The government has asked the National Board of Revenue (NBR) to outline plans for increasing revenue collection during the remaining months of the current fiscal year.

According to the government's plan, in order to raise the tax-to-GDP ratio to 8% in the current FY2025-26, revenue collection must increase by around Tk1.25 lakh crore compared to the previous fiscal year.

This means revenue collection needs to grow by about 34% from last fiscal year, although growth in revenue collection during the seven months from July to January has been less than 13%.

Prime Minister's Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir has instructed the NBR to explain what measures it will take to boost revenue collection during the remaining four months of the fiscal year, from March to June, and from which sectors revenue will be increased.

He gave the instruction during a meeting with senior officials at the NBR headquarters in Agargaon, Dhaka, today (11 March), several officials present at the meeting told The Business Standard.

However, speaking on condition of anonymity, a VAT division official who attended the meeting told TBS, "According to the government's target, the opportunity to increase revenue collection significantly in the remaining months of the fiscal year is limited. Some increase in revenue may come through special drives to recover arrears."

Explaining the reasons, the official said, "Due to both domestic and global factors, there is currently little dynamism in the country's economy. Development project implementation is slow. Import and export activities are also sluggish. So how will such a huge amount of revenue come?"

The official also said there is little scope to increase taxes midway through the fiscal year. As a result, regardless of the outcome in the current fiscal year, some measures may be taken in the next budget to ensure better progress in revenue collection in FY2026-27.

In FY2024-25, the tax-to-GDP ratio dropped to 6.6%, which is far below the target set by the International Monetary Fund (IMF) for Bangladesh. Ahead of the national election, the BNP government also pledged to increase the tax-to-GDP ratio or domestic revenue collection.

In line with that commitment, pressure has been mounting on the NBR since the government assumed responsibility to increase revenue collection.

Sources at the NBR said the authority currently has nearly Tk1 lakh crore in outstanding revenue, a large portion of which is undisputed while the rest is tied up in legal cases. NBR officials believe that if a major drive is launched to recover these arrears in the remaining months of the fiscal year, a significant amount of revenue could be collected. Beyond that, opportunities to increase revenue to meet the target remain limited.

Analysis of NBR revenue collection statistics also shows that the pace of revenue growth has slowed over the past three months. The growth rate seen at the beginning of the fiscal year has gradually declined. In such a situation, officials believe maintaining normal revenue growth in the coming months will be a major challenge for the NBR.

Inflow of remittances witnessed a year-on-year growth of 51.7 percent reaching US$1,738 million in the first ten days of March, according to the latest data of Bangladesh Bank (BB) issued today (Wednesday).

Last year, during the same period, the country's remittance inflow was $1,145 million, BSS reports.

During the July to March 10, 2026 of the current fiscal year, expatriates sent remittances of $24,191 million, which was $19,635 million during the same period of the previous fiscal year.

Stocks ended almost flat today (11 March), with the DSEX – the benchmark index of the Dhaka Stock Exchange (DSE) – rising by 2.50 points after two days of recovery.

Following the trading session in two-days, most of the stocks today increased but turnover fell 12% to Tk523.59 crore as investors remained watchful of the current situation.

Within the two trading sessions (9 and 10 March), DSEX recovered 280 points to close at 5,290, mostly riding on large-cap blue-chip stocks, including banks.

On Tuesday, the DSEX surged 148 points, fuelled by price gains in shares of banks and telecom sector stocks with 87% of issues advancing after absorbing the recent massive sell-offs.

Earlier, stocks suffered a highest single-day fall in six years on Sunday, the first trading session of the week as escalating geopolitical tensions in the Middle East triggered panic selling across the market.

The index plunged 231 points, or 4.42%, to close at 5,008, hitting a two-month low and marking the biggest one-day decline since the Covid-19 pandemic era.

The other major indices – DSES, surged by 3.90 points to 1,062 and DS30 with 30 leading companies and is considered the exchange's investable index, declined 0.81 points.

EBL Securities in its daily market commentary said that the capital bourse displayed a mixed trading pattern as investors remained watchful amid ongoing developments surrounding the Middle East conflict, prompting the benchmark index to close largely on a flat note.

"Investors were active on both sides of the trading fence, while cautious investors utilized the recent market recovery to lock in gains from sector-specific large-cap scrips and preferred to observe the market's trend," it said.

Meanwhile, price appreciation was evident in several speculative and momentum-driven stocks as opportunistic investors continued to chase potential quick gains.

On the sectoral front, Pharma accounted for the highest share of turnover by 18.4%, followed by Bank 16.3% and Textile 11.4%. In the previous two trading sessions, bank stocks lead in strong recovery as most banks price surges.

Of the 391 issues traded, 236 advanced, 98 declined, and 57 remained unchanged.

People's Leasing topped the gainer list hitting upper circuit, a highest single day limit capped by the regulator, by 10% to Tk3.3 each at the DSE.

Followed by Fareast Finance by 10% to Tk3.3 each, Fas Finance by 10% to Tk3.3 each, HR Textile by 9.86% to Tk21.1 each, and Anlima Yarn by 9.73% to Tk20.3 each.

While on the losing side, National Bank topped the loser list as its shares price fell by 5.55% to Tk5.1 each, followed by Tung Hai Knitting by 5.40% to Tk3.5 each, Mithun Knitting by 3.63% to Tk15.9 each.

The port city bourse, CSE, also settled on a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) advanced by 31.5 points and 48.5 points, respectively.

Bangladesh will purchase three more cargoes of liquefied natural gas (LNG) on the spot market from South Korean and UK-based companies at more than double the price paid in December, as the government moves to prevent a looming energy crisis.

The cabinet committee on public purchase approved the deal yesterday. The three shipments are expected to arrive between April 5 and April 13.

UK-based TotalEnergies Gas & Power Ltd will supply one cargo at $21.58 per MMBtu (Million Metric British Thermal Units), while South Korea-based Posco International Corporation will provide two cargoes at $20.76 per MMBtu.

The government will spend around Tk 2,660 crore on these deliveries, adding pressure on the fiscal budget.

Earlier, state-run Petrobangla secured two emergency LNG cargoes for March deliveries from the spot market at nearly three times December prices due to supply uncertainties caused by rising geopolitical tensions in the Middle East.

One cargo was purchased from US-based Gunvor at $28.28 per MMBtu, a 183 percent increase over December rates, while a second shipment from Vitol cost $23.08 per MMBtu, according to Petrobangla officials.

Previously, the government had approved LNG purchases at $9.99 per MMBtu in December and $11.97 per MMBtu in July, highlighting how sharply spot-market prices have risen. This situation highlights how vulnerable South Asian markets are to global price swings when shipping routes face disruption.

“We had to pay a steep premium because suppliers were increasingly reluctant to submit bids,” a Petrobangla official said on condition of anonymity. “The ongoing Middle East crisis has reduced the number of participants willing to make short-term deliveries to this region.”

LNG prices, which had been gradually falling, spiked last week due to the US-Israel war on Iran. Bangladesh had to turn to the spot market after failing to attract bidders for two consecutive days, even at more than double the usual rate.

This comes amid ongoing uncertainty over timely shipments from Qatar, as Gulf shipping remains heavily disrupted. Tehran has threatened to “set fire” to vessels in the Strait of Hormuz, a key oil chokepoint connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea.

Bangladesh meets nearly 30 percent of its gas demand through imported LNG, while domestic output continues to fall short of the total requirement of about 2,650 mmcfd (million cubic feet per day).

The country also spends around $1 billion annually to import over 6 million tonnes of petroleum, mostly sourced from the Middle East, with more than half of LNG imports in 2025 passing through the Strait of Hormuz.

In other approvals, the government yesterday cleared the purchase of 3.10 lakh litres of rice bran oil and palm oil. Indonesian bidder Powerhouse General Trading will supply 1.30 lakh litres of palm oil, while local suppliers will provide rice bran oil.

Additionally, the cabinet committee on public purchase approved the buying of 240 megawatts of electricity from a gas-based power plant of the Electricity Generation Company of Bangladesh at a cost of Tk 23,880 crore, with a tariff rate of Tk 3.3664 per kilowatt-hour.

The Bangladesh government has sent a letter to India seeking energy assistance in light of the situation created by the ongoing war in the Middle East.

Indian High Commissioner to Bangladesh Pranay Verma confirmed the development today (11 March) after a meeting with State Minister for Power, Energy and Mineral Resources Iqbal Hassan Mahmood at the Secretariat.

Responding to questions from journalists, the Indian envoy said, "We have received a formal letter from the government of Bangladesh requesting additional assistance. I have accepted it and will forward it to the concerned authorities for prompt consideration."

Regarding the discussion at the meeting, Verma said India and Bangladesh maintain a very strong connection in the power and energy sectors, which is one of the key pillars of their economic cooperation.

He noted that cross-border electricity transmission lines and pipelines between the two countries are currently operational, adding that the meeting also discussed ways to further strengthen this cooperation.

Paramount Insurance Company, a non-life insurer listed on the stock exchanges, has recommended a 10% cash dividend for 2025, despite a marginal decline in profit.

According to disclosures made today (11 March), the company posted a net profit of Tk8.90 crore for 2025, down 1.87% from Tk9.07 crore in 2024. Earnings per share (EPS) fell slightly to Tk2.19 from Tk2.23 last year. The company had also paid a 10% cash dividend in 2024.

The insurer's shares were last quoted at Tk51.30 each. Data from the Dhaka Stock Exchange (DSE) showed that Paramount shares had risen sharply in recent trading sessions, from an average of Tk41 to Tk58 by mid-February. Following sell-offs amid the Middle East conflict, the price dropped to Tk46 on 8 March but has since rebounded to around Tk51 over the past three trading sessions.

At the end of 2025, the company's net asset value (NAV) per share increased to Tk28.16 from Tk27.26 in 2024, while net operating cash flow per share declined to Tk1.79 from Tk2.91.

Paramount Insurance has scheduled its annual general meeting for 18 May through a digital platform, with 21 April set as the record date for shareholders.

Listed in 2007, Paramount Insurance has a paid-up capital of Tk40.66 crore. As of February, sponsor-directors held 48.48% of shares, institutional investors 18.52%, foreign investors 0.04%, and the general public 32.96%, according to DSE data.

Paramount Textile, a listed textile firm, has reported that its consolidated profit in the second quarter of the current fiscal year fell by 19% year-on-year due to a decline in revenue.

During the October-December period, its consolidated profit declined to Tk20.77 with an earnings per share (EPS) of Tk1.16.

At the same time of the previous fiscal years, its profit was Tk25.79 crore and an EPS of Tk1.44, according to its disclosures published on the stock exchanges website today (11 March).

Following the disclosures, Paramount Textile's shares dropped by 3.95% to Tk51.10 each at the Dhaka Stock Exchange.

In an explanation about declining profit, it said revenue decrease in this period in comparison with the corresponding period of last year."

How much revenue declined, it was not confirmed as it yet to publish its financials statements.

Meanwhile, in the first half of 2025-26 fiscal year, its profit declined by 4.23% to Tk42.27 crore, and EPS stood at Tk2.36.

In H1 of FY25, its profit was Tk4.06 crore and EPS was Tk2.46, its disclosure said.

The consolidated net operating cash flow per share for H1 declined to Tk3.26 as against Tk5.03 for the July-December of the previous fiscal year.

While its consolidated net asset value per share stood at Tk45.06 as of 31 December.

It said cash flow significantly lower because of lower revenue collection compare to the same period of the last year.

The board of directors of Safko Spinning Mills has decided to sell the loss-making company, citing operational challenges, and plans to transfer its shareholdings to interested investors.

The move aims to ensure business continuity and protect the interests of existing shareholders, the company said in a disclosure to the Dhaka and Chittagong stock exchanges today (11 March).

The share transfer process is currently underway, with steps being taken to facilitate potential ownership changes. The initiative is expected to attract new investors who may acquire the stakes currently held by sponsor-directors, including SAKM Salim, SABM Humayun, Syed Saqeb Ahmed, SFAM Shahjahan, and Syeda Momena Begum.

Following the announcement, Safko's share price rose 9.35% to Tk15.20 on the Dhaka Stock Exchange today.

A team from the DSE had visited the company's factory on 3 February 2025 and found operations closed; production resumed on 31 August last year. The company's auditor issued a qualified opinion, noting significant financial stress.

Safko has accumulated losses of Tk97.81 crore and unpaid bank loans of Tk142.24 crore. Inventory has been sold at nominal prices, and operations were temporarily halted, raising doubts about the company's ability to continue as a going concern.

In the July-December period of the current fiscal year, the company generated revenue of Tk57 lakh after resuming production, with a net loss after tax of Tk6.19 crore, compared with a loss of Tk15.89 crore in the same period last year. Loss per share improved to Tk2.07 from Tk5.30.

Market analysts noted that ownership restructuring is common among listed companies when sponsors seek strategic investors, address financial challenges, or restructure operations. Depending on incoming investors, such transfers may lead to changes in management or business strategy.

Safko confirmed that all regulatory procedures will comply with the Bangladesh Securities and Exchange Commission and stock exchange listing rules. Shareholders will receive updates as the process progresses and approvals are secured.

Bangladesh’s processed food exports to key Middle Eastern markets have come to a standstill as disruptions in the Strait of Hormuz caused by the US-Israeli war on Iran have halted shipments, leaving containers stranded and exporters fearing mounting financial losses.

Containers loaded with snacks, spices and other food products are either stranded or unable to be shipped. Companies warn that prolonged disruptions could affect cash flow, inventory management and profitability.

Bangladesh exports a wide range of products to the Middle East, industry insiders say, including beverage items, spices, biscuits, puffed rice, chanachur (Bombay mix), noodles, mustard oil, and other snacks.

The companies’ major markets in the region include Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain.

Exports of Square Food & Beverage Ltd to the Middle East have been disrupted since the conflict began, leaving several containers stranded and causing financial losses, said Md Parvez Saiful Islam, chief executive officer (CEO) of the company.

“The crisis in the Middle East started on February 28. From March 1, all the containers that we had handed over to freight forwarders for shipment got stuck,” Islam told The Daily Star.

According to him, around 11 containers of the company’s products are currently unable to be shipped.

“If the containers cannot be shipped, we may eventually have to bring the goods back. Since the products are already packed and loaded, storage and other charges will keep increasing,” he said.

The company is now in discussions with shipping lines to determine whether the containers will be shipped or returned.

The inability to fulfil export orders is the main problem, he said.

Square Food & Beverage exports products such as spices, chanachur and mustard oil to Middle Eastern markets.

The stranded consignments alone are worth about $800,000, he added.

Some export shipments of Pran-RFL Group to Middle Eastern markets have been caught in transit, while others could not be shipped due to uncertainty surrounding maritime routes, said Kamruzzaman Kamal, marketing director of the company.

According to him, some of the company’s goods are currently at Chattogram port, while others have already reached a Sri Lankan transhipment port from where they were supposed to move through the Strait towards Gulf markets.

“Our feeder vessels carry the containers to those ports, and from there the cargo is loaded onto mother vessels for onward shipment,” Kamal said.

However, shipments moving through that route are now facing uncertainty. “So those goods have not yet moved forward,” he added. Kamal cautioned that the disruption could lead to business losses if it continues for long.

Bombay Sweets has also halted exports to its main Middle Eastern markets since tensions first emerged, said Khurshid Ahmad Farhad, general manager of the company.

“We have not been able to export goods worth even a single taka this month,” Farhad told The Daily Star.

“We halted shipments on the very first day the tensions started. None of our containers remains stuck because we did not release them from the factory.”

However, he said many exporters who had already shipped goods are now facing difficulties at Chattogram port.

“Some containers are stuck at the port. In some cases, shipping lines are charging demurrage. In other cases, goods are being stored at depots and accumulating additional charges,” he added.

Farhad said those who shipped goods without calculating the risks are now facing the biggest problems.

Referring to export data from the Export Promotion Bureau, he estimated Bangladesh’s processed food exports to the Middle East at $40 million to $45 million annually. The entire agriculture sector fetched around $65.24 million in the last fiscal year.

Farhad also noted the large value difference between products.

“For example, a container of spices may be worth about $100,000, while a container of chips may be worth only around $5,000,” he said.

Quamrul Hassan, chief business officer of ACI Consumer Brands, said the disruption in the Strait of Hormuz has effectively halted exports to several Gulf markets.

“If the Strait of Hormuz is closed, it naturally affects markets like Dubai, Qatar and Kuwait. Most shipments to those countries pass through that route,” Hassan told The Daily Star.

ACI exports products such as biscuits, puffed rice and flattened rice to the region, which sell well during Ramadan.

“Right now, no one is able to send shipments,” he said.

Exports to the region are usually based on advance orders placed by importers.

“When exports stop, sales stop. And when sales stop, losses increase,” Hassan added.

He said exporters are also facing pressure on inventory, cash flow and profitability as goods prepared for export cannot be shipped.

The US dollar exchange rate against the taka held almost flat through late February before beginning a slow, gradual climb into March.

The shift in the curve comes as taka started to weaken with the beginning of the US-Israel’s war against Iran in March and the subsequent conflicts across the Middle East, mainly because cautious banks began trading the greenback among themselves at higher rates.

This latest fall of taka has revived memories of the 2022-23 currency stress.

At that period, heavy import bills, rising global commodity prices amid the Russia-Ukraine war, and slower remittance inflows and export earnings coincided with a rapidly depleting foreign currency reserve.

This time, however, the forex reserve stands at a much more comfortable level and dollar flow to the local market remains almost normal. But banks have shifted into a cautious mode triggered by the war in the Middle East.

The commercial lenders fear a prolonged war could again push up import bills, while a large share of expatriate Bangladeshis in the Gulf might send less money home.

“Many banks have taken a cautious approach due to the uncertainty ahead,” said Mati ul Hasan, managing director of Mercantile Bank. “However, the real impact will be understood after about a week.”

Yesterday, the weighted average interbank exchange rate stood at Tk 122.69 per dollar, up from Tk 122.58 a day earlier, according to the Bangladesh Bank (BB).

The rate was Tk 122.49 on Monday and Tk 122.43 on Sunday, according to BB data.

A top official of an import-dependent industrial group based in Chattogram told The Daily Star that banks have not yet faced a real shortage of US dollars, but some are “trying to create an artificial crisis”.

He said banks are demanding between Tk 122.90 and Tk 123 per dollar when opening letters of credit (LCs). The rate is even higher in the case of forward sales, he added.

A forward dollar sale is a binding contract to sell dollars at a fixed price on a future date, regardless of the market rate at that time.

Yesterday, state-run Sonali Bank quoted Tk 122.75 per dollar for spot selling, while its spot buying rate ranged between Tk 121.68 and Tk 121.80. Private commercial BRAC Bank quoted Tk 122.95 per dollar for selling and Tk 121.95 for buying.

Dhaka Bank quoted Tk 122.99 per dollar for bills for collection selling and Tk 121.50 for buying yesterday. Mercantile Bank offered the dollar at Tk 122.90 for selling and Tk 121.60 for buying.

Mercantile Bank MD Hasan said that since the flow of dollars had been strong for quite some time and the market remained liquid, banks had not worried much about making payments.

However, they now need to plan ahead because of rising uncertainty, he said, adding that dollar inflows are not evenly distributed across banks, which may prompt some lenders to slightly raise their rates.

“Still, the situation has not become very unstable yet. Conditions could deteriorate if the war continues for long,” said Hasan.

Meanwhile, BB officials said the central bank has stopped intervening in the market, meaning it is no longer supplying dollars from its stocks to support the taka. As a result, the currency has started to weaken.

They also noted that fuel prices in the international market have risen sharply, which could push up import costs and lead to volatility in the foreign exchange market in the coming days.

Considering that potential impact, BB has also stopped purchasing US dollars from the market, they added.

The central bank bought more than $5 billion from the foreign exchange market in FY26 as of March 2. The purchases helped lift the country’s foreign exchange reserve.

Forex reserve stood at $34 billion as of Sunday, according to BB. However, the reserve stood at $29.38 billion based on the IMF calculation.

Between FY21 and FY25, BB sold more than $25 billion from its reserve to meet import payments for fuel, fertiliser and food.

After the war broke out, the new BB governor hinted that the regulator could provide dollar support from the reserve to import fuel if needed, officials said. But leading economists at a meeting last week advised the governor to remain cautious about spending from the reserve as tensions in the Middle East could trigger fresh economic shocks.

They said rising global fuel prices linked to the crisis could increase the country’s import bill and eventually put pressure on the foreign exchange reserve.

The economists urged the central bank to explore alternative funding sources to settle fuel import payments instead of depending on the reserve.

M Masrur Reaz, chairman and chief executive officer of Policy Exchange Bangladesh, a private sector economic and investment advisory platform, was among the economists who met the governor.

He told The Daily Star yesterday that the situation could deteriorate sharply if the Middle East war lasts for a month.

Liquefied natural gas (LNG) and fuel prices have already increased significantly, he said, adding that this will push up import costs in the coming days.

“Due to this possibility, the price of the US dollar is also rising. It may increase further in the future because higher import costs will put additional pressure on foreign currency.”

Reaz said the current fuel rationing should continue. Besides, the government needs to estimate how much fuel will be required and what the cost will be over the next six months and one year, he said.

Based on that assessment, loans could be sought from the Asian Development Bank (ADB) or other multilateral lenders, said the economist. “The borrowed funds should be used to import fuel. In addition, projects that are currently stalled should be restarted quickly so that foreign funding can flow into the country.”

Iranian crude oil has continued to flow through the Strait of Hormuz at a near-normal pace even as Tehran-linked attacks on ships in the narrow waterway have decimated exports from other Gulf countries, a Reuters ‌review of tanker tracking data showed.

Iran has exported about 13.7 million barrels of crude oil since Israel and the US launched attacks on the country on 28 February, according to analysis from TankerTrackers.com, a maritime intelligence company that specializes in tracking the so-called shadow fleet, a network of vessels used to transport oil and gas from countries under Western sanctions.

Vessel tracking service Kpler pegged Iranian exports in the first 11 days of March even higher at about 16.5 million barrels.

Iran's retaliation to the Israeli and US attacks has included strikes on ships in the Strait of Hormuz and energy infrastructure across the Middle East, bringing non-Iranian vessel transits through the main gateway for ⁠much of Middle Eastern oil exports to a near standstill and forcing producers in the region to cut output.

Ran's ability to keep exporting oil without any reported interceptions contrasts sharply with what happened during the US military campaign in Venezuela, which involved a naval blockade of the Latin American nation and seizures of vessels attempting to enter or exit Venezuelan waters.

"I'm surprised, given their successful seizures of Venezuela-related vessels this past December, that the US did not initiate a similar campaign prior to starting this conflict, or has not done so at this time," said David Tannenbaum, a director at consulting firm Blackstone Compliance Services.

However, US efforts to stop Iran-linked tankers could unleash more attacks on vessels passing the Strait of Hormuz, Next Barrel oil and shipping analyst Matias Togni said.

So long as Iran is moving its vessels through the region, Iran has an incentive to keep the Strait of Hormuz open at least to some degree, said James Lightbourn, shipping financier and founder of Cavalier Shipping, maritime investing and advisory business.

"If the US were seizing tankers, it would give Iran less ‌to lose ⁠by shutting the strait entirely (such as with mines)," Lightbourn said.

US President Donald Trump's White House did not immediately reply to a request for comment on whether Washington plans any actions against Iranian oil exports.

Iranian exports at pace similar to last year

The TankerTracker.com and Kpler data indicate Iran's crude oil exports equate to between 1.1 million barrels per day and 1.5 million bpd from 28 February through 11 March. The country's average exports last year were 1.69 million bpd, according to Kpler records.

The pace could pick up In the days ahead. Multiple very large crude carriers, the largest oil vessels in service, ⁠are still loading oil at Iran's Kharg Island export hub, according to satellite imagery reviewed by TankerTrackers.com.

Prior to the February 28 strikes, Iran had ramped up exports to about 2.17 million bpd in February in anticipation of Israeli-US military action, Kpler data showed. Record oil exports from Iran were about 3.79 million bpd in the week of February 16, the data showed.

Six crude oil tankers have left ⁠Iran since 28 February, including the US-sanctioned vessel Cuma, which sailed this week, according to analysis from Kpler and Lloyd's List Intelligence. Two liquefied petroleum gas tankers, also under US sanctions, sailed out of Iranon Friday after loading cargoes, Reuters earlier reported.

At least 11 million barrels of crude oil have been shipped out of Iran, with four supertankers that left Iran ⁠carrying 8 million barrels arriving in waters around Singapore, a separate analysis showed.

The vessels follow the same pattern of sailing within Iran's exclusive economic zone, which extends up to 24 miles and beyond local territorial limits of 12 nautical miles.

This is seen as providing the vessels with a measure of protection by keeping them within Iran's waters, shipping sources said.

Bangladesh Securities and Exchange Commission (BSEC) fined individuals, intermediaries and firms a total of Tk 1,488 crore for their involvement in stock market manipulation during the interim government’s tenure. So far, the commission has received Tk 5.23 crore of the total fine amount.

Recovery of the fines remains slow as the entities have taken the matter to court, and it remains stuck in the legal process.

The commission recently disclosed this information to the finance ministry in its performance evaluation of the last 1.5 years.

The fine includes the amount that a manipulator gained from their manipulation, after deducting 10 percent for tax, according to the regulator.

In the last one and a half years, the regulator ran 12 investigations by an external investigation committee and 114 investigations by its own team.

Considering the extent of the offence, 16 corruption cases were sent to the Anti-Corruption Commission and other government agencies for taking steps.

“What a commission can do at most is set a financial penalty to punish manipulators, which it did successfully,” said Professor Al-Amin of the Accounting Department at Dhaka University.

“Whether the fines will get paid or the fined entities will get a clean sheet from the court is not the BSEC’s concern,” he said, pointing out that due process was followed in setting the penalties.

Although some investors accused the regulator’s penal decision of impacting the market, this line of thinking is not logical. Moreover, the fine was necessary to keep manipulators at bay, and it will benefit the capital market in the long run, Professor Al-Amin added.

Regarding the BSEC’s performance in the last 1.5 years, he said it would have been better if the regulator could have convinced at least two or three state-run companies to join the capital market in this period.

In its letter to the ministry, BSEC said that 18 companies raised funds of Tk 9,571 crore through bond issuance and 22 companies collected capital of Tk 3,170 crore through right shares in the last 1.5 years. A system has been developed so that initial public offering (IPO) applications can be submitted online and applicants can track the status of the approval.

Moreover, BSEC said in the letter that it formed and approved three regulations, amended two regulations, and drafted two acts and ordinances during this period.

Khondoker Rashed Maqsood, chairman of BSEC, said during an event on Sunday that anyone who is fined -- even if the amount is just Tk 100,000 -- gets around nine months across different legal stages to make the payment.

In addition, everyone has legal rights, and many are challenging the fines in court, he noted.

He expressed confidence that the entire amount will be deposited in the national exchequer within one to two years.

The dollar lost some of its safe-haven appeal on speculation that the war in the Middle East could prove limited on Tuesday, pulling down skyrocketing ​oil prices and boosting risk assets.

At 157.73 yen and $1.1632 per euro, the ‌greenback was firm in early Asia trade, but it has retreated from day-earlier highs after US President Donald Trump said war against Iran was "very complete." Washington was "very far ahead" of his initial four- to five-week ​time estimate, he told CBS News.

The comments were quickly rejected as "nonsense" by Iran's Revolutionary ​Guards, but they seemed to hold traders back from deepening worries about ⁠an oil shock and put them in a wait-and-watch stance.

Brent crude futures traded at $92.46 ​a barrel in the Asia morning, down from highs near $120 on Monday.

The risk-sensitive Australian dollar , ​which has loitered around 70 cents since war broke out, steadied at around $0.7068.

"The market is just taking a breather," said Rodrigo Catril, senior currency strategist at National Australia Bank in Sydney.

"We're cautious in the sense ​that it may not be as simple as just declaring the end of the ​war ... our sense is that we haven't seen the end of the volatility."

The dollar has been traders' ‌shelter-of-choice as ⁠US and Israeli attacks on Iran have all but frozen oil and gas exports through the Strait of Hormuz, sending energy prices soaring.

Investors are worried that could curtail global growth by acting as a tax on business and consumption, while at the same time pushing central banks ​away from easing rates.

Sterling ​recovered from a ⁠Monday dip to hold at $1.3412 and the New Zealand dollar steadied at $0.5932.

A Deutsche Bank analysis on Monday suggested larger market moves out of ​risky assets could require oil prices to stay at higher levels, a ​policy pivot ⁠from central banks and tangible signs of a broader economic slowdown.

"How close are we to meeting those thresholds? Much closer than a week ago," said strategist Henry Allen.

"But on several metrics ⁠we aren't ​quite there yet, which explains why equities aren't yet ​seeing bear-market declines, like we saw in 2022," he said, referring to the aftermath of an energy shock triggered ​by Russia's invasion of Ukraine.

Iran's Revolutionary Guards said on Tuesday they would not let any oil be shipped from the Middle East ​if US and Israeli attacks continue, prompting President Donald Trump to say the US would hit Iran much harder if it blocked exports.

The rhetoric did little to quell a fall ‌in crude prices and a rally in global shares that followed Trump expressing confidence in a swift end to hostilities, even after Iran showed defiance by naming Mojtaba Khamenei as its new supreme leader.

Trump said on Monday the US had inflicted serious damage on Iran's military. He also predicted the conflict would end before the initial four-week time frame he had set out, although he has not defined what victory would look like.

Israel says its war aim is to overthrow Iran's system of clerical ​rule.
"Our aspiration is to bring the Iranian people to cast off the yoke of tyranny," Israeli Prime Minister Benjamin Netanyahu said in a statement issued by his office on Tuesday.

"In the ​end, that depends on them. But there is no doubt that through the actions taken so far we are breaking their bones - and our hand is ⁠still extended," he said. "If we succeed together with the Iranian people, we will bring about a permanent end - if such things exist in the life of nations."

US officials have mainly said Washington's aim is ​to destroy Iran's missile capabilities and nuclear programme, but Trump has said the war can end only with a compliant Iranian government.

At least 1,332 Iranian civilians have been killed and thousands wounded, according to Iran's ​U.N. ambassador, since the US and Israel began air and missile strikes across Iran at the end of February.

Trump said US attacks could increase sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world's oil supply.

“We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world," Trump told a press conference on Monday.

IRAN SAYS IT ​WILL DETERMINE END OF WAR

The Islamic Revolutionary Guards Corps said it would not allow any oil to leave the region if attacks from the US and Israel continue.

"We are the ones who will determine the ​end of the war," a spokesperson said, describing Trump's comments as "nonsense", according to state media.

In a later Truth Social post, Trump repeated his warning.

"If Iran does anything that stops the flow of Oil within the Strait of Hormuz, ‌they will be ⁠hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," he said.

Saudi Aramco, the world's top oil exporter, warned on Tuesday of "catastrophic consequences" for global oil markets if the war continued to disrupt shipping in the Strait of Hormuz.

The strait is the world's most vital oil export route, connecting the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.

The war has already effectively shut the Strait of Hormuz, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage facilities fill.

Iranian Foreign Minister Abbas Araqchi said Tehran was ​unlikely to resume negotiations with the U.S, which he ​said had spoken of progress after three ⁠rounds of talks.

"Still, they decided to attack us. So, I don't think talking to the Americans anymore would be on our agenda any more," he said in an interview with PBS.

The appointment on Monday of Mojtaba Khamenei to succeed his slain father, Ayatollah Ali Khamenei, appeared to dash hopes of a swift end ​to the war, sending oil markets surging and share markets nosediving. Markets swung in the other direction when Trump predicted a quick end to the ​war and after reports of ⁠a possible ease in sanctions on Russian energy.

After speaking with Russian President Vladimir Putin, Trump said the US would waive oil-related sanctions on "some countries" to ease the shortage.

According to multiple sources, that could mean a further easing of sanctions on Russian oil, which could complicate efforts to punish Moscow for its war in Ukraine. Other options include a possible release of oil from strategic reserves or restricting US exports, sources said.

Brent crude futures fell more ⁠than 10 percent on ​Tuesday after soaring by as much as 29 percent on Monday to their highest since 2022. Global stock markets also bounced.

The price ​of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump's Republicans will try to keep control of Congress.

A Reuters/Ipsos poll released Monday found 67 percent of Americans expect ​gas prices to rise over the coming months, and only 29 percent approve of the war.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the conversion of the “SEML Lecture Equity Management Fund” from a closed-end to an open-end mutual fund.Bangladesh Economic Report

The decision was finalised during the 1002nd commission meeting held today at the Commission’s meeting room, said a press release.

BSEC Chairman Khondoker Rashed Maqsood presided over the session, where the fund’s structural transition was among several regulatory matters addressed.

The commission’s approval to transform the fund into a perpetual, open-end format follows the completion of its mandatory 10-year term as a closed-end fund.

Additionally, the Commission approved all relevant documents pertaining to the fund.

The initial size of the newly converted open-end SEML Lecture Equity Management Fund will be Taka 50 crore.

Strategic Equity Management Limited is acting as the Asset Manager, while Bangladesh General Insurance Company PLC and Commercial Bank of Ceylon PLC are serving as the Trustee and Custodian, respectively.

Policy experts suggest the new government should adopt a realistic fiscal framework for the upcoming national budget as overly ambitious targets could worsen macroeconomic pressures amid geopolitical tensions and domestic economic challenges.Global Economy Insights

To make it, the Centre for Policy Dialogue (CPD) economists have recommend for the government's finance authorities to set achievable revenue projections and adopt measures for stronger fiscal management and structural reforms in the 2026-27 budget in the offing.

The CPD suggestion came at a media briefing the think-tank arranged Tuesday in Dhaka for placing recommendations for the budget.

Executive director of CPD Dr Fahmida Khatun noted that the country's economy was currently facing multiple internal and external pressures that require careful and strategic policy responses.

Ensuring macroeconomic stability, boosting investment, protecting vulnerable groups and creating employment opportunities should be the key priorities in the FY2026-27 budget, she said.

The CPD executive makes a point that this happens to be the first national budget of the newly elected government and, therefore, represents "an important opportunity to demonstrate leadership in fiscal management and policy direction".Earned Wage Access

However, she warns that credible revenue projections and disciplined public spending would must-dos to achieve those objectives.

"The government should avoid setting overly ambitious targets and instead focus on realistic revenue projections, stronger fiscal management and structural reforms," she told the press.

The policy outfit warns that global geopolitical tensions, particularly the ongoing conflict involving the United States and Israel and Iran, pose significant risks to Bangladesh's economy by increasing energy prices and inflating the country's import bill.

Bangladesh relies heavily on imported energy, particularly liquefied natural gas and crude oils from the Middle East, making the economy vulnerable to supply disruptions and global price volatility.

Any disruption to global energy-supply chains could quickly translate into higher domestic inflation, the think-tank alerts.

Dr Khatun raised concerns over a recent trade agreement between Bangladesh and the United States.City & Local Guides

Under the agreement, Bangladesh will provide duty-free access to around 4,500 US products, while tariffs on another 2,210 products will be gradually reduced over the next five to ten years.

As a result, CPD estimates, the government may lose about Tk13.27 billion in customs revenue during the current fiscal year.

"The government should reassess the implications of the agreement for both revenue earnings and public spending and, if necessary, reopen discussions with the United States," Dr Khatun said.

According to the CPD, the agreement could also raise issues under World Trade Organisation rules, as Bangladesh might face pressure to extend similar tariff concessions to other trading partners.

She points out that some provisions require Bangladesh to purchase certain products from the United States which could increase government expenditure.

Distinguished fellow of the CPD Dr Mustafizur Rahman said global trade is increasingly being used as a geopolitical tool, weakening the multilateral trading system.

He suggests that the full details of the agreement should be made public as it contains important financial and policy implications.

Since the private sector will be involved in implementing parts of the agreement, the government may need to provide incentives or subsidies to encourage businesses to import US products, he said.Bangladesh Stock Market

The CPD also expressed concern over Bangladesh's weak revenue mobilisation.

Revenue growth reached only 12.9 per cent until January of the current fiscal year, far below the annual target of 34.5 per cent.

To meet the annual target, revenue collection would need to grow by nearly 59 per cent during the remaining months of the fiscal year, which Dr Khatun describes as unrealistic and impossible.

The revenue shortfall has already come to around Tk600 billion, increasing pressure on government finances.

Due to weak revenue collection, the government's reliance on bank borrowing has risen sharply.

Until December, the government had borrowed Tk 596.55 billion from the banking sector, while non-bank borrowing and foreign financing declined.

"Excessive borrowing from banks creates risks in the financial sector and crowds out private-sector credit," Dr Khatun said.

The think-tank also has highlighted broader economic challenges, including persistently high inflation, weak investment and slow implementation of development projects.Earned Wage Access

Inflation has remained above 8.0 per cent, while export earnings declined by 3.2 per cent during the current fiscal year. Imports, meanwhile, rose by 3.9 per cent.

Implementation of the Annual Development Programme (ADP) also slowed significantly, with only 20.3 per cent of projects completed by January - the lowest rate in the past 15 years.

The CPD mentions that Bangladesh's tax-to-GDP ratio remains extremely low, around 6.8 per cent, and calls for comprehensive reforms to improve domestic resource mobilisation.

To strengthen the investment climate, Dr Khatun suggests simplifying business-registration procedures and reducing regulatory complexities.

The think-tank also recommends introducing tax incentives for digital infrastructure and establishing a special credit programme offering loans at interest rates of 3.0-5.0 per cent for environmentally sustainable small and medium enterprises.

The Centre further urges improvements in logistics and energy planning.

Among its proposals is also full automation of operations at Port of Chittagong to improve efficiency and reduce delays in trade and cargo handling.Global Economy Insights

The organisation also calls for a clear national roadmap for energy security, emphasising the need to strengthen electricity transmission and distribution alongside power generation.

The CPD notes that although the government has applied to the UN to extend time for the LDC graduation, it is still pending.

But the government should start rationalising the tariffs and incentives for the domestic industries as well as exploring regional trade agreements.

The taka weakened further yesterday as concerns grew over exports and remittance inflows, amid the ongoing war in Iran, which has driven up oil prices and raised fears of an energy crisis.

The dollar rose by up to Tk 0.8, reaching Tk 122.63 in the spot market, compared with a high of Tk 122.55 the day before.

In the interbank market, the weighted average rate of the dollar climbed to Tk 122.58 from Tk 122.49. This marks the fifth consecutive day of gains for the dollar after remaining stable at Tk 122.30 per US dollar for over a month, according to Bangladesh Bank data.

Globally, the US dollar strengthened as turmoil in the Middle East intensified, pushing investors toward the currency amid rising oil prices caused by the US-Israel war on Iran.

Local bankers said the recent rise in the dollar is partly due to the Bangladesh Bank’s decision to avoid intervening in the market.

Since the start of fiscal year 2025-26 (FY26), the central bank has purchased over $5 billion from the foreign exchange market to rebuild reserves, which had fallen below $20 billion after earlier sales aimed at preventing a sharp fall in the taka’s value.

Between FY21 and FY25, the Bangladesh Bank sold more than $25 billion from its reserves to help the government pay for fuel, fertiliser, and food imports.

As of 8 March 2026, Bangladesh’s gross forex reserves stood at $34 billion, while readily usable reserves, calculated using an IMF formula, were $29.38 billion.

Bangladesh has asked Bhutan to submit a proposal for a possible free trade agreement (FTA) after the Himalayan kingdom expressed interest in upgrading existing bilateral trade ties from the current preferential trade agreement (PTA).

Once the proposal arrives, it will be sent to the technical committee on trade for scrutiny before a final decision is taken, Commerce Secretary Mahbubur Rahman told The Daily Star today.

The development came on the final day of a two-day visit to Dhaka by a commerce secretary-level delegation from Bhutan.

Tashi Wangmo, secretary of Bhutan’s Ministry of Industry, Commerce and Employment, raised the proposal for an FTA during a meeting between the two sides at a hotel in Dhaka.

In December 2020, Bangladesh and Bhutan signed a PTA. Under the agreement, Bangladesh grants duty-free access to 34 Bhutanese products, while Bhutan allows duty-free entry for 100 Bangladeshi goods.

The deal marked Bangladesh’s first bilateral trade agreement.

During today’s meeting, Bhutan also asked Bangladesh to expand the list of products eligible for duty-free access under the PTA from the current 34 items.

Moreover, the Bhutanese side proposed using Chattogram port for imports and exports, citing the country’s landlocked geography, Rahman said.

He added that Bangladesh would allow Bhutan to use Pangaon port in Keraniganj and Khanpur river port in Narayanganj to transport goods. Dhaka will review Thimphu’s request to use Chattogram port.

Recently, a shipment imported from Thailand by Bhutanese importers passed through Chattogram port as a trial run, Rahman said.

If the arrangement is approved, the ministries of road transport and highways and shipping, along with other relevant agencies, will determine the fee structure for Bhutan’s use of Chattogram port, he added.

India's private carriers Air India and its subsidiary Air India Express on Tuesday announced they will start levying a fuel surcharge on each domestic flight ticket from 12 March and also for flights to SAARC countries due to a hike in jet fuel prices amid the Middle East conflict.

The two carriers will hike the charge for bookings for other international destinations and the new fuel surcharges will be implemented in a phased manner, said a statement from the airlines.

"Air India group announced a phased expansion of a fuel surcharge on its domestic and international routes, necessitated by the steep rise in jet fuel prices arising from the geopolitical situation in the Gulf region," the statement reads.

In the first phase, a fuel surcharge of Rs 399 per domestic flight ticket would be imposed from 12 March and the same will also be applicable for SAARC flights, the statement said.

For West Asia flights, the fuel surcharge will be $10 and hiked by $30 to $90 for Africa flights and by $20 to $60 for Southeast Asia services.

All these changes will be effective from 12 March, including for flights to and from Singapore.

Currently, there is no fuel surcharge for the Singapore services.

Thailand and Vietnam are urging public employees and businesses to adopt remote work as well as energy-saving habits, as the US-Israel war on Iran in the Middle East disrupts oil supplies and causes fuel price volatility.

Authorities in Thailand stated that government staff should transition to remote work when possible and requested that state offices maintain air conditioning at 26°C to save energy, reports Al Jazeera.

They also advised officials to cancel non-essential overseas travel.

In neighbouring Vietnam, the government has eliminated duties on various imported petroleum products to prevent shortages and stabilise the local market.

Furthermore, the Vietnamese government encouraged companies to permit remote work whenever feasible to reduce fuel demand.

It also recommended that citizens limit the use of private vehicles in favour of public transportation, cycling or carpooling.