Economy
First Consignment of 37 Tons Crosses Benapole Land Port
Hilsa exports from Bangladesh to India have begun ahead of the upcoming Durga Puja, with the government authorizing 37 exporters to ship a total of 1,200 tons this year.
The first consignment, weighing 37.46 tons, crossed into India through Benapole land port at around 1 a.m. on Wednesday night. Six firms participated in the initial shipment. Each kilogram of hilsa was priced at USD 12.50, equivalent to about BDT 1,525.
The Department of Fisheries has directed that all exports be completed by October 5. Last year, though permission was granted for 2,420 tons, only 532 tons were exported.
Meanwhile, the announcement has driven up local hilsa prices. Just a month ago, the fish sold for BDT 1,400–1,500 per kg, but current prices have surged to BDT 2,200–2,500. Consumers fear exports will further raise domestic prices, while traders argue that the initiative strengthens bilateral trade and cultural ties between Bangladesh and India.
Hilsa, especially from the Padma River, is a delicacy cherished on both sides of the border and is considered an essential dish during Durga Puja celebrations. Hilsa exports had been banned in 2012 due to production concerns but resumed in 2019 under special exemptions for the festival season.
Data from the National Board of Revenue shows fluctuating export volumes in recent years: 476 tons in FY 2019–20, 1,699 tons in FY 2020–21, 1,230 tons in FY 2021–22, 1,391 tons in FY 2022–23, 802 tons in FY 2023–24, and 660 tons in FY 2024–25.
Gold prices have surged to a historic high, crossing $3,550 per ounce for the first time. On Wednesday (3 September), spot gold rose 0.6% to $3,554.79, briefly touching a record $3,556.01 earlier in the day.
US gold futures for December delivery climbed 0.8% to $3,621.30. Analysts attribute the rally to expectations of a Federal Reserve rate cut and rising demand for safe-haven assets amid economic uncertainty.
Experts suggest gold could rise to $3,600–$3,800 in the short to mid-term, with a possibility of reaching $4,000 by early next year.
Other precious metals also gained: silver jumped to $40.97 per ounce—the highest since 2011—while platinum rose to $1,417 and palladium to $1,148.
The government has dismissed Jannatul Ferdous Mitu, Assistant Tax Commissioner of Tax Zone-5, on allegations of accepting Tk 3.8 million in bribes in exchange for leaking confidential tax records. The Ministry of Finance issued a notification in this regard on Monday (1 September).
According to the circular, Mitu handed over crucial tax documents—including previous income tax returns, order sheets, tax assessment orders, appeal tribunal rulings, and other records—to a designated representative (a tax lawyer) in exchange for the bribe.
Based on these allegations, departmental proceedings have been initiated against her. Under Rule 12 of the Government Servants (Discipline and Appeal) Rules, 2018, she has been dismissed from her position while being appointed as a special officer on deputation to the National Board of Revenue (NBR).
The notification further stated that Mitu will be entitled to subsistence allowance during the suspension period, and the dismissal order takes immediate effect in the public interest.
Bangladesh Bank has decided to merge five struggling private banks, including EXIM, after previous bailout measures failed to revive them. Analysts, however, remain skeptical about the move.
Earlier, around Tk 270 billion was injected into these banks, but they failed to recover. The planned merger may require Tk 350 billion, of which Tk 200 billion will be sought from the government. The remaining amount is expected from the Deposit Insurance Fund, IMF, and World Bank.
Before the merger, all existing shares of the banks will be nullified, and small depositors will be repaid. According to Bangladesh Bank officials, shares of the merged entity will be adjusted based on average market value.
Economic adviser Dr. Salehuddin Ahmed indicated that other banks under special monitoring might also face similar measures. However, financial sector analysts argue that instead of mergers, banks should be given time with recovery plans, and if they fail, they should be shut down.
According to Bangladesh Bank data, between September last year and May this year, deposits in these five banks dropped by Tk 220.6 billion, while non-performing loans surged to Tk 1.47 trillion—77% of their total loans.
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