The Dhaka Stock Exchange extended its recovery for a second consecutive session today (16 September) as investors bought beaten-down stocks, while Moody's revision of Bangladesh's economic outlook to stable supported market sentiment.

The benchmark DSEX index gained 21 points to close at 5,494, while the blue-chip DS30 index rose 5 points to 2,092.

Turnover rose 10% to Tk556 crore, indicating broader participation alongside the index gains. Of the 386 issues traded, 180 advanced, 153 declined and 53 remained unchanged.

According to daily market reviews by brokerage houses, trading was marked by a tug-of-war between bargain hunting and profit-taking.

EBL Securities noted that the bourse sustained its upward momentum as investors took positions in undervalued stocks following assurances over the resolution of industrial gas supply constraints and renewed regulatory engagement with leading brokers. However, lingering domestic and geopolitical concerns continued to weigh on sentiment and cloud the outlook for a sustained recovery.

Sheltech Brokerage Limited said strong early buying interest pushed the benchmark index to an intraday high of 5,532 points, before profit-taking pressure quickly emerged to erode early gains and drag the index down to an intraday low of 5,473 points. Buying interest subsequently strengthened and persisted until the closing bell, extending the recovery streak for two consecutive sessions. Market sentiment was also aided by Moody's revision of the country's economic outlook from negative to stable.

Meanwhile, insurance scrips pared back part of their previous-session gains amid uncertain market momentum and weak investor conviction toward a sustained upturn.

On the sectoral front, textiles accounted for the highest share of turnover at 27.6%, followed by general insurance at 15.0% and the banking sector at 10.9%.

Most sectors displayed positive returns, with jute exhibiting the most gain at 2.1%, followed by travel up 1.2% and paper rising 1.1%. Conversely, general insurance experienced the steepest correction, dropping 2.2%, followed by mutual funds down 1.7% and food stocks slipping 0.4%.

Trading activity was heavily concentrated in key counters, with Sharp Industries, Eastern Bank, Envoy Textile, Saiham Textile, and Malek Spinning leading the top-traded stocks list.

Individual scrips witnessed aggressive buying interest near upper circuit limits, led by Orion Infusion, which surged 9.96%, Al-Haj Textile up 9.91%, Information Services Network gaining 9.79%, Meghna PET rising 9.56%, and AB Bank advancing 9.09%.

On the losing side, BD Thai Food suffered the sharpest drop, falling 8.15%, followed by Sena Insurance down 7.50%, Exim Bank First Mutual Fund losing 6.75%, EBL First Mutual Fund dropping 6.66%, and Phoenix Finance First Mutual Fund contracting 5.71%.

Mirroring the positive sentiment on the primary bourse, the port city's Chittagong Stock Exchange (CSE) also closed higher. The CSCX index rose 39 points to reach 8,975, while the all-share CASPI index jumped 74 points to close at 14,673.

The Bangladesh Securities and Exchange Commission (BSEC) has urged eligible companies interested in entering the stock market under a proposed direct listing framework to begin preparations for listing.

The initiative is aimed at established companies that do not require fresh capital for business expansion or operations but want to access the capital market.

Under the proposed framework, these companies would not issue new shares to raise funds from general investors. Instead, their existing shareholders would be allowed to sell shares through the stock exchange.

The BSEC has already drafted the Bangladesh Securities and Exchange Commission (Direct Listing of Securities on the Stock Exchange) Rules, 2026 and published the draft for public consultation.

The proposed rules are intended to provide an alternative route for established companies to list on the stock market without raising fresh capital through an initial public offering.

According to the proposed rules, companies meeting the prescribed eligibility criteria would be able to apply for direct listing.

The regulator is encouraging companies that fall within the proposed framework and are interested in listing to take the necessary preparations in advance. This would enable eligible companies to move forward with the listing process once the proposed rules come into effect.

Under the proposed mechanism, a company itself would not raise fresh funds through the listing process. Rather, existing shareholders would get an opportunity to sell or offload their holdings through the stock exchange.

At present, companies seeking to raise funds from the capital market can enter through an initial public offering (IPO). However, established companies that do not require fresh capital but want to become publicly traded would have an alternative route under the proposed direct-listing framework.

The BSEC expects the proposed system to increase the participation of new and capable companies in the capital market. It would also create an opportunity for existing shareholders to offload their shares and help expand the depth and breadth of the market.

The proposed framework could therefore allow companies with different capital requirements to choose different routes to the stock market. Companies requiring fresh capital could use the IPO process, while established companies that do not need additional funds could potentially opt for direct listing.

The BSEC said the draft 'Bangladesh Securities and Exchange Commission Rules, 2026' would be made effective soon through gazette notification.

The regulator said it is continuing policy and regulatory reforms to expand listing opportunities and encourage more capable companies to participate in the capital market, with the aim of developing a deeper, more diversified, transparent and efficient market.

Bangladesh sells garment items to the European Union (EU) at less than half the prices of those from Vietnam because of the lack of high-value garment items in Bangladesh’s export basket.

Among the cheapest suppliers to EU buyers, Bangladesh ranks second-lowest in terms of export prices among major suppliers such as China, Vietnam, India and Cambodia.

In the price chart, Bangladesh is only above Pakistan, the cheapest supplier.

For instance, the unit price of Bangladeshi garment items fell to €13.80 per kilogram (kg) from €15.07 in the corresponding period of 2025, posting an 8.47 percent year-on-year fall, according to data from Eurostat.

However, Vietnam’s average price rose to €29 per kg in the first six months of this year from €25.95 in the same period last year.

In the same period, garment items exported by China experienced a 2.18 percent price fall, Eurostat also said.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said Vietnam sends high-value garment items to the EU, while Bangladesh still exports low-end items.

The price of low-end garment items is low, but the volume is high, he said. On the other hand, the value of high-end garment items is high, but the volume is low, he added.

For instance, if a T-shirt is sold at $2 from Bangladesh, the price of the same T-shirt from Vietnam is over $4, he said.

He also blamed unhealthy price competition among exporters domestically for lower prices from international clothing retailers and brands.

At the same time, Cambodia’s price rose by 7.86 percent to €18.67, gaining share while charging more, the opposite of Bangladesh’s pattern.

Turkey also saw a price hike of 1.53 percent, hitting €28.31 from €27.88.

Garments from India and Pakistan to the EU both registered a fall in prices. India experienced a 1.76 percent fall in garment export prices, while Pakistan recorded the highest decline, at 14.74 percent year-on-year, to €10.77.

In the first six months of this year, the average import price of garments by the EU was €19.84 per kg, down 1.93 percent from €20.23 per kg in the same period last year, Eurostat also said.

The EU apparel import market shrank overall. Total imports fell 5.10 percent by value to €54.38 billion and 3.23 percent by volume to 2,688.66 million kg. The average unit price across all sources dropped 1.93 percent to €19.84 per kg.

Bangladesh’s exports fell further than the market, declining 13.65 percent to €10.37 billion in value and 5.66 percent in volume to 751.91 million kg in the January-July period. As a result, it lost share rather than simply following the wider pullback.

Laos has suspended approval of new work permits, labour import plans and labour projects for Bangladeshi nationals nationwide from 1 September through the end of 2026, citing concerns over illegal entry, human smuggling and unauthorised labour recruitment.

The suspension was reported by English-language Lao news website Laotian Times on 14 September, citing a directive issued by Laos' Ministry of Labour and Social Welfare on 9 September.

The ministry said the measure aims to curb illegal entry, human smuggling, unauthorised labour brokers and employers who evade responsibility for workers they bring into the country. However, the directive did not explain why Bangladeshi nationals were specifically targeted.

Major government-approved priority projects with fixed contract schedules will be exempt from the freeze.

The order bars individuals, companies, employers and labour operators from independently authorising the entry or employment of Bangladeshi nationals. Laos has also stopped approving Labour Visa (LA-B2) permits for Bangladeshi workers through the end of 2026.

Violators could face fines, deportation and possible revocation of business licences. Employers importing or employing workers without authorisation face a fine of LAK2.5 million, or about $110, per worker per violation. The same penalty applies to those importing workers for redistribution to other labour units.

Employers using or accepting workers assigned to another labour unit face a fine of LAK2 million, or about $89, per worker per violation.

Workers moving to unauthorised worksites without permission face a LAK1 million, or about $44, fine per instance and deportation within 30 days. Employers or other violators must bear deportation and travel costs.

Repeat violations within the same category could result in triple fines and possible legal prosecution, according to the report.

The Lao ministry did not disclose the number of Bangladeshi workers currently employed in the country or the sectors most affected. Bangladeshi workers in Laos have traditionally been employed mainly in construction and manufacturing, according to Laotian Times.

The Cabinet Committee on Economic Affairs has recommended in principle the import of an additional 695,000 tonnes of fuel oil, including gas oil and jet fuel, under the government-to-government (G2G) arrangement for September-December 2026.

The additional quantity is equivalent to 10 percent of the amount already approved for import through the G2G process for the 2026 calendar year.

The Energy and Mineral Resources Division placed the proposal before the committee, which recommended its in-principle approval.

The committee also recommended final approval of contracts for selecting private partners to reopen two textile mills under the Bangladesh Textile Mills Corporation (BTMC) through the public-private partnership (PPP) model.

The first contract concerns Magura Textile Mill, which is under the control of BTMC under the Ministry of Textiles and Jute.

The second involves Darowani Textile Mill in Nilphamari, also controlled by BTMC.

Both proposals were placed by the Ministry of Textiles and Jute and received the committee's recommendation for final approval of the contracts for selecting private partners.

The decisions were taken at a meeting of the Cabinet Committee on Economic Affairs yesterday (15 September).

The government will import refined fuel worth Tk12,537 crore from China and Indonesia between September and December under government-to-government (G2G) arrangements.

The fuel will be procured from China's Unipec and PetroChina and Indonesia's BSP, according to the Public Relations Department of the Finance Ministry.

The Cabinet Committee on Government Purchase approved the procurement proposals at a meeting chaired by Finance Minister Amir Khosru Mahmud Chowdhury today (16 September).

Earlier, the Cabinet Committee on Economic Affairs had given in-principle approval to import an additional 695,000 tonnes of fuel oil through the G2G process for the September-December period, beyond the previously approved quantity.

The purchase committee also approved a proposal to procure an additional cargo of LNG from QatarEnergy Trading LLC by 10 November under a long-term contract.

The LNG will be priced at the Japan-Korea Marker (JKM) plus $0.02 per MMBtu, which is lower than the price under the long-term LNG contract signed with US-based Gunvor.

Stocks made tentative gains at the start of the Asian trading session on Wednesday as a rise in global bond yields and oil prices paused ahead of the Federal Reserve's policy decision due later in the day.
MSCI's broadest index of Asia-Pacific shares outside Japan fluctuated between gains and losses after declining for four consecutive sessions and was last up 0.2 per cent, led by a 0.8per cent gain in Korean shares. S&P 500 e-mini futures nudged 0.1per cent higher.

Overnight on Wall Street, the S&P 500 slumped 0.5 per cent, marking its second consecutive day of declines as the yield on the 10-year Treasury bond hit its highest level since 2007.

"US equity markets closed lower overnight as rising Treasury yields, another jump in crude and the polarised debate around pacing AI development left the market in a cautious mood," said Tony Sycamore, market analyst at IG in Sydney.

The yield on the US 10-year Treasury bond was 0.8 basis point lower at 4.9875 per cent in Asian trade after breaching the 5 per cent mark on Tuesday for the first time in three years, ahead of a rate decision from the Federal Reserve and a media conference by Fed Chair Kevin Warsh.

Traders believe that a hike from the Federal Reserve is almost assured, pricing an implied 92.4 per cent probability of a 25-basis-point hike when it announces its policy decision, according to the CME Group's FedWatch tool, compared to a 59.4 per cent chance a week ago.

The US dollar index, which measures the greenback's strength against a basket of six currencies, was trading near a two-week high at 99.656.

Oil prices slipped as trading resumed in Asia, with Brent crude futures down 0.6per cent at $108.08 a barrel after rising 2.9 per cent on Tuesday after shipping industry sources said crude loadings at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers.

Digital assets extended losses after the US Senate on Tuesday voted against advancing comprehensive cryptocurrency legislation backed by President Donald Trump. Bitcoin slid 0.1per cent to $75,816.24, while ether slipped 0.2 per cent to $2,403.27.

Bangladesh's request for a smooth-transition mechanism after the graduation from the least-developed-country (LDC) category is "legitimate", says WTO deputy chief Xiangchen Zhang about the country's move for getting the process deferred.
The country will face changes in preferential treatment and new obligations under World Trade Organisation (WTO) rules after the graduation.

The Deputy Director-General (DDG) of the global trade body expressed his opinion here Wednesday at a training session titled 'The WTO's Work on Trade and development' held at the WTO headquarters in Geneva with participation of journalists from different countries. The session was organised under the Journalist Programme on Global Trade Polices in the context of the WTO Public Forum 2026.

"LDC graduation is an important subject in the WTO. Bangladesh, together with some other LDCs like Cambodia and Nepal, will graduate from the group. First of all, it is a subject for celebration. It is a demonstration of the progress you have made," Zhang said.

At the same time, he noted, graduating LDCs have legitimate grounds to seek a smooth transition to help them adjust to the changes arising from the loss of LDC-specific trade benefits.

Eligibility for LDC-specific support measures for a period beyond graduation is referred to as a smooth-transition period.

Bangladesh is scheduled to graduate from the world's poor-country club in November this year. The government has, however, submitted a formal request for deferring the gradation for three more years. If approved by the United Nations, the country will graduate in 2029.

Zhang drew an analogy with policies in China, saying that some regions below a certain poverty line receive additional government support and preferential treatment. When those regions move above the threshold, the benefits are withdrawn, which is a sign of progress but can also justify a transitional period.

"In China, our policy is that we give those countries some transitional period of time -- five years -- to continue to enjoy the preferential treatment," he told the journalists.

He said some WTO members had already responded positively to calls for extending preferential treatment for graduating LDCs for an additional three years. He mentions the European Union, the United Kingdom, Australia and Japan. "Not all the countries did the same," Zhang said, adding that the LDC Group, led by Bangladesh, is continuing to push for a smooth transition while the WTO is facilitating discussions among members.

There are currently 44 LDCs on the United Nations (UN) list of which 37, including Bangladesh, have become WTO members to date. Four LDCs are negotiating to join the WTO now.

The 13th Ministerial Conference (MC13) has provided graduating LDCs additional time to align with WTO disciplines on dispute- settlement system and also be eligible for LDC-specific technical assistance and capacity building.

Referring to his visit to Bangladesh two years ago, Zhang said he had witnessed the country's economic progress and the development of emerging industries, including the pharmaceutical sector.

He said graduating LDCs should also focus on specific areas where the impact of graduation could be significant, particularly emerging industries.

Bangladesh needs to understand the implications of new obligations arising from graduation, particularly those relating to the WTO's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), he said.

"The TRIPS obligations are important for this new emerging industry," Zhang said, referring to Bangladesh's pharmaceutical sector.

He notes that Bangladesh had requested WTO assistance and training on intellectual-property rules for both government officials and entrepreneurs.

"I think it is the right approach."

In 2026, the organisation has conducted training on the TRIPS Agreement and Bangladesh's LDC graduation, focusing on intellectual property-related issues and the obligations that will become relevant after graduation.

Zhang has previously highlighted the need for graduating LDCs to prepare for changes in areas that include TRIPS, agricultural policies and non-agricultural subsidies, while stressing the role of WTO technical assistance in supporting the transition.

Meanwhile, Wednesday was the second day of the public forum, WTO's biggest annual outreach event. This year forum focuses on the fast-growing diversification of the trade in services.

Bangladesh and Italy have discussed enhancing investment, technological cooperation and business partnerships in the country's leather sector, including a possible visit by a Bangladeshi delegation to Italy.
The discussion was held between Commerce Minister Khandakar Abdul Muktadir and Italian Ambassador to Bangladesh Antonio Alessandro at the Ministry of Commerce in the city, BSS reports citing a press release.

Prime Minister's Finance and Planning Adviser Professor Dr Rashed Al Mahmud Titumir was present at the meeting.

Muktadir said the proposed Italy visit would focus on attracting new investors, expanding technological cooperation and strengthening international partnerships in Bangladesh's leather industry.

The Italian ambassador proposed visits to Milan, Florence and Rome to showcase Bangladesh's leather-sector capabilities, environmentally friendly production facilities and investment opportunities to Italian businesses and investors.

He suggested holding meetings with business organisations in Milan, visiting leather industry areas in Tuscany in Florence and conducting government-level discussions in Rome to establish effective contacts with potential investors.

The meeting also underscored the importance of ensuring international-standard certification, environmental management and an investment-friendly environment in Bangladesh's leather industry.

The Italian ambassador said progress in these areas would help expand mutually beneficial partnerships between companies of the two countries.

Waste management at the Savar Leather Industrial Estate also came up for discussion.

The Bangladesh side said large factories would be encouraged to develop their own waste-management facilities while central facilities would continue to be maintained for smaller factories. Plans are also being taken to promote the recycling of industrial waste.

The meeting also discussed the registration process of the Italy Chamber of Commerce and Industry in Bangladesh.

Both sides expressed optimism about further strengthening trade, investment and industrial cooperation between Bangladesh and Italy.

Bangladesh's foreign exchange reserves stood at US$36.32 billion (gross), according to the latest data released by Bangladesh Bank (BB) on Wednesday.

The country's gross foreign exchange reserves reached US$36.32 billion, while reserves calculated under the IMF's BPM6 methodology stood at US$31.47 billion.

BRAC Bank has become the only Bangladeshi bank to feature in Forbes' inaugural "World's Top Performing Banks 2026" ranking, which listed the top 500 banks from 89 countries around the globe.

The US business magazine published the ranking, compiled in partnership with market research firm Statista, for the first time on 9 September, assessing banks based on their financial strength and performance.

According to Forbes, the ranking is based on objective financial data, drawing on information and research from leading data providers such as S&P Capital IQ, as well as data provided by the banks themselves.

The banks were evaluated across four key indicators: profitability, growth and earnings quality, capital and funding resilience, and asset quality and efficiency.

In addition, the banks were divided into six tiers based on their asset size.

Banks with assets exceeding $500 billion were classified as Tier 1 or global banks, while those with assets between $100 billion and $500 billion were placed in Tier 2 or large banks. Banks with assets between $50 billion and $100 billion were classified as Tier 3 or upper mid-size banks.

Banks with assets between $20 billion and $50 billion were placed in Tier 4, those with assets between $10 billion and $20 billion in Tier 5, and banks with assets between $3 billion and $10 billion in Tier 6.

BRAC, with 7,483 employees, ranked 73rd in Tier 5, the lower mid-size banks category, according to Forbes.

Established in 1999, BRAC Bank is currently led by Tareq Refat Ullah Khan, who serves as its managing director and chief executive officer.

Talking to TBS today (16 September), Tareq said, "This is a proud and meaningful milestone for BRAC Bank and Bangladesh. Being the first Bangladeshi bank to be featured in Forbes' 2026 list of the World's Best Banks, ranked 73rd among Lower-Middle Size Banks, is a recognition of our collective journey."

He also reaffirmed that they will remain firmly committed to building the Bank on the foundations of good governance, transparency and trust, while creating lasting value for our customers and the country.

"We are deeply thankful to our Board, customers, regulators and, above all, our colleagues across BRAC Bank, whose trust, dedication and hard work have made this recognition possible," added the managing director.

500 banks from 89 countries assessed on financial strength

BRAC Bank has been named the first and only Bangladeshi bank in Forbes' inaugural World's Top Performing Banks ranking, based on objective financial performance and balance sheet strength.

The ranking was prepared in partnership with market research firm Statista, a global data and business intelligence platform providing statistics, reports and insights across more than 80,000 topics, 22,500 sources and 170 industries.

The ranking used data from S&P Capital IQ, desk research and bank submissions, focusing on financial performance and balance sheet strength rather than customer surveys used in Forbes' previous rankings.

There are roughly 25,000 to 30,000 full-license commercial banks worldwide. Based on data availability and eligibility, 500 banks from 89 countries were selected for the final list.

The banks were assessed across four key dimensions: profitability, which carried a 30% weight; growth and earnings quality, 20%; capital and funding resilience, 25%; and asset quality and efficiency, 25%.

Why BRAC Bank earned the Forbes recognition

BRAC Bank's financial performance across these four dimensions placed it among the banks selected for the ranking.

On profitability, which was assessed using return on assets (RoA) and cost-to-income ratio, BRAC Bank's consolidated RoA stood at 1.67% in June 2026.

Its cost-to-income ratio, reflecting operational efficiency, stood at 42% during the same period.

On asset quality and efficiency, which considers credit quality, risk management and balance sheet resilience, the bank's non-performing loan (NPL) ratio stood at 2.03% in the first half of 2026.

BRAC Bank maintained Tk10,340 crore in regulatory capital, comprising Tier 1 and Tier 2 capital, which was the highest among Bangladeshi banks.

Its Capital to Risk-Weighted Assets Ratio (CRAR) stood at 15.81% in June 2026, above the minimum regulatory requirement of 12.5%.

For capital and funding resilience, assessed based on equity ratio and loan-to-deposit ratio, BRAC Bank's consolidated return on equity (RoE) stood at 21.52% in June 2026, while its advance and deposit ratio (ADR) stood at 59.94%.

On growth and earnings quality, which considers three-year earnings growth and stability as well as deposit growth, BRAC Bank recorded net profit after tax (NPAT) of Tk2,251 crore in 2025, representing around 57% year-on-year growth.

The bank's NPAT also increased 57% year-on-year to Tk1,423 crore in the six months ended 30 June 2026, compared with Tk906 crore in the corresponding period of 2025.

Its customer deposits reached Tk100,915 crore at the end of August 2026. The bank had achieved 29% year-on-year growth in customer deposits at the end of 2025 compared with the previous year.

BRAC Bank's international credit ratings also strengthened its standing, with a B+ rating from S&P Global Ratings and B2 from Moody's.

BRAC Bank falls under lower mid-size tier

Forbes grouped the banks into six asset-size tiers to enable comparisons among similarly sized institutions.

Tier 1 comprises banks with assets above $500 billion, Tier 2 includes those with $100–500 billion, Tier 3 $50–100 billion, Tier 4 $20–50 billion, Tier 5 $10–20 billion and Tier 6 $3–10 billion.

BRAC Bank falls under Tier 5, or lower mid-size banks, based on its total asset size.

The bank said the recognition is more than a global accolade and represents independent recognition of the underlying strength, quality and resilience of its financial performance.

It also said the recognition reflects the trust of its customers and the collective efforts of its colleagues, while encouraging the bank to continue building a stronger and more sustainable institution.

Country-wise representation

The final ranking includes 160 banks from the United States, including JPMorganChase, Wells Fargo, Bank of America, US Bancorp and PNC.

China has 26 banks on the list, including China Merchants Bank, Bank of Ningbo, China Construction Bank and Bank of China.

Among South Asian countries, India has 26 banks, including HDFC Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank and Axis Bank.

Pakistan has four banks: Allied Bank, MCB Bank, Meezan Bank and United Bank.

Sri Lanka has three banks: Commercial Bank of Ceylon, Hatton National Bank and Sampath Bank.

The Maldives has one bank, Bank of Maldives, while Nepal, Bhutan and Afghanistan have no banks represented in the ranking.

Beximco Pharmaceuticals is set to overhaul its board and sever a key link with its embattled sponsor group as the drug maker seeks to shield its business and investors from the political fallout surrounding Vice Chairman Salman F Rahman.
Mr Rahman has agreed to step down from the board after the company informed the Bangladesh Securities and Exchange Commission (BSEC) that his continued involvement could hamper business and shareholders' interests.

His departure would mark a significant shift in governance for one of the country's largest listed drug makers, whose corporate fortunes have increasingly been overshadowed by the legal and financial troubles that have entangled the Beximco Group, market operators said.

BSEC Executive Director and spokesperson Md Abul Kalam said Beximco Pharma had recently sent a letter to the regulator regarding the restructuring of its board.

However, he said the restructuring process would depend entirely on the company, including decisions on who would remain on the board and who would step down.

"When the appointment of independent directors comes before the regulator, the commission will examine whether the proposed candidates meet the criteria," Mr Kalam told The Financial Express.

Mr Rahman, former private industry and investment adviser to the Awami League government, has remained in custody since his arrest in August 2024 following the political changeover. He is currently under investigation by the Anti-Corruption Commission (ACC) in several money-laundering cases.

Mr Rahman's continued physical absence from board meetings has emerged as a concern for investors, particularly foreign investors, amid the changed political and regulatory environment.

The reconstituted board, as proposed by the company, would comprise three sponsor-group directors, four independent directors, one director nominated by IFIC Bank and the managing director as an ex-officio director, according to BSEC sources.

The securities regulator has reportedly responded positively to the proposed structure.

The new structure would have the sponsor group's representation reduced while the number of independent directors would increase amid investors' demand for stronger corporate governance and a greater distance from the Beximco Group.

Foreign shareholders, who hold a significant 26.90 per cent stake in Beximco Pharmaceuticals, reportedly supported Mr Rahman's removal from its board in the interest of the company.

Initially, the BSEC invited foreign investors to take board seats, but they declined, prompting the regulator to move towards increasing the number of independent directors, according to a BSEC official requesting anonymity.

Dual-listed on the London Stock Exchange's Alternative Investment Market (AIM), Beximco Pharma must subject all incoming directors to standard international due diligence. The vetting process is expected to take four to six weeks.

Governance key to investor confidence

Market operators said the key issue is not merely the departure of an individual director, but whether the reconstituted board can exercise greater independence, strengthen oversight and protect investors' interests.

Salim Afzal Shawon, head of research at BRAC EPL Stock Brokerage, welcomed the move, saying the proposed restructuring, if implemented properly, could help insulate Beximco Pharma's operating business from the wider group's governance and financial problems.

"The restructuring could send a positive signal to investors about the company's prospects, particularly if the new board can demonstrate greater independence, transparency and accountability.

"The key issue now is who will join the new board, attend board meetings physically and actively participate in decision-making," said Mr Shawon.

Company Secretary Mohammad Asad Ullah could not be reached for comment.

Earnings remain strong

The board restructuring comes at a critical time for Beximco Pharma. While the company has shown financial resilience, governance issues remain a major concern.

The company reported a profit of Tk 7.05 billion for the first nine months through March this year, up 34 per cent year-on-year, while revenue rose 13 per cent to Tk 41.42 billion during the period.

The drug maker's annual profit also jumped 19 per cent year-on-year to Tk 6.99 billion in FY25. The company declared a 47.5 per cent cash dividend for the year, compared with 40 per cent for the previous year.

Its earnings performance has stood in sharp contrast to the financial difficulties faced by some other entities within the Beximco Group, reflecting the strength and resilience of its core pharmaceutical business.

Unlike some group entities facing heavy debt burdens and liquidity pressure, Beximco Pharma has continued to generate strong revenue and profit from its operating business, supported by steady demand for medicines in both domestic and export markets.

London listing

The restructuring also carries additional significance because Beximco Pharma has an international investor base and is listed on the London Stock Exchange (LSE).

The foreign listing exposes the company to greater scrutiny by international investors, who typically place strong emphasis on transparency, board independence and timely financial reporting.

Meanwhile, trading in Beximco Pharma resumed on the LSE in June after a nearly six-month suspension due to the delay in the publication of its financial statements.

Beximco Pharma's stock closed at Tk 149.70 on Tuesday, gaining 1.42 per cent from the previous session at the Dhaka Stock Exchange.

Since taking office, the current government has taken various initiatives to revitalise the country's capital market.

In an interview with The Business Standard, Prime Minister's Special Assistant for Investment and Capital Market Affairs Tanvir Shahriar Ghani outlined the measures and talked about the country's overall investment environment.

Ghani expressed optimism that visible positive changes will emerge in the capital market within the next two to three months if these initiatives are implemented.
He said Bangladesh's capital market is heavily dependent on retail investors, while institutional investors account for a very small share. As a result, even minor developments can trigger panic in the market and lead to increased selling pressure.

"We are planning measures to increase the participation of foreign institutional investors and expand the involvement of domestic institutional investors. Taken together, we are working to build a better capital market in the future," he said.

Following the new government's assumption of office in February, the capital market returned to an upward trend, with significant changes in both the market index and trading activity.

Nearly four months after the new government took office, changes were made to the top leadership of the Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator.
'Maximum focus on liquidity and institutional investor depth'

Tanvir Shahriar Ghani said the country's capital market faces numerous problems and obstacles at almost every stage.

"Steps have already been taken to remove these obstacles. An efficient team at BSEC is working on them. The finance ministry and Bangladesh Bank are also providing various forms of support. Everything will gradually become visible.

"Our maximum focus is on two areas: first, liquidity, and second, institutional investor depth," he said

"If we can address these two issues, many problems will be reduced, although it will take time," he added.

Ghani said Bangladeshi companies are highly leveraged, with some having negative equity. He said he has prepared a three-year action plan to help convert this negative equity into positive equity.

Ghani pointed out that the plan is not limited to any particular company but will apply to companies across all sectors.

Highly leveraged companies will be able to raise capital through preferred shares, warrants or initial public offerings (IPOs), reducing negative equity and returning to financial stability, he said.

He expects the capital market to grow exponentially.

"Our objectives are to bring foreign fund managers into the capital market and dramatically shift the composition of the investor base towards institutional investors," he said.

He also said the capital market would see greater product diversification, with derivatives and other products to be introduced. Work is also underway on a commodity exchange.
'Long-term projects must come to the capital market'

Ghani said there is currently a major mismatch in the country's bank lending system.

"Banks take deposits with one-year maturities but provide loans for projects with maturities of 12 years or more. This is a major mismatch.

"We are working to bring changes to this. Bangladesh Bank is also working on it. If long-term projects need to raise capital, they will have to come to the capital market," he said.

He said legal changes were being made to bring strong and fundamentally sound companies to the capital market.

"Experienced people have been appointed to the current commission. They are market-friendly and are continuously working on what can be done for the capital market," he said.

He said a lack of confidence remains a major issue in the country's capital market.

"If the measures the government is taking to develop the capital market can be implemented, confidence will increase," he said.

Previously, it took 18-24 months to approve an IPO. This will now be reduced to two to three months, he said.
'Investment-friendly environment essential'

Ghani said attracting foreign investment requires an investment-friendly environment, but there are numerous obstacles to creating such an environment.

"The government is taking initiatives to resolve these problems.

"To improve the investment environment, steps are being taken to address legal issues and obstacles related to the National Board of Revenue (NBR) and Bangladesh Bank. There will be significant improvements in these areas in the future," he said.

"The new government is extremely focused on making all organs of the government function properly and on trying to do the right things. If we can do these things, Bangladesh will be a miracle country, and a $1 trillion economy will really be possible," he said.

Ghani added that the government is taking initiatives every day to create a more investment-friendly environment. Discussions are also underway on which sectors should receive incentives and which incentives should be reduced so that investment in the country can increase.

According to latest statistics, the private-sector credit growth hit a historic low at 4.47 per cent in June and then edged up to 4.62 per cent by end of July last.

The growth had remained pegged below 5.0 per cent for consecutive five months as 4.72 per cent, 4.75 per cent and 4.98 per cent were recorded in March, April and May respectively.

The private credit growth stayed weak belying a number of financial and fiscal measures taken up by Bangladesh Bank (BB), including a Tk 600-billion stimulus package, to breathe life in the economic activity, and generate employment by way of reopening the stalled manufacturing bases across the country,

Even in the half-yearly monetary policy statement (MPS) for July-December, the central bank made a private-sector-credit-growth projection at 6.80 per cent by December.

To achieve the end, the regulator cut the policy rate by 50 basis points to 9.50 per cent on July 30.

Yet, the muted credit growth suggests that both demand for fresh loans and banks' willingness to lend remain subdued.

A Bangladesh Bank official has said the regulator has provided policy support to struggling borrowers, including a facility allowing them to regularise loans with a two-year moratorium after paying 2.0 per cent of their outstanding loans as a down payment.

The central bank later eased the payment requirement in February after many borrowers struggled to make the 2.0-percent payment. Under the revised arrangement, half of the stipulated amount has to be paid upon approval, with the remaining 50 per cent due within six months of the effective date.

"Despite these facilities, the credit growth for the private sector has not got momentum yet," the official said.

Such reluctance in investment credits is attributed to banks becoming more cautious amid higher non-performing loan (NPL) regime and private borrowers losing their credit appetite due to multiple anti-business factors, including energy crisis, prevailing global economic uncertainty due to geopolitical tensions, exchange-rate shocks, and higher inflation which is deemed not investment-friendly.

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem says entrepreneurs have been battling hard to survive on the market under these prevailing desperate business and investment climates.

Terming the ongoing energy crisis a severe blow to businesses, the business leader says many factories have been struggling to continue production in the industrial belts.

"Under such circumstances, who dares to think of business expansion? I don't know how the growth (4.62 per cent) has happened and who are the borrowers? Will they be able to repay the loans? I have enough doubt," he adds.

According to BB data, the import growth for capital machinery and industrial raw materials became negative of 3.57 per cent and 5.78 per cent by the end of July.

NCC Bank Managing Director M Shamsul Arefin has observed that geopolitical tensions have made the global economy highly uncertain, with spillover effects on the domestic economy and local entrepreneurs. "In addition, the persistent energy crisis in industries is further aggravating the situation by disrupting industrial production."

NRBC Bank Managing Director and CEO Md Touhidul Alam Khan notes that increasing inflation, declining household incomes and weak export demand have significantly reduced market appetite.

At the same time, persistent gas shortages are forcing factories to operate well below capacity. "As a result, the opening of letters of credit (LCs) for trade has nearly come to a standstill."

He further notes that credit supply has also tightened as banks have become increasingly risk-averse. With non-performing loans surging to more than 32 per cent of total outstanding loans, banks are reluctant to extend fresh credits for fear of further defaults. Instead, financial institutions are channeling funds into relatively risk-free government treasury bills and bonds rather than lending to the private sector.

This has effectively deprived businesses of much-needed financing, underscoring the importance of recent central bank interventions to restore economic stability, he adds.

Policy Exchange Bangladesh Chairman M Masrur Reaz has mentioned multidimensional factors like numerous detrimental events -- Covid-19 pandemic, Russia-Ukraine war, volatile political transition after 2024 mass uprising, failure in regulatory policy enforcements and ongoing tension in the Middle East.

Apart from these, he said, the high inflation dampens market demand. It significantly reduced the industrial output. "And the ongoing energy crisis due to the local policy failure for more than 15 years worsens the situation further."

The economist also notes that the country's development expenditure and public investment in the last two fiscals (FY25 and FY26) were the lowest in recent years, which is another reason as these development works are executed by the private-sector entrepreneurs.

Houthi rebels in Yemen have rapidly advanced along the Red Sea coast in recent days, taking control of the vital port of Mocha and strategic islands near the Bab el-Mandeb Strait, raising fresh concerns over a key route for global shipping.

The strait is a major maritime chokepoint connecting the Mediterranean Sea with the Indian Ocean. With the Strait of Hormuz opening and closing intermittently this year, Bab el-Mandeb has become an increasingly important alternative route for oil, liquefied natural gas (LNG) and other goods moving through the region, reports The Conversation.

Saudi Arabia, in particular, has been diverting up to 64% of its oil exports through the East-West pipeline to the Red Sea port of Yanbu, from where the oil is shipped through Bab el-Mandeb.

Just days ago, drones struck the Saudi pipeline, pushing oil prices higher. The damage is expected to take weeks to repair. The attacks reportedly originated in Iraq and appeared to have been carried out by an Iranian-backed armed group.

For now, shipping through the Red Sea appears to be continuing largely unaffected. However, the latest escalation could have wider consequences as the conflict between the United States and Iran continues.

Another blow to oil markets

The Houthis' territorial gains add to pressure on Saudi oil exports. Their advance is part of Yemen's ongoing civil war between the Iran-backed Houthis and the Saudi-backed government, the Presidential Leadership Council.

Saudi Arabia was actively involved in a combined air and limited ground campaign against the Houthis from 2015 until a truce was reached in 2022. The fragile truce held until this year.

The Houthis have said Saudi vessels and the country's oil sector are direct targets. But countries across Europe, Asia and Africa also depend on goods moving through Bab el-Mandeb.

Mocha is about 75 kilometres north of the strait. From this strategic position, the Houthis could disrupt shipping in and out of Bab el-Mandeb.

Maritime traffic can be brought to a halt using relatively light asymmetric means, including drones, anti-ship missiles and fast attack boats.

Preparing for a long war

The Houthis' growing control over a vital Red Sea shipping route marks a significant development in the ongoing conflict involving the United States and Iran. It suggests the group, and by extension Iran, may be preparing for a prolonged confrontation with Washington.

Although Iran has not directly acknowledged involvement in the operation, the analysis cited by The Conversation argues that it is highly unlikely the Houthis would have acted without Tehran's approval. Iran and the Houthis now have significant leverage over two vital waterways for global shipping.

The timing and strategic importance of the gains also suggest the move was not coincidental, according to the analysis. It indicates Iran may be seeking to use its leverage to increase pressure on the global economy, the US and neighbouring countries.

Disruption becomes a new reality for global shipping

Global supply chains have become increasingly vulnerable to geopolitical disruptions.

Even before the US-Iran conflict began earlier this year, a 2025 UN Trade and Development report projected that shipping disruptions could continue until at least 2030, with rerouting becoming increasingly common.

The latest Houthi advance also points to an erosion of US influence over global shipping. US President Donald Trump said on 12 September that the Houthis had asked Washington not to intervene.

He also declined a request from the Saudi Crown Prince to join Saudi strikes against Houthi targets in Yemen.

As Bab el-Mandeb becomes increasingly dangerous, countries in the region are likely to step up efforts to develop road and rail routes for transporting goods out of the region.

However, building and fully operationalising such alternatives will take time, and they will not be able to handle the same volume of goods as maritime routes.

Meanwhile, higher fuel prices and rising inflation could put further pressure on the global economy, forcing it to adjust to a changing trade environment.

Europe could be drawn into the conflict

A complete closure of Bab el-Mandeb could draw European allies more directly into the US-Iran conflict, something they have so far sought to avoid.

European leaders have refused to join the US in a military blockade of the Strait of Hormuz or efforts to reopen the waterway by force. Trump has criticised European leaders for their reluctance to join the US war with Iran.

The situation is different in Bab el-Mandeb. The European Union is involved in protecting freedom of navigation in the Red Sea through a defensive maritime operation.

A prolonged crisis could therefore draw European countries more directly into confrontation with the Iranian-backed Houthis and potentially Iran.

Could the crisis escalate further?

The direction of the crisis will depend largely on the actions of Saudi Arabia and the Houthis in the coming weeks.

According to Houthi-controlled media, Saudi Arabia carried out air strikes this week on Mocha airport and other targets in Yemen.

If Saudi Arabia resumes an all-out bombing campaign, it would decisively break the 2022 truce with the Houthis.

Another key question is how far the Houthis will use their new strategic position around Bab el-Mandeb to target commercial vessels.

In August, the Houthis targeted a cargo ship in the Red Sea, killing six people.

Any further attacks on commercial vessels resulting in additional loss of life could trigger a response from Saudi Arabia, the EU and possibly the US.

Bangladesh’s exporters are losing ground to regional competitors as rising energy, financing and logistics costs squeeze profit margins and make it increasingly difficult to match the prices and delivery times offered by countries such as Vietnam, China and India.

The pressure is becoming harder to absorb because exporters have little scope to pass higher costs on to overseas buyers, raising the risk of lost orders and shrinking market share.

Bangladesh’s merchandise exports declined by nearly 5 percent in 2025, falling to $47.74 billion compared with the previous year, according to official data.

By comparison, Vietnam’s exports grew 16.8 percent in 2025 and China’s 5.5 percent, while global merchandise exports increased 7.2 percent, data from the World Trade Organization and UN Trade and Development (UNCTAD) showed.

Even a small difference in price can determine where an order goes, industry leaders say. The continuing conflict in the Middle East and the Trump administration’s additional 10 percent tariff are now adding to the pressure on exporters, making it harder for them to compete.

Buyers may shift orders when Bangladesh’s free-on-board (FOB) price – the price before shipping and insurance – is just 1-2 percent higher than that of a competitor, said Asif Ibrahim, vice-chairman of New Age Group.

For a $4 garment, a 1-2 percent difference amounts to only 4-8 cents per piece.

But on a one-million-piece order, that could mean a difference of $40,000-$80,000, explained Asif, who is also a former director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

“Bangladesh has already lost orders to Vietnam, India, Pakistan, Sri Lanka and Indonesia, particularly when buyers prioritise price and delivery reliability,” Ibrahim said.

He said industry estimates suggest production costs have risen by around 30-40 percent over the past several years, driven by higher gas and electricity prices, wages, interest rates and exchange-rate depreciation.

But buyers have generally not increased the FOB prices proportionately.

ENERGY, LOGISTIC COSTS RISE

Energy has emerged as one of the biggest constraints. Bangladesh’s electricity tariff increased nearly 19 percent, from Tk 8.95 per unit in February 2024 to Tk 10.63 in June 2026.

In April 2025, gas tariffs for new industrial connections rose 33.3 percent to Tk 40 per unit, while captive power gas prices increased 36.6 percent to Tk 42.

“Even a 2–3 percent reduction in manufacturing costs would be transformative. On $40 billion in RMG exports, 2 percent represents about $800 million in competitiveness,” Ibrahim said.

Meanwhile, logistics costs are adding to the pressure.

Chattogram Port’s October 2025 tariff revision raised service charges by an average 41 percent, while charges for a 20-foot container increased 37 percent to Tk 16,243 from Tk 11,849, according to Fazlee Shamim Ehsan, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

Private inland container depots also increased export-container handling charges by roughly 36-44 percent, he said.

“Exporters often have limited scope to pass these additional costs on to overseas buyers,” Fazlee said.

He said longer logistics lead times, partly linked to the lack of a deep-sea port, are further weakening Bangladesh’s position, while poor branding, bureaucracy, skills shortages and slow automation are compounding the problem.

Riad Mahmud, managing director of Shoeniverse Footwear, said higher interest rates and disruptions in energy supply had significantly increased operating costs and put pressure on cash flow.

He said many banks are either not providing sufficient working capital or are taking too long to process financing, despite government calls for support.

“If the government’s incentives are not implemented in time, high costs will erode our export competitiveness. We risk losing orders and market share to competing countries, and those markets may be difficult to regain,” Riad said.

PROFIT MARGIN FALLING

For some exporters, the squeeze is already hitting profitability.

RN Paul, managing director of RFL, said rising electricity, gas, port and freight costs had increased production expenses, while the company had little room to raise prices because it competes directly with suppliers from China and Vietnam.

“We have no scope to increase prices because we have to compete with China and Vietnam. Our prices have remained static,” he said.

RFL has installed solar power and improved labour productivity to contain costs, but Paul said these measures have not been enough to offset the increase.

The company’s profit margin may have fallen from around 3 percent to 1 percent, he estimated.

As a result, RFL is avoiding some export orders that could result in losses, a shift Paul said would slow market growth.

The competitiveness problem extends beyond individual exporters and could affect investment, employment and economic growth, said Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue.

“The ongoing Middle East crisis, the enforcement of an additional 10 percent tariff under the Trump administration, and other trade-related measures have emerged as serious challenges to exporters’ competitiveness. These factors are significantly increasing the cost of doing business,” he said.

He warned that losing buyers could have long-term consequences because relationships built over years can be difficult to restore once orders move to competing countries.

“Export competitiveness is linked to employment and GDP growth, as well as the inclusiveness of growth. SMEs suffer more from these pressures,” Mustafizur said.

The US Federal Reserve on Wednesday raised interest rates for the first time since 2023, defying President Donald Trump's demand for cuts, as central bank chief Kevin Warsh stressed the need to combat inflation that has been "too high" for "too long."

The Fed's Federal Open Market Committee voted unanimously to raise rates by 25 basis points to between 3.75 and 4.00 percent.

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"The plain fact is that inflation is too high, and has been for too long," Warsh told a press conference, adding that the decision was a "serious" but necessary one.

And Wednesday's rate hike may not be the last -- the vast majority of Fed policymakers indicated that at least one more rate hike was likely necessary before the end of the year, according to their Summary of Economic Projections (SEP).

US households and businesses have been battered by years of higher-than-target inflation, and prices have surged in the wake of Trump's war on Iran, his signature tariff policies and the ongoing AI boom.

The US president reacted angrily to the decision Wednesday, calling it a "raise against Trump" and accusing the Fed's rate-setting committee -- which he called "hostile" -- of making decisions for political reasons.

The president has launched an unprecedented assault on the Fed's independence since taking office, attempting to fire a Fed Governor and launching a criminal probe against Warsh's predecessor in his quest for lower rates to spur economic activity.

Wednesday's statements refrained from directly insulting or criticizing Warsh, as Trump was wont to do with former Fed chair Jerome Powell.

Trump's Republican Party faces a stern test in upcoming midterm elections, with rival Democrats seeking to wrest control of both houses of Congress and economic issues front-and-center for voters.

Growing calls for hike

The Fed had held rates steady since January, choosing to wait to gauge the effects of the Iran war's energy price shocks and to let the impact of tariffs on prices ripple through the economy.

Since July, however, a growing faction of policymakers had indicated a rate hike may be required to tame inflation, as the war grinds on and prices remained elevated, particularly for energy.

On Friday, August's consumer price index came in at 3.4 percent -- unchanged from the month before, but still well above the Fed's long-term two-percent target.

Diane Swonk, chief economist at KPMG, said inflation had "forced the Fed's hand."

"Price pressures remain too elevated and too persistent for policymakers to look through, while the economy and labor market have held up well enough to absorb tighter policy," she said.

In its SEP, the Fed raised its forecast for its preferred gauge of inflation -- the Personal Consumption Expenditures (PCE) price index -- by 0.1 percentage points to 3.7 percent by year-end.

The Fed also raised its projection for GDP growth by year-end to 2.3 percent, up 0.1 percentage points.

Warsh reiterated his belief in the "resilience" of the US economy, citing its strength as being a marker of its ability to absorb tighter financial conditions.

'Rather unfortunate'

US stock markets largely priced in Wednesday's rate hike, but they were still down on the news -- expected with any rate hike as investors adjust their portfolios.

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Yields on 10-year US Treasury bonds -- which have surged in recent days as uncertainty on long-term inflation has spiked -- were also up past the five-percent threshold, a sign that uncertainty remains a factor.

Warsh was named to his position after a contentious Senate confirmation process, during which Democratic lawmakers accused him of being a "sock puppet" for Trump, which he denied.

The Fed has a dual mandate to deliver maximum employment while keeping inflation to its long-term two-percent target.

It mainly achieves these goals by setting the key US interest rate -- lower rates tend to spur economic activity but fuel inflation, and hiking them cools both activity and prices.

The Fed's SEP showed that at least 12 of 18 policymakers who participated in the projection expected one more rate hike would be required before the end of the year.

Four policymakers expect two more rate hikes to be required.

Warsh has criticized the Fed's policy of offering such projections in the past and did not participate in the previous iteration in June.

This projection also included only 18 policymakers, suggesting he had once again withheld his contribution.

The Federal Reserve raised interest rates on Wednesday and flagged more hikes in the coming months, with new US central bank chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration's inability so far to control inflation that policymakers worry could worsen.

While President Donald Trump had promised to lower prices on his watch, the combined impact of his global import tariffs, an energy shock following the start of the US-Israeli war with Iran, and capital spending from the artificial intelligence boom has kept price pressures intense enough that the Fed felt it needed to raise its benchmark overnight interest rate by a quarter of a percentage point to the 3.75%-4.00% range.
Updated quarterly economic projections showed 16 of 18 policymakers anticipate at least one more quarter-percentage-point hike by the end of this year, with only two of them seeing rates remaining stable from here. All but one indicated they saw upside risks to inflation that they no longer described as largely arising from one-off supply shocks.
What do higher rates mean for borrowers and savers?

Warsh, who again did not submit rate or other economic projections, attributed the need for tighter monetary policy in part to an economy he sees as picking up speed, with strong economic and job growth adding to price pressures that no longer seem rooted in oil costs or import tariffs alone.

"There's been a pretty wide-ranging set of data, including the labor markets, that the economy has strengthened," Warsh told reporters in listing the reasons that prompted him to support a rate hike after advocating that rates should remain on hold at the Fed's July 28-29 meeting. "Domestic spending has been resilient, productivity growth strong, and capital investment is robust."

The rate increase was the first such move in three years and the first policy shift under the new Fed chief, who took office in late May after being selected by Trump with an expectation that he would cut rates.

"Inflation remains elevated. Today's policy action will support a timelier return to the committee's 2% goal," the central bank's Federal Open Market Committee said in its policy statement after the end of a two-day meeting.

Warsh, speaking in his post-meeting press conference, called the rate hike the "right decision."

"I would be hard-pressed to describe broad financial conditions as restrictive," he said. "This view was widely shared by the committee, so we removed a dose of accommodation."

Trump responds

Trump reacted quickly, repeating what has been a standing call since returning to office in January 2025 that interest rates in the US should be slashed to perhaps 1%, a level usually associated with Fed efforts to boost the economy out of a crisis and something that would likely be inflationary in normal times.

"Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World — BY FAR. Our Country is BOOMING with new Investment! If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year. The word 'Deficit' is nothing more than a fancy word for LOSS ... LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!" Trump said on his Truth Social platform in comments that, while not mentioning Warsh by name, were reminiscent of the sorts of barbs the president launched routinely at former Fed Chair Jerome Powell.

The president's reaction highlighted the significance of the Fed's move under Warsh on Wednesday. In a truncated press conference, roughly 15 minutes shorter than what was typical under his predecessors, Warsh focused on the emerging evidence that convinced him inflation would not improve at an adequate pace without tighter monetary policy — a direct counter to administration officials' comments that inflation was no longer a problem or would fall on its own over time.

The dollar strengthened broadly and yields on 2-year US Treasury notes — highly influenced by Fed policy rate expectations — shot to the highest in more than two years after the release of the Fed's policy statement and projections. Yields on longer-dated bonds, meanwhile, held steady, flattening the yield curve in an initial vote of confidence that Warsh — who calls inflation a "choice" of the central bank — was at last acting on his running pledge to deliver price stability.

"The Fed has finally begun its hiking cycle, and the debate now shifts from whether rates will rise again to how many hikes lie ahead," said Seema Shah, chief global strategist at Principal Asset Management in London. "The unanimous vote shows that rising energy prices and stubborn inflation have brought even the doves on board, making a one-and-done move highly unlikely."

Indeed, rate futures markets reflect about a 90% probability of a follow-up quarter-percentage-point Fed rate hike by the end of this year, according to CME Group's FedWatch Tool.

The Fed's policy statement and projections show the policy rate rising to the 4.00%-4.25% range by the end of this year and ending 2027 at the same level.

Notably, the policy statement dropped a previous reference attributing current elevated inflation to "supply shocks," particularly in the energy sector, a nod to concerns among policymakers, including Warsh, that price pressures were too broad for comfort.

The rate increase was announced less than two months ahead of midterm elections that will determine whether Trump's Republicans maintain control of Congress for the final two years of his presidency. The Republicans are facing an uphill battle with voters angry about gasoline prices that are about a third higher than a year ago and interest rates on home mortgages that have been rising steadily this year. The average rate on a 30-year fixed-rate mortgage is approaching 7%.

Fed policymakers marked up their estimates of inflation, as measured by the Personal Consumption Expenditures Price Index, to 3.7% versus the 3.6% projected at the meeting in June. Inflation is not projected to return to the 2% target until 2029, a year later than previously expected.

Economic growth was marked up slightly from 2.2% to 2.3%, while the unemployment rate is seen ending the year at 4.1%, versus the 4.3% projected in June.

ঢাকার দুটি পাতাল মেট্রোরেল প্রকল্পের প্রথম সংশোধনী প্রস্তাব অনুমোদন করা হয়েছে। এর মধ্যে বিমানবন্দর-কমলাপুর ‘এমআরটি লাইন ১’-এ ব্যয় হবে ১ লাখ ১৪ হাজার ৩৯৫ কোটি টাকা। অন্যদিকে হেমায়েতপুর-ভাটারা ‘‌এমআরটি লাইন ৫, নর্দান রুট’-এর ব্যয় ধরা হয়েছে ৮৯ হাজার ৮৪৮ কোটি টাকা। এতে প্রকল্প দুটির মোট ব্যয় দাঁড়িয়েছে ২ লাখ ৪ হাজার ২৪২ কোটি টাকায়। গতকাল জাতীয় অর্থনৈতিক পরিষদের নির্বাহী কমিটির (একনেক) সভায় প্রকল্প দুটির প্রথম সংশোধনী প্রস্তাব অনুমোদন করা হয়। একই সভায় ৪৫ হাজার ৫০৩ কোটি টাকা ব্যয়ে এমআরটি লাইন ৫, সাউদার্ন রুট নামে নতুন আরেকটি মেট্রোরেল প্রকল্পও অনুমোদন পেয়েছে।
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এমআরটি লাইন ১ প্রকল্পটি ২০১৯ সালের অক্টোবরে অনুমোদিত হয়। সে সময় ব্যয় ধরা হয়েছিল ৫২ হাজার ৫৬১ কোটি টাকা। তবে অনুমোদনের সাত বছর পার হতে চললেও এখনো মাঠ পর্যায়ে মূল অবকাঠামোর নির্মাণকাজ শুরু হয়নি। এখন প্রকল্পের মেয়াদ সাত বছর বাড়িয়ে ২০৩৩ সালের ডিসেম্বর পর্যন্ত করা হয়েছে।

২০১৯ সালে অনুমোদনের সময় এমআরটি লাইন ৫, নর্দান রুটের ব্যয় ধরা হয়েছিল ৪১ হাজার ২৩৮ কোটি টাকা। এ মেট্রোরেলে হেমায়েতপুর-আমিনবাজার অংশটি উড়ালপথ হবে। আর আমিনবাজার-ভাটারা অংশটি ঘনবসতিপূর্ণ এলাকায় পাতালপথে যাবে। প্রকল্পটি মূলত ২০২৮ সালের মধ্যে সমাপ্ত হওয়ার কথা ছিল। প্রকল্পের মেয়াদ এখন ২০৩২ সালের ডিসেম্বর পর্যন্ত বাড়ানো হয়েছে।

এদিকে গতকাল একনেকে অনুমোদন পেয়েছে এমআরটি লাইন ৫, সাউদার্ন রুট নামে নতুন একটি মেট্রোরেল প্রকল্প। ৪৫ হাজার ৫০৩ কোটি টাকা ব্যয়ের এ প্রকল্পের মেয়াদ ধরা হয়েছে ২০৩৩ সালের আগস্ট পর্যন্ত। গাবতলী থেকে শুরু হয়ে কল্যাণপুর, শ্যামলী, আসাদগেট, কারওয়ান বাজার, হাতিরঝিল, তেজগাঁও ও আফতাবনগর হয়ে দাসেরকান্দিতে শেষ হবে এ মেট্রোরেল।

প্রকল্পের নথি অনুযায়ী, এ রুটে স্টেশন থাকবে ১৫টি। এর মধ্যে ১১টি ভূগর্ভস্থ ও চারটি এলিভেটেড। গাবতলী থেকে আফতাবনগর পর্যন্ত অংশ হবে ভূগর্ভস্থ এবং আফতাবনগর থেকে দাসেরকান্দি পর্যন্ত হবে এলিভেটেড। এ রুটে প্রাথমিকভাবে ছয়টি শীতাতপ নিয়ন্ত্রিত কোচবিশিষ্ট ১৯টি মেট্রোরেল পরিচালনা করা হবে। প্রতিটি মেট্রোরেল সর্বোচ্চ ১ হাজার ৯০৮ জন যাত্রী পরিবহন করতে পারবে। এটি চালু হলে গাবতলী থেকে দাসেরকান্দি পর্যন্ত যাতায়াতে সময় লাগবে ২৮ মিনিট।

এদিকে এমআরটি লাইন-৫ (সাউদার্ন রুট)-এর ডিপিপি অনুমোদন পাওয়াকে একটি বড় ইতিবাচক সুযোগ হিসেবে দেখছেন পরিবহন বিশেষজ্ঞ ড. মো. হাদিউজ্জামান। তিনি বণিক বার্তাকে বলেন, ‘‌এতদিন এককভাবে জাইকার অর্থায়ন ও তাদের নির্দিষ্ট টেকনিক্যাল স্পেসিফিকেশনের ওপর নির্ভর করার কারণে পাতাল অংশের প্যাকেজগুলোতে উন্মুক্ত প্রতিযোগিতা হতে পারেনি। এখন এডিবি ও কোরিয়ার ইডিসিএফের মতো বিকল্প অর্থায়নের ফলে নতুন করে স্পেসিফিকেশন তৈরির সুযোগ মিলবে। এতে ঢাকায় প্রতি কিলোমিটার পাতালপথ নির্মাণের প্রকৃত ব্যয় কত হওয়া উচিত, তার একটি বস্তুনিষ্ঠ ও তুলনামূলক চিত্র সামনে আসবে এবং নির্মাণ ব্যয় নিয়ে দীর্ঘদিন ধরে চলা বিভ্রান্তি কেটে যাবে।’

‘এমআরটি লাইন ১’ ও ‘এমআরটি লাইন ৫, নর্দান রুট’ প্রকল্প দুটির ব্যয় বৃদ্ধির বিষয়টি প্রথম আলোচনায় আসে বিগত অন্তর্বর্তী সরকারের সময়ে। সে সময় বিভিন্ন প্যাকেজের দরপত্রে অংশ নেয়া ঠিকাদারদের সর্বনিম্ন দর ঢাকা ম্যাস ট্রানজিট কোম্পানি লিমিটেডের (ডিএমটিসিএল) প্রাক্কলনের চেয়ে বেশি হয়ে যায়। এরপর প্রক্রিয়া ধীর করে পুনরায় দরপত্র আহ্বান এবং দর প্রস্তাবকারী ঠিকাদারদের সঙ্গে ‘নেগোসিয়েশন’-এর উদ্যোগ নেয় সংস্থাটি। যদিও এ প্রক্রিয়ায় সায় দেয়নি প্রকল্প দুটির ঋণদাতা সংস্থা জাপান আন্তর্জাতিক সহযোগিতা সংস্থা (জাইকা)। চলতি বছরের ফেব্রুয়ারিতে বিএনপি সরকার গঠনের পর মেট্রোরেল প্রকল্পের দর প্রক্রিয়া আবার গতি পায়। এরই ধারাবাহিকতায় গতকাল প্রকল্প দুটির সংশোধনী প্রস্তাব অনুমোদন করা হলো।

সংশোধনী প্রস্তাবে ব্যয় বৃদ্ধির কারণ হিসেবে কভিড মহামারীর সময় নকশা ও দরপত্র প্রস্তুত করতে বিলম্ব এবং দেশের প্রথম পাতাল মেট্রোরেল বাস্তবায়নে জটিলতাকে দায়ী করা হয়েছে।

অন্যদিকে জাপানের কারিগরি ও আর্থিক সহায়তায় বাস্তবায়নাধীন প্রকল্প দুটির ব্যয় বৃদ্ধি ও সুদের হার পরিবর্তনের ব্যাখ্যা দিয়েছেন পরিকল্পনা প্রতিমন্ত্রী মো. জোনায়েদ আব্দুর রহিম সাকি। গতকাল একনেক সভা-পরবর্তী সংবাদ সম্মেলনে তিনি জানান, কাজের পরিধি বৃদ্ধি, স্টেশনের গভীরতা বাড়ানো, মূল্যস্ফীতি, ডলারের বিপরীতে টাকার অবমূল্যায়ন এবং ভ্যাট-ট্যাক্স বৃদ্ধির কারণে প্রকল্প দুটির ব্যয় প্রাথমিক হিসাবের তুলনায় প্রায় দ্বিগুণ হয়েছে।

প্রতিমন্ত্রী বলেন, ‘ব্যয় বৃদ্ধি ও অন্যান্য সংশয় যাচাই করতে সাবেক সচিব, বুয়েটসহ বিভিন্ন প্রতিষ্ঠানের জ্যেষ্ঠ প্রকৌশলী, আইটি ও ফাইন্যান্স বিশেষজ্ঞদের সমন্বয়ে প্রকৌশলী শামীম জেড বসুনিয়ার নেতৃত্বে একটি টেকনিক্যাল কমিটি গঠন করা হয়। কমিটির সুনির্দিষ্ট পরামর্শ ও যাচাই-বাছাইয়ের ভিত্তিতেই প্রাক্কলন সংশোধন করা হয়েছে।’

তিনি জানান, প্রকল্প দুটির ঋণ চুক্তিতে সুদের হারও বাড়ছে। অতীতে জাইকার সুদের হার দশমিক ৭ শতাংশ অনুমিত থাকলেও বর্তমানে তা বেড়ে ৩ দশমিক শূন্য ৫ শতাংশে দাঁড়িয়েছে। আগামীতে প্রতি কোয়ার্টারে এ হার আরো বাড়ার আশঙ্কা রয়েছে। ফলে প্রকল্প গ্রহণে দীর্ঘসূত্রতা হলে ব্যয় ও ঋণের বোঝা আরো বাড়তে পারে।

প্রতিমন্ত্রী বলেন, ‘ঢাকার তীব্র যানজট ও জনসংখ্যা বিবেচনায় ভূগর্ভস্থ মেট্রোরেল ব্যবস্থার বিকল্প নেই। এটি চালু হলে জ্বালানি সাশ্রয়, যাতায়াতের সময় হ্রাস এবং নাগরিকদের কর্মঘণ্টা ও উৎপাদনশীলতা বাড়বে। সামগ্রিক জনস্বার্থ, দীর্ঘমেয়াদি সুবিধা এবং ভবিষ্যতের সম্ভাব্য আর্থিক ক্ষতির ঝুঁকি এড়াতেই সংশোধন সাপেক্ষে প্রকল্প দুটি এগিয়ে নেয়ার সিদ্ধান্ত হয়েছে।’

The number of millionaire accounts in Bangladesh's banking sector continues to rise despite the country's ongoing economic slowdown and sluggish business environment.
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The number of millionaire accounts increased by 5077 in the April-June quarter (Q2) of the current year in comparison with the previous quarter, according to the latest report published by Bangladesh Bank (BB).

According to the central bank data, the number of millionaire accounts in the banking sector reached 141,562 at the end of June this year while the figure was 136,485 at the end of March.

Earlier, the number of millionaire accounts was 134,044 at the end of December last year.

The total number of bank accounts stood at 182.61 million (182,612,015) at the end of March this year, the central bank data revealed.

By the end of June, the figure stood at 186.38 million (186,384,588).

Thus, the total number of bank accounts increased by over 3.77 million (3772573) in three months.

According to the BB data, the total balance of deposits held in the banking sector stood at Tk 21.58 trillion at the end of March this year while the amount rose to Tk 22.10 trillion.

Accordingly, bank deposits increased by Tk 524.19 billion during the three-month period.

Apart from the rise in the number of accounts holding at least Tk 10 million, the amount of money deposited with the accounts also increased.

At the end of March this year, the balance of deposits with at least Tk 10 million accounts holding stood at Tk 8.59 trillion.

By the end of June, the balance reached Tk 8.76 trillion, the central bank figure showed.

Accordingly, the amount deposited with at least Tk 10 million accounts increased by Tk 164.98 billion in three months.

People familiar with the development said an account holding Tk 10 million or more does not necessarily belong to a millionaire individual.

The list of accounts holding more than Tk 10 million includes many organisations as well as individuals.

Moreover, there is no specific limit on the number of bank accounts that an individual or organisation can open. As a result, a single individual or organisation may hold multiple bank accounts.

The list also includes accounts holding at least Tk 10 million belonging to various government institutions and agencies.