director of the bank, told The Daily Star that he was not aware of the central bank inspection report.

He said the officials were not dismissed based on whether their appointments were valid or invalid.

“The recruitment process followed at that time did not comply with the service rules. Therefore, they were given an opportunity to complete the formalities of their appointments by sitting for an examination.”

However, they did not take the examination, he said, adding that those officials also prevented others from participating in it.

“As a result, their appointments were cancelled because they challenged the institution’s decision. Bangladesh Bank also said that the matter was an internal issue of the institution and that the institution could take a decision in this regard.”

M Kamal Uddin Jasim, additional managing director of the bank, who was in charge of the HR department at that time, told The Daily Star that those who could not sit for the examination at that time were tested later.

Two groups are currently protesting in front of Islami Bank headquarters and Bangladesh Bank. One comprises former employees demanding reinstatement, while the other, the ‘Islami Bank Customers’ Coordination Council’, is demanding the arrest of S Alam Group Chairman Mohammed Saiful Alam, recovery of stolen assets and dissolution of the current boards of directors.

Internet prices in Bangladesh could drop by 40 to 50 percent following the introduction of private submarine cable connections, according to Aminul Hakim, president of the Internet Service Providers Association of Bangladesh (ISPAB).

He noted that internet service providers (ISPs) would be able to purchase bandwidth at roughly half of today’s rates once private submarine cable operators begin supplying the market.

He made the remarks in response to a question at a discussion titled “Affordable internet for all: barriers and solutions to tech giants’ investment in Bangladesh” held at a hotel in Dhaka yesterday. The event was organised by the Telecom and Technology Reporters Network Bangladesh (TRNB).

ISPs currently purchase bandwidth at Tk 120 to Tk 130 per Mbps, said Aminul, who is also chief executive officer of private submarine cable company Metacore Subcom Ltd.

The entry of private submarine cable operators would increase the supply of international bandwidth, create multiple sources and boost competition in the market.

As a result, bandwidth prices could fall by 40 to 50 percent, he said.

Aminul said demand for bandwidth is rising rapidly as internet usage increases in Bangladesh.

He put the country’s current bandwidth demand at around 13,500 Gbps and estimated that it could reach 50,000 to 54,000 Gbps by 2030.

Bangladesh therefore needs to increase capacity through multiple submarine cables and international connectivity while creating greater opportunities for private investment to meet future demand, he said.

Aminul said Bangladesh currently has to import a significant amount of international bandwidth from India. He added that international connectivity is closely linked to the services and infrastructure of global technology companies such as Google, Meta, Akamai and Cloudflare.

However, large technology companies and hyperscalers face significant challenges in investing in Bangladesh because of the monopoly-dependent environment of Bangladesh Submarine Cables PLC, limitations in international connectivity, uninterrupted power supply issues and the absence of favourable policies, he said.

TRNB President Masuduzzaman Robin chaired the event, while former TRNB president Samir Kumar Dey moderated it.

Mahmud Shahed, project head of private submarine cable company Metacore Subcom Ltd, and Moin Uddin Ahmed, treasurer of ISPAB, made two presentations at the event.

The presentations showed that BSCPLC has invested Tk 819.50 crore in two submarine cables -- SEA-ME-WE-4 and SEA-ME-WE-5.

The company generated more than Tk 3,000 crore in revenue between 2008 and 2026 and earned net profits of more than Tk 1,362 crore during the period, according to the presentations.

The presenters, however, said ordinary consumers and internet users were being deprived of the benefits of these investments because of the opportunity for a monopoly business.

However, Bangladesh Submarine Cables earlier said that concerns about a possible shortage of internet bandwidth in the country are unfounded.

The company has said there is currently no shortage in the supply of international bandwidth in Bangladesh and no risk of a shortage in the future. Rather, it has the capacity to supply more bandwidth than current demand.

The World Bank has agreed to support Bangladesh in dealing with external economic shocks related to oil and gas supplies and supply-chain disruptions, Finance Minister Amir Khosru Mahmud Chowdhury said today (22 September).

He said the issue was discussed during Prime Minister Tarique Rahman's meeting with World Bank Group President Ajay Banga at the UN Headquarters in New York.

Khosru briefed reporters in front of the UN Headquarters after the meeting, which lasted about half an hour.

He said the discussions focused on Bangladesh's partnership with the World Bank and how the two sides can work together under the partnership framework to support the country's development trajectory.

"External shocks are creating problems for the economy due to issues related to oil, gas and supply chains, which are beyond Bangladesh's control. We discussed what role the World Bank can play, and it has agreed to come forward with support," the minister said.

He said Bangladesh and the World Bank agreed to work together to ensure that supply-chain disruptions do not hamper the country's development trajectory.

Khosru said the meeting also discussed the government's social programmes, including the Family Card and Farmers' Card, which he said were appreciated by the World Bank.

He said the World Bank will support such programmes, and the two sides also discussed expanding initiatives aimed at creating young entrepreneurs and generating employment.

"We have already rolled out programmes for young entrepreneurs based on 50 percent grants and 50 percent concessional loans. We discussed how we can expand these programmes together with the World Bank," the minister said.

He said the government wants to take youth entrepreneurship and employment programmes to a larger scale so that entrepreneurship among young people can generate more jobs and further employment in the economy.

"The role of the young generation is extremely important in the economic trajectory we are pursuing towards a trillion-dollar economy by 2034," Khosru said.

He said the government will work with the World Bank to provide greater support for young entrepreneurs and create more employment opportunities.

The minister said the meeting also covered the World Bank's role in helping Bangladesh address economic pressures caused by external factors, particularly energy and supply-chain challenges.

"We have to maintain our development trajectory, and we need to ensure that supply-chain problems do not disrupt it. We agreed to work together on how the World Bank and Bangladesh can address these challenges," he said.

Khosru also said the government is seeing positive signs in several areas of the economy.

"We are seeing signs of improvement in the capital market. We are reforming and trying to recapitalise our banks, and there are signs of improvement there. Our exports are increasing, remittances are increasing, and our rating has moved from negative to stable," he said, adding that the signs in the economy are very positive.

The minister said Bangladesh and the World Bank will continue working together to address critical supply-chain problems while sustaining areas of positive economic growth.

Prime Minister's Finance and Planning Adviser Rashed Al Mahmud Titumir was also present at the meeting, which took place on the sidelines of the 81st session of the UN General Assembly.

Prime Minister Tarique Rahman's UN engagements began today with a welcome breakfast hosted by UN Secretary-General António Guterres for heads of delegation and their spouses, followed by the opening session and high-level General Debate of the General Assembly.

During his brief New York stay, the prime minister is scheduled to hold a series of bilateral and high-level meetings with heads of state and government and leaders of international organisations. He is scheduled to address the General Debate on September 24.

A gas and power crisis has hit production at most Bangladeshi garment makers, ​but at 4A Yarn Dyeing, a supplier to Walmart, Gap and Next, workers stitch hoodies and attach brand logos uninterrupted, at ‌least for now.

Since 2019, 4A has generated its own power, including through solar panels, making it an exception in Bangladesh’s garment industry, the world’s second-biggest exporter after China. The Middle East crisis has worsened energy shortages in the country where much of the electricity is generated using natural gas, furnace oil and diesel.
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A recent survey of 134 ​knitwear factories found that 55 percent had seen buyers cancel or cut orders because of gas and power shortages since late August, ​and 78 percent had partially halted production. The factories also reported shipment delays and discounted orders to buyers.

But that’s not yet the case at 4A, whose factory on Dhaka’s outskirts employs nearly 7,500 workers and meets around 40 percent of its electricity needs through solar, ​the rest mainly through its own gas and diesel generation.“We never stayed at a single-source energy dependency. We had backups for everything,” said company co-owner ​Abdullah Hil Nakib. “We need some sort of certainty. But the cost of doing business has increased. First there was a shortage of oil, then a shortage of gas.”

Costlier diesel has pushed 4A’s production costs up by 2 percent to 3 percent, adding up to Tk 5 million ($40,950) to its monthly fuel bill, he said.The pressure on factories intensified on ​Monday after Bangladesh raised fuel prices by up to 17.4 percent, a move the government said was necessary because of soaring global prices and higher shipping ​costs due to the Middle East conflict triggered by US-Israeli attacks on Iran in February.

To reduce future disruptions, 4A plans to install an industrial-scale battery system that ‌would allow operations to continue for several hours if power sources fail.“We’ve been able to absorb the extra costs, but not every factory can afford to do that,” said Nakib, whose factory roofs are nearly covered in solar panels.

STEEP FUEL PRICE HIKE TO PILE MORE PRESSURE

Soaring gas import costs are slowing the country’s industrial growth, causing electricity outages and hurting spending on development projects due to higher gas subsidies, Bangladesh’s power minister said last week.

Bangladesh’s ready-made garment sector ​accounts for more than 80 percent of ​export earnings, employs about 4 million workers and contributes around 10 percent to gross domestic product.

Some manufacturers have incurred additional costs by shipping goods by air or offering discounts to meet delivery deadlines after energy-related disruptions.

“Our margins are already very thin, and the fuel ​price hike will squeeze them further,” said garment exporter Shahidullah Azim. “It is becoming increasingly difficult for us to ​absorb higher production and transportation costs while remaining competitive.”

Azim said a Canadian buyer that had been expected to order 25,000 pieces ultimately placed an order for only 8,000, which he attributed to declining buyer confidence amid Bangladesh’s economic and energy challenges.

Companies may be able to pay higher fuel costs, but gas shortages and power cuts are more worrying ​for some, given that those problems are not as intense in competitors like Vietnam ​and India, said Mohiuddin Rubel, additional managing director of Denim Expert Ltd, which supplies to brands including H&M.

“Whether we hold our position against other sourcing countries or lose ground to them ​depends on how well we manage it,” he said.

In a major bid to restore investor confidence, the Dhaka Stock Exchange (DSE) will start paying compensation to 17,332 affected clients from 28 September while introducing risk-based capital supervision and digital oversight to prevent brokerage fund embezzlement.

The initiative will enable nearly 97% of the 17,925 investors affected by five defaulted brokerage houses – Moshihor Securities, Tamha Securities, Crest Securities, Shah Mohammad Sagir & Co Ltd, and Banco Securities—to fully recover their claims of up to Tk5 lakh each from the Investment Protection Fund (IPF).

Announcing the landmark decision at a press conference today (22 September) at the DSE Tower in Nikunja, DSE Chairman Maminul Islam said the five rogue brokerages had collectively embezzled Tk250 crore from their clients.

At the event, the DSE also launched its new website with featuring the real time market update including detail information about the listed companies.

The DSE chairman said they had received claims from affected investors amounting to Tk72 crore so far. Of this, Tk35 crore had already been disbursed through recoveries from the brokerage firms. The remaining Tk37.60 crore will be paid from the IPF, with the disbursement scheduled to begin on 28 September and expected to take one to two months to complete.

He said funds from the IPF would be disbursed to verified affected investors of Moshihor Securities Limited starting 28 September. The outstanding dues of verified affected investors of the other four firms will also be paid in phases according to schedules to be announced later. Only investors who receive an SMS from the DSE will be eligible to collect their cheques from the DSE office on their designated dates.

While 17,332 investors will receive their full claims under the Tk5 lakh payout ceiling, the remaining 593 investors with larger claims will still have outstanding dues. The DSE chairman assured that legal measures, liquidation of securities held by the defaulting brokerages, recovery from directors' personal assets, and future inflows into the IPF would be mobilised to settle their remaining claims.

Describing the compensation plan as a moral duty rather than merely a regulatory requirement, Maminul Islam said the embezzlement had severely affected retired people, teachers, judges and small retail investors, leaving them financially stranded. The initiative has received full cooperation from the Bangladesh Securities and Exchange Commission (BSEC), which expanded the compensation scheme to cover clients of all five defaulted brokerages following a request from the DSE.

To ensure sustainable funding for investor claims, the Investor Protection Fund receives contributions from brokerage trading commissions, as well as 25% of the interest earned on funds held in brokerage accounts, under a policy decision adopted in 2025.

Meanwhile, legal action against the offenders is still underway, with four defaulted firms facing prosecution by the Anti-Corruption Commission (ACC) and another involved in ongoing court litigation.

The DSE chairman said the ACC had already submitted charge sheets against two firms to the court.

DSE to introduce digital surveillance

Alongside investor relief, the capital market operator is taking preventive measures to ensure such financial scams do not recur. DSE Managing Director Nuzhat Anwar said the premier bourse will introduce Risk-Based Capital Supervision and upgrade its IT infrastructure to digitally monitor brokerage activities.

Recognising that physical audits of roughly 250 operational brokerage houses are impractical given current staffing levels, the DSE plans to leverage automated digital surveillance to detect irregularities early and prevent fund diversion.

Speaking about the broader vision for the market, IPF Chairman Nasreen Begum expressed confidence that the settlement process would strengthen investor protection and restore public trust in the capital market. She added that a secure investment environment is crucial to driving national economic growth.

T+1 settlement, Nasdaq trading engine in reform drive

The DSE is also preparing a series of structural reforms to modernise Bangladesh's capital market infrastructure. By December 2026, the exchange aims to introduce T+1 settlement and scrip netting to speed up transactions and improve market liquidity.

A dedicated trading platform for open-end mutual funds is scheduled to launch by November 2026, enabling seamless trading under existing regulations.

Looking ahead, the DSE plans to deploy Nasdaq's advanced trade-matching engine and introduce financial derivatives by January 2028, backed by comprehensive market awareness campaigns.

The exchange is also upgrading its disaster recovery system by December 2026 and finalising industry reclassification following board approval and regulatory consultation.

To boost fixed-income trading, the DSE has cut bond valuation costs by nearly 80% and is encouraging new corporate bond listings on the main board. To attract high-quality equity listings and address a listing drought that has persisted for more than two years, the DSE aims to bring at least 10 blue-chip companies to the market by 2027 through direct listings or initial public offerings (IPOs).

To facilitate this, the exchange is preparing draft rules for direct listings and simplifying IPO regulations. As an incentive, it will offer a 50% waiver on listing fees for companies applying for IPOs or direct listings by March 2027.

Meanwhile, high-level government efforts are underway to attract foreign portfolio investment through international debt instruments.

Maminul Islam said the government has initiated steps to issue sovereign bonds for international investors. A high-level delegation, including the prime minister, finance minister and special assistant to the prime minister on capital markets and investment, is visiting New York to meet leading global investment banks.

The initiative seeks to facilitate commercial and sovereign bond issuances and attract sustained foreign capital inflows into Bangladesh's financial markets.

Commerce Minister Khandakar Abdul Muktadir yesterday said market monitoring would be strengthened to ensure adequate supplies of essential commodities and keep prices stable throughout the year, not just during Ramadan.

He made the remarks at a meeting at his ministry office at the Secretariat to review the supply and prices of essential commodities and the overall market situation.

“No abnormal situation will be allowed to develop in the market. If anyone takes advantage of the current situation to raise commodity prices unreasonably or attempts to make excessive profits, the government will take necessary action,” he said.

Muktadir said coordination among business organisations, importers, producers and government agencies would be strengthened to ensure normal supplies and reasonable prices.

He said gas supply disruptions had affected production in some industries, while transportation of goods had also faced obstacles. Storms and rain had also disrupted markets in several areas.

However, he expected the supply of vegetables to improve as new crops begin arriving with winter approaching.

The minister urged business organisations to monitor markets regularly, saying even price fluctuations of Tk 2 to Tk 4 could undermine public confidence.

“Maintaining public confidence is as important as ensuring market stability,” he said.

Monitoring would be intensified through coordination among the Directorate of National Consumer Rights Protection, the Ministry of Commerce, law enforcement agencies and district administrations, he said.

Regular meetings would also be held with importers to review inventories, imports and supplies.

Highlighting the impact of rising global fuel prices, Muktadir said Bangladesh was also facing the resulting economic pressure.

“If the government bears part of the burden instead of passing the entire cost on to consumers at once, the burden ultimately falls on the national exchequer. Therefore, efficient and economical use of fuel is extremely important,” he said.

The government would consider policy support to keep markets and businesses operating normally, while reviewing aspects of the existing tax structure to keep essential commodity prices affordable, he said.

It would also regularly monitor information on domestically produced goods and products for which letters of credit (LCs) have been opened or which are at the shipment stage.

At the meeting, the Bangladesh Trade and Tariff Commission presented an overview of demand, imports, supplies and prices of essential commodities. It said the import and LC-opening situation was positive compared with the previous year.

According to commission data, annual demand for lentils is around 7 lakh tonnes. From July 1 to September 15 last year, 42,000 tonnes were imported, compared with 1.06 lakh tonnes during the same period this year.

Imports of oilseeds, used as raw materials for edible oil, also rose to 3.86 lakh tonnes from 2.73 lakh tonnes during the same period last year.

Annual sugar demand is around 20 to 21 lakh tonnes, with about 3 lakh tonnes consumed during Ramadan alone. The commission said the overall import and pipeline situation for essential commodities remained positive.

Muktadir said initiatives were also being taken to introduce traceability systems to make supply chains more transparent and accountable.

The system would allow monitoring from production to consumers, with eggs and poultry being considered for priority.

He said the government’s main objectives were to ensure adequate supplies, maintain reasonable prices and strengthen consumer confidence.

“The government and the private sector will have to work together to achieve these goals. Advice from business leaders will play an important role in market management and policymaking,” he said.

At the meeting, business leaders raised issues related to the production, import, transportation, supply and prices of essential commodities and offered suggestions for maintaining market stability.

Md Ataur Rahman Khan, secretary to the commerce ministry; Nasir Uddoula, chairman of the Bangladesh Trade and Tariff Commission; and Md Zahirul Islam, director general of the Directorate of National Consumer Rights Protection, among others, were also present.

The government spent just 1.85% of its Annual Development Programme (ADP) allocation in July-August, the lowest implementation rate recorded to date, as development spending remained sluggish at the start of FY27.

The rate was down from 2.39% in the same period of FY26, according to updated data released by the Implementation Monitoring and Evaluation Division (IMED) today (21 September).

According to IMED data, Tk5,709.70 crore was spent from the ADP allocation in the first two months of the current fiscal year, compared with Tk5,714.83 crore during the same period last fiscal year.

The FY27 ADP has an overall allocation of Tk3,08,924.86 crore, including funds provided by government agencies from their own sources.

Planning Commission and IMED officials said spending is typically low at the start of the fiscal year as ministries and divisions prepare work plans, but is expected to rise gradually as implementation progresses.

Md Sayduzzaman, former chief of the Planning Commission and a public investment management expert, said the change of government had also contributed to the slowdown.

"After a new government comes to power, it naturally takes some time to set its own priorities, reorganise plans and make decisions," he said, adding that ministries also need time to invite tenders, secure approvals and complete other preparations for new projects.

To speed up implementation, Sayduzzaman called for faster decision-making, quicker project approvals and tendering, stronger monitoring and more effective ADP review meetings to resolve implementation problems.

Mustafa K Mujeri, former director general of the Bangladesh Institute of Development Studies (BIDS), said the decline in the implementation rate was certainly a matter of concern, although some slowdown at the beginning of a new government was normal.

Mujeri said the government should prioritise projects and address administrative and institutional bottlenecks to shorten the time between approval and implementation.

He further said the implementation rate could rise in the coming months once the initial obstacles were addressed.

Planning Commission and IMED officials, however, said efforts to improve ADP implementation had been stepped up, with the planning minister, state minister and senior officials meeting ministries and divisions to accelerate projects and ensure quality spending.

They said implementation bottlenecks were also being addressed promptly to prevent delays.

According to IMED data, Tk4,049 crore, or 2.13% of the Tk1,90,000 crore government-funded allocation, was spent in July-August, compared with 1.91% a year earlier.

Spending from foreign loans and grants was Tk1,338 crore, or 1.22% of the Tk1,10,000 crore allocation, sharply below the 2.91% recorded in the same period last year. Agencies spent Tk323 crore, or 3.62%, from their own funds.

Of the 57 ministries and divisions covered by IMED, 17 spent less than 1% of their allocations, while five spent nothing at all.

The Bridges Division and the Ministry of Civil Aviation and Tourism were among those with zero spending despite having relatively large allocations.

Among the ministries and divisions that spent less than 1% were the Ministry of Shipping, Posts and Telecommunications Division, Rural Development and Co-operatives Division, Ministry of Commerce, Ministry of Railways, and Ministry of Environment, Forest and Climate Change.

Stocks fell sharply today (21 September) as investors reacted to the government's decision to raise domestic fuel prices by Tk20 per litre, fearing higher transportation and production costs would squeeze corporate earnings and fuel inflation.

The sell-off snapped a four-session winning streak on the Dhaka Stock Exchange (DSE), with the benchmark DSEX losing 41 points, or 0.74%, to close at 5,550. The blue-chip DS30 also fell 15 points, or 0.71%, to settle at 2,105.

Market breadth turned decisively negative, with 254 issues declining against 100 advancing and 32 remaining unchanged. Despite the fall in the indices, turnover rose 6% to Tk788 crore as investors actively repositioned their portfolios amid heightened uncertainty.

The government announced the fuel price hike on Sunday night, raising the prices of diesel, kerosene, petrol and octane by Tk20 per litre. The move came as global energy prices have come under renewed pressure amid the ongoing conflict in the Middle East.

Fuel prices hiked by Tk20 per litre
Market insiders said higher fuel prices are likely to raise transportation and production costs across manufacturing sectors, while adding further pressure on consumer inflation. Concerns over their impact on household purchasing power and corporate profitability prompted investors to reduce equity exposure rather than commit fresh funds.

Although some value-seeking investors attempted to accumulate heavily corrected stocks at lower valuations, buying interest was not strong enough to offset broader selling pressure.

EBL Securities said the market recovery faltered after four consecutive sessions of gains as the latest increase in domestic fuel prices, coupled with persistent upward pressure on global fuel prices amid geopolitical tensions, heightened concerns over inflation and its potential impact on corporate earnings.

The brokerage said the session remained volatile, with persistent selling pressure across the trading floor as investors adopted a wait-and-see approach. The resulting lack of conviction kept buying interest subdued and limited the market's ability to sustain its recent recovery.

The post-dividend adjustment of heavyweight Walton Hi-Tech Industries also added to downward pressure on the indices, EBL Securities said. While most stocks underwent corrections amid broad-based caution, insurance and mutual fund stocks remained comparatively resilient as investors sought short-term profit-taking opportunities amid weakened market conviction.

Sheltech Brokerage said the market was primarily shaped by profit-taking activity and cautious sentiment following the fuel price increase. Strong selling pressure in the early session pushed the market lower before bargain hunting emerged.

The DSEX subsequently climbed to an intraday high of 5,599 points. However, the recovery lacked conviction, and renewed selling pressure later dragged the index to an intraday low of 5,550.50 points, where it eventually settled.

Walton, BRAC Bank, Beximco Pharmaceuticals, City Bank and BAT Bangladesh were among the major stocks weighing on the benchmark index.

Textile stocks dominated trading, accounting for 22.6% of total turnover, followed by general insurance at 18.9% and pharmaceuticals at 9.8%. Most sectors ended lower, with textiles falling 2%, paper 1.9% and travel 1.7%. Mutual funds gained 2.5%, while general insurance rose 1.4%.

Eastern Bank led the turnover chart, followed by Sharp Industries, Envoy Textile, IPDC Finance and Orion Infusion.

ICB AMCL 2nd Mutual Fund was the top gainer, rising 10%, followed by Crystal Insurance with a 9.96% gain, First Prime Finance Mutual Fund 9.65%, Orion Infusion 8.73% and Desh General Insurance 8.51%.

Walton became the biggest loser, plunging 11.96%, mainly due to an adjustment following its stock dividend record date. Anlima Yarn fell 6.09%, Peoples Leasing 5.26%, Samata Leather 5.11% and Nahee Aluminum 4.74%.

The bearish session also extended to the Chittagong Stock Exchange, where the CSCX fell 18 points to 9,088 and the CASPI declined 34 points to close at 14,822.

A global diesel shortage fueled by wars in Iran and Ukraine is unlikely to ease ​before next year, according to storage market indicators and industry participants, extending a spike in fuel costs that is weighing on economies worldwide.

The wars have severely ‌disrupted diesel supplies, stranding millions of barrels a day in the Middle East and Russia, draining inventories to historic lows and sending prices to record highs. The shortage has been a drag on economic activity, as diesel fuels agriculture, manufacturing, and heavy transportation.

In the United States, retail diesel prices topped $6 a gallon this month for the first time, squeezing farmers and truckers and stoking worries for President Donald Trump's Republican Party ahead of the November ​midterm elections.

Another sign of persistent tightness is emerging in the storage market. Refiners and traders across North America are declining to renew diesel storage leases because there is little ​fuel available to store, data from storage broker The Tank Tiger showed.

Diesel storage capacity available for leasing in North America and the Caribbean ⁠Islands, a major trading hub, has climbed to a four-year high of 13 million barrels for October, from 11 million barrels in June, The Tank Tiger Chief Operating Officer Steven Barsamian ​told Reuters.

Total US diesel inventories declined to 107.9 million barrels by 11 September, the lowest for this time of year since records began in 1982, according to the US Energy Information Administration.

The ​rapid draw of diesel from US storage indicates how tightly supplied the market has been in recent months, and the rising availability of tanks for lease underscores how long the tightness is expected to persist, Barsamian said.

The combination of falling inventories and rising storage availability suggests market participants expect supplies to remain tight into at least the first quarter of next year, Barsamian said. Storage tanks are typically leased for six months ​to a year.

"More storage is available for lease because no one wants to renew their existing contracts. Why would you pay for a storage tank when there is no diesel to ​store?" Barsamian said.

EcoBox Dumpsters, a US waste management business, is limiting its rising fuel cost by using smaller trucks where possible, grouping deliveries and pickups in the same area, and confirming pickup schedules to avoid ‌unnecessary trips.

"Each ⁠unnecessary truck movement now has a much greater cost," said owner David Garrigus.

A global concern

The EIA also expects inventories to stay depleted.

"We forecast inventories of distillate fuel oil — often sold as diesel — in the United States to fall below 100 million barrels in September and remain below the five-year low through the end of 2026 and most of 2027," the EIA said earlier this month.

European diesel inventories are also low. Stocks in the Amsterdam-Rotterdam-Antwerp storage, refining and trading hub were 16% below the five-year average in July, according to the latest data available from Insights Global. In Singapore, ​total distillate inventory levels averaged about 8.2 ​million barrels over the past few weeks, ⁠similar to pre-Iran war levels, but below the 2025 average of 9.6 million.

"Various Asian emerging markets have been affected quite significantly," said Andrea Pescatori, the International Monetary Fund's Asia-Pacific deputy division chief, at the Asia Pacific Petroleum Conference in Singapore.

Some signs of relief

Industry executives expect global diesel supplies ​to stay tight through winter, particularly if Middle East tensions further disrupt fuel exports and Russia's diesel export ban remains in force through ​October. Moscow will extend diesel ⁠export restrictions until the end of October, Russian business daily Vedomosti reported on Tuesday.

US diesel prices may rise further as US East Coast buyers purchase barrels ahead of the heating season, before peaking, said Alex Hodes, director of energy market strategy at StoneX.

Analysts also expect record diesel refining margins to encourage more production, limiting price increases.

The US diesel crack spread — the premium of ultra-low sulfur diesel futures ⁠over US ​crude oil futures — hit a record $118.62 a barrel on September 14.

Further relief could come from China, which has boosted exports ​steadily in recent months, energy economist Philip Verleger said this month.

Still, any escalation in the Iran or Russia-Ukraine wars, or a major refinery outage, could trigger fresh price spikes.

"Current fundamentals point to higher prices staying here for a while," ​Hodes said.

A free trade agreement between India and New Zealand, signed in April, will come into force on Oct 20, Indian trade Minister Piyush Goyal said on Monday, as New Delhi seeks to boost exports and attract investment amid shifts in global trade.

The deal with New Zealand comes at a time when US President Donald Trump has signed a law that gives him authority to impose up to 100 per cent tariffs on countries such as India for buying Russian oil.

India has accelerated efforts to diversify export markets away from the US, which is its biggest destination so far, through a series of trade agreements with major economies, including Britain and the European Union, reports Reuters.

New Zealand's parliament last week passed legislation to implement the free trade agreement with India, under which tariffs on about 95 per cent of New Zealand's exports to India, including wine, kiwi fruit and apples, would be eliminated or significantly reduced.

The agreement will give all Indian goods duty-free access to New Zealand and ease mobility rules for students and workers. Wellington has also agreed to invest $20 billion in India over the next 15 years.

New Zealand Prime Minister Christopher Luxon and Indian Prime Minister Narendra Modi have committed to doubling bilateral trade by 2030, which stood at about $2.3 billion in the 12 months through June.

"At a time when there is uncertainty around the world in trade, we see tariff rates escalating, we see barriers being put up, India and New Zealand show that we can agree to terms that are beneficial for trade and businesses," New Zealand Trade Minister Todd McClay said via video conference at the event announcing the ratification of the treaty.

India said last week that the new measures to levy tariffs over the purchase of Russian oil could impact bilateral ties with the United States, in a sharp response to the passing of the law.

The government has scrapped the mandatory requirement for export-oriented garment manufacturers to obtain commerce ministry's permission to import yarn and fabric, following an amendment to the Import Policy Order (IPO).

The ministry issued a notification on Sunday (20 September), announcing the amendment – much to the relief of the apparel exporters.

The permission requirement was introduced in the new IPO, which came into effect in August. Businesses had criticised the provision, saying it undermined ease of doing business and increased costs.

Exporters said some consignments of raw materials had already arrived at ports but could not be cleared because importers had not obtained the required ministry permission.

They expect the amendment to speed up customs clearance and prevent such complications.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the IPO had made ministry permission mandatory for importing yarn and fabric for hosiery and knitwear.

"As a result, exporters whose consignments had already arrived at the port were unable to clear them, creating complications," he told The Business Standard.

"We hope the new amendment will resolve this problem," he said.

Local textile mills supply around 80% of the yarn and fabric required by Bangladesh's knitwear manufacturers, although they claim to have the capacity to meet the entire demand.

For woven garments, local textile mills can supply around half of the required fabric.

Exporters, however, sometimes import yarn and fabric to meet buyers' specific requirements or take advantage of price differences.

The latest fuel price hike will add to the cost of doing business and put further pressure on export-oriented industries already struggling with declining competitiveness, according to Shams Mahmud, the president of the Bangladesh-Thai Chamber of Commerce and Industry.

Talking to The Business Standard last night (20 September), he said, "As it is, all forms of business activities, including manufacturing, logistics, agro, service sector, and FMCG [fast-moving consumer goods], are going through stress in these turbulent times.

"International energy markets have recently been affected by the strikes in Saudi Arabia by Houthi rebels. Just today [Sunday], Saudi Arabia said next month's shipment of oil to Europe will be withheld."

"So we can anticipate future price increases. The government has taken the right decision as a policy to create a buffer for any price shock, especially about sourcing and subsidy," he said.

"But unfortunately, this will add a burden to the business ecosystem of Bangladesh, with inflationary pressure on the internal economy reducing disposable income. For export-oriented industries, which are already in a vulnerable state with decreasing competitiveness, it will add to the already increasing cost of doing business," said the businessman.

Also, the International Monetary Fund has been pressuring the government for a reduction of subsidies, and it may also have had an influence on the decision, as both parties will sit in Bangkok next month to work out the next loan from the global lender, he added.

The government last night increased the retail prices of diesel, octane, petrol, and kerosene by Tk20 per litre. The revised rates took effect today (21 September).

With the new price adjustment, this is the second time the BNP government has hiked fuel prices after assuming power in February this year. The last price hike was back in April.

The per-litre prices of diesel, octane, petrol, and kerosene have been raised to Tk135, Tk165, Tk160, and Tk155, respectively.

Experts and policymakers have called for a stronger legal and institutional framework to protect intellectual property (IP) as Bangladesh prepares to navigate the challenges of its graduation from Least Developed Country (LDC) status.

They made the call today (21 September) at a focus group discussion titled Industrial Shift in the Post-LDC Era: Strategies for IPR Issues of Key Industries, jointly organised by the Economic Relations Division (ERD) and the Dhaka Chamber of Commerce and Industry (DCCI).

Participants said the post-graduation environment would create both risks and opportunities for major sectors, including pharmaceuticals, ready-made garments, information technology and agriculture, making stronger intellectual property rights (IPR) protection increasingly important.

ERD Secretary Md Shahriar Kader Siddiky, who attended the event as chief guest, stressed the need to strengthen institutional capacity and statutory frameworks to address emerging IP challenges.

He also called for targeted support for small and medium-sized enterprises (SMEs), which may face greater challenges in navigating the evolving intellectual property regime.

Siddiky said the government already allocates funds for research, but weak coordination limits their effective use.

He said the government is working to address the coordination gaps while also advancing the digitalisation of public services.

DCCI President Taskin Ahmed highlighted procedural delays and policy gaps as major obstacles to effective IP protection.

He proposed modernising IP offices, establishing specialised IP tribunals in Dhaka and Chattogram, and introducing an automated system for trademark registration.

He also called for broader industry-specific awareness programmes so businesses can better understand and protect their intellectual property rights.

The latest fuel price hike will increase industrial and transportation costs, inflation, and put all businesses under further pressure, potentially leading to job losses and reduced operations, according to Anwar-ul Alam Chowdhury Parvez, president of the Bangladesh Chamber of Industries.

Talking to The Business Standard last night (20 September), he said, "The country is experiencing high inflation that is not coming under control. Industries are not getting adequate gas and electricity, resulting in very low private-sector credit growth.

"At such a time, increasing fuel prices by more than 15% without consulting anyone will create additional pressure across all sectors."

The government last night increased the retail prices of diesel, octane, petrol, and kerosene by Tk20 per litre. The revised rates took effect today (21 September).

With the new price adjustment, this is the second time the BNP government has hiked fuel prices after assuming power in February this year. The last price hike was back in April.

The per-litre prices of diesel, octane, petrol, and kerosene have been raised to Tk135, Tk165, Tk160, and Tk155, respectively.

He said the decision will increase industrial production costs, transportation costs, and inflation. "The prices of goods will become uncontrollable. People will lose their jobs, while many businesses will have to scale back their operations.

"Non-performing loans in banks will increase. The government will not be able to create the employment it has been promising," he opined.

He feared that such decisions by the government will erode public confidence in the BNP administration. "Overall, it will create a socioeconomic crisis."

The latest fuel price hike will increase transportation, agriculture, and industrial costs, putting further pressure on inflation and disproportionately affecting poor and lower-middle-income households, according to Dr Fahmida Khatun, distinguished fellow at the Centre for Policy Dialogue (CPD).

"The latest price increase seems to be another adjustment to a continuing external energy-price shock. Nevertheless, increasing all major petroleum prices by the same absolute amount at once is a substantial policy intervention, especially when inflation and household financial pressure are already high," she told The Business Standard last night (20 September) in her immediate reaction.

"The increase will have wide-ranging consequences. Individuals will face higher expenses for transportation. Even households that do not purchase fuel directly will be affected as transportation costs raise the prices of food and other essentials.

"Poor and lower-middle-income families will suffer disproportionately because most of their income is spent on daily necessities," she added.

The government last night increased the retail prices of diesel, octane, petrol, and kerosene by Tk20 per litre. The revised rates took effect today (21 September).

With the new price adjustment, this is the second time the BNP government has hiked fuel prices after assuming power in February this year. The last price hike was back in April.

The per-litre prices of diesel, octane, petrol, and kerosene have been raised to Tk135, Tk165, Tk160, and Tk155, respectively.

Fahmida continued, "Diesel-dependent agriculture will face higher irrigation, mechanisation and transportation costs. This could potentially raise food prices, but reduce farmers' returns."

Around 70% of the country's irrigation pumps are operated using diesel. A research paper published by researchers from Bangladesh Agricultural University (BAU) and the Bangladesh Rice Research Institute (BRRI) found that irrigation is one of the major components of the total input or production costs for Boro rice, accounting for 20-25% of the total expenditure.

Fahmida also said, "Industries will incur higher logistics and generator costs, which will weaken profitability and export competitiveness. Small businesses will be especially vulnerable.

"At the macroeconomic level, the increase may intensify inflation, reduce household consumption and weaken growth."

Since the government had no other option but to increase energy prices, it should monitor how this increased price is imposed on the common people by market players, the economist stressed.

"The government should publish the price calculation transparently, prevent excessive fare increases and market manipulation. The government should also provide targeted support to low-income households, small farmers and public transport users," she added.

Sonali Bank PLC, the country's largest state-owned lender, reported a massive 193% year-on-year surge in consolidated net profit to Tk1,878 crore for the first half of 2026, marking the highest net earnings recorded by any local bank during the six months.

According to the bank's financial statements released recently, consolidated earnings per share (EPS) jumped to Tk41.47 in H1 2026, up significantly from Tk14.14 in the corresponding period last year.

According to bank sources, with this performance, the lender outperformed leading private commercial lenders, including BRAC Bank, which posted a net profit of Tk1,423 crore during the January-June period.

Financial data shows that Sonali Bank's net interest income fell 26% year-on-year to Tk424.88 crore during the first half, primarily impacted by elevated borrowing costs.

However, the state-owned bank offset the interest income decline through robust treasury operations, securing Tk4,824 crore in investment income — a 9% growth compared to the same period of 2025.

Despite strong treasury performance, rising administrative expenses dragged the bank's operating profit — consolidated profit before tax and provision — down by 6% to Tk3,546 crore.

The triple-digit jump in final net profit was largely enabled by a steep reduction in provision requirements against non-performing loans.

During the first half, Sonali Bank set aside Tk1,113 crore in provisions, which was 59% lower than the provision maintained in the same period last year.

During H1 2026, its total classified loans stood at 18.27% of its total disbursement, which was 15.78% at the end of 2025, according to Bangladesh Bank data.

At the end of June 2026, Sonali Bank's consolidated net asset value (NAV) per share stood at Tk332.03.