Inflow of remittances witnessed a year-on-year growth of 16.2 percent reaching US$1,968 million in the first 18 days of April, according to the latest data of Bangladesh Bank (BB) issued today (Sunday).

Last year, during the same period, the country's remittance inflow was $1,694 million, BSS reports.

During the July to April 18, 2026 of the current fiscal year, expatriates sent remittances of $28,177 million, which was $23,479 million during the same period of the previous fiscal year.

The safe-haven US dollar dropped ​to multi-week lows on Friday as risk appetite soared after Iran said the Strait of Hormuz is open, boosting optimism that the Middle East ‌conflict is winding down.

In afternoon trading, the dollar index , which measures the greenback against a basket of six currencies, fell 0.3 percent to 97.96 after earlier ​dropping to 97.632, its lowest in seven weeks.The index was down 0.6 percent on the week, set for a second straight weekly decline. Over the past two weeks, ​it has fallen about 2.1 percent, its largest two-week drop since late January.

“The dollar’s weakness is mainly about the market unwinding the geopolitical risk premium,” said George Vessey, lead FX and macro strategist at Convera in London. “I don’t think we are pricing in a fundamentally weaker US dollar because there are question marks around the Federal Reserve, what’s the Fed’s next move ​is going to be after inflation came out hotter than expected.

So the economy is still somewhat resilient so it’s not going to be the start ​of a full structural dollar decline.”

BOJ LIKELY TO HOLD RATES THROUGH JUNE

Against the Japanese yen , the dollar slid 0.6 percent to 158.22 after earlier climbing to 159.86. It was on track ‌to post ⁠its largest weekly drop in nine weeks.

It will take about two years to recover the energy ​output lost in the Middle East from the ‌conflict there, Fatih Birol, the head of the International Energy Agency, was quoted as saying on Friday in an interview with ​the Neue Zuercher Zeitung newspaper.

"That will vary ​from country to country. In Iraq, for example, ⁠it will take much longer than in Saudi Arabia. ​However, we estimate it will take approximately two years ​overall to reach pre-war levels again," Birol told the Swiss newspaper.

Birol added that the market was underestimating the consequences of a ​prolonged closure of the Strait of Hormuz.

Shipments of oil ​and gas that were already en route to their destinations before ‌the ⁠war in Iran began have now arrived, mitigating the impact of shortages, he said.

"But no new tankers were loaded in March. There were no new deliveries of ​oil, gas ​or fuels to ⁠Asian markets. This gap is now becoming apparent. If the Strait of Hormuz ​is not reopened, we must prepare for ​significantly higher ⁠energy prices."

Asked whether the IEA could carry out another release of emergency oil reserves after its March move, ⁠Birol ​said the agency was ready to ​act immediately and decisively.

"We're not there yet, but it's definitely under ​consideration," Birol said.

Metropolitan Chamber of Commerce and Industry (MCCI) President Kamran T Rahman today (19 April) called for a "supportive and growth-oriented" national budget for fiscal year 2026-27, warning that businesses, particularly small and medium enterprises, are under severe strain from high inflation, sluggish investment, elevated interest rates and foreign exchange pressure.

Speaking at a seminar of MCCI and the Economic Reporters' Forum (ERF) on budget priorities, he said the upcoming budget must be balanced and realistic, arguing that a sensible tax policy can simultaneously boost revenue, encourage investment and generate employment rather than punish businesses further.

Kamran proposed full integration of the National Identity (NID) and Tax Identification Number (TIN) databases to expand the tax net, noting that though over one crore taxpayers hold TINs, fewer than half file returns.

He also recommended introducing a symbolic minimum tax to bring new taxpayers into the fold and simplifying return filing through mobile applications.

The MCCI chief urged the government to reconsider conditions tied to corporate tax benefits, especially restrictions on cash transactions.

He further suggested cutting tax rates for both listed and non-listed companies by an additional 2.5% to stimulate investment.

Kamran proposed a unified taxpayer profile covering income tax, VAT and customs to reduce administrative complexity and harassment, along with online hearings and digital notices to cut time and cost for businesses.

On VAT and customs, he urged simpler procedures, transaction-based valuation, stronger automation, and allowing quantity disclosure instead of value in some VAT forms to protect confidentiality.

The MCCI President called for special policy support for SMEs, including separate tax treatment, input tax credit facilities and reduced duty and VAT on raw materials.

Comprehensive reform roadmap presented

Md Shahadat Hossain, former President of the Institute of Chartered Accountants of Bangladesh, presented policy recommendations in a paper titled "National Budget 2026–2027: Private Sector Priorities & Perspectives," outlining reforms in corporate tax, VAT, customs and capital markets.

He said the budget should go beyond revenue and spending to serve as a broader policy framework for growth, investment, jobs and inflation control.

Shahadat flagged Bangladesh's tax-to-GDP ratio hovering between 6.5% and 7.3% in FY2024-25 as among the lowest globally, well below the 15% threshold considered necessary for sustainable development.

Despite repeated notices and a High Court directive, People's Leasing and Financial Services has failed to recover any dues from four former directors who collectively owe Tk1,785 crore.

The non-bank financial institution is now moving towards legal action to recover the long-overdue loans.

"We sent multiple letters to the permanent addresses of the four directors requesting repayment but have not received any response," managing director Md Sagir Hossain Khan told The Business Standard. The court gave them six months to repay, but the January deadline passed without compliance.

"Action is being taken under prevailing laws. Legal notices have already been served, but no response has been received. It has been decided to file cases, which are also in process," he added. "The company has also filed a fresh petition seeking further directions from the court."

The four directors

Recovery efforts have been complicated by the status of the accused directors. Former chairman Motiur Rahman and former director Khabir Uddin have died. Another director, Bishawjit Kumar Roy, remains absconding and his whereabouts remain unknown. Arafin Samsul Alamin remains active in business as a director of Shamsul Alamin Real Estate and managing director of SA Spinning Mills.

A special forensic audit, ordered by the court in 2021, revealed that the four sponsor-directors alone accounted for Tk1,413 crore of the Tk2,800 crore outstanding to major defaulters as of 2022.

The audit, conducted by MABS & J Partners covering 2009-2022, was submitted in January last year. Based on its findings, the High Court's company bench in January 2022 directed the defaulters to clear their dues within six months. The order was later published on the company's website in September.

According to the audit, outstanding loans as of 2022 were Tk565.47 crore for Motiur, Tk404.38 crore for Khabir, Tk415.66 crore for Arafin, and Tk28.47 crore for Bishawjit. By March 2026, the total outstanding to these four had risen to Tk1,785 crore.

The report detailed the nature of borrowing: Arafin and Bishawjit took direct loans, Motiur availed both loans and margin loans for share trading, while Khabir Uddin borrowed solely for share trading.

Motiur was chairman of MK Group, a major importer of fertilisers and commodities, while Khabir was engaged in jewellery and real estate development, according to the company's 2014 annual report.

Attempts to reach Arafin were unsuccessful. A woman who answered his phone denied that the number belonged to him and disconnected the call after the reporter identified himself.

Managing Director Sagir said the audit exposed deep-rooted governance failures. "The company's directors colluded among themselves to take loans and diverted funds from People's Leasing," he said.

"Some loans had collateral, while others had none. Even where collateral exists, it is negligible compared to the loan amount. We also found that for 65% of the loans, the required collateral was not provided, which has severely damaged the institution," he added.

Struggles of People's Leasing

People's Leasing has been struggling for years under the weight of non-performing loans, negative interest margins, operating losses, and mounting obligations to depositors. Since 2015, it has not paid dividends due to continuous losses.

Following a petition by Bangladesh Bank under the Financial Institutions Act, the High Court in July 2019 placed the company under liquidation. That order was later recalled in July 2021, when the court formed a new board, which has since been restructured to manage the institution.

The company's 2024 annual report, citing the forensic audit, pointed to widespread financial irregularities, systemic governance failures, and gross mismanagement. These included irregular loan approvals and disbursements, inaccurate interest calculations, unapproved waivers, dubious loan adjustments, regulatory non-compliance, and unreliable financial statements.

It also highlighted the involvement of former directors, board-level oversight failures, and negligence by officials, noting that repeated warning signals from external auditors since 2014 had been ignored.

In response to a query from the Dhaka Stock Exchange, People's Leasing said the current board and management have been working to stabilise the institution.

Since July 2021, around Tk200 crore has been recovered from default borrowers, while Tk85-90 crore has been repaid to depositors in phases. The third phase of repayment has also begun.

The company said its financial distress stemmed largely from irregularities, weak governance, and non-performing loans disbursed before 2019, with the forensic audit identifying significant liabilities linked to former directors.

As part of revival efforts, the company has sought around Tk750 crore in government support following court directives involving Bangladesh Bank and the Ministry of Finance. It has also resumed limited lending on a fully secured basis, disbursing approximately Tk25 crore in new loans so far.

The Metropolitan Chamber of Commerce and Industry (MCCI) today urged the government to cut turnover tax on gross receipts to 0.3 percent from 1 percent, saying the existing regime burdens businesses and distorts the tax framework.

The chamber pointed to mismatches between tax deducted at source (TDS), taxes on gross receipts and final corporate tax liabilities, which it said raise compliance costs, strain cash flow and risk double taxation.

“To remove these distortions, tax rates across different stages need to be rationalised and aligned with business realities,” MCCI said.

The proposal was placed at a pre-budget seminar in Dhaka for fiscal year 2026-27, jointly organised by MCCI and the Economic Reporters Forum.

It also proposed setting TDS on export proceeds at 0.50 percent to improve competitiveness amid uncertain global trade conditions, adding that advance deductions erode exporters’ working capital.

At the import stage, MCCI recommended reducing tax collection at source to 3 percent from 5 percent to ease costs for raw materials and capital machinery, supporting industrial production and investment.

For domestic transactions, it suggested a flexible TDS range of 1–3 percent on supply, depending on transaction type and risk profile, and fixing TDS on packing materials at 3 percent for clarity.

The chamber also called for resolving refund complications by issuing “No TDS” certificates until refundable amounts are fully adjusted to ease cash flow and cut delays.

At the event, Kamran T Rahman, president of MCCI, said businesses face mounting pressure from high inflation, elevated interest rates and foreign exchange constraints, with small and medium enterprises hit hardest.

He urged a supportive budget to lower business costs, encourage investment and restore private sector confidence, stressing the need for coordinated policy action to stabilise the economy and sustain growth.

IMF economists warned Thursday that the war in Iran could have “very, certainly severe” consequences far outside the region – especially for energy-importing countries.

Countries in East Asia and Sub-Saharan Africa are among the countries most affected now -- and who could suffer the most -- outside the region, as the conflict stretches on.

Ironically, the ongoing virtual closure of the Strait of Hormuz -- through which about one-fifth of the world's oil and gas passes -- has been a windfall for some petroleum-exporting nations, like Nigeria or Algeria.

But for those that rely on imports for food, fertilizer, and energy, the elevated prices are proving worrisome.

"Oil impacted importers, particularly non-resource-rich and fragile states, face deteriorating trade balances, rising living costs and limited buffers" to absorb future shocks," warned Abebe Selassie, the International Monetary Fund (IMF) Director for Africa, at a press conference Thursday.

"The human consequences are almost certain to be severe," he added.

IMF economists are briefing government officials and media on their latest economic analysis as they hold their spring meetings alongside the World Bank this week in Washington.

HITTING THE MOST VULNERABLE

Sub-Saharan Africa -- which for IMF statistical purposes does not include Sudan and parts of the Horn of Africa -- could see 20 million people pushed towards hunger, an IMF report said.

For Sahel countries, where poverty is widespread, factors that are expected to drive up the cost of food include scarce, expensive fertilizer and rising transportation costs.

"Already transportation costs are very high for people in urban areas, rural areas even more so," Selassie explained. "We are already seeing quite a bit of a pinch from the crisis on people, impoverishing people -- it's making life difficult for people."

The economic effects of the crisis hit at a time when international aid is in steep decline, another source of concern for the IMF.

The aid declines aren't a temporary ebb, but are "more structural," Selassie said. "It is falling hardest on the region's most vulnerable countries -- fragile states and low-income economies -- that depend on aid, not as a supplement but as a critical source of budget financing for healthcare and food assistance."

HEAVY OIL RELIANCE

Further afield, small Pacific islands are of great concern, said the IMF's Asia-Pacific Director Krishna Srinivasan, due to their heavy reliance energy imports and the amount of time it takes ships to reach them -- even when shipping disruptions are minimal.

Zooming out, the entire region -- not just small islands -- faces unique risks because it spends almost double what Europe does on oil and gas, as a percent of GDP.

Some countries, such as Malaysia and Thailand spend around 10 percent of their GDP on oil and gas -- a sign of how reliant they are on energy imports.

DOWNGRADES LIKE 2008

None of this is to downplay the effects in the Middle East, where the IMF's regional director, Jihad Azour, told reporters that their updated estimates of economic activity are "among the largest six-month downgrades to regional growth projections we have made since the global financial crisis."

Markets are now demanding higher interest rates across the board, further driving up the cost of borrowing for countries in the region that were already facing difficulties.

Here again, food is a pressure issue, especially in the region's poorest.

"Food items already account for 45 to 50 percent of total imports in Yemen, Sudan, Somalia and more than half of their population are already experiencing food insecurity," Azour said.

So what's to be done?

IMF officials have repeated the same mantra all week: governments should adopt only temporary, limited measures to avoid further stretching already thin budgets.

Food production, trade and transportation costs may increase further on fuel-price hike by Tk 15-20 per litre in Bangladesh amid an exigent global crunch.
Bangladesh uses about 4.35 million tonnes of diesel annually, and around 24 per cent of it is used in agriculture. About 80 per cent of irrigation depends on this fuel oil. It is also needed for land preparation, harvesting, threshing, and transporting crops.
On Saturday, the government increased diesel price from Tk 100 to Tk 115 per litre, octane Tk 140, up from Tk 120, petrol Tk 135, up from Tk 116, and kerosene Tk 130 in a rise from Tk 112.
Economists, agriculturists and businesspeople are concerned about domino effect of the fuel-price rises across a spectrum of economic activities, price indices and trade and transport.
Agro economists say farmers may have to spend around Tk 18 billion more per year on diesel for farming.
"This will create pressure in two ways. First, higher production costs will make it harder for farmers to get fair prices. Second, food prices on the market may go up, increasing the cost of living, especially for low-income people," says former Bangladesh Agricultural Research Council (BARC) executive chairman Dr Wais Kabir.
He says Boro is now being harvested, so irrigation needs are lower. "However, costs for harvesting, threshing, and transport will increase due to higher fuel prices."
He notes that fuel-price hikes affect all sectors and will increase farmers' costs significantly, which may lead to higher rice prices.
Agricultural economist Prof Dr Rashidul Hasan says farmers are worried about reduced profits. Paddy prices are already low due to imports from India, and farmers are unsure about getting good prices for Boro.
"The fuel-price hike has made the situation worse."
Data show about 55 per cent of the country's rice comes from Boro cropping which depends fully on irrigation.
There are around 1.9 million agricultural machines in the country in the process of mechanization of agriculture, about 75 per cent of which run on diesel.
Prof Hasan feels ensuring diesel supply and providing subsidies are important to support farmers.
Group Director of TK Group Mohammad Mostafa Haider says the impact of fuel-price hikes on product prices cannot be measured immediately.Bangladesh market report
He notes that global oil-and raw-material prices have already increased, along with transport costs.
As such, the businessman says, many product prices have already been adjusted. However, he believes transport fares should not increase again if fuel supply improves, as fares already went up earlier due to shortages.
And, in the meantime, transporters and the government authority concerned were in a meeting on Sunday night with a proposal on the table for bus-fare hike, too.
Recent data from the Trading Corporation of Bangladesh and the Department of Agricultural Marketing show prices of vegetables, edible oils, fish, and poultry on an upturn over the past two weeks.
Traders say truck and pickup-van fares for goods have already increased 15-20 per cent due to fuel shortages in many places.
Meanwhile, the fuel price hike has affected the transport sector as a whole.
The Fare Adjustment Committee under the Bangladesh Road Transport Authority met to discuss new bus fares for city and long routes on Sunday evening. The meeting ended inconclusively. The meeting discussed an increase of Tk 0.22 in fare per kilometre. However, the meeting resumes today.
Although buses charged regular fares on the first day, operators demanded fare increases to make up for higher fuel costs and earlier losses during the fuel crisis.
Some ride-sharing services also charged up to 50-percent higher fares on Sunday, citing fuel shortages and higher costs.
However, the Passenger Welfare Association of Bangladesh opposes fare hikes without fair representation of commuters in the decision-making process. They say fare decisions were previously "influenced by interest groups".
Water-transport operators have also demanded a 36-42-percent increase in launch fares, saying that their operating costs have risen sharply.
Currently, bus fares are Tk 2.12 per km for long-haul run and Tk 2.42 for city routes. Launch fares may also increase if the proposals get through.
Commuters have expressed concern about possible fare hikes, though many say they paid normal fares on the first day after the fuel-price increase.
Transport owners' leaders say fare adjustment is necessary after the fuel-price hike, while commuters argue that fares were not properly reduced when fuel prices fell in 2024.
Leaders of the country's apparel sector Sunday demanded uninterrupted supply of fuels amid the price hike and adjustment of the rate on a regular basis.
Economists term the decision 'good', suggesting regular price adjustment in line with global price indices.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Mahmud Hasan Khan, in an immediate reaction, says, "So far I know, the government has raised the fuel prices in line the understanding with the IMF."
He says the price must be adjusted on a regular monthly basis according to the global price indices, adding that 'adjustment means not only to raise the price but also reduce when global prices fall."
He, however, stresses that factories should get the fuel uninterruptedly as price hike will surely increase the production cost which for many reasons is on the rise.
Citing a rise in global market rates, the government Saturday increased fuel-oil prices at the retail level by Tk 15 to Tk 20 per litre.
Under the new pricing structure, diesel has been fixed at Tk 115 per litre, octane at Tk 140, petrol at Tk 135, and kerosene at Tk 130 per litre.
Talking to The Financial Express, Khan Monirul Alam, Managing Director of Fashion.Com, says his factory located at Ashulia faces five to six hours of load shedding daily.
To run two factories-medium in size--he needs 1200-litre diesel daily to operate generators during the electricity outage.
Due to the 15-percent hike in diesel prices, he will have to bear an additional financial cost of Tk 0.4 million to Tk 0.5 million monthly.
"As the generators are for backup supports and they also have a limited capacity, the machines are overheated, posing risk of possible accident," he says explaining the current situation.
Mr Alam says majority of the factories in the export industry have generators as alternative supports.
Echoing the BGMEA leader, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) president Mohammad Hatem says there is no denying the fact that production cost will increase. "But the main problem is that we are not getting fuel."
"Last government increased prices of gas several times but we did not get the adequate supply of gas," he laments.
Talking to the FE, Bangladesh Institute of Bank Management (BIBM) director-general Dr Md Ezazul Islam says the latest fuel-price hike will fuel the inflation rate which has been on the higher side.
If the government does not raise the prices of fuel, it has to subsidize, which will put a negative impact on revenue policy, he says about a double bind.
Terming the raise 'good', he says the government also needs to adjust the fuel prices every month with the international market trends-reducing the rate when prices go down globally.
Distinguished fellow of CPD Prof Mustafizur Rahman says the price hike is made at a time when the government has to buy fuels at high rates amid uncertainties.
"It would affect most the direct users like transport, manufacturing and consumers," he says, adding that the government has to monitor the market strictly so that bus fare and other transportation price do not rise disproportionately but reasonably.
He also suggests strengthening the social-safety net to help low-and fixed-income groups who are already under pressure due to higher inflation.
Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood and State Minister Aninda Islam Amit met Prime Minister Tarique Rahman at the Secretariat on Sunday and briefed him on the country's fuel situation.
"They met the Prime Minister at his office at the Secretariat and informed him of the latest fuel situation," said Prime Minister's Additional Press Secretary Atikur Rahman Rumon.
After the meeting, the Energy Minister told waiting journalists that the government had no alternative but to hike the prices as fuel imports require foreign currency, and the adjustment was necessary to keep the situation at a tolerable level.

Bangladesh’s mobile operators have warned of an imminent nationwide telecom disruption as a deepening electricity and fuel crisis pushes networks to the brink, raising serious concerns over the vulnerability of data centres and the wider digital economy.

In an urgent letter to the Bangladesh Telecommunication Regulatory Commission, they said the situation has “reached a point where continued telecom operations can no longer be sustained without immediate government intervention.”

The warning, issued by the Association of Mobile Telecom Operators of Bangladesh (AMTOB), comes as prolonged outages -- often lasting 5-8 hours daily during storms -- force operators to run critical infrastructure on diesel generators.

According to the letter, seen by The Daily Star, base transceiver stations (BTS) alone are now consuming over 52,000 litres of diesel and nearly 20,000 litres of octane daily across operators.

A shutdown would “critically disrupt emergency services, disaster response, law enforcement coordination, financial transactions, digital governance, and economic activity.”
Providing a breakdown, it stated that the country’s largest telecom operator Grameenphone consumes 28,079 litres of diesel and 9,254 litres of octane, Robi Axiata uses 13,140 litres of diesel and 5,610 litres of octane, and Banglalink requires 11,206 litres of diesel and 4,995 litres of octane daily to keep towers operational.

The most acute vulnerability, however, lies in data centres and switching facilities – the core of the country’s digital infrastructure.

“Core telecom infrastructure including data centres, switching facilities, and transmission hubs are frequently operating without grid power, posing serious risk to network stability,” the AMTOB said.

Each data centre consumes an estimated 500-600 litres of diesel per hour, translating to around 4,000 litres per day per facility, according to the letter.

Combined daily consumption for data centres and switching hubs has already surged to 27,196 litres, with Grameenphone, Robi and Banglalink accounting for 11,184, 9,732 and 8,200 litres respectively.

Industry insiders say this level of dependence on backup power is unsustainable.

Unlike BTS towers, data centres host critical systems such as call routing and internet traffic management. Any disruption at this level can trigger cascading failures across networks.

“If fuel can’t be managed and data centres go offline, it would cause widespread call drops, internet outages, and service blackouts,” said an official of an operator on condition of anonymity.

Tanveer Mohammad, chief corporate affairs officer of Grameenphone, echoed the concern.

Noting that operators are experiencing challenges in electricity and fuel availability, he said, “The evolving situation calls for timely and targeted measures to sustain uninterrupted telecom services nationwide.”

He said in order to “proactively avoid disruptions to essential services for millions”, they need further support from the government for priority electricity access to critical infrastructure, streamlined fuel supply, and facilitation of fuel transportation for emergency operations.

The consequences could extend far beyond communication breakdowns. The AMTOB cautioned that a shutdown would “critically disrupt emergency services, disaster response, law enforcement coordination, financial transactions, digital governance, and economic activity.”

Bangladesh’s fast-growing digital economy -- heavily reliant on mobile connectivity -- would be particularly exposed. Mobile financial services, e-commerce platforms, ride-sharing apps, and cloud-based enterprise systems depend on uninterrupted network availability. A prolonged outage could halt transactions, delay salary disbursements, and paralyse logistics chains.

The crisis is being compounded by fuel supply constraints. Local stations cannot provide volumes at this scale, the letter noted, and law enforcement barriers during inter-district transport have further disrupted supply lines.

“Multiple strategically vital telecom facilities are currently running on dangerously low fuel reserves,” it warned.

The operators’ association called for immediate government intervention, including uninterrupted electricity supply to key telecom facilities, priority power status for mobile towers, and direct fuel allocation from depots.

They also urged authorities to ensure smooth fuel transportation.

“Issue immediate written directives to LEAs (law enforcement agency) to ensure uninterrupted fuel transportation for emergency telecom operations,” they said in the letter.

“The telecom network is the backbone of national communications, public safety, governance, and emergency response. Any prolonged disruption will have severe and potentially irreversible consequences for the country,” they added.

They proposed that authorities hold an urgent high-level coordination meeting involving the power and energy divisions, fuel authorities, regulators, and operators.

There are 46,567 telecom towers in Bangladesh, operated by tower infrastructure companies and mobile operators, providing network coverage to over 18.58 crore customers. Operators have around 27 data centres across the country.

IMF chief Kristalina Georgieva warned Wednesday of difficult times ahead for the global economy if war in the Middle East is unresolved and oil prices stay high, adding that inflation risks could seep into food prices.

“We must brace for tough times ahead” if the conflict persists, she told reporters at a press briefing during the International Monetary Fund and World Bank’s spring meetings in Washington.

The gathering brings government and financial leaders to the US capital this week, with policymakers looking to limit economic fallout from the war.

US-Israeli strikes launched against Iran on February 28 sparked Tehran’s retaliation, virtually closing the Strait of Hormuz, a key shipping route for oil and fertilizers.

Energy prices have since surged, squeezing countries -- especially vulnerable economies and those dependent on oil imports from the region.

“We are concerned about risks for inflation moving into food prices should the delivery of fertilizers at a reasonable price (not be) restarted soon,” Georgieva said.

But as countries move to limit price shocks on their citizens, Georgieva urged central banks to “wait and see” before adjusting interest rates if they can do so.

She said this was particularly the case where the public has a “well-anchored” expectation of inflation being kept under control.

“If we are to move faster out of the war, it may not be necessary to take action,” she said.

But she conceded that countries where central banks lack such credibility might need to send stronger signals.

For now, “we are still at a time when a faster resolution of hostilities is possible,” she said.

Noting that fallout is “highly asymmetric,” Georgieva urged IMF member countries to come forward to the Washington-based lender if they need financial assistance during the conflict.

Low-income countries spend around 36 percent of their consumption on food, while emerging markets spend about 20 percent, said the IMF’s director of strategy Christian Mumssen in press remarks.

Advanced economies spend about nine percent, he added.

The IMF estimates for now that near-term demand for new fund financing would be in the range of $20 billion to $50 billion.

“Currently, we have 39 programs, and prospective demand for new programs from at least a dozen countries, a number of them in sub-Saharan Africa,” Georgieva said of the fund’s financial aid.

“The sooner we act, the more we would protect the economy and the people,” she added.

She stressed the need to protect fiscal sustainability as countries move to help their populations, cautioning that “untargeted measures, export controls or broad-based tax cuts” could serve to “prolong the pain of high prices.”

The heads of Multilateral Development Banks (MDBs) yesterday underscored the importance of close cooperation to support stability and safeguard development progress amid heightened global uncertainty and mounting pressures on member economies.

Meeting on the sidelines of the World Bank Group–International Monetary Fund Spring Meetings, the heads noted that the impacts of current global developments, including the evolving situation in the Middle East, are being felt through higher energy costs, supply chain disruptions, and tighter financial conditions.

“MDBs are working more closely than ever to support our members and clients through a complex and evolving global environment,” said Masato Kanda, president of the Asian Development Bank (ADB) and current chair of the MDB Heads Group, according to a press release.

The MDB Heads Group includes the African Development Bank, ADB, AIIB, European Investment Bank, and the World Bank Group, among others.

The institutions will combine financial strength and partnerships to help countries manage immediate pressures and build long-term resilience, he added.

Reaffirming a shared commitment to deep collaboration, the group focused on private sector development, job creation, and infrastructure.

To facilitate this, the heads agreed to establish a working group to mobilise private finance and expand financing capacity through originate-to-distribute approaches.

The leaders also recognised the importance of increasing credit risk transparency in emerging markets through the Global Emerging Markets (GEMs) consortium.

They pledged to scale up local currency financing and develop domestic financial markets to mitigate exchange rate risks.

For sector-specific resilience, the MDBs are strengthening collaboration on critical minerals to support responsible supply chains. They also launched Water Forward, a global initiative to advance investable water systems to drive food security and prosperity.

The heads agreed on a common Value for Money procurement framework to ensure the sustainability of financed projects.

Uttara Bank PLC has decided to bolster the financial standing of its brokerage subsidiary, Uttara Bank Securities Limited, by investing Tk192 crore through a rights share subscription.

The decision, aimed at expanding the firm's capital and ensuring smoother operations, comes at a time when the subsidiary is grappling with financial losses and a relatively small capital footprint.

According to a price-sensitive statement issued by the bank, the investment will be made by subscribing to a rights offer recently approved by the subsidiary's shareholders.

The rights offer was formally sanctioned during an Extraordinary General Meeting (EGM) of Uttara Bank Securities on 16 April. Under the approved terms, the brokerage firm will issue four rights shares for every one existing share held by its investors. Each of these rights shares is valued at its face value of Tk10, with the total initiative set to raise Tk200 crore in fresh paid-up capital.

The capital injection is structured to reflect the current shareholding pattern of the brokerage firm. While Uttara Bank will provide the lion's share of the funds, amounting to Tk192 crore, the remaining Tk8 crore will be subscribed by six individual investors who hold a minor stake in the company.

According to the bank's statement, the entire subscription process must be completed within 30 days of the EGM approval date.

Speaking to The Business Standard regarding the move, Muhammad Golam Farukh, chief executive officer of Uttara Bank Securities, said the firm's existing paid-up capital of Tk50 crore was insufficient for its growing operational needs.

He added that the primary objective behind increasing the capital is to strengthen the firm's capital base, which is essential for maintaining stability and ensuring the brokerage house can function efficiently in a competitive market.

This move toward capital fortification is also aligned with the evolving regulatory landscape. The Bangladesh Securities and Exchange Commission (BSEC) enacted risk-based capital rules on 29 May 2019, setting minimum capital requirements ranging between Tk5 crore and Tk15 crore for stockbrokers, depending on the nature of their operations. These rules were formulated based on the bitter experience of the 2010-11 stock market crash, where lenders were largely blamed for disbursing margin loans far beyond their risk-management capacities.

Furthermore, the conditions of the Asian Development Bank (ADB) and the best practices of developed financial markets were taken into account while formulating these risk-based supervision rules. By raising its capital, Uttara Bank Securities is moving to ensure it remains well above regulatory cushions and is prepared for more complex market activities.

Uttara Bank Securities was incorporated in 2013 as a fully-fledged subsidiary of Uttara Bank and holds a Trading Right Entitlement Certificate (TREC) at the Dhaka Stock Exchange (DSE). Despite its decade-long presence, the firm has faced a challenging financial period recently.

In the first nine months of 2025, the firm incurred a net loss of Tk4.94 crore. Furthermore, its financial statements for 2024 revealed negative retained earnings of Tk1.80 crore, although the firm maintained a significant asset base valued at Tk369.70 crore during the same period.

In contrast to the subsidiary's struggles, the parent organisation remains financially robust. Uttara Bank reported a consolidated net profit of Tk335 crore for the January–September period of 2025, with a consolidated earnings per share (EPS) of Tk3.46. This strong performance by the parent bank provides the necessary fiscal cushion to support its subsidiary through this capital expansion.

Currently, Uttara Bank maintains 99.994% ownership in the securities firm, with the remaining portion held by the six individual investors. This strategic move is expected to transform the subsidiary's balance sheet and provide the necessary liquidity to navigate the volatility of the capital market, said the bank.

Claim settlement in Bangladesh's life insurance sector improved significantly in the final quarter of 2025, yet many policyholders remain unpaid, deepening the sector's persistent crisis of confidence.

According to unaudited data from the Insurance Development and Regulatory Authority (Idra), total claims in the life insurance sector stood at Tk13,158 crore by the end of the October-December quarter.

Of this, companies managed to settle Tk8,755 crore, leaving Tk4,403 crore in unpaid claims. In percentage terms, the settlement rate rose to 67%, a sharp increase from just 35% in the previous quarter.

A similar trend is visible in terms of policy numbers. Out of a total of 28.43 lakh matured policies, claims for 16.58 lakh have been settled. However, around 11.85 lakh policyholders are still waiting for payments.

Industry insiders said increased regulatory pressure and closer monitoring by the authorities played a key role to the higher settlement rate in the final quarter. As companies approached the year-end, the need for licence renewal also pushed them to settle claims. Besides, higher business volumes during this period improved liquidity, enabling insurers to pay more claims.

Despite this progress, structural weaknesses in the sector remain evident. Stakeholders said that while a handful of well-performing companies are committed to timely claim settlements, many others continue to show little urgency. As a result, delays persist, leaving policyholders in uncertainty. In many cases, customers wait years, even after policy maturity, to receive their dues.

Insurance expert and UNDP consultant SM Zialul Haque explained that typically 40% to 45% of life insurance business is conducted in the final quarter, compared to 20% to 25% during other periods.

"This increases cash flow for companies, allowing them to settle more claims," he told TBS, pointing out that regulatory pressure related to licence renewal further compels companies to act.

He added that nearly one-third of insurers show a strong reluctance to settle claims. However, a segment of companies remains proactive, especially when they have sufficient funds. "The good companies always try to pay customers on time. But the reluctance of some players is affecting the entire sector."

Top insurers pay over 95%

Data shows that MetLife Bangladesh settled 98.3% of its claims during the period. Its Chief Executive Officer Ala Ahmad said, "The true value of insurance is proven at the moment a claim is made. In 2025, we are proud to have settled Tk2,853 crore in claims, the highest in the industry."

He added that MetLife operates through disciplined financial management and significant technology investments. "We have ensured the largest life fund and a digital process that delivers claim payments in just three to five days."

Pragati Life Insurance also set a positive example by settling 98.5% of its claims. Managing Director and CEO Md Jalalul Azim said that around seven to eight companies are consistently working to improve settlement rates. However, others are moving in the opposite direction, showing little commitment to paying customer claims, which is harming the sector as a whole.

Sheikh Rakibul Karim, Chief Executive Officer of Guardian Life Insurance, said, "Every settlement reflects our commitment to keeping our promises. By ensuring transparency and prompt support, we strive to stand beside our customers and their families when it matters most." The company settled 97.5% of its claims within the stipulated period.

Regulatory interventions

Idra spokesperson Saifunnahar Sumi told TBS that the recent improvements are the result of a series of regulatory interventions. The authority is working to maintain a non-corrupt and unbiased regulatory environment while implementing reforms. These include introducing a grading system for insurers, placing lower-ranked companies under special audits, and rewarding better-performing firms.

The regulator has also strengthened accountability through governance review meetings, where board chairmen and senior management are required to attend. In addition, an interview system has been introduced for the appointment and reappointment of CEOs and advisers to ensure compliance.

The Idra spokesperson said efforts were under way to introduce the proposed Insurers' Resolution Act, which would allow authorities to place non-performing companies under resolution if they fail to improve.

"Amendments to the Insurance Act are also being finalised, including provisions for strict penalties if claims are not settled within the stipulated time," Sumi said. "The regulator is regularly monitoring and following up on unresolved claims to ensure faster settlements."

Bangladesh's gross foreign-exchange reserves surpassed US$35-billion mark on Thursday, driven by stronger remittance inflows and lower import-payment obligations, amid the ongoing geopolitical tensions.

The country's gross forex reserves rose to $35.04 billion on the day, $33.87 billion up from the previous day, according to the central bank's traditional calculation method.

Under the International Monetary Fund's (IMF) Balance of Payments International Investment Poisson Manual-six edition, generally known as BMP6, the forex reserves stood at $30.37 billion during the period under review from $30.20 billion.

"Hefty growth in inward remittances has helped boost the overall foreign exchange inflows rather than outflows, despite the Middle East conflict," a senior official of the Bangladesh Bank (BB) told The Financial Express (FE).

The amount of inward remittances grew by more than 21 per cent to $1.79 billion during the first 15 days of this month (April), up from $1.47 billion in the corresponding period of last year.Bangladesh economy analysis

According to the central banker, the country's overall import payment obligations remain relatively low, at around $6.0 billion per month, despite the volatile oil prices.

On the other hand, the central bank intervened in the forex market again on Thursday by purchasing $50 million through auction from four banks in the interbank spot market in a bid to keep the exchange rate of the US dollar against the local currency stable.

The amount was bought under the Multiple Price Auction method and the cutoff rate was Tk 122.75 per dollar, according to the central bank officials.

A day earlier, the central bank resumed dollar purchases after a six-week pause, signalling renewed intervention in the market to help stabilise the exchange rate of the US dollar with the local currency, amid a surge in remittance inflows.

The central bank purchased $70 million worth of dollars on Wednesday from a Shariah-based bank in a similar auction.

The ongoing intervention is also contributing to a gradual strengthening of the country's foreign exchange reserves, according to the officials. "We're buying US dollars from banks directly to absorb the higher inflow of remittances," another BB official said, adding that such intervention had helped keep the exchange rate, thus encouraging both exporters and remitters.

The central bank of Bangladesh has so far bought $5.61 billion from banks directly since July 13 last under the prevailing free-floating exchange rate arrangement, the central bank's latest data showed.

Gold prices extended gains on Friday, supported by a ‌weaker dollar and comments from Iran’s foreign minister that passage through the Strait of Hormuz remains open during the ceasefire, which pushed oil prices lower and eased some inflation concerns.

Spot gold was up 1.5 percent ​at $4,861.32 per ounce at 1:58 p.m. ET (1758 GMT), rising more than 2 percent so ​far this week.

US gold futures settled 1.5 percent higher at $4,879.60.

The passage of vessels through the strait will be on the coordinated route as already announced by the Ports and Maritime ​Organisation of Iran, Iran’s foreign minister said in a post on X. US President Donald ​Trump said talks could take place this weekend and he believed a deal to end the Iran war would come “soon”.

“Reopening the strait was a key event, and with oil prices under pressure, it is expected ​to ease inflation concerns and revive expectations of interest rate cuts - all good news ​for gold,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Gold prices could see ‌short-term gains back above the $5,000 per ounce level, he added.

The US dollar and oil prices extended their fall after the comments on Hormuz opening. A weaker US currency makes bullion more attractive to holders of other currencies.

Bangladesh Bank yesterday purchased $50 million from four commercial banks at a cut-off rate of Tk 122.75 per US dollar, as strong remittance earnings boosted inflows.

Remittance inflows reached an all-time high of $3.75 billion in March. Inflows stood at $1.60 billion between April 1 and April 14, up 25.2 percent year-on-year, Bangladesh Bank data shows.

The banking regulator on Wednesday resumed dollar purchases after one and a half months, buying $70 million from Islami Bank Bangladesh.

With the latest transaction, the central bank’s total dollar purchases for April rose to $120 million, officials said.

Cumulatively, the central bank has bought $5.61 billion from the market so far in the fiscal year 2025-26 (FY26).

Bangladesh Bank began purchasing dollars at the start of the current fiscal year as supply increased, supported by higher export earnings and remittance inflows.

However, between FY21 and FY25, Bangladesh Bank sold more than $25 billion from its foreign exchange reserves to meet import payments for fuel, fertiliser, and food.

Officials of the central bank said that the country’s forex market is currently quite liquid due to high remittance inflows ahead of Eid-ul-Adha.

On the other hand, demand for imports, except for fuel, is set to increase, which is why the Bangladesh Bank is purchasing US dollars from the market, an official added.

Following the recent dollar purchases, gross foreign exchange reserves rose to $35.03 billion on Thursday, up from $34.87 billion a day earlier.

Industry insiders said that the central bank is planning to increase its foreign exchange reserves, as pressure on the forex market is likely to rise in the upcoming days due to higher global oil prices stemming from the Middle East crisis.

On Thursday, the interbank exchange rate of the US dollar stood at Tk 122.70 per dollar, down from Tk 122.75 just two days earlier, reflecting a liquid foreign exchange market.

The International Monetary Fund (IMF) is holding continuous discussions with Bangladesh over the release of the remaining tranche of its ongoing loan programme, Krishna Srinivasan, director of the IMF's Asia and Pacific Department, has said.

"The [IMF] team is negotiating and is having continuous discussions with the [Bangladesh] authorities, and we will have an update down the road," he said at a press briefing in Washington, DC, on 16 April, replying to a queries including that over Bangladesh's due loan instalment.

Srinivasan said Bangladesh's revenue base remains weak by global standards, limiting the government's capacity to provide support at a time of rising economic pressure.

"People are hurting in Bangladesh, so it is even more important to use whatever resources you have to make it as targeted as possible," he said.

He added that improving revenue collection and addressing structural issues in the financial sector are critical for sustaining growth in both the short and long term.

Srinivasan also highlighted the impact of the global energy shock, noting that Bangladesh, as a major energy importer, remains vulnerable to price volatility in international markets.

"Like other countries in Asia, Bangladesh is also affected by the energy shock," he said. "We are working with the authorities in terms of policy support and programmes, and discussions are ongoing. We will have to wait and see how things pan out."

He said continued engagement between the IMF and Bangladesh will determine the outcome of the negotiations, as the country also explores options for additional external financing.

Under the $5.5 billion IMF programme, disbursements are typically made in June and December. However, the lender withheld the fifth tranche in December to engage with the newly elected government. At the time, then finance adviser Salehuddin Ahmed said $1.3 billion from two tranches could be released together in June.

Srinivasan visited Bangladesh in March and met Prime Minister Tarique Rahman and Finance Minister Amir Khosru Mahmud Chowdhury. After the meetings, the finance minister said the combined tranches were likely in June and that detailed talks would follow at the IMF Spring Meetings in April.

However, no decision has been made even after the meetings, according to a statement issued by the Bangladesh Press Wing. The finance minister also said several issues remain unresolved, with further discussions expected over the next 15 to 20 days.

The Bangladesh Bank has discouraged commercial banks from engaging in forward dollar bookings to prevent artificial supply shortages in the spot market that could drive up the greenback's price.

Speaking to The Business Standard, senior officials at the central bank said several banks sharply increased forward bookings after conflict escalated in the Middle East, prompting fears that the dollar could become more expensive in the coming months.

Forward foreign currency selling is a transaction in which a bank or another party commits to selling a specified amount of foreign currency at a pre-determined exchange rate on a future date. The mechanism is commonly used by businesses and financial institutions to hedge against exchange rate fluctuations.

Under existing Bangladesh Bank guidelines, authorised dealer banks may undertake forward sales only against the genuine needs of customers and must ensure that the contracts are intended to neutralise exchange rate risk.

Banks may buy forward from exporters, foreign currency account holders, exchange houses, and other counterparties, but are required to cover their own risk as soon as possible.

The forward price is determined by adding a premium to the current price.

According to central bank officials, banks have been verbally advised not to rely on dollars purchased from the spot market to meet forward contracts. Instead, they have been encouraged to undertake forward sales only against their own forward purchases.

A senior Bangladesh Bank official said that a small number of banks had been increasing forward bookings aggressively.

"After the matter came to the attention of the Bangladesh Bank, the banks were told to avoid further forward booking because rising forward sales create pressure in the spot market, increasing the risk of a higher dollar rate," the official said.

"When banks cannot obtain enough dollars in the spot market to meet demand, the exchange rate rises. If banks continue to make excessive forward commitments, the dollar could become more expensive again," he explained.

The official said banks that had previously contributed to instability in the foreign exchange market by purchasing large amounts of dollars in May 2022 were among those increasing forward bookings this month.

"However, the Bangladesh Bank has been able to bring the situation under control before it became more serious," the official added.

Demand for forward bookings rises

Industry insiders said demand for forward bookings rose sharply from the middle of March and remained strong until the first week of April. Although demand eased somewhat by mid-April, businesses remain interested in locking in exchange rates because of uncertainty surrounding the Middle East conflict.

Bankers said demand could rise further if the conflict continues, if there are renewed expectations of a higher dollar rate, or if disruption occurs in the Strait of Hormuz.

A senior executive at a private commercial bank said the Bangladesh Bank had instructed lenders not to use dollars bought in the spot market for forward selling.

"We have been told that forward selling should be backed only by forward buying. But that is not possible for many banks because most do not have sufficient forward purchases in stock," he said.

"At the same time, businesses are seeking more forward bookings than before."

Several leading business groups have faced difficulties securing forward contracts since the central bank began discouraging the practice.

A senior executive at one of the country's largest conglomerates said the company had approached several private banks over the past week to arrange forward contracts, but the banks refused in line with the central bank's instruction.

According to the managing directors of some banks. The central bank had recently contacted them to seek details of how their institutions had calculated forward contracts after demand increased following the outbreak of war.

Despite the rise in forward demand, bankers said the supply of dollars in the market remains relatively comfortable and the exchange rate has begun to ease after a brief rise.

According to bankers, the dollar rate started falling after the Bangladesh Bank purchased dollars from commercial banks through auctions for two consecutive days at Tk122.75.

A senior official at a leading private company said his firm settled an import letter of credit at Tk122.98 per dollar last Wednesday, compared with Tk123.10 on Tuesday.

Cenbank move questioned

Zahid Hussain, former lead economist at the World Bank's Dhaka office, questioned the central bank's argument that forward booking itself would increase the dollar rate.

"The pressure on the dollar is coming from international markets. The increase in the taka-dollar exchange rate in Bangladesh has broadly matched the rise in the international dollar index," he said.

He also said there was a contradiction between Bangladesh Bank's commitment to a market-based exchange rate and its intervention in the market whenever the exchange rate fluctuates.

"If banks are forced to undertake forward selling only against forward buying, or if forward booking is discouraged altogether, that is itself a form of intervention that prevents the market from functioning naturally," he said.

Arfan Ali, former managing director of Bank Asia, said forward booking should be viewed as a legitimate risk management tool.

He said the volume of foreign exchange transactions in Bangladesh remains relatively low compared with many other countries, and most businesses have not traditionally engaged in hedging.

"Businesses may not previously have felt much need for forward booking. But the war has changed the situation, so demand has increased as companies seek to reduce their risk," he said. "This market should be allowed to become more viable."

Ongoing tensions in the Middle East and uncertainty over domestic fuel supply continued to erode investor confidence, keeping the Dhaka stock market on a downward trajectory throughout the week.

Although trading opened on a mildly positive note, the momentum quickly faded as selling pressure intensified. Within a few sessions, major indices slipped, reflecting growing caution among investors.

Midweek, bargain hunters briefly returned to the market, taking advantage of lower prices and triggering a short-lived recovery. However, the rebound failed to sustain due to the absence of strong positive triggers or policy support. By the week's end, selling pressure resumed, leaving the market firmly in bearish territory.

The benchmark DSEX index edged down by 0.86 points to close at 5,257. The blue-chip DS30 fell 12 points to 1,990, while the Shariah-based DSES rose slightly by 3 points to 1,066. The SME index (DSMEX) dropped sharply by 31 points to 1,054.

Despite weak sentiment, trading activity increased. Average daily turnover rose 22.2% to Tk818 crore, up from Tk670 crore in the previous week. Total weekly turnover stood at Tk3,273 crore across four sessions, slightly lower than Tk3,348 crore a week earlier.

Market capitalisation declined by 0.44% to Tk6,85,632 crore. Of the 411 issues traded, 213 advanced, 142 declined, 35 remained unchanged, and 22 saw no trading activity.

Market analysts said global instability and fears of a potential energy crisis are key factors influencing investor behaviour. Government remarks on stock market restructuring have also prompted many investors to stay on the sidelines, putting the market in a wait-and-see mode.

In its weekly review, the market showed a flat-to-negative trend with volatile movements, reflecting a lack of clear direction. Early in the week, some buying interest emerged in December-closing stocks on expectations of favourable earnings. However, worries over ceasefire negotiations in the Middle East triggered renewed selling pressure.

Subsequent sessions saw intermittent bargain hunting, but gains were limited by cautious selling in large-cap stocks ahead of corporate earnings announcements.

Sector-wise, engineering stocks led turnover with 17.2%, followed by pharmaceuticals (11.6%) and general insurance (10.3%). Performance remained mixed, with ceramic, IT, and general insurance sectors posting gains, while banking, jute, and service sectors declined.

The Chittagong Stock Exchange also ended lower, with the CASPI index falling 0.08% to 14,762 and the CSCX index closing at 9,040.

Analysts remain cautious about near-term market stability unless fuel supply conditions improve, global tensions ease, and clearer policy direction emerges.

Despite a broader market downturn amid the Middle East conflict, several fundamentally weak and loss-making stocks – mostly from the non-bank financial institution (NBFI) sector – emerged as the top gainers on the Dhaka Stock Exchange (DSE) in March.

According to monthly DSE data, five of the top 10 gainers were NBFIs, led by International Leasing and Financial Services, which surged 100% to close at Tk3.20 per share. Premier Leasing and Finance rose 83.33% to Tk3.30, while People's Leasing and Financial Services and Fareast Finance each gained 76.47% to Tk3. FAS Finance and Investment also saw a 70.59% increase to Tk3.90.

The remaining gainers included textile firms Hamid Fabrics and Familytex (BD), IFIC Bank First Mutual Fund, engineering firm Atlas Bangladesh, and Pacific Denims, reflecting a mix of low-cap and speculative stocks.

In total, 390 stocks were traded during the month, of which 173 advanced, 183 declined, and 34 remained unchanged, indicating a generally weak market trend.

Sector-wise, manufacturing stocks – including pharmaceuticals, textiles, engineering, cement, and food – accounted for the largest share of turnover at 46.86%, or Tk4,785 crore out of Tk10,211 crore. The financial sector, comprising banks, NBFIs, and insurance, contributed 29.97%, while the services and miscellaneous sector made up 23.09%.

Market insiders say the sharp rise in these stocks follows a prolonged slump, with many NBFIs previously hitting rock-bottom prices amid restructuring and liquidation concerns. Such rallies are often driven by speculative trading rather than strong fundamentals.

A similar trend was observed in February, when several struggling NBFIs posted sharp price increases after steep declines, highlighting continued volatility in the segment