Gold rose on Friday after softer US payrolls data kept hopes of a Federal ‌Reserve rate cut alive, but remained on track for its first weekly decline in five weeks as a stronger dollar kept gains in check.

Spot gold was up 1.4 percent at $5,149.14 per ounce as of 01:31 p.m. ET (1831 GMT), ​but was down 2.4 percent this week. US gold futures for April delivery settled 1.6 percent higher at $5,158.70.

“An alarmingly ​weak payrolls report that saw heavy private sector job losses along with higher wages whispers stagflation; let’s see if this is enough to help gold recover from what ​has been a disappointing week,” said Tai Wong, an independent metals trader.

Data showed that nonfarm payrolls decreased ​by 92,000 jobs last month, compared with economists’ expectations for a 59,000 gain, while the unemployment rate rose to 4.4 percent.

Kuwait said it had implemented a ​precautionary reduction in crude ‌oil production and refining throughput following the ​ongoing attacks by ​Iran against Kuwait and "Iranian threats ⁠to safe passage ​of ships through the ​Strait of Hormuz," Kuwait Petroleum Corporation (KPC) said in a ​statement on Saturday.

The ​state oil company said the ‌move ⁠was part of its "risk management and business continuity strategy."

It said ​the adjustment ​was ⁠strictly precautionary and would be ​reviewed as the ​situation ⁠develops, and it remained ready to restore ⁠production ​levels once conditions ​allow.

A shortage of edible oil has emerged in several markets across the capital, as consumers rush to collect more than demand fearing a price hike due to the ongoing war between the US, Israel and Iran.

Some grocery stores still have one-litre and two-litre bottles on their shelves; five-litre bottles have almost disappeared from many markets.

Retailers said supply from companies has declined over the past week, leaving them unable to stock larger bottles. However, major producers deny reducing deliveries and instead blame stockpiling at the dealer level for the shortage.

A visit to Meradia Bazaar and nearby shops in South Banasree yesterday (7 March) revealed that no five-litre bottles of soybean oil were available. Even at the Shwapno outlet in the area, shoppers could not find any soybean oil.

A Shwapno salesperson said the stock ran out quickly. "Every customer who came in the morning bought a bottle. Now we have none left."

The same situation prevailed at the Agora outlet in the area, as there were no five-litre bottles available, and only a few two-litre bottles of Fresh brand soybean oil remained. To ensure more customers could purchase the product, staff members allowed each buyer to take only one bottle.

Most shops had no soybean oil in Badda and Shahjadpur, while a few larger stores managed to keep three or four bottles of two-litre packs on display.

Shahjadpur shopkeeper Md Saiful Islam said companies rarely deliver five-litre bottles and only occasionally supply two-litre ones, citing the shortage of oil.

Another seller, Ilias Hossain, said his shop had not received any oil deliveries for two weeks.

When contacted, Taslim Shahriar, deputy general manager of Meghna Group, which produces Fresh brand soybean oil, said they supplied large volumes in January and February.

"We have imported additional oil to ensure stable supply during Ramadan. More than 50,000 tonnes are being distributed every month, so there should be no crisis," he said.

Echoing Taslim, City Group Executive Director Biswajit Saha said they have not reduced supply, though some smaller companies may be struggling to import oil due to complications with letters of credit.

The crisis was created due to increased demand in Ramadan and stockpiling by some consumers and traders, he added.

Prime Minister Tarique Rahman today (7 March) said the government has taken steps to make the zakat management system more effective and targeted, noting that zakat can play an important role in poverty alleviation if it is distributed in a planned and organised way.

"Zakat is one of the five pillars of Islam. I would like to share with you a plan regarding zakat management in the country. According to Islamic teachings, many wealthy people in our society pay zakat on their own initiative. Some also pay their zakat through the government's Zakat Board," he said.

If zakat is distributed in a planned and organised manner can make a significant contribution to reducing poverty, the prime minister said at an iftar mahfil hosted for ulema, Islamic scholars and orphans at State Guest House, Jamuna.

"In this context, the government has taken steps to make zakat management more effective and target-oriented," he said.

The prime minister mentioned that various research reports suggest the amount of zakat collected in Bangladesh exceeds Tk20,000 to Tk25,000 crore every year and some estimates put the figure even higher.

However, he said the absence of a planned and organised distribution system means that although wealthy individuals fulfil their zakat obligation, questions remain about how effectively the funds help reduce poverty.

"As far as I know, Islamic teachings encourage zakat to be distributed in such a way that a recipient may not need to receive zakat again the following year after receiving it once," the Prime Minister observed.

He said there are currently around four crore families in the country, both rich and poor.

If poor and extremely poor families are identified and five lakh families are given Tk1 lakh each in zakat every year in phases, most of those families may not need to receive zakat again the following year, Tarique Rahman said.

"If zakat is distributed in a targeted and well-planned manner, it could play an effective role in poverty alleviation in the country within 10 to 15 years through zakat management alone," he added.

The prime minister said if the idea of zakat management for poverty alleviation is considered logical, ulema and religious scholars can play the biggest role in raising awareness among wealthy people.

He also said the existing Zakat Board under the Ministry of Religious Affairs can be reorganised with leading Islamic scholars, religious experts and government officials to work more effectively for poverty alleviation through zakat management.

"By using zakat for poverty alleviation, there is an opportunity to present Bangladesh as a model in the Islamic world," the prime minister said.

The benchmark index of the Dhaka Stock Exchange (DSE) extended its losing streak last week as escalating geopolitical tensions in the Middle East rattled investor confidence and triggered broad-based selling.

The DSEX shed 359 points, or 6.42%, to close the week at 5,240. The blue-chip DS30 index fell further, losing 157 points, or 7.28%, to settle at 2,011.

Market participation also weakened during the week. Average daily turnover declined 4% to Tk696 crore, reflecting cautious trading as investors avoided large bets amid rising uncertainty. The bearish sentiment wiped out about Tk20,400 crore from the market capitalisation of listed companies.

The majority of listed securities ended the week in the red. A total of 325 issues declined, while only 59 advanced and eight remained unchanged.

Analysts say the market may remain volatile in the near term as investors closely monitor developments in global energy markets and geopolitical tensions.

According to the weekly market review by EBL Securities Limited, the capital market faced strong bearish sentiment as investors worried about the possible macroeconomic impact of tensions in the Middle East. The brokerage noted that market participants were particularly concerned about potential disruptions to fuel and power supply in Bangladesh if the conflict escalates further.

The review added that the market remained under sustained downward pressure throughout the week in the absence of any clear signs of stability in the Gulf region. The uncertainty prompted aggressive selling across sectors, ultimately snapping the benchmark index's six-week upward streak.

Despite the negative trend, investors remained relatively active in a few sectors. The banking sector accounted for the largest share of turnover at 24%, followed by pharmaceuticals with 15.3% and textiles with 8.5%.

Among individual stocks, Orion Infusion, City Bank, Khan Brothers PP Woven Bag, BRAC Bank and Robi dominated the turnover chart during the week, reflecting concentrated trading in a handful of issues.

Sectoral performance, however, remained largely dismal. The food sector recorded the steepest decline with an average loss of 11.5%, followed by life insurance, which fell 9.1%, and cement, which dropped 8.9%.

A few stocks managed to post strong gains despite the overall downturn. Premier Leasing emerged as the top gainer with a 44.44% rise, while Fareast Finance and FAS Finance both advanced 41.18%.

On the losing side, Rahima Food suffered the sharpest fall, declining 23.90%. Pragati Life Insurance dropped 19.86%, while BAT Bangladesh lost 17.35% during the week.

Unilever Consumer Care Limited has recommended a 420% cash dividend for its shareholders for the year ended 31 December 2025, according to a price-sensitive disclosure approved on 5 March.

The company had declared a higher 520% cash dividend for the previous year. The proposed dividend will be placed for approval at the annual general meeting scheduled for 18 May, while the record date to determine eligible shareholders has been fixed for 6 April.

The healthcare and consumer products manufacturer reported improved profitability during the year. Earnings per share rose 19% year-on-year to Tk41.21. However, the net asset value per share declined by 8.30% to Tk116.30.

Despite higher profits, the company posted a negative net operating cash flow per share of Tk21.54, compared to a positive Tk25.62 in the previous year.

In its disclosure, the company said profit growth was mainly driven by strong revenue performance and improved operational efficiency. It also benefited from a one-off gain arising from the reassessment of prior obligations related to technology and trademark royalty payments. Additionally, efficient investment of surplus cash contributed to significantly higher net finance income during the year.

The decline in net asset value per share was attributed to the higher dividend payout in the 2025 financial year compared to the earnings generated during the same period.

Explaining the sharp change in operating cash flow, the company said that although profit increased, net operating cash flow per share dropped significantly due to the settlement of all outstanding Usance Payable at Sight (UPAS) letters of credit during the year, without availing any new UPAS facilities.

As a result, the company experienced a substantial cash outflow during the period compared to the operating profit generated.

UPAS is a widely used trade finance instrument structured as a letter of credit that allows importers to defer payment while exporters receive immediate payment.

Under this arrangement, banks bridge the payment timing gap by financing the transaction, enabling buyers to pay later while ensuring sellers are paid at sight.

Unilever Consumer Care shares closed 0.37% down at Tk2,153 each on Thursday at the Dhaka Stock Exchange (DSE).

According to the shareholding report for January, sponsors and directors hold 92.80% shares in the company, while institutional investors have 3.58%, foreign investors have 0.11% and the remaining 3.51% are held by public shareholders.

Deposit growth in banks hit a five-year high at the end of December 2025 -- owing to a gradual recovery in confidence among savers.

Banks in the country recorded Tk 21 lakh crore in savings at the end of last year, which was 11.51 percent higher year-on-year, according to quarterly statistics of scheduled banks published by the Bangladesh Bank (BB).

With this growth, deposits in 61 banks crossed the Tk 20 lakh crore mark, the highest so far.

“It appears that people’s confidence in banks is gradually being restored,” said Md Mahiul Islam, deputy managing director at BRAC Bank.

But not all banks registered an increased flow of savings. The deposit surge is limited to some seven to eight banks, he said.

The BB data showed that private banks, including Islamic banks, accounted for 69.52 percent of the total deposits, followed by state banks and foreign banks.

In 2024, the growth of deposits in the banking sector slowed due to a confidence crisis centring on some banks that suffered from high loan irregularities and faced problems returning money to savers on demand, even though most banks offered high interest on savings.

The BB had to inject funds into those weak banks to help them overcome a liquidity crisis.

A top banker at a private bank said a number of banks still face challenges in attracting savers.

The Bangladesh Bank Quarterly -- another report by the central bank -- said, “A gradual easing of inflationary pressure apparently halted dissaving by households and businesses, leading to strong inflows into time and savings deposits.”

It said the robust expansion of bank deposits reflects increased savings and a higher public propensity to hold financial assets in the formal banking sector.

“This trend was further supported by heightened public confidence in the banking industry, likely resulting from recent political developments that fostered greater stability and trust,” it said.

Despite deposit expansion, banks recorded the slowest growth in loans and advances in 2025 amid muted investment demand from the private sector due to rising interest rates and banks’ cautious lending to avoid a buildup of default loans.

Banks gave Tk 17.77 lakh crore in loans and advances, up 5.6 percent from a year ago.

The BB in its quarterly said advance growth remained steady, reflecting banks’ cautious lending amid high NPLs and tighter monetary policy.

The Bangladesh Bank has decided to pause regular purchase of dollars from banks to keep the market afloat as it sees risk of exchange rate volatility in case the Middle East war prolongs.

The central bank's monetary policy committee meeting scheduled for Wednesday to review a policy rate reduction was cancelled considering the ongoing situation as it could further put pressure on the exchange rate, said a senior executive of the central bank.

Bangladesh Bank Governor Md Mostaqur Rahman, who had called the meeting as his first priority was to reduce the lending rate, has changed his mind, instructing officials that the policy committee meeting will be held after Eid.

The Bangladesh Bank bought $25 million from two commercial banks on Monday but decided to pause further dollar buying as it backtracked from the buying spree on Tuesday, according to central bank sources.

The central bank is in a comfort zone for now with its foreign exchange reserve position to meet additional demand for dollars amid rising trade costs after the US-Israel strikes on Iran.

But it will be challenging to keep the rate stable in the coming days if the war prolongs, said a senior executive of the central bank.

The country's foreign exchange reserves are still rising, reaching $30.5 billion as per the International Monetary Fund's calculation, while the figure stands at $35.3 billion as per Bangladesh Bank's own calculation.

The reserve amount is enough to cover imports of more than four months, according to the central bank.

Inter-bank dollar transactions remained normal, with a stable rate at Tk122 to Tk123. The exchange rate has not yet been hit by the war on the fourth day of the Iran conflict as the Bangladesh Bank had already paused regular dollar buying from the market as a precaution to keep it afloat.

However, the dollar market seemed slightly stressed as remittance inflow from Middle Eastern countries slowed on the first two days of March as workers could not go to exchange houses amid the alarming situation, said a senior executive of a private commercial bank.

On the other hand, the cash dollar price in the kerb market increased slightly by Tk0.10 to Tk0.20 over the last two days, trading between Tk125.80 and Tk126, according to brokers. However, the price of the Saudi riyal, dirham and other Middle Eastern currencies dropped.

Speaking to The Business Standard, Arif Hossain Khan, executive director and spokesperson of Bangladesh Bank, said, "We are not worried about inflow of remittance but concerned that many workers may lose their job."

He said the central bank buys dollars only when remittance inflows exceed the holding limit of banks.

Remittance inflow still remains high even after the Iran war as the country received $377 million in remittances in the first two days of March, up from $188 million received during the same period last year, central bank data show.

Islami Bank, which is the highest remittance earner, is experiencing a normal flow of remittances even after the Iran war as workers usually send higher amounts home ahead of Eid, said a senior executive of the bank.

"The official exchange rate still remains stable but it depends on energy reserves of the government," said a senior executive of the central bank.

The Bangladesh Bank is closely monitoring exchange rate movements and will sell dollars to keep the rate stable if it sees higher demand, he added.

The central bank bought $5.4 billion from the market since the start of FY26, which contributed to rebuilding reserves.

The financial account balance stood at a surplus of $2 billion at the end of July-December of FY26, compared to $525 million during the same period last year, giving more space to the central bank to spend reserves amid rising costs.

He, however, said the Bangladesh Bank may see a major shock in remittance inflows from Middle Eastern countries if the war prolongs as more than 50% of remittances come from the Gulf.

He said exports have already slowed, and remittances will also slow down if the war affects the job market in the Middle East. In this situation, rising import costs will put pressure on the exchange rate in the near future, slightly increasing the dollar price, he opined.

Speaking to The Business Standard, Syed Mahbubur Rahman, managing director of Mutual Trust Bank, said the exchange rate remained stable due to low import demand.

However, imports have started to rise slowly, and if demand picks up after a reduction in the lending rate, it will put pressure on the dollar market, he added.

Electricity from Bangladesh's long-awaited Rooppur Nuclear Power Plant could begin flowing into the national grid by June or early July as the authorities prepare to start loading nuclear fuel into the plant's first unit early next month.

According to project officials, preparations are underway to begin fuel loading in the first week of April. Testing and synchronisation are then expected to continue through May and June, potentially allowing the first unit to start supplying electricity to the national grid by June or July.

Initially, the plant will provide electricity on a trial basis and at irregular intervals. Gradually, the facility will move towards full-scale generation.

Project officials told The Business Standard that the first unit is expected to be ready for fuel loading by the end of March. A fuel-loading ceremony will be organised and is expected to involve senior officials from Bangladesh and Russia.

Countries generating the most electricity from nuclear power

Prime Minister Tarique Rahman is expected to inaugurate the process, while a Russian minister and other senior officials may also be present.

The head of the International Atomic Energy Agency, Rafael Grossi, is expected to attend the ceremony. Russian President Vladimir Putin may also join the event virtually, officials said.

Due to the involvement of high-level officials from both Bangladesh and Russia, the exact date for fuel loading will be finalised through mutual consultation between the two governments, they added.

Testing and synchronisation

Officials said if fuel loading begins in early April, the process of loading nuclear fuel into the first unit could be completed within about a month. After that, the reactor will go through several stages, including achieving "criticality", technical tests, and synchronisation with the national grid.

Md Anwar Hossain, secretary of the Ministry of Science and Technology, said the first unit would be fully ready for fuel loading by 27 March.

"There are some formalities to complete. Because foreign guests will attend, the schedule must be coordinated. The prime minister will formally inaugurate the fuel loading," he told The Business Standard.

However, he noted that the current global conflict situation may create some uncertainty. "Travel for guests and technical testing could face difficulties," he said.

Rooppur Nuclear Power Plant: How far along is Bangladesh’s biggest energy project?

Explaining the timeline for power generation, Anwar said fuel loading would take around four weeks, followed by several more weeks of testing and synchronisation with the grid.

"In total, it may take two and a half to three months after fuel loading before electricity can be supplied to the national grid. We hope the plant will connect to the grid in the last week of June or the first week of July," he said.

He added that the timeline could still change because of the technical nature of the process. Delays may occur if Russian technical experts cannot arrive on time or if supply chain disruptions arise due to the ongoing war.

Officials said that out of more than 2,000 tests required for the project, around 150 minor tests are still ongoing in parallel. Most of these are expected to be completed by March, while a few remaining tests can be carried out during the fuel-loading phase.

Gradual rise in generation

Project officials said the first unit will initially produce around 300 megawatts of electricity. Output is expected to increase by 10% to 15% each month.

By November, the first unit could generate about 1,100 megawatts of electricity. After the physical start-up, it may take around eight to ten months to reach the full capacity of 1,200 megawatts.

They also said plans are in place to begin fuel loading in the second unit toward the end of this year, allowing it to start power generation as well.

Dr Md Zahedul Hassan, managing director of Nuclear Power Plant Company Bangladesh Limited, said key tests such as the "hot run" and "cold run" for the first unit had already been successfully completed.

"The project is now in the final inspection stage. From a safety perspective, no major problems have been found so far," he said.

Rooppur nuclear plant project cost to rise by Tk26,181cr after exchange rate adjustment

He added that the entire process is highly sensitive and technology-driven. Each stage is being examined according to international standards, and additional tests may be conducted if necessary to ensure safety and quality.

Officials stressed that safety remains the highest priority.

"This is a major milestone for the country. However, safety comes first. In nuclear projects, the final inspection, safety clearance and official approvals determine the timeline," an official said.

Officials further noted that extra time had previously been taken during several testing phases due to safety concerns, which could also affect the production schedule.

Delays and rising costs

The Rooppur Nuclear Power Plant project has faced several delays over the years. In January, then science and technology adviser Salehuddin Ahmed said the first unit could be connected to the national grid by March, following fuel loading.

However, additional safety tests extended the timeline, preventing the plant from beginning electricity production that month.

The project, being built under an intergovernmental agreement between Bangladesh and Russia, was first launched in October 2013 when the then prime minister laid its foundation stone. Construction of the reactor and cooling dome of the first unit began in November 2017.

Initially, one unit was expected to start production in early 2021, but delays caused by the Covid-19 pandemic, the Russia-Ukraine war, and other complications pushed back the timeline.

Loan tenure for Rooppur plant extended

In December 2015, the Bangladesh Atomic Energy Commission signed a contract with Russian state company Atomstroyexport for the construction of two nuclear units with a combined capacity of 2,400 megawatts, along with equipment supply, training, and fuel provision.

In March last year, the Executive Committee of the National Economic Council approved a revised proposal increasing the project cost by Tk25,592 crore.

The project's original cost was Tk113,092.91 crore, but after the revision, it rose to Tk138,685 crore, largely due to exchange rate fluctuations and higher costs in several components.

Officials said the Covid-19 pandemic, the Russia-Ukraine conflict, and the dollar shortage have all affected the project's progress. Following the 90th joint coordination meeting between Bangladesh and Russia on 3 June 2025, the project timeline was extended.

Under the revised development project proposal, the overall completion deadline has now been set for June 2028, with the preliminary handover of the second unit expected by 31 December 2027.

Bangladesh Bank Governor Md Mostaqur Rahman has assured that the withdrawal of the central bank-appointed administrator from Nagad will be a seamless process, explicitly ruling out the possibility of any unauthorised or "overnight" takeover of the mobile financial service provider.

The assurance came today (4 March) after the administrator team of Nagad briefed the governor on the company's current status, according to a senior official of Bangladesh Bank.

At present, Md Motasem Billah, a director of Bangladesh Bank, is serving as administrator at Nagad.

Central bank spokesperson Arief Hossain Khan told TBS that a special inspection at Nagad had uncovered extensive irregularities, while members of the previous board remain absent. He reiterated that the institution is owned by the Department of Posts.

"Nagad has not yet received a full licence from the Bangladesh Bank and is operating under an interim approval. We appointed an administrator because transactions involving nearly 4-5 crore customers are linked to this institution," he said.

The spokesperson alleged that parties outside the Department of Posts who previously held ownership stakes had engaged in such significant irregularities that, if the company were valued today, their net assets would be deeply negative. "There is no scope for them to return," he added.

Search for foreign investors

In August last year, former governor Ahsan H Mansur had said at an event in Dhaka that the government had decided to transfer Nagad to the private sector.

Subsequently, during the final phase of the interim government, Jamaat-e-Islami MP Barrister Mir Ahmad Bin Quasem Arman expressed interest on behalf of a foreign entity in investing in Nagad.

At the time, it was stated that if any credible foreign investor showed interest, necessary steps would be taken in coordination with the government.

Under the current governor, a fresh meeting was held today with Nagad's administrators to review the institution's position.

Forensic findings

Following the fall of the Awami League government on 5 August 2024, the Bangladesh Bank had decided on 21 August to appoint an administrator to oversee Nagad. The following day, central bank director Muhammad Badiuzzaman Dider was appointed administrator, alongside six supporting officials.

A subsequent inspection by the central bank found evidence of financial fraud through the creation of fictitious distributors and agents, as well as the issuance of excess electronic money without corresponding cash backing. The inspection identified discrepancies amounting to Tk2,356 crore.

The administrator at the time prepared a list of six officials allegedly responsible for creating unauthorised distributors and forwarded it to the Department of Posts for legal action. Letters were also sent seeking action against individuals involved in Nagad's operations.

The administrator team further informed the postal authorities that Tk1,711 crore had been siphoned off through 41 distributor accounts opened without approval. These accounts were reportedly designated for the distribution of government allowances.

In June last year, the Bangladesh Bank stated in a press release that Nagad had issued at least Tk645 crore in electronic money without depositing equivalent funds, causing financial losses to the Department of Posts and, by extension, the government.

Under the Bangladesh Bank Order, 1972, the sole authority to issue money on behalf of the state rests with the central bank.

The spokesperson said an internationally reputed audit firm KPMG has been engaged to complete a full forensic audit of Nagad. The findings of the international firm have reportedly corroborated the irregularities detected by the central bank's inspection team.

Following 5 August 2024, the chief executive officer Tanvir Ahmed ceased attending office. Executive directors Niaz Morshed (Elite) and Maruful Islam (Jhalak), deputy chief marketing officer Khandaker Mohammad Solaiman (Solaiman Sukhan), and human resources official Anik Barua were also absent.

After the administrator assumed charge on 21 August, they were dismissed. Several of the dismissed individuals were linked to ownership of Nagad.

Oil prices rose 1% on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from ‌past sessions after President Donald Trump raised the possibility of the U.S. Navy escorting vessels through the Strait of Hormuz.

Brent rose $1.17, or 1.4%, to $82.57 a barrel by 0408 GMT, after closing at its highest since January 2025 on Tuesday.

U.S. West Texas Intermediate crude rose 72 cents, or 1%, to $75.28, after settling at its highest since June. Both rose by around 5% or more in the past two sessions.

"Right now, geopolitics has clearly overtaken the usual price ⁠drivers like inventory data, U.S. economic numbers or OPEC commentary," Phillip Nova senior market analyst Priyanka Sachdeva said.

"In the near term, the key pointers to watch are physical export data from the Gulf, any confirmed tanker incidents, U.S. naval movement, and Iran's tone," she added.

Israeli and U.S. forces struck targets across Iran on Tuesday, prompting Iranian strikes against energy infrastructure in a region that accounts for just under a third of global oil production.

Iraq, the second-largest crude producer in the Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day, about half its production, due to storage limits and the lack of an export route, officials told Reuters. They said the country may have to shut its nearly ‌3 ⁠million bpd of output within days if exports do not resume.

Iran has also targeted tankers in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas flows. Traffic through the Strait remains effectively closed.

Trump has said that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, adding he had ordered the U.S. International Development Finance ⁠Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.

"The promise of such guarantees comes as insurers are cancelling war risk coverage for vessels moving through the Strait of Hormuz. This is welcome news, but clearly it won't happen overnight. ⁠Naval escorts would be helpful, but again, this effort will take time," ING analysts said in a note.

Countries and companies have begun seeking alternative routes and supplies. India and Indonesia said they were looking for other energy supplies, while some Chinese ⁠refineries were shutting or moving up maintenance plans.

In the United States, crude stocks rose by 5.6 million barrels last week, according to market sources citing American Petroleum Institute figures, well above the 2.3 million barrels analysts projected. Official figures from the U.S. government are expected later on Wednesday.

US Treasury Secretary Scott Bessent said Wednesday that Donald Trump’s 15-percent global tariff is likely to be rolled out this week, as the president moves to rebuild his trade agenda after a major legal setback.

The Supreme Court last month struck down Trump’s country-specific tariffs, which he imposed on allies and competitors alike, delivering a stinging rebuke of his signature economic policy.

Since then, the US leader has tapped a different law to impose a new 10-percent duty, and vowed to raise this level to 15 percent.

Asked when the hike will be implemented, Bessent told CNBC: “That’s likely sometime this week.”

He added that this will be done under Section 122 of the Trade Act of 1974 -- the same basis for Trump’s new 10-percent tariff -- which only allows for a duty lasting 150 days unless Congress extends it.

During this five-month window, the Trump administration will move to wrap up investigations linked to concerns over national security and unfair trade, Bessent said. These probe, in turn, could bring about new sets of tariffs.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.

“And those are very fulsome authorities,” he added, referring to the laws justifying these investigations.

“They have survived more than 4,000 legal challenges. They are more slow moving, but they are more robust,” Bessent said.

Gold prices rose over 1 percent on ‌Wednesday, rebounding from a more than one-week low hit in the previous session, as a widening Middle East conflict sent global markets tumbling and supported safe-haven demand.

Spot gold gained 1.5 percent to $5,164.42 ​per ounce by 0701 GMT. US gold futures for April delivery ​added 1 percent to $5,174.30.

On Tuesday, bullion fell more than 4 percent to its lowest since February 20, weighed by a firmer dollar and dimming rate-cut prospects ​as inflation concerns were intensified by fears of a prolonged war.

Gold could shrug ​off the previous session’s selloff over the coming days as the metal has swayed to its own narrative and has been resilient despite whatever the dollar and yields have been ​doing since the beginning of last year, said Ilya Spivak, head of global ​macro at Tastylive.

Oil and gas prices surged as the US-Israeli war on Iran halted energy exports ‌from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.

“Higher oil prices as a result of escalating geopolitical tensions in Iran added to inflationary concerns and complicated ​the outlook for ​monetary easing,” said Christopher Wong, a strategist at OCBC.

“The underlying fundamentals (for gold) have not materially shifted. Structural drivers such as geopolitical uncertainty, policy ​unpredictability and portfolio diversification needs remain intact,” Wong added.

Investors ​expect the US Federal Reserve to hold rates at the end of its next two-day meeting on March 18, according to the CME Group’s FedWatch tool.

After several rounds of rises, gold prices in Bangladesh fell, with the rate of 22-carat gold dropping by Tk9,214 per bhori.

The new rate sets the price of 22-carat gold at Tk2,68,214 per bhori (11.664 grams), according to a statement issued this morning (4 March) by the Bangladesh Jewellers Association (Bajus).

Bajus said the decision was taken considering the overall market situation, particularly a decline in the price of pure gold (tejabi gold) in the local market.

The revised rates have come into effect immediately.
Gold prices hiked by Tk3,324 per bhori

Under the new pricing structure, 21-carat gold now costs Tk2,56,025 per bhori while 18-carat gold is priced at Tk2,19,258 per bhori.

The price of traditional-method gold has been set at Tk1,79,159 per bhori.

The last adjustment was made on 3 March, when Bajus increased the price of 22-carat gold by Tk3,324 per bhori to Tk2,77,428.

So far in 2026, gold prices have been adjusted 37 times in the domestic market, with rates increased 24 times and reduced 13 times.

Alongside gold, silver prices have also been reduced.

The price of 22-carat silver has been cut by Tk641 per bhori to Tk6,532.

The price of 21-carat silver now stands at Tk6,240 per bhori, 18-carat silver at Tk5,365 per bhori, and traditional-method silver at Tk4,024 per bhori.

In 2026, silver prices have been adjusted 22 times so far, including 14 increases and eight reductions.

Commerce Minister Khandakar Abdul Muktadir has said the recently signed trade deal between Bangladesh and the United States is not irreversible, noting that there remains scope for amendment, addition or deletion of provisions if needed.

The agreement includes elements that could help further strengthen bilateral trade ties in the future and should not be viewed as "wholesale negative" or "wholesale positive", he said while speaking to reporters after a meeting with US Assistant Secretary of State for South and Central Asian Affairs S Paul Kapur at the commerce ministry today (4 March).

Muktadir said there was no discussion on the recent trade deal, noting that the agreement has already been signed and constitutes a state-level arrangement, leaving little scope for fresh decisions at this stage.

"The agreement was signed on the 9th [February]. There was no separate discussion on it today," he said, adding that the deal was signed to expand economic, trade and investment relations between the two countries.

Referring to bilateral trade, he said the volume of trade between the countries exceeds $8.5 billion, while Bangladesh imports goods worth nearly $2.75 billion from the US. "As a single country, the US remains one of Bangladesh's largest trading partners."

Asked whether issues mentioned in a congratulatory letter to the premier from US President Donald Trump – including trade and defence-related matters – were discussed, the minister replied that military issues do not fall under his ministry's jurisdiction.

On the issue of visa bonds, he said the matter would be handled by the foreign ministry. The government wants businesspeople and investors from both countries to travel without obstacles, he said.

At the meeting, Muktadir highlighted the volatility in the global energy market following the Middle East conflict and sought US cooperation, especially in ensuring LNG supplies.

He said discussions covered investment, digital infrastructure development and prospects for future economic cooperation, alongside trade-related issues.

During the meeting, Paul Kapur recommended the removal of non-tariff barriers that may be hindering American investment in Bangladesh, Muktadir said.

The US believes that eliminating certain non-tariff barriers would help attract more American investment to Bangladesh, making the country a more appealing destination for US businesses, the minister said.

US cuts Bangladesh tariff to 19%, no duty on RMG made of US cotton

He said that addressing these barriers could also facilitate Bangladesh's smoother inclusion in US development assistance and financing programmes. However, the minister did not disclose which non-tariff barriers were discussed.

Meanwhile, the US assistant secretary held a separate meeting with Foreign Minister Khalilur Rahman at the foreign ministry.

Speaking to the media on the recent deal, Khalilur said that the reciprocal trade agreement was not signed abruptly just days before the national election.

He claimed that the matter had been discussed in advance with the leadership of the country's two major political parties – BNP and Jamaat-e-Islami, and both had agreed to the deal before its signing.

"The US Trade Representative spoke to the heads of our two key parties before the elections and they also agreed to it. So it's not like we did this in the dark," Khalilur said in response to a question on whether there had been any pressure to expedite the signing of the deal ahead of the recently held national election.

US makes up to Tk18 lakh visa bond mandatory for Bangladeshi B1/B2 applicants from 21 Jan

He said there are entry and exit clauses and the government can review it if it desires so.

"We have discussed the crisis in the Middle East. I told him [Paul Kapur] that two of our Bangladeshis have lost lives and seven others have been injured. If this war is prolonged or spreads, this fear may increase further," he said.

Dhaka conveyed to the US official that the US should try to resolve this conflict, this problem, through dialogue as soon as possible by giving diplomacy opportunity.

Paul Kapur, however, underscored the importance of implementing the provisions of the agreement on "reciprocal trade" to foster greater bilateral trade and investment, the foreign minister said.

Bangladesh’s monthly import bill could rise by up to $80 million for every $10 increase in oil prices, as escalating conflict in the Middle East drives up global energy prices, according to the report prepared by BRAC EPL Stock Brokerage Ltd.

The warning came yesterday as oil prices rose about 1 percent following US and Israeli strikes on Iran, which have disrupted supplies in the region.

Iran has closed the Strait of Hormuz, the only maritime gateway to the Persian Gulf. Around one-fifth of global oil exports pass through this route.

Brent crude climbed $1.1, or 1.4 percent, to $82.52 a barrel by 1143 GMT, after closing on Tuesday at its highest level since January 2025, Reuters reported. The BRAC EPL report cited analyst warnings that a prolonged blockade could push prices well beyond $100 a barrel if the escalation continues into a second week.

Bangladesh spends roughly $1 billion to import more than 60 lakh tonnes of petroleum a year and relies heavily on the Hormuz route
Bangladesh bought crude at an average of $72 a barrel in 2025, according to the Bangladesh Petroleum Corporation (BPC).

Amid rising concern, the government held an emergency meeting yesterday. Officials discussed whether energy supplies from alternative sources could be secured in time if the disruption in the Gulf continues.

The report said war risk premiums have surged. Insurance costs for vessels operating in the Gulf have risen to 1 percent of ship value, up from 0.2 percent before the strikes. That has added hundreds of thousands of dollars to individual voyages.

Major insurers have begun cancelling war risk coverage for the Persian Gulf. About 150 tankers have dropped anchor, effectively stalling 20 percent of global oil and LNG shipments.

“Bangladesh’s immediate exposure is the higher delivered cost of crude and refined products, amplified by freight and insurance premiums,” the report said, adding that disruption in the Gulf now poses a direct operational risk for the country.

It added that contingency plans are under discussion, including prioritising gas for fertiliser and power generation while raising coal-based output to offset the “Hormuz risk”.

Bangladesh spends roughly $1 billion per year to import more than 60 lakh tonnes of petroleum and relies heavily on the Hormuz route. It sources most petroleum from the Middle East, and more than half of LNG imports in 2025 passed through this chokepoint.

The country meets nearly 30 percent of its gas demand, equivalent to 2,650 mmcfd, through imported LNG as domestic output continues to fall short.

On March 2, Oxford Economics projected that LNG prices could rise 30 percent to an average of about $14 per million British thermal units (MMBtu) between April and June, up from $9 to $10 at present.

Against the backdrop, state-run Rupantarita Prakritik Gas Co Ltd has floated tenders to purchase two LNG cargoes from the spot market for March 15-16 and March 18-19 deliveries, according to people familiar with the matter.

The BRAC EPL report said foreign exchange reserves stood at $30.27 billion in late February 2026, calculated under the IMF manual, providing a stronger buffer than a year earlier. However, it said the first impact of the conflict is likely to appear in the marginal dollar price of trade credit, particularly in letter of credit (LC) margins and forward premiums.

It said imported energy inflation leaves little room for absorption without wider knock-on effects.

“Under the current automatic pricing architecture, energy price changes transmit faster into transport, irrigation and food distribution costs, raising the probability of sticky headline inflation if the war premium persists into the April-May period, potentially forcing a reversal of the planned monetary easing if the war premium is not neutralised by June,” it added.

The report said a shift towards a more accommodative monetary stance is expected under the new governor of the Bangladesh Bank to support growth.

It said policymakers are likely to focus on ensuring dollar liquidity for commercial banks and could reintroduce import curbs on luxury goods, similar to measures taken during the 2022 Russia-Ukraine war, to contain imported inflation.

The Gulf Cooperation Council (GCC) accounts for 51 percent of remittance inflows to Bangladesh, with the United Arab Emirates and Saudi Arabia together contributing about one third of the total, the report noted. Historically, higher oil prices have strengthened fiscal spending and labour demand in the Gulf.

“This acts as a stabilising medium-term force on remittance continuity. Our take is that remittances can cushion US dollar liquidity to some extent but cannot fully neutralise a sustained energy import shock.”

On exports, the report said that higher freight and insurance premiums will increase the landed cost of Bangladeshi goods. Airspace disruption will cut belly cargo capacity and force rerouting. Belly cargo refers to goods transported in the lower deck or “belly hold” of a passenger aircraft.

As of March 4, global insurers had designated the Gulf a “Listed Area”, lifting premiums by 300 to 400 percent, it said.

“Expected longer lead times will require higher inventory buffers and may increase the risk of delivery-linked discounting. The competitiveness challenge, therefore, is whether Bangladesh exporters can preserve on-time delivery economics. Exporters with stronger balance sheets, better forwarder diversification, and resilient buyer relationships should be structurally better positioned,” it concluded.

Taxpayers may soon sigh with relief from the rigours of responding separately to multiple queries from tax and VAT officials as the government's revenue authority is integrating its outmoded auditing system.

A joint audit system for income tax and VAT (value-added tax) payers is set to be launched with a twin-purpose: to remedy taxpayer vacation and curb tax evasion through inter-agency data sharing. Both individual and corporate taxpayers will no longer have to respond to the same queries or submit the same documents twice.

Income-tax and VAT officials will conduct audits simultaneously to obtain a comprehensive picture of a taxpayer's financial position.

"Initially, we will start with 15 cases on a pilot basis to assess its feasibility," says Abdur Rahman Khan, chairman of the National Board of Revenue (NBR), in an interview with The Financial Express.

He mentions that the NBR has already begun selecting taxpayers for the piloting. A joint team comprising VAT and income -tax officials will conduct the audits and submit reports.

"If this model proves successful, the number of joint audits will be increased gradually," he adds.

The initiative -- which comes amid a recast of the revenue system, including bifurcation of the NBR into policy and implementation divisions -- is also expected to pave the way for merging the two separate Large Taxpayers Units (LTUs), which currently handle income tax and VAT matters independently.

Additionally, a data -integration system between the income-tax and customs wings will be introduced, allowing income tax officials to access customs import data for verifying tax returns, Mr Khan further mentions.

Currently, the income -tax and customs wings maintain separate databases, which will be bridged under the new initiative.

President of the Institute of Chartered Accountants of Bangladesh (ICAB) NK Mobin appreciates the move. He hopes it would reduce taxpayers' time and hassle caused by multiple audits from different agencies.

"This will provide comfort to taxpayers who previously had to furnish the same documents before income-tax and VAT officials during separate audits," he explains.

"Corporate taxpayers spend significant time and incur substantial costs in facing several audits by different agencies each year."

Apurba Kanti Das, former income-tax member at the NBR, mentions that the concept Large Taxpayers Unit (LTU) was introduced with a focus on income tax under the Revenue Reforms and Modernisation Project (RIRA), funded by UK's Department for International Development (DFID) in 2003.

Although the LTU initially had separate chambers for VAT officials, the VAT wing later opted to establish its own LTU, he notes.

Former customs member Farid Uddin, who served on the NBR reform advisory committee, says the two wings currently operate under separate laws and should be brought under one administrative structure.

In its reform report, the expert advisory panel recommended merging VAT and income tax into a single department.

"The two wings need to work in an integrated manner to conduct central audits effectively," he opines.

Talking to the FE, several field-level officials, however, have given some different views. They think the process would be difficult to conduct on a large scale as filed offices for income tax and VAT are scattered across the country.

There are numerous tax files with several timelines and natures which would need a rigorous brainstorming to make the model successful.

Adeline Beauty Technology (Bangladesh) Co Ltd, a Chinese company, will invest $22 million to establish a fashion and beauty products manufacturing factory at the Bepza Economic Zone in Mirsharai, Chattogram.

The investment will create employment opportunities for approximately 4,170 Bangladeshi nationals.

The company will manufacture a wide range of fashion, hair and beauty products, including wigs, eyelashes and cosmetic nails, primarily for export to major international markets such as the US, Canada, the UK, Germany, France, Spain, Italy, the UAE, Russia and Mexico, among other destinations.

Md Tanvir Hossain, executive director (investment promotion) of Bangladesh Export Processing Zones Authority (Bepza), and Hang Sun, managing director of Adeline Beauty Technology (Bangladesh) Co Ltd, signed a land lease agreement in this regard at the Bepza Complex in Dhaka yesterday, according to a press release.

Major General Mohammad Moazzem Hossain, executive chairman of Bepza, attended the signing ceremony.

Speaking on the occasion, he reaffirmed the authority’s commitment to providing a secure, compliant and business-friendly environment for investors.

He also encouraged further Chinese investment in diversified and value-added sectors.

Abdullah Al Mamun, member (engineering); ANM Foyzul Haque, member (finance); Samir Biswas, executive director (administration); Md Khorshid Alam, executive director (enterprise services); and ASM Anwar Parvez, executive director (public relations), along with senior officials of Bepza and representatives of the company, were also present.

Qatar on Monday suspended its Liquefied Natural Gas (LNG) production following attacks on key operating facilities by Iran.

This suspension means Bangladesh, which has a long-term agreement with Qatar to supply LNG, will not get its much-needed fuel in this lean season. As a result the country will face heavy load shedding, since a significant portion of its gas-based power generation will not have adequate supply.

Bangladesh is heavily dependent on imported fuels to meet its energy needs. It imports various fuel oil, coal, LNG, and liquefied petroleum gas (LPG) worth around $5 billion annually because domestic gas and coal resources are very limited.

Lost opportunity

Bangladesh could have fared differently and better had the Yunus-led government not cancelled 31 renewable power projects totalling 3,300 megawatt capacity, mostly solar, with around 300MW wind and a small 25MW waste-to-energy project.

By now, around one third of these projects could have been generating electricity, reducing the impact of load shedding caused by impending LNG supply shortfall.

However, they were cancelled in September 2024, just one month after Muhammad Yunus assumed office. The government argued that these projects, signed under the Awami League through the controversial Quick Energy Supply (Special Provision) Act 2010, had not been awarded through competitive bidding.

The power tariffs under these projects ranged between 9.7 cents and 10.6 cents per kilowatt hour. The Transparency International Bangladesh (TIB) and the investors criticised the cancellation, and the government's decision was challenged at the High Court. The court ruled that the projects had been signed in good faith and could therefore be condoned with a review option.

With Letters of Intent (LoIs), the power companies had already purchased or were in the process of purchasing lands for their projects. Land acquisition is the most difficult part for any such ventures.

Costly mistake

When companies were expecting final agreements, the then-energy adviser Fouzul Kabir Khan pushed for the cancellation of all LoIs. The government subsequently floated fresh tenders for renewable projects totalling more than 5,000MW.

Although these tenders drew bids with lower tariffs at between 7 and 8 cents, the participation was weak, and the government secured deals for only about 900MW. If these bidders prove competent, their project may come online in 2028 or later but not before.

Cancelling the 31 deals was a costly mistake. Bangladesh remains far behind its renewable energy targets. The more energy it imports, the more vulnerable it becomes to global market volatility, geopolitical conflict, and foreign currency depletion. Building renewable capacity is essential for long-term energy security.

Renegotiation was better

Instead of outright cancellation, the Yunus government could have renegotiated the bids for these 31 projects.

Dozens of bidders told TBS in 2024 that the tariff offered by these solar projects ranges between 9.7 cents and 10.6 cents per kilowatt hour. These offers were made more than a year ago during which time solar modules price dropped by 20%. Since solar modules account for 35% of the project costs, the government could have renegotiated tariffs down by at least 1 cent and up to 1.5 cents bringing them into the 8-9 cents range.

The Yunus government also significantly reduced import duties on solar panels to 1% for the 2025-26 fiscal year to promote renewable energy. Additionally, a 10-year tax holiday (100% for 5 years, then 50% for 3, 25% for 2) is available for eligible renewable energy projects, with proposals to exempt VAT and stamp duty.

This prompted some of the cancelled bidders to offer even more cuts in their tariffs. But the government did not respond, a couple of bidders said.

Solar module prices decline almost every year globally. This was confirmed when the bids in 2025 under the Yunus government came in at 7-8 cents.

These 31 cancelled projects could have replaced $820 million worth of fossil fuel imports while providing direct jobs to 10,000 people.

Bangladesh had set a target of generating 15% of its electricity from renewable resources by 2030 and 40% by 2040. Yet, current achievements hover around just 3%.

Cancelling projects is easy because it requires doing nothing. But prudently executing them demands foresight, effort, and the intellectual capacity to secure the nation's future.

Song Yang, commercial counsellor of the Embassy of the People's Republic of China in Bangladesh, has underscored a significant surge in investment commitments to Bangladesh.

"Since August 2024, more than 30 Chinese enterprises have signed investment agreements with Bangladeshi partners, with intended investments totalling nearly $1 billion," he said at an Iftar programme held at a hotel in Dhaka today (4 March), organised by the Bangladesh China Chamber of Commerce and Industry (BCCCI).

Leaders of the Chinese Enterprises Association in Bangladesh (CEAB) also expressed optimism about further investments in the coming days.

Han Kun, President of CEAB, reaffirmed the commitment of Chinese enterprises to supporting Bangladesh's development through investment, industrial cooperation, and participation in development projects.

In his welcome remarks, BCCCI President Khorshed Alam stressed the importance of expanding bilateral trade and investment. He noted that China has granted 100% duty-free access to Bangladeshi products and encouraged exporters to take advantage of this opportunity by promoting products such as fruits, vegetables, shrimp, agricultural goods, and leather items.

Among others present at the programme were Md Golam Rasul, chief of the Special Branch (SB) of Police; Mahbubur Rahman, president of the International Chamber of Commerce (ICC), Bangladesh; and Nargis Morsheda, former administrator of BCCCI and joint secretary at the Ministry of Commerce.

The event brought together diplomats, senior government officials, leaders of trade bodies, presidents of bilateral chambers, directors and members of BCCCI, and representatives from the media.