Bangladesh retained its position as the EU’s largest denim supplier in the first eight months of 2026, supported by competitive prices and a diverse product range, even as its exports to the bloc declined.

One in every three pairs of denim trousers worn in the EU is made in Bangladesh, highlighting the country’s strong position in the market. Eurostat data show that Bangladesh continued to lead other major denim-producing countries, including China.

Bangladesh exported €869.13 million worth of denim products to the EU in January-August, accounting for 29.40 percent of the bloc’s total denim imports. Pakistan ranked second with €525.49 million, followed by Turkey with €438.25 million.

However, Bangladesh’s denim exports to the EU fell 5.85 percent year-on-year during the period, slightly more than the overall market decline. Its share of the market also slipped from 29.85 percent a year earlier.

The picture improved in August, when EU imports of denim products from Bangladesh rose 12.71 percent year-on-year to €134.08 million.

Overall, the EU imported €2,956.21 million worth of denim products in January-August, down 4.40 percent from €3,092.27 million a year earlier. In August, however, imports rose 11.23 percent year-on-year to €430.16 million, signalling a pickup in demand.

Turkey recorded the steepest decline among major suppliers, with its denim exports to the EU falling by €117 million, or 21.08 percent, during the eight months. This accounted for most of the overall decline in EU denim imports.

Imports from Morocco fell 14.48 percent to €63.87 million, while those from Pakistan declined 7.88 percent to €525.49 million. Cambodia and Tunisia also recorded declines of 6.47 percent and 6.44 percent, to €144.83 million and €219.94 million, respectively.

Several suppliers, however, recorded growth. Egypt’s denim exports to the EU rose 31.46 percent year-on-year to €188.14 million, while China’s increased 17.70 percent to €197.13 million. Vietnam posted the strongest growth, with exports rising 45.38 percent to €53.98 million.

Several development projects in Bangladesh financed by the World Bank have large amounts of foreign loan funds lying unused, unadjusted or idle because of various complications in project planning and implementation. According to the lender's latest report, more than Tk2,500 crore in such funds remains idle in designated accounts across different sectors.

The findings are contained in a report, "Bangladesh Outstanding Refunds Update October 2026", sent by the World Bank to the Economic Relations Division (ERD) on 12 October.

Weak project preparation, land acquisition, procurement complications, bureaucratic delays, shortages of project directors, and limited implementation capacity often prevent development projects from utilising foreign loans on time, according to ERD officials.

However, as in the previous fiscal year, the government can use idle funds from ongoing projects in the current fiscal year to meet urgent energy and food security needs, they said.

But economists said while this opportunity to redirect unused funds, known as "repurposing" by the World Bank, is viewed positively, it should not be treated merely as an alternative source of emergency financing.

They said authorities must consider which projects the funds are being withdrawn from, where the money is being spent and how significant the impact will be on society and the economy. Otherwise, there is a risk of undermining the original objectives of loans.

In FY26, more than $1 billion in idle funds from ongoing projects and expired or undisbursed loans was redirected to meet urgent needs. Of this, $713 million was disbursed to finance fuel purchases, while $300 million for emergency food and fertiliser imports.

Billions tied up in inactive accounts

According to the World Bank's report, substantial funds remain tied up in designated accounts whose disbursement deadlines have expired, are due to expire within four months, or have recorded no spending for at least six months. Taka-denominated accounts alone contain Tk1,910.63 crore in outstanding and inactive balances.

Balances in inactive accounts range from less than Tk1 crore to Tk70 crore or more.

Funds awaiting resolution over ineligible expenditure or misprocurement relate to several projects, including the Scaling-up Renewable Energy Project, Sustainable Coastal and Marine Fisheries Project, Emergency Multi-sectoral Rohingya Crisis Response Project, Supporting Rural Bridges, Livestock and Dairy Development Project, and Private Investment and Digital Entrepreneurship Project.

The report also flags $3.75 million in unused funds under Advance ID-2 of the Electricity Distribution Modernisation Project. Funds under the Learning Acceleration in Secondary Education project have likewise remained inactive for six months.

Seven designated accounts linked to projects whose implementation periods have ended contain Tk114.6 crore in outstanding balances classified as refundable. Two other accounts hold Tk412.35 crore in account balances despite the expiry of their disbursement deadlines.

A further Tk1,100.91 crore remains unused in accounts linked to two major projects whose disbursement deadlines expire within four months. Unless the required expenditure details are submitted on time, these balances risk being classified as overdue.

Why loans remain unspent

ERD officials said weaknesses in project planning and implementation are preventing projects from using foreign loans on time. Funds remain idle even after deadlines expire, while intended development outcomes go unrealised.

Poor feasibility studies and land acquisition complications are major obstacles. Administrative and legal disputes over land, complex procurement procedures, delays in contractor selection, and lengthy tender evaluations all slow implementation. Prolonged file processing and slow decision-making further impede progress.

A shortage of experienced, full-time project directors and frequent changes in leadership also disrupt continuity and weaken implementation capacity.

The government aims to cut the approval period for foreign-funded development projects to five months to speed up implementation, ERD sources said. A high-level Bangladeshi delegation conveyed the commitment at a meeting with World Bank Managing Director Anna Bjerde in Bangkok on 13 October.

An ERD assessment found that it takes an average of 11.8 months from World Bank board approval to the first disbursement. A substantial part of the loan's grace period can therefore elapse before implementation begins.

The process takes even longer when feasibility studies and pre-approval procedures are included. Administrative and technical complications can cause further delays, while poor coordination over project extensions and additional financing adds to the problem.

As a result, projects often take years to get off the ground, delaying development and preventing Bangladesh from benefiting from foreign financing on time.

'Repurposing from where, to where, and for what purpose?'

Zahid Hussain, former lead economist at the World Bank's Dhaka office, told TBS that repurposing funds from ongoing projects could provide an alternative source of financing, provided the new use does not face the same implementation problems.

He said repurposing should not be judged solely by how quickly funds become available. "Authorities must assess where the money is being taken from, where it is going and what outcomes the reallocation is expected to deliver."

The economist added that repurposing can be faster than securing fresh financing. However, the viability and future benefits of the project losing funds must also be assessed.

Slow progress alone is not sufficient reason to withdraw financing. Withdrawing funds to meet urgent needs could leave the original project requiring additional financing later, he said.

"The central question in repurposing should be: 'Repurposing from where, to where, and for what purpose?'" he said.

Authorities must weigh the potential harm to the original project against the expected benefits of the alternative use. Without such an assessment, repurposing could leave both objectives unfulfilled, added the economist.

"Repurposing just to get cash leaves you neither here nor there," Zahid said, stressing the need to determine whether reallocating funds would produce better outcomes.

According to Zahid, both the government and the World Bank have their own interests. Bangladesh wants to secure funds quickly to meet its financing needs, while the World Bank may have an interest in increasing disbursements. "Neither objective, on its own, guarantees better development outcomes," he added.

'Repurposing needs extreme caution'

M Masrur Reaz, chairman of Policy Exchange Bangladesh, said repurposing funds could be an alternative financing strategy amid the current economic crisis and limited fiscal space, but decisions must be made with extreme caution.

He said funding should not be cut from projects that are already underway, progressing according to schedule or are critical to the economy.

Instead, the government could consider reallocating funds from completed projects with unspent balances, projects at a very early stage that are not immediately important to the economy, or those significantly behind their original implementation schedules.

The economist said repurposing should be considered only after protecting important ongoing projects that are progressing on schedule. "The priority should be to identify funds allocated to less critical projects at an early stage of implementation."

Bangladesh imports nearly 90 per cent of its medical equipment as a potential billion-dollar manufacturing opportunity is left largely untapped for policy shortcomings in the main.

As healthcare demand rises and hospitals expand, the country faces a paradox: a fast-growing market for medical technology, but a domestic industry that captures only a fraction of its value.

The market was estimated at $442 million in 2020 and projected to reach about $820 million by 2025, according to industry estimates cited in a sector study.

Rising incomes, an ageing population and the growing burden of non-communicable diseases are driving demand for diagnostic equipment, hospital supplies and medical technologies. Yet converting that demand into a competitive manufacturing industry will require the government to address policies that often make importing finished devices cheaper than producing them locally.

"We are manufacturing 99 per cent of our medicines but in medical device and equipment market the share of the local manufacturers is only 10 per cent," says Abdur Razzak, General Secretary of Bangladesh Association for Medical Devices and Surgical Instruments Manufacturers and Exporters' Association.

And this is happening in the same market, he points out.

About the existing challenges he has said high lending rate and rising dollar prices are seriously affecting the industry.

Mr Razzak, also the founder of JMI, a leading medical device-manufacturing company of the country, laments that public- healthcare sector had once stopped procuring products of his company for three years till 2025.

"Instead, they went for imported products," he says, adding that this kind of attitude is a barrier to promoting local manufacturing sector.

Bangladesh has over 5,000 public and private hospitals, with healthcare spending estimated at US$14 billion in 2025. Infrastructure upgrades and rural healthcare expansion are driving device adoption.

"The growing burden of non-communicable diseases (NCDs)-diabetes, cardiovascular issues, and cancer-is fueling strong demand for diagnostic tools and medical equipment. Diabetes cases alone are projected to reach 43 million by 2030," says a report by the Bangladesh Investment Development Authority.

As nearly 90 per cent of medical equipment is imported, it reflects the limited scale of domestic production and technological constraints facing local manufacturers. Existing manufacturing is concentrated in relatively low-technology products, including consumables, orthopaedic supplies, medical furniture and basic electro-diagnostic equipment.

According to industry insiders, the opportunity is being driven by rising incomes, an ageing population and the growing burden of non-communicable diseases, including diabetes, cardiovascular conditions and cancer.

Greater awareness of early diagnosis, alongside demand for long-term treatment, is expected to expand the use of medical devices across hospitals, clinics and households.

Bangladesh's healthcare infrastructure is also growing. The country has more than 5,000 public and private hospitals, while healthcare expenditure was projected to reach $14 billion by 2025.

The government plans to expand healthcare delivery, including outside major cities, could further increase demand for equipment and diagnostic services.

Bangladesh's medical- device imports have grown at an annual compound rate of about 10 per cent, compared with estimated global industry growth of 4.0-6.0 per cent, according to the study. This illustrates both the strength of domestic demand and the extent to which local manufacturers have yet to capture it.

Despite the growth potential, healthcare financing remains limited. Total health expenditure stood at 2.48 per cent of gross domestic product in 2019, while government spending was less than 1.0 per cent of GDP. Healthcare accounted for about 5.0 per cent of the national budget in recent years, according to the study.

Patients bear a substantial share of medical costs. Out-of-pocket payments accounted for about 73 per cent of healthcare expenditure in 2019, while insurance penetration was just 0.5 per cent, compared with an average of 3.3 per cent in emerging economies. Per-capita health spending rose from $9 in 2000 to $46 in 2019, but remained low relative to regional peers, a JICA study shows.

Diagnostic equipment, instruments and appliances account for about half of medical-device imports by value. Other segments include in-vitro diagnostic products, patient aids, implants and consumables.

The study identifies cardiovascular devices, diagnostic-imaging equipment, diagnostic kits and operating theatre and intensive-care equipment as areas with strong growth potential.

Experts have said foreign investment and joint ventures could accelerate the large shale production process, giving domestic companies access to production expertise, product designs and international distribution networks. Existing manufacturers could also expand into higher-value products as their technical- capacity improves.

Manufacturers face complex regulations, bureaucratic procedures, limited backward-linkage industries and restricted access to finance.

Incentives alone may, therefore, be insufficient. Investors need predictable regulations, transparent registration procedures and a tax structure that encourages domestic production without compromising safety or quality, the JICA study report reads.

"Developing the industry will require coordinated action by the government, manufacturers, healthcare providers, universities, research institutions and financial organisations. Priorities include attracting foreign manufacturers, encouraging reinvestment by existing companies, developing technical skills and improving access to finance," it says.

"Closer collaboration between industry and academia could support the design and commercialisation of products suited to local healthcare needs. Hospitals could help test new devices and build confidence among doctors and patients, while banks and investment funds could finance businesses requiring substantial upfront capital.

"Over the longer term, Bangladesh could move beyond basic equipment assembly towards designing and manufacturing more sophisticated technologies. Wearable devices, home healthcare products and affordable diagnostic solutions could offer opportunities, particularly for rural and underserved communities" says the JICA report.

Low labour costs and an established manufacturing base provide a starting advantage, but they do not guarantee success in a sector where technical expertise, regulation and reliability are decisive, it says, adding that without reforms to tariffs, regulation and investment conditions, Bangladesh risks continuing to spend heavily on imported equipment while capturing only a small share of the value generated by its expanding healthcare market.

The government recently offered some incentives, including zero-rated Advance Tax on imported capital equipment and parts for public-welfare-service sectors, hospitals and healthcare facilities, reduction in import duties on raw materials for medical equipment, reduction in CD on medical -device manufacturing and VAT exemption on locally manufactured medical bed.

Industry experts feel that with sustained investment and effective policy support, medical devices could emerge as a new manufacturing frontier, complementing the country's export-oriented garment and pharmaceutical industries.

The income tax return submission season for the assessment year 2026-27 is underway. Every year, many taxpayers view filing their income tax returns as a mere administrative formality.

In reality, the information provided in a return forms a critical financial record of an individual's income, expenses, investments, assets, liabilities and tax payments – a fact that many either overlook or fail to appreciate. Consequently, minor errors or discrepancies between documents often lead to significant legal and procedural complications later on.

Taxation sometimes triggers uncertainty, fear and concerns about harassment among citizens, largely fuelled by a lack of adequate statutory awareness. Given that procedural missteps during filing can expose taxpayers to legal liabilities, it is crucial to understand several key requirements before submitting an income tax return.

Year-round filing – incentives and penalties: In a major reform of Bangladesh's tax administration, taxpayers can now file income tax returns year-round. However, early filing is financially incentivised, whereas delayed filing beyond prescribed deadlines incurs statutory monetary penalties.

First quarter (July-September): Taxpayers filing in this quarter receive a rebate of 5% of their payable tax or Tk25,000, whichever is lower.

Second quarter (October-December): Returns filed during this period require payment of the exact computed tax, with no rebate available.

Third quarter (January-March): Submissions incur a penalty of 2% of the payable tax or Tk3,000, whichever is higher.

Fourth quarter (April-June): Delayed submissions in the final quarter carry a penalty of 5% of the payable tax or Tk5,000, whichever is higher.

Transparent disclosure of assets: Full and transparent disclosure of assets is mandatory for taxpayers required to submit an asset statement. Personal income, as well as all movable and immovable assets where applicable, must be explicitly stated. If an asset is omitted from an income tax return when disclosure is required, it risks being treated by tax authorities as undisclosed or acquired beyond known sources of income, making its subsequent inclusion difficult.

Taxpayers required to submit asset statements must clearly declare their bank deposits, savings certificates (Sanchayapatra), shares, debentures and all immovable properties. Failure to declare an asset when required exposes the taxpayer to legal scrutiny and allegations of asset concealment.

Example: Consider an individual with an investment of Tk1 crore in the stock market who omits this asset from their tax return despite being required to declare it. If discovered during an official inquiry or audit, the tax authority will question the concealment, which is exceptionally difficult to resolve without severe tax penalties and legal consequences.

Consistency between income and expenditure: Income tax returns demand structural alignment between reported income and lifestyle expenditure. A taxpayer's declared living expenses must logically reflect their reported earnings and other sources of funds. A significant unexplained mismatch between lifestyle expenditure and declared income serves as a primary trigger for regulatory scrutiny and potential legal action.

Complete documentation prior to filing e-Return: Data entry into the online e-Return portal should take place only after all supporting documentation is fully prepared and verified. Essential documents such as salary certificates for salaried individuals, house rent receipts and tenancy agreements, local municipal tax receipts, property purchase and sale deeds, Tax Deducted at Source (TDS) certificates and bank statements must be on hand prior to filing.

While data can technically be entered into the portal without supporting documents, in case of any subsequent discrepancy, the tax authority may require formal reconciliation and accountability from the taxpayer. Therefore, verifying income, expenditure, assets, liabilities and tax payments against underlying evidentiary documents beforehand is the most effective way to avoid future audits and complications.

Precautions for first-time return filers: First-time tax return filers must exercise heightened caution during e-Return data entry. Asset declarations, where required, must be complete and transparent from the outset. A common misconception among new taxpayers is that assets can be disclosed incrementally over several years rather than all at once. If detected by tax authorities, this practice can lead to legal penalties. Furthermore, returns may be selected for post-filing audits even a few years after submission. In such cases, returns containing undisclosed assets or discrepancies may expose taxpayers to substantial penalties.

Common tax return errors to avoid

Certain recurring mistakes in tax returns frequently lead to assessment disputes and administrative complications:

Reporting expenses exceeding total income: Claiming living expenses higher than declared earnings creates financial inconsistency and raises immediate questions regarding undisclosed income sources.

Declaring unrealistic cash in hand: Reporting disproportionately large cash holdings that are unsupported by income levels.

Incomplete real estate declarations: Omitting or misreporting details of immovable properties, such as flats or land located within city corporations, municipalities or other areas.

Misrepresenting gold and jewellery: Inaccurately reporting gold holdings without demonstrating the historical income required to acquire them.

Omitting financial investments: Failing to report Fixed Deposit Receipts (FDRs), Deposit Pension Schemes (DPS), savings certificates (Sanchayapatra) or other financial instruments where disclosure is required.

Failing to disclose loans: Omitting details of loans taken or extended to others. Undisclosed loan transactions may result in immediate regulatory scrutiny.

Misreporting multi-employer or professional income: Employees who changed jobs or worked for multiple employers within the same income year often disclose income from only one source or miscalculate total earnings. According to the NBR's 2026 e-Return FAQ, income from multiple employments can and must be entered separately under the relevant head. Similarly, professionals such as doctors and lawyers must declare their professional earnings under the designated "Business/Professional Income" section as directed by the NBR.

Rectifying errors post-submission

Discovering an error after submitting an e-Return does not mean the assessment is final. Under the NBR's 2026 e-Return guidelines, if an online return contains an error, a revised return may be filed within 180 days of the initial submission. However, only one revised return is permitted.

Therefore, thorough verification of all income, expenditure, asset, liability, TDS and advance tax entries against documentary proof prior to initial submission remains the safest approach for every taxpayer.

The government has planned to introduce a 30-day deadline for processing applications to repatriate profits from lawful foreign investments, alongside a series of financial reforms aimed at reducing business costs and strengthening investor confidence.

The proposed measures, outlined in a budget document, seek to address administrative bottlenecks affecting foreign investors while making banking services, foreign trade transactions and access to financing more efficient.

The document says coordination among banking verification, tax-related documents and approval processes will be strengthened to ensure timely processing of profit repatriation applications.

The government has also simplified the repatriation and reinvestment of proceeds from shares or securities purchased through a Non-Resident Investors’ Taka Account (NITA).

The requirement for an auditor’s certificate has been withdrawn, allowing such proceeds to be credited directly to the relevant NITA. This will enable repatriation and reinvestment within one working day and reduce compliance costs.

Share transfers and capital repatriation involving unlisted companies will also become easier. No valuation report will be required for transactions worth up to Tk 10 million (Tk 1 crore), while repatriation of transaction proceeds of up to Tk 1.0 billion (Tk 100 crore) will be allowed without prior approval from Bangladesh Bank.

For larger transactions, licensed valuation firms will be introduced to ensure more neutral and acceptable share valuations.

The government is also considering a certification board comprising representatives from Bangladesh Bank, the Bangladesh Investment Development Authority (BIDA), the Bangladesh Securities and Exchange Commission (BSEC), the National Board of Revenue and the private sector.

Acceptance of reports from approved valuation firms could reduce repeated verification and delays in capital repatriation.

To cut the time and cost of foreign trade, the government will consider gradually relaxing the mandatory use of letters of credit for reliable importers and low-risk goods. The use of Documents against Payment (D/P) and Telegraphic Transfer (TT) will be expanded where appropriate.

Companies registered in Bangladesh will also be able to obtain loans in taka against foreign bank guarantees or Standby Letters of Credit (SBLC), regardless of their ownership or control structure, subject to applicable rules.

The requirement for separate prior approval for each loan from an Offshore Banking Unit (OBU) will be reviewed. However, existing provisions on Credit Information Bureau reporting, single-borrower limits, loan classification and provisioning will remain in force.

The approval process for renting, leasing, renewing and relocating bank branches and business centres has also been simplified. Within prescribed region-wise rent ceilings, banks may take such decisions with approval from their boards of directors.

The government has further simplified the process of obtaining a Sukuk Investor ID (SIID) for investment in government Sukuk by determining the required application forms, documents and fee structures.

To expand digital financial services, Real Time Gross Settlement (RTGS) will be made more effective, with faster payment and settlement arrangements among banks, mobile financial service providers and other payment platforms.

The document says the introduction of digital small loans, or e-Loans, has been permitted. Loans of up to Tk 500,000 (Tk 5 lakh) may be provided for 12 months through a fully digital process to improve access to credit and reduce customers’ time and operational costs.

Pre-suit mediation has also been encouraged for recovering defaulted loans to reduce court-related delays and expenses and improve recovery efficiency.

The government has relaxed lending rules for environment-friendly vehicles and personal financing.

The maximum auto loan for electric and hybrid vehicles has been increased from Tk 6.0 million (Tk 60 lakh) to Tk 8.0 million (Tk 80 lakh), while the debt-equity ratio has been raised from 60:40 to 80:20.

The ceiling for unsecured personal loans has been doubled from Tk 500,000 (Tk 5 lakh) to Tk 1.0 million (Tk 10 lakh), while secured personal loans may now be provided up to Tk 4.0 million (Tk 40 lakh).

Credit card limits have also been increased. The maximum limit for unsecured credit cards has risen from Tk 1.0 million (Tk 10 lakh) to Tk 2.0 million (Tk 20 lakh), while the limit against securities has increased from Tk 2.0 million (Tk 20 lakh) to Tk 4.0 million (Tk 40 lakh).

Banks may introduce new credit cards with approval from their boards of directors without obtaining prior approval from Bangladesh Bank.

The document says the measures are intended to reduce administrative complexity and costs across investment, foreign trade, banking and lending, while strengthening investor confidence, financial inclusion and the growth of the digital economy.

Bangladesh’s IT exports grew moderately in FY2025-26, but industry leaders warn that artificial intelligence (AI) could make the gains harder to sustain as it automates work traditionally outsourced to countries such as Bangladesh.

Data from the Export Promotion Bureau (EPB) show that computer services exports rose 8.68 percent year-on-year to $684.15 million in July-June of FY2025-26, up from $629.51 million in the previous fiscal year.

Computer software exports increased 8.82 percent to $48.38 million from $44.46 million a year earlier, but fell 12.04 percent short of the $55 million target.

Rashad Kabir, chief executive officer of Dream71 Bangladesh Ltd, described the increase as a promising sign but warned that sustaining the momentum would be difficult.

“Our exports have increased in the last fiscal year, which is a very hopeful sign, and there is growth. But continuing this growth will be very difficult,” he said.

AI is making software development easier, but its full impact on the industry has yet to be felt, Rashad said. He expects sustaining export growth in the current fiscal year to be considerably more challenging.

Raisul Kabir, co-founder and chief executive officer of Brain Station 23 Ltd, said software export growth reflects a shift in demand rather than a straightforward increase or decline in business.

Demand for traditional staff augmentation is declining. Foreign companies that previously hired five external professionals, such as software engineers, may now need only three, Raisul said.

To help local firms expand overseas, he suggested that the EPB replicate aspects of the Japan External Trade Organization’s approach, which provides businesses with support to establish operations abroad, including legal and consultancy services. Bangladeshi firms often lack such support when entering foreign markets, he said.

IT-ENABLED SERVICES EARN BIG

IT-enabled services, including computer data processing, business process outsourcing (BPO) and hosting, accounted for nearly 88 percent of computer services exports.

The segment earned $604.97 million in FY2025-26, up 11.28 percent from $543.66 million a year earlier, but fell 14.19 percent short of the $705 million target.

Industry leaders say the growth masks mounting pressure on businesses as AI changes client expectations and intensifies competition.

Apel Mahmud Khan, managing director of BZM Graphics Limited, said AI was allowing companies to complete work faster while making price negotiations tougher and increasing competition in international markets.

Businesses dependent on routine tasks face growing pressure, while quality control, complex assignments, reliability and client trust are becoming more important, he said.

“Those who can change their skills and processes with time will move ahead. Those who ignore the change may find it hard to survive,” Apel added.

Kowser Ahmed Nirob, co-founder and chief executive officer of The KOW Company Ltd, a Dhaka-based content post-production and BPO firm, said businesses focused solely on content production were seeing much of their work shift to AI.

Companies providing AI-enabled services, including running, maintaining and ensuring the quality of AI systems, are more likely to remain viable in the short term, he said.

His company’s workforce, which once exceeded 600, has fallen to fewer than 400. The company now hires only people who can work with AI-assisted workflows.

“In my opinion and personal experience, AI has already done damage to us. The sad part is that we still do not understand how much,” he said.

The company has since launched a cybersecurity firm and is preparing to introduce a virtual try-on system to diversify its business.

UNEVEN, SLUGGISH GROWTH

Not all segments of computer services exports shared in the growth.

Computer consultancy exports fell 28.66 percent to $25.19 million from $35.31 million a year earlier, missing the $50 million target by 49.62 percent.

Exports of computer installation, maintenance and repair services declined 7.72 percent to $5.62 million from $6.09 million, falling 19.71 percent short of the $7 million target.

Syed Almas Kabir, president of the Bangladesh Association of Software and Information Services (BASIS), said the growth in computer services exports was welcome but insufficient to achieve the industry’s long-standing ambition of reaching $5 billion in IT exports.

“The growth is there, but this 8 or 10 percent should have been a bit higher,” he said, adding that the industry needed to accelerate growth to reach its target.

AI disruption is weighing on the sector as freelancers and outsourcing firms lose assignments that can now be completed using the technology, Syed Almas said.

Bangladesh’s large volume of two-dimensional graphics work has largely dried up, he added.

Workers engaged in such activities must upgrade their skills, move to higher-value work and learn to use AI to remain competitive, he said.

The industry must also adopt emerging technologies, particularly AI and data analytics, while developing the skills needed to use them to accelerate export growth.

Bangladesh faces a growing climate-financing challenge as sinking delta land and rising sea levels threaten coastal communities, infrastructure and economic activity.

The country's Delta Plan 2100 requires an estimated US$52 billion in investment through 2040, but with 99 per cent of the expenditure expected to come from public resources, securing the necessary funding remains a formidable task.

The challenge is compounded by land subsidence, which can accelerate the relative rise in sea levels and worsen coastal flooding.

"Land subsidence is exceeding sea level rise in major river delta systems," says the Asian Development Bank (ADB) in its Asia-Pacific Climate Report 2026: Coastal Risks on the Rise -- Actions for a Resilient Future, released on Wednesday.

The Delta Plan 2100 envisages 80 projects, with estimated implementation costs of around $52 billion, including operation and maintenance, through 2040.Find ESG Funds

Financing the plan remains a major challenge, as the report estimates that 99 per cent of total expenditure will need to come from public resources.

Delta-related expenditure would need to reach 2.5 per cent of gross domestic product (GDP) annually, according to the report.

Against existing adaptation spending of around 0.8 per cent of GDP a year, Bangladesh would require an additional 1.2 per cent of GDP in public finance and 0.5 per cent in private investment.

The funding requirement comes as the country faces mounting risks from coastal flooding, erosion and saltwater intrusion, which threaten settlements, infrastructure, livelihoods and economic activity.

The report estimates that around 17.45 million people in Bangladesh could be affected by coastal flooding by 2100 under a high-emissions scenario.

It identifies Bangladesh and Vietnam as countries facing both high absolute exposure and a high relative population burden from coastal flooding.

The risks extend beyond damage to homes and farmland. Flooding and salinity can disrupt transport, undermine agricultural production, threaten freshwater supplies and damage infrastructure, increasing pressure on public expenditure and the wider economy.

Land subsidence adds another layer of risk. The report says the Ganges-Brahmaputra-Meghna delta has a mean subsidence rate of 4 millimetres a year, while the maximum rate in some locations reaches 55 millimetres a year.

Subsidence is driven by factors including groundwater extraction, sediment compaction and reduced sediment supply.

As a result, some areas can experience a faster rise in relative sea levels than projections based on ocean levels alone would suggest, intensifying the risks of flooding, erosion and saltwater intrusion.

The report's regional projections underline the potential economic cost of delaying adaptation. Across 30 coastal economies in Asia and the Pacific, annual coastal flood damage is estimated at around $27 billion today.

Without adequate adaptation, it could rise to between $172 billion and $199 billion by 2050, and between $520 billion and $739 billion by 2100.Review City Plans

The ADB estimates that annual investment of $9 billion to $19 billion in coastal protection across the economies covered could keep damage close to current levels and avert between $178 billion and $360 billion in losses each year.

These are regional estimates, not Bangladesh-specific costs, but they indicate the potential economic benefits of investing in coastal resilience before disasters cause further damage.

More than 400 million people in the ADB's developing member economies with coastlines live within 10 kilometres of the sea.

The region's coastal areas generate an estimated $7.0 trillion in economic output annually, making the protection of coastal settlements and infrastructure an economic as well as an environmental priority.

The report also highlights a gap in climate finance. International adaptation finance for coastal economies rose from around $5 billion in 2015 to an annual average of $11.4 billion in 2022-23, but financing needs remain substantial.

For Bangladesh, the challenge is to turn long-term planning into funded, coordinated and implementable investments while managing competing demands on public resources.

The Delta Plan's reliance on public funding makes the mobilisation of government resources and the effective prioritisation of projects particularly important.

The report calls for long-term, adaptive and risk-informed approaches to coastal protection that take account of differences in local geography and exposure.

Such approaches can help governments plan investments in advance and adjust them as risks change, rather than relying mainly on emergency responses after disasters.

For Bangladesh, where the delta supports a large population and significant economic activity, the task is not only to finance the proposed investment but also to ensure that resources are deployed effectively to reduce risks to people, infrastructure and the economy over the coming decades.

A stock market can rise without helping businesses raise a single additional taka. In the first half of this year, the Dhaka Stock Exchange’s benchmark index rose nearly 19 percent and average daily turnover increased by more than half. By October 17, the DSEX had fallen to around 5,433 points, while turnover dropped to Tk 317 crore, its lowest level in more than nine months. The deeper question is why price movements have not translated into stronger investment financing.

At end-June, market capitalisation stood at 11.42 percent of GDP, compared with 10.82 percent a year earlier. Rising share prices can lift market value without bringing new companies to market or generating fresh capital. A deeper market should be judged by new listings, fresh equity, tradable securities and liquidity. Stock-market size is not the same as the capacity to fund growth across the economy.

That is what shallow water looks like. Bangladesh has savings, but too few channels to direct long-term capital towards productive enterprises. Businesses remain heavily dependent on bank loans. Corporate bonds could finance expansion without adding to bank-credit concentration. But a functioning bond market needs credible issuers, transparent credit assessment, diverse maturities and reliable secondary trading, not merely securities listed on an exchange.

The Bangladesh Bank publishes a daily secondary-market yield curve for government treasury bonds. Trading, price discovery and market-making must deepen. A benchmark is useful, but cannot substitute for a liquid market. Without reliable reference rates and investors able to exit positions, corporate bond pricing will remain difficult and issuance costly.

Retirement savings offer another opportunity. Industry estimates suggest provident, gratuity and pension funds may exceed $15 billion, though data are limited. Much of these savings is held in bank deposits and government securities. A stronger framework for employer-sponsored funds, with prudent investment rules, independent trustees, disclosure and professional management, could diversify investment options and support long-term finance. The objective must be to protect employees’ retirement security, not direct their savings into equities simply to support share prices.

The gap is between recognising problems and implementing trusted changes. The Direct Listing of Securities Rules, 2026, gazetted on October 18, creates additional routes for companies to enter the market. Yet direct listing may broaden public ownership without raising fresh capital for the company. To reduce dependence on bank borrowing, policy must also support new equity issuance, rights offerings and corporate bond financing.

Faster approvals cannot restore confidence. Financial statements must be reliable; related-party transactions and ownership structures transparent; disclosures timely; and manipulation met with consequences. Admitting more securities without enforcing standards could increase investor risk rather than productive finance.

Responsibility extends beyond the securities regulator. The National Board of Revenue should ensure tax treatment makes listing worthwhile relative to compliance costs. The Bangladesh Bank and the Ministry of Finance should improve government-securities liquidity and market access. The Finance Division should establish a sound framework for retirement funds, while insurers and mutual funds need well-governed products to attract long-term investors.

The most useful step is accountability. A public scoreboard should identify each accepted reform, the responsible institution, its deadline, progress and measurable outcome. Updated quarterly, it would show whether equity raising, bond trading and investor protection had improved.

Shallow water does not always sink a boat; it leaves it stranded, often without warning. Bangladesh needs more than another rally. It needs deeper markets that convert savings into productive investment, give businesses alternatives to bank loans and offer investors a market they can trust. The test of reform is not what is announced, but what changes.

The writer is an economic analyst

Money supply outpacing production growth in the economy ignites inflation in Bangladesh as government borrowing creates liquidity splurge while private-sector-credit flow slows amid production deceleration.

Such is the latest evaluation of the country's macroeconomic main features by the World Bank, as inflationary pressures remain waywardly high, pushed by broad money supply in excess.

The monetary expansion is becoming more closely associated with the inflationary pressures following the increased supply of broad money, it says.

Broad money, encapsulated M2, growth accelerated from 6.5 per cent in June 2025 to 12.4 per cent in May 2026, while inflation remained elevated through FY2025-26, the latest World Bank (WB) report on Bangladesh has said.

The development financier has predicted that the link (between broad money and inflation) may be strengthening, as monetary expansion increasingly coincides with persistent price pressures.

Broad money or M2 consists of M1 or all currency plus checkable deposits plus small-time and-savings deposits.

It is believed that if the total money supply grows faster than the actual production of goods and services, inflation goes up.

The Bank report says the recent trend suggests that monetary expansion may be contributing more directly to price pressures than in previous years, when the relationship between money-supply growth and inflation was "less pronounced", the report reads.

The moderation in money-supply growth in earlier periods was partly driven by substantial foreign-exchange sales by Bangladesh Bank (BB).

Recent developments, however, point to a shift in the relationship between liquidity and prices.

Understanding the change requires examining the composition of broad- money expansion.

Growth in M2 has been driven by increases in both net domestic assets (NDA) and net foreign assets (NFA), according to the World Bank.

On the domestic front, the expansion was concentrated in public-sector borrowing, which grew more than 20 per cent.

"Much of the borrowing financed current expenditure, including subsidies and interest payments, rather than productive investment."

At the same time, private-sector credit growth fell to a multi-decade low, limiting the flow of funds into businesses and constraining economic activity.

On the external side, rising remittance inflows and associated foreign- exchange purchases by the central bank provided an additional source of monetary stimulus.

Consequently, monetary expansion became increasingly detached from productive activity, contributing relatively little to real gross domestic product (GDP) growth.

In earlier periods, money-supply growth was supported by investment capable of expanding production as the private-sector credit growth that period was good.

But the recent increases in M2 have largely reflected fiscal deficits and central bank operations.

With structural bottlenecks constraining output, additional liquidity has increasingly fed into price pressures rather than generating a commensurate increase in production. The relationship between money-supply growth and inflation has also evolved over time.

During FY2017-FY2021, the two variables showed little consistent association.

In FY2022-FY2025, however, inflation surged above 9.0 per cent and remained persistently elevated, even as M2 growth moderated.

The World Bank has attributed much of the inflation surge, however, to supply-side shocks, particularly sharp increases in fuel prices and a significant depreciation of the local currency.

Fuel cells are gaining traction among US hyperscalers racing to build data centers for the AI boom but struggling with grid constraints to secure quick and reliable power.

Energy research firm Rystad Energy projects ​investments in fuel cells for data centers to rise to about $30 billion by 2030 from $2.8 billion in ‌2025.

Tap here to add The Daily Star as a trusted source google-preferred-source-badge
WHAT ARE FUEL CELLS?

A fuel cell generates electricity through a chemical reaction between a fuel, such as natural gas or hydrogen, and oxygen, converting the fuel’s energy directly into electricity rather than burning it.

Bloom Energy operates solid-oxide technology ready for 100 percent pure hydrogen, while FuelCell Energy uses molten ​carbonate technology capped at 40 percent hydrogen blends, even as both systems are fuel-flexible.

WHY IS DEMAND GROWING?

Data centers require ​massive amounts of reliable electricity to run computing equipment and cooling systems around the clock.

Linking large electricity loads to the US grid can take three to six years, according to Rystad estimates, prodding developers to explore ​on-site power sources.

“We announced our first project with Oracle and delivered power to their Utah site in less than two months,” ​Bloom CEO KR Sridhar said on a post-earnings call on Thursday.

“We are achieving the same thing with Nebius in New Jersey. We were able to get planning board approvals for our fuel cells within three months of signing the contract.”

Rystad predicts that about 40 percent of projected US ​data-center capacity in 2030 could pursue dedicated on-site power rather than rely entirely on the grid.

Fuel cells also produce lower ​local emissions than conventional gas-fired generation, as they avoid combustion within the stack.

WHICH COMPANIES STAND TO BENEFIT?

Bloom’s third-quarter revenue surged 138 percent to $1.24 billion. ‌The company posted net profit of $250.3 million, compared to a year-earlier loss of $23.1 million.

It raised its 2026 revenue forecast to $4.4 billion to $4.6 billion.

US cloud computing giant Oracle intends to procure up to 2.8 gigawatts (GW) of Bloom fuel-cell systems, of which 1.2 GW has been contracted.

FuelCell is also targeting data centers. CEO Jason Few told Reuters that “Time to power has really become as important as ​cost of power.”

The company expects ​data centers and related business to account for 75 percent -85 percent of its business within two to three years, up from 25 percent -30 percent currently.

Rystad estimates the industry’s order book at roughly 9 GW, including framework agreements involving Oracle, AEP, ​Equinix and Brookfield.

Such agreements do not necessarily represent firm orders for the full stated capacity.

CAN ​THE INDUSTRY SCALE FAST ENOUGH?

Rystad expects annual fuel-cell manufacturing capacity to rise to 4 GW by 2030 from about 1.8 GW currently.

“For 100 MW-plus projects, the biggest determinants of timeline are typically site readiness, permitting, and supporting infrastructure, not the fuel-cell technology itself,” Bloom Chief Commercial Officer Aman ​Joshi told Reuters.

Projects still need gas connections, permits, transformers and switchgear, which ​can delay deployment.

Fuel cells can complement grid power, even as they compete with other on-site generation technologies.

Growth depends on whether suppliers can deliver systems at competitive ​costs and developers can build projects and secure fuel.

The government is assessing domestic Sukuk, international dollar bonds, export credit agency (ECA) financing, and other borrowing options backed by sovereign guarantees to fund the second phase of the 1,320MW Matarbari coal-fired power plant as global development lenders refuse to finance fossil fuel projects.

The implementing agency, Coal Power Generation Company Bangladesh Limited (CPGCL), submitted the Development Project Proposal (DPP) to the Power Division last week. Following its receipt, the Power Division met with the Finance Division on 19 October to evaluate financing structures. Tanvir Ghani, special assistant to the prime minister on investment and capital markets, attended the meeting.

Power Division Secretary Mirana Mahrukh told The Business Standard on 20 October that the government is carefully analysing borrowing costs and their potential impact on electricity tariffs before finalising a strategy.

"Raising $1-2 billion through domestic Sukuk is achievable as local banks are willing to invest at higher interest rates. However, borrowing in taka carries significant currency risks. If the taka depreciates when converting funds to cover imports, overall project costs will escalate," she said.

"We are assessing borrowing costs and their knock-on effects on tariffs. Higher interest costs would place additional pressure on electricity prices, so we are taking a cautious approach," Mahrukh added, noting that a final financing decision is expected early next month.

Balancing foreign exchange and currency risks

Officials from the Power Division and the CPGCL confirmed that several modalities are under consideration, including domestic Sukuk issuances, sovereign dollar bonds, ECA financing, and interim payment certificate (IPC)-based funding.

The government prefers foreign currency financing to mitigate exchange-rate volatility as the project relies heavily on imported capital machinery. The expansion is estimated to cost around $1.3 billion (approximately Tk16,000-17,000 crore). Roughly 80% of total expenditure will be incurred in foreign currency for equipment imports, while the remaining 20% will be spent in taka on local physical infrastructure and labour.

ECA financing utilises government-backed loans, guarantees, or insurance to support project procurement, while IPC-based structures offer short-term liquidity to contractors against certified work progress.

A timely financing decision is critical to meeting the government's target of commissioning the plant's first unit by June 2030. Officials emphasised a strong policy push to complete the project as rapidly as possible to stabilise domestic generation, following power supply disruptions from India last summer and constraints on gas-fired plants caused by limited LNG regasification capacity and volatile international fuel prices.

Shared infrastructure drives down costs

The Power Division expects Phase 2 to be significantly cheaper than Phase 1 because core facilities are already operational. Phase 2 is projected at Tk16,000-17,000 crore, compared to the Tk57,000 crore spent on Phase 1, which included major capital outlays for port construction, roads, coal storage, and power evacuation infrastructure.

Based on current projections, Phase 2 capital expenditure will be 70-72% lower than Phase 1.

In its proposal to the Planning Commission, the Power Division highlighted that Phase 2 is highly viable due to shared facilities. Land has already been acquired and developed, while the existing coal-unloading jetty, stockyard, power evacuation lines, and substations are ready for use. Furthermore, the Department of Environment has already cleared the project's environmental impact assessment (EIA).

Bangladesh Power Development Board (BPDB) Chairman Md Rezaul Karim reaffirmed that coal remains a reliable base-load option given the existing assets.

"Coal is our most practical option for reliable power generation, particularly because the core infrastructure was built during Phase 1," Karim said. "The port facilities, transmission lines, and substations needed to evacuate power are fully in place, making the second phase highly cost-effective."

Consultancy approved amid unsolicited bids

To advance implementation, the CPGCL has allocated Tk118 crore for consultancy services under a special Annual Procurement Plan approved on 22 September.

The project was revived after being shelved when the Japan International Cooperation Agency (Jica) withdrew funding in 2022. On 20 April last year, the Power Division submitted a preliminary project proposal to the Planning Commission and the Economic Relations Division (ERD). The Planning Commission approved the outline on 25 May and referred it to ERD to secure financing.

Despite approaches during the interim administration, major international institutions including the World Bank, Asian Development Bank (ADB), International Monetary Fund (IMF), Japan Bank for International Cooperation (JBIC), Export-Import Bank of Korea, New Development Bank, and the EDCF, have declined to participate due to global mandates restricting coal financing.

Concurrently, several countries – including Qatar, Malaysia, and Indonesia – have submitted unsolicited proposals to build the plant. While the Power Division strongly prefers competitive international bidding, officials acknowledge that strict procurement timelines could pose challenges.

"Spending months on a standard tender process only to shift to direct negotiation later could delay the plant by up to two years," a senior official noted, adding that urgency may ultimately compel the government to evaluate unsolicited offers to hit the June 2030 operational deadline.

The project proceeds against the backdrop of a broader national retreat from coal. In 2021, the government cancelled 10 proposed coal-fired power projects totaling over 8,500MW as part of a strategic shift toward cleaner energy sources.

দেশের পুঁজিবাজারে বিনিয়োগকারীদের তথ্যপ্রাপ্তি ও সিদ্ধান্ত গ্রহণে প্রথমবারের মতো আসছে কৃত্রিম বুদ্ধিমত্তা (এআই) নির্ভর বিনিয়োগ সেবা। ফলে তথ্য-উপাত্ত ও বিশ্লেষণভিত্তিক বিনিয়োগ সিদ্ধান্ত গ্রহণে বিনিয়োগকারীদের সক্ষমতা বাড়বে। এ সেবা চালু করতে দেশের অন্যতম শীর্ষস্থানীয় ব্রোকারেজ হাউজ লংকাবাংলা সিকিউরিটিজ পিএলসি ও মার্কোপোলো এআইয়ের মধ্যে চুক্তি স্বাক্ষরিত হয়েছে। গতকাল রাজধানীর একটি হোটেলে এন্ড-টু-এন্ড ইনভেস্টমেন্ট জার্নি পাওয়ার্ড বাই এআই শীর্ষক অনুষ্ঠানে এ চুক্তি হয়।

স্বাগত বক্তব্যে লংকাবাংলা সিকিউরিটিজের প্রধান নির্বাহী কর্মকর্তা খন্দকার সাফ্ফাত রেজা বলেন, ‘‌১৯৯৭ সালে প্রতিষ্ঠার পর প্রায় ৩০ বছর ধরে লংকাবাংলা পুঁজিবাজারে উদ্ভাবন ও বিনিয়োগকারীদের সচেতনতা বৃদ্ধিতে ভূমিকা রাখছে। ২০১৩ সালে দেশে প্রথমবারের মতো আর্থিক তথ্যভিত্তিক পোর্টাল চালু করা হয়। বিনিয়োগকারীরা এখন আরো সংক্ষিপ্ত, নির্ভুল ও কার্যকর তথ্য চান, তাই দুই দশকের তথ্যভাণ্ডারকে এআইয়ের সঙ্গে সমন্বয় করা হচ্ছে। এটি নতুন প্রজন্ম ও ক্ষুদ্র বিনিয়োগকারীদের অংশগ্রহণ বাড়ানোর কৌশলগত পদক্ষেপ।’

মার্কোপোলো এআইয়ের স্ট্র্যাটেজিক গ্রোথ অফিসার ফাহমিদুল হাসান জানান, বিশ্বের বিভিন্ন খাতে মার্কোপোলোর ১ হাজার ৪০০টির বেশি প্রাতিষ্ঠানিক গ্রাহক আছে। সান ফ্রান্সিসকোতে প্রধান কার্যালয়ের পাশাপাশি রিয়াদ, বাংলাদেশ ও ভারতে তাদের কার্যালয় রয়েছে। এ প্রযুক্তিতে বিনিয়োগকারীরা অর্থনীতি ও পুঁজিবাজারের গতিপ্রকৃতি এবং শেয়ারের তুলনামূলক বিশ্লেষণ করতে পারবেন, নিজের আগ্রহ অনুযায়ী শেয়ারের তথ্য পাবেন এবং সার্বক্ষণিক সহায়তার জন্য ভয়েস ও চ্যাটভিত্তিক সেবাও থাকবে।

মার্কোপোলো এআইয়ের প্রধান নির্বাহী কর্মকর্তা তাসফিয়া তাসবিন বলেন, ‘‌গত কয়েক মাস নিরলস কাজ করে উদ্যোগটি বাস্তবায়ন করা হয়েছে। মানসম্পন্ন ও নির্ভরযোগ্য তথ্যভাণ্ডারকে গুরুত্ব দেয়ায় ফলাফল আশাব্যঞ্জক। এটি শুধু নতুন পণ্যের উদ্বোধন নয়, পুঁজিবাজারে নতুন সেবাক্ষেত্রের সূচনা।’

লংকাবাংলার প্রায় তিন দশকের অভিজ্ঞতা ও তথ্যভাণ্ডারের সঙ্গে মার্কোপোলোর এআই প্রযুক্তি যুক্ত হচ্ছে উল্লেখ করে লংকাবাংলা সিকিউরিটিজের চেয়ারম্যান মাহবুবুল আনাম বলেন, ‘‌এতে বিনিয়োগকারীরা দ্রুত ও সহজে বাজার বিশ্লেষণ, বিনিয়োগের সুযোগ শনাক্তকরণ এবং পোর্টফোলিও গঠন করতে পারবেন। লংকাবাংলার মোট লেনদেনের প্রায় ৬০ শতাংশ এখন পোর্টালের মাধ্যমে হয়। জেনারেশন জেড ও প্রযুক্তিবান্ধব তরুণদের সম্পৃক্ত করা তাদের অন্যতম কৌশলগত অগ্রাধিকার।’

প্রযুক্তি ব্যবহারে লংকাবাংলা সবসময় এগিয়ে থাকে উল্লেখ করে ডিএসই ব্রোকার্স অ্যাসোসিয়েশন অব বাংলাদেশের (ডিবিএ) সভাপতি সাইফুল ইসলাম বলেন, ‘‌পাকিস্তান, শ্রীলংকা ও ভিয়েতনামের তুলনায় বাংলাদেশের পুঁজিবাজার পিছিয়ে থাকার অন্যতম কারণ প্রযুক্তি গ্রহণে ধীরগতি ও সুশাসনের ঘাটতি। সাধারণ বিনিয়োগকারীদের জন্য প্রাথমিক তথ্য পাওয়া এখনো অনেকটা দুঃস্বপ্নের মতো। কোম্পানির মৌলিক তথ্য সহজে পাওয়া গেলে বিনিয়োগকারী, গবেষক ও গণমাধ্যমকর্মীরা নিজেরাই বিশ্লেষণ করতে পারতেন।’

ডিএসইর পরিচালক মিনহাজ মান্নান ইমন বলেন, ‘‌বিশ্বের সঙ্গে তাল মেলাতে হবে এবং পুঁজিবাজার নতুন প্রযুক্তি গ্রহণের জন্য প্রস্তুত। অর্থনীতি ভালো থাকলে, রাজনৈতিক পরিস্থিতি স্থিতিশীল থাকলে এবং বাজারের ওপর অপ্রয়োজনীয় চাপ না থাকলে ইতিবাচক গতি ফিরবে।’

চুক্তিটিকে পুঁজিবাজারের জন্য গুরুত্বপূর্ণ মাইলফলক হিসেবে অভিহিত করে ডিএসইর ব্যবস্থাপনা পরিচালক নুজহাত আনোয়ার বলেন, ‘একটি প্রতিষ্ঠান প্রযুক্তিতে এগোলে পুরো বাজার উপকৃত হয়, তাই এমন উদ্যোগে সবার সমর্থন থাকা উচিত। তরুণদের সম্পৃক্ত করতে বাজার পিছিয়ে আছে, এখনই যুক্ত করা না গেলে ভবিষ্যতেও একই সমস্যা থাকবে।’

প্রধান অতিথি বিএসইসির কমিশনার নাফিজ আল তারিক বলেন, ‘‌জেনারেশন আলফা ও জেনজি সব সেবা হাতের নাগালে চায়। বিএসইসি আর্থিক পরামর্শক বিধিমালা প্রণয়নে কাজ করছে, যেখানে মূলত ব্যক্তির মাধ্যমে পরামর্শ সেবাকে গুরুত্ব দেয়া হয়েছে; তবে রোবো-অ্যাডভাইজরি সেবাও অন্তর্ভুক্ত থাকবে। ব্যক্তিকেন্দ্রিক সেবায় পরামর্শকরা সাধারণত বড় গ্রাহকদের দিকেই বেশি আগ্রহী থাকেন, ফলে ক্ষুদ্র সঞ্চয়কারীরা বাইরে থেকে যান। ডিজিটাল প্লাটফর্ম ও এআই ব্যবহার করে গ্রামাঞ্চলের বিনিয়োগকারীরাও পরামর্শ পেতে পারেন।’ আগামী ৫-১০ বছরে মানুষ মোবাইল ফোনেই আর্থিক পরামর্শ নিয়ে সহজে বিনিয়োগ করতে পারবে বলে তিনি আশা করেন।

ধন্যবাদ জ্ঞাপন করে লংকাবাংলা সিকিউরিটিজের ব্যবস্থাপনা পরিচালক নাসির উদ্দিন চৌধুরী বলেন, ‘‌এ আয়োজন একটি কৌশলগত অংশীদারত্বের প্রতিফলন। বিনিয়োগসংক্রান্ত তথ্য সহজলভ্য করা, সিদ্ধান্তকে আরো তথ্যনির্ভর করা এবং বিনিয়োগকারীদের অভিজ্ঞতাকে আরো কার্যকর করা উভয় প্রতিষ্ঠানের অভিন্ন লক্ষ্য। দায়িত্বশীলভাবে এআই ব্যবহার সব অংশীজনের জন্য নতুন সম্ভাবনা তৈরি করতে পারে।’

The US budget deficit grew to almost $2 trillion over the past year, government data showed Friday, reaching its highest level since 2021 despite President Donald Trump’s promises to cut public spending.

The expansion comes amid growing worries over the massive $40.3 trillion US debt load and rising inflation, as the cost of borrowing climbs.
Refunds of Trump’s tariffs after they were overturned have further fueled the budget gap.

The federal deficit, which occurs when government spending exceeds its revenues, rose to $1.99 trillion in fiscal year 2026, the Treasury Department said. This marked a 12-percent increase from the prior year, when the shortfall came in at $1.78 trillion.

A key driver of expenditures was the rising interest paid on public debt, which jumped $144 billion to a record $1.36 trillion.

Interest costs on around $32 trillion in publicly held US debt have been ballooning in recent years, and climbing bond yields have sparked further concerns.

Treasury bond yields, which influence interest rates for mortgages and auto loans, have jumped this year, with steeper borrowing costs adding to pressures that US voters face ahead of November’s midterm elections.

Meanwhile, an expected influx of revenue from Trump’s sweeping tariffs have failed to fully materialize during his second term.

The Supreme Court struck down his global duties in February, triggering a wave of refunds. Treasury data released Friday reflected $145 billion in customs refunds over the year -- primarily due to tariffs -- erasing significant gains from Trump’s duties.

Overall, government revenues climbed by three percent to $5.40 trillion in the latest fiscal year, which ended September 30.

But spending was much higher, rising by six percent to $7.40 trillion.

The deficit will likely be similar for the next year, said Nancy Vanden Houten of Oxford Economics.

But she warned “the risk may be for a larger budget gap if the war with Iran persists well into the fiscal year.”

The Trump administration has pledged to cut deficits and government spending since he returned to the White House last year.

Besides slashing the federal workforce and foreign aid, the Republican-controlled Congress pushed through cuts to the Medicaid health insurance scheme and moved to shrink the federal food assistance program too.

But they also extended expiring tax cuts and provided fresh funding for Trump’s migrant deportation drive.

The latest data released Friday showed that upticks in tax collection from individuals and customs revenues were offset by higher refunds and lower corporate tax collection.

Among other sectors, spending on defense military programs increased by $48 billion, or six percent, over the year to $917 billion.

Taken together, a Treasury official estimates the US deficit-to-GDP ratio is around 6.2 percent, up from 5.8 percent last year.

This stands in contrast to Treasury Secretary Scott Bessent’s previously stated goal of bringing the deficit down to three percent of GDP, alongside other targets like spurring economic growth of three percent.
Google News LinkFor all latest news, follow The Daily Star's Google News channel.

The latest budget figures come less than three weeks before US midterm elections, where Trump’s Republican party is fighting to retain control of Congress.

Ahead of the crucial vote, both Republicans and Democrats have raised ideas that could widen the budget shortfall further.

Trump recently promised $5,000 to every American adult if Republicans maintained control of Congress, a plan that would cost over $1 trillion.

Democrats say they are looking to reverse Medicaid cuts and revive health care tax breaks.

Several banks that initially expressed interest in acquiring Standard Chartered Bangladesh's retail banking business have stepped back, citing concerns over the cost and complexity of absorbing around 1,500 employees, differences in deposit pricing, and customer behaviour.

City Bank is the only local lender to have signed a non-disclosure agreement (NDA) with Standard Chartered to assess the proposed deal's financial viability. Other banks approached for the transaction have declined to proceed, according to banking industry insiders.

BRAC Bank, Mutual Trust Bank (MTB), Pubali Bank and Eastern Bank were among the lenders approached to sign the NDA. However, they backed away after preliminary discussions, mainly over the implications of integrating Standard Chartered's retail banking workforce.

A senior City Bank executive, speaking on condition of anonymity, said the bank had signed the NDA but had yet to decide whether to proceed. "Everything depends on the cost-benefit analysis. Integrating the employees is a major issue," the executive told TBS.

On 8 October, Standard Chartered announced it was exploring the sale of its Wealth and Retail Banking business in Bangladesh as part of a strategy to focus on segments where it has greater scale and a more differentiated offering.

The bank said it had held informal talks with local lenders before the announcement.

Standard Chartered, which has operated in Bangladesh for more than 120 years, said it would support employees affected by the sale fairly and transparently.

Deposit pricing, customer behaviour

MTB, which had initially shown interest, also declined to sign the NDA. MTB Managing Director Syed Mahbubur Rahman said Bangladesh is a different market.

"Someone who keeps money in Standard Chartered is happy to receive 2% interest, but when that person comes to MTB, they may demand 8%. Our lending rates are more or less the same, so if we raise deposit rates to that level, our interest margin will shrink," said.

He further said most retail deposits are held for three or six months, making it uncertain how much of Standard Chartered's deposit base would stay with the buyer.

Depositors might decide that the acquiring bank was not suitable for them and move their money elsewhere, he said. "In that case, the deposits would be redistributed across the banking sector rather than retained by the buyer."

'No comparison with Indian StanChart'

In April 2026, India's Kerala-based Federal Bank agreed to acquire around 450,000 credit cards from Standard Chartered's standalone retail credit-card portfolio in the country.

The deal is expected to close by the end of 2026. The transaction value was not disclosed, while the final portfolio size will depend on the timing of the transfer and customer consent.

Regarding the development, Mahbubur said, "In India, banks such as HDFC and ICICI are much stronger competitors to Standard Chartered. Many employees at those banks also earn more than their counterparts at Standard Chartered."

He further said the situation in Bangladesh is different. "Here, Standard Chartered is the number-one bank. We cannot assess the Bangladeshi market by applying the same logic used in India or other international markets," he said.

He warned that customers could shift deposits elsewhere if they were unwilling to bank with the buyer. "If Pubali acquires the business, some customers may move their deposits elsewhere," he said.

Different salary structure, corporate culture

A senior Pubali Bank executive said the bank had held preliminary talks but declined to sign the NDA, citing concerns over employee integration, corporate culture and pay disparities.

"Our corporate culture and salary structure differ from those of multinational banks, which could create conflicts," the executive said.

Several banks received the NDA but were reluctant to proceed, mainly over the workforce issue, the executive added. Around 1,500 of Standard Chartered's 1,800 employees work in retail banking, raising questions over whether the buyer would have to absorb them all.

If no buyer emerges, Standard Chartered could follow HSBC's example. HSBC closed its retail banking business in Bangladesh and offered employees compensation under a golden-handshake arrangement, the executive said.

Business profile

The proposed sale involves a substantial retail banking operation. Standard Chartered's retail and CMSME loan portfolio stood at Tk8,479 crore at the end of 2025, accounting for nearly 28% of its total loan portfolio of Tk30,423 crore, according to its financial statements.

The bank's total deposits exceeded Tk40,000 crore, of which around Tk8,000 crore, or approximately 20%, came from retail customers.

The proposed sale comes as Standard Chartered reduces its physical footprint and changes customer services, encouraging cashless transactions.

Five years ago, the bank had around 24 branches and 83-96 ATMs. It now operates 18 branches and 70 self-service terminals, including ATMs and cash-recycling machines.

It introduced a Tk50,000 minimum balance requirement for new accounts several years ago and recently discontinued transfers to mobile financial service (MFS) accounts. Customers have also reported app outages for maintenance at least twice a month.

The Bangladesh Telecommunication Regulatory Commission (BTRC) has decided to conduct a study to identify remote, hard-to-reach, underserved and disaster-prone areas where telecom services are inadequate or of poor quality and explore ways to ensure reliable, high-quality connectivity.

At a recent commission meeting, the telecom regulator gave in-principle approval to the proposed research and decided to form a committee to prepare a detailed research proposal within one month for submission to the BTRC chairman.

According to the documents, the study will identify areas with inadequate telecom coverage and assess local connectivity needs, while exploring possible approaches to ensure quality services in places where expanding mobile networks may not be commercially viable.

The initiative comes as the government seeks to ensure reliable and high-speed internet access for citizens across the country, including both urban and rural areas, under its election manifesto.

The government is also working on a connectivity master plan, while the Telecommunications Network and Licensing Policy, 2025, provides for spectrum-based incentives to expand networks in remote and underserved areas.

During the meeting, Brig Gen Mohammad Moniruzzaman Jewel, director general of the BTRC’s spectrum management division, presented a detailed proposal, highlighting the importance of quality telecom services in the daily lives of people across all sections of society.

He noted that reliable telecommunications are essential for the development of people living outside major urban centres. However, expanding quality mobile networks in remote and disadvantaged areas is often not commercially sustainable for operators.

As a result, he said, even where some network coverage exists, the quality and availability of services may not meet the government’s goal of ensuring high-speed, quality connectivity nationwide.

The proposed research will review international best practices to identify suitable approaches for addressing the problem, according to the meeting minutes.

The study is expected to examine the geographical extent of underserved areas, assess their telecommunications requirements and identify potential methods for delivering quality services.

The regulator said a systematic assessment is necessary to determine where network expansion is most needed and what measures could make service delivery viable in areas that operators may otherwise find commercially unattractive.

The proposed research will also take into account the government’s election manifesto, its plans for expanding telecommunications services, and existing laws and regulations.

Under the decision, the committee will be headed by a director general nominated by the BTRC chairman.

Representatives from the spectrum management, spectrum services, finance, accounts and revenue divisions, along with the legal wing, will serve as members.

An officer nominated by the chairman will act as the member secretary.

The commission’s decision marks an initial step towards developing a more targeted approach to expanding telecommunications services in areas where geographical challenges, disaster risks and limited commercial returns can discourage network investment.

Bangladesh Bank's Tk20,000 crore refinancing scheme to revive closed factories has gained some momentum, with loan disbursements rising to Tk560 crore by 18 October, although most applications remain under processing.

According to the central bank's latest data, banks have submitted loan applications worth Tk1,490 crore under the scheme, of which Tk560 crore has been disbursed and another Tk929 crore is being processed for disbursement.

The scheme had received applications worth Tk800 crore by 30 September, against which Tk110 crore had been disbursed to eight businesses, indicating a pickup in financing over the following 18 days.

However, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) says none of the nearly 200 garment factories it certified as meeting the scheme's requirements has received funding.

"We understand that not a single factory has received funds under this scheme so far," said BGMEA Vice-President Md Shihab Uddoja Chowdhury.

Four factory owners also told TBS that they are still waiting for funds to be released.

According to Bangladesh Bank's latest figures, 15 refinancing schemes with a combined allocation of Tk60,000 crore had received applications worth Tk14,519 crore. Of this amount, Tk11,959 crore had been disbursed, while applications worth another Tk2,560 crore remained under processing.

Of the package's total allocation, Tk41,000 crore was earmarked for refinancing, including Tk19,000 crore to be provided from Bangladesh Bank's own funds.

Banks cautious despite low-cost central bank funding

The Bangladesh Bank announced the scheme in June, but banks took until October to complete the application and scrutiny process.

Although the central bank provides liquidity at a lower interest rate, commercial banks bear the entire credit risk associated with the loans. They are solely responsible for assessing borrowers' business capacity and prospects for survival.

Under the arrangement, borrowers first apply through commercial banks. The banks then assess the applications and forward those they approve to Bangladesh Bank for funding.

This allocation of credit risk may be contributing to the slow progress, although the available data do not establish the reasons for the delays.

At the launch of the broader package, Governor Md Mostaqur Rahman said the initiative could create around 25 lakh new jobs.

Other refinancing schemes show mixed performance

Performance across the other refinancing schemes varies considerably, with export pre-shipment credit and cottage and micro-enterprise financing accounting for substantial disbursements, while several employment, export diversification and rural development schemes have made little or no progress.

The Pre-shipment Credit Refinance Scheme recorded the highest disbursement, releasing Tk6,917 crore against its Tk5,000 crore target, exceeding the allocation by 38.34%.

The Cottage and Micro Sector Entrepreneurs Special Scheme disbursed Tk2,500 crore against its Tk5,000 crore allocation, achieving 50% implementation.

The CMSME Working Capital Refinance Fund disbursed Tk907.73 crore against its Tk5,000 crore allocation, while the Creative Economy Scheme fully disbursed its Tk500 crore allocation.

The Overseas Employment Financing Scheme released Tk200 crore against a Tk1,000 crore target.

The Agriculture and Rural Food Security Refinance Scheme, with an allocation of Tk10,000 crore, disbursed Tk292.90 crore, equivalent to 2.93% of its target.

The Agro-based Special Economic Centre in North Bengal disbursed Tk48.67 crore against its Tk3,000 crore allocation.

The Start-up Sector Financing Scheme recorded Tk32.59 crore in disbursements, with another Tk5 crore under processing, against its Tk500 crore allocation.

The Unemployed Youth Employment Financing Scheme had Tk1,000 crore under processing against its Tk1,000 crore allocation, with no disbursement recorded as of 15 October.

The Green Factory Building and Green Industries Refinance Scheme had Tk527.47 crore under processing against its Tk1,000 crore target, while the Leather Goods and Footwear Export Sector Scheme had Tk98 crore under processing against its Tk2,000 crore allocation. Neither scheme had recorded any disbursement.

Three schemes - the Export Diversification Refinance Scheme, the Rural Economic Activity Dynamics Scheme and the Frozen Shrimp and Other Fish Export Sector Scheme - had recorded neither disbursements nor applications under processing. 

Their combined allocation stood at Tk6,000 crore, comprising Tk3,000 crore for export diversification, Tk1,000 crore for rural economic activities and Tk2,000 crore for frozen shrimp and other fish exports.

Bangladesh Bank has warned the public against mobile apps offering unauthorised online loans, saying they can access users' contacts, personal information, photos, videos and text messages and use the data to extort money, blackmail borrowers and threaten to publish sensitive images on social media.

The central bank has also warned against transactions through 22 unlicensed online payment aggregator platforms identified by its Payment Systems Supervision Department.

In a warning notice issued today (18 October), Bangladesh Bank said operators of unauthorised loan apps were using customers' personal information to threaten to publish sensitive photos on social media and extort money.

Lending through such apps without the central bank's approval was illegal, it said, urging the public to refrain from using them or participating in their lending activities.

According to the notice, such operations violate Section 15(2) of the Payment and Settlement Systems Act, 2024, while Section 37(1) provides for punishment for the offence.

The central bank said the operators were committing punishable offences. Borrowers who register with the apps and conduct financial transactions through them could also become involved in unlawful activities, it warned.

In a separate warning issued on the same day, Bangladesh Bank advised the public against using the 22 payment platforms, saying that providing payment services without its licence was illegal and punishable under the Payment and Settlement Systems Act, 2024.

Section 4(2) of the law bars any person, institution or company from operating a payment system or providing payment services without a licence from Bangladesh Bank. Section 37(1) stipulates penalties for violations.

The 22 platforms are BohudurPay, ZiniPay, PayTiller, BengaliPay, Payora BD, SohojPay BD, EasyPayWay, AK Pay, BD PAY, ShajgarPay, AsthaPay/CPay, UddoktaPay, Walletmix, BttPay, Easy Pay Automation, UniquePay BD, BD AUTO PAY, RH Pay BD, EzePay, AutoPay Ltd, Biswasto and PipraPay.

Bangladesh Bank urged the public to avoid operating or conducting transactions through the unlicensed platforms to protect their hard-earned money and avoid legal risks.

Singapore has expressed interest in exploring investment opportunities in Bangladesh's infrastructure, logistics and industrial sectors, with particular emphasis on terminal development and operation.

The interest was expressed at a meeting between Invest Bangladesh Authority Chairman Chowdhury Ashik Mahmud Bin Harun and Singapore High Commission Charge d'Affaires in Bangladesh Philip Ong at the authority's office today (Sunday), BSS reports.

The meeting discussed Bangladesh's investment climate, institutional coordination, infrastructure development and ways to expand bilateral economic cooperation.

During the meeting, Ong praised the initiative to establish Invest Bangladesh Authority by bringing together the Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA) and Public Private Partnership (PPP) Authority.

He said such institutional reforms could ensure more coordinated, faster and more effective services for investors.

Ashik Chowdhury said the institutional integration and coordination initiative could be expanded in the future, with opportunities to bring more institutions under the integrated framework in phases.

He said the authority aimed to ensure effective logistics support for investors, encourage investment in solar power plants, advance privatisation initiatives, accelerate digitalisation and create a conducive environment for industrial development.

The meeting also explored Singapore's potential investment in Bangladesh's infrastructure and logistics sectors.

In this connection, the participants discussed the experience and capabilities of Singapore-based global port operator PSA International and the potential for its involvement in the development and operation of terminals in Bangladesh.

Ong expressed Singapore's willingness to work with the Bangladesh government and strengthen bilateral economic cooperation.

He also underscored the importance of policy continuity, transparency and a predictable business environment to enhance investor confidence.

Both sides expressed optimism about creating new opportunities for cooperation between Bangladesh and Singapore in investment, infrastructure, logistics and industrial development.

A delegation of Japanese investors has announced plans to invest an initial US$1.2 billion in Bangladesh's tourism and hospitality sector, opening up fresh prospects for foreign investment in the country's largely untapped tourism industry.

The announcement came during a meeting with Civil Aviation and Tourism Minister M. Rashiduzzaman Millat at the ministry's conference room in the Bangladesh Secretariat this afternoon on Sunday.

The Japanese investors expressed their strong interest in Bangladesh's tourism industry and readiness to work with the government to develop tourism infrastructure and hospitality facilities, reports BSS, citing a press release.

Welcoming the investment announcement, Minister Millat assured the Japanese delegation of the government's full cooperation in facilitating their proposed investment.

“We are delighted to welcome the interest shown by Japanese investors in investing in Bangladesh. Once their investment proposals are formally submitted, the government will promptly take the necessary steps,” he said.Buy Maps

The minister said the government was keen to attract foreign investment in tourism through mutually beneficial public-private partnership (PPP) arrangements.

He stressed that the government would pursue a win-win approach to foreign investment, ensuring benefits for both investors and Bangladesh.

Highlighting the country's immense tourism potential, Millat said Bangladesh offers a unique combination of natural beauty, cultural heritage and diverse tourist attractions.

“Our country is home to the Sundarbans, the world's largest mangrove forest, Cox's Bazar, the world's longest uninterrupted natural sea beach, and the picturesque tea gardens of Sylhet,” he said.

The minister said the government was committed to developing the tourism sector by attracting international investment and improving tourism-related infrastructure and services.

Describing Japan as a longstanding and trusted development partner, Millat recalled its significant contributions to Bangladesh's major infrastructure development projects.

He expressed optimism that Japanese investment and expertise could play an important role in unlocking Bangladesh's tourism potential.

“Japan is an old friend of Bangladesh. The government is always ready to extend all necessary cooperation to Japanese investors interested in developing our tourism sector,” he said.

The minister also directed that necessary arrangements be made for the Japanese investors to visit prospective tourism destinations and assess investment opportunities.

He said a delegation from the Bangladesh Tourism Board (BTB) would promptly facilitate visits to potential tourism sites to help the investors identify suitable projects.Buy Maps

The Japanese representatives reaffirmed their interest in developing a long-term partnership with Bangladesh in tourism and hospitality.

The proposed $1.2 billion investment is expected to be taken forward through formal proposals to be submitted by the Japanese investors for government consideration.

A Memorandum of Understanding (MoU) was signed between the Government of Bangladesh and the Government of Germany on Sunday for the implementation of the project titled ‘Eco-Build: Scaling up Green Construction’.

Md Shahriar Kader Siddiky, secretary of the Economic Relations Division (ERD), Ministry of Finance, signed the MoU on behalf of the Bangladesh government, while Mark Gombert, country director of GIZ Bangladesh, signed it on behalf of the German side, reports UNB, citing a press release.

Under the MoU, the German Government and the European Union (EU) will provide EUR 10 million each as grant assistance, amounting to a total of EUR 20 million (approximately Tk 277.38 crore) for the project, said the release.

The project will be jointly implemented by the Ministry of Housing and Public Works and the Ministry of Environment, Forest and Climate Change.

The main objective of the project is to promote environmentally sustainable and climate-friendly construction practices across the national, local government and private-sector construction industries in Bangladesh.

The project will support the formulation and implementation of relevant policies, strengthen the engagement of public and private-sector stakeholders, and establish mechanisms to ensure quality control and standards for environment-friendly construction materials.

Germany has been a development partner of Bangladesh since 1972. To date, the total financial and technical assistance committed by the German Government amounts to approximately EUR 4 billion.

Currently, 21 projects are being implemented in Bangladesh with grant assistance of EUR 121.62 million through GIZ.