Commerce Minister Khandakar Abdul Muktadir today sought Australian investment in Bangladesh’s solar power generation sector to meet the growing domestic demand for electricity.

The minister made the call at a meeting with Australian High Commissioner in Bangladesh Susan Ryle at the minister’s secretariat office in Dhaka.

The two discussed strengthening bilateral trade, investment, and economic cooperation between Bangladesh and Australia, according to a statement from the commerce ministry.

The minister said his government has been working to create an investment-friendly environment and is particularly encouraging foreign investment in the renewable energy sector.

He added that revitalising existing industrial enterprises, establishing new industries, and generating employment are among the government’s current priorities.

The government has been activating industrial sectors with assets worth approximately $7 billion, and making them production-oriented through private investment is a key objective.

In this context, the minister invited increased Australian investment in Bangladesh’s solar power generation sector.

Ryle said bilateral trade between the two countries currently stands at around $5.14 billion and continues to grow steadily.

She highlighted significant potential for investment in Bangladesh, particularly in the energy sector—especially renewable energy.

A high-level Australian delegation is exploring opportunities for cooperation in green energy, innovation, and technology, the high commissioner also said.

She mentioned that around 28,000 Bangladeshi students are currently studying in Australia, making it one of the most important destinations for Bangladeshi students.

Both sides expressed interest in expanding cooperation in trade, education and scholarships, enhancing the capacity of officials of the Ministry of Commerce, and increasing collaboration in infrastructure development.

The conflict between Iran and the United States and Israel is creating the ​worst energy crisis ever faced by the ‌world, the head of the International Energy Agency (IEA) said on Tuesday.

"This is indeed the biggest crisis ​in history," Birol told France Inter ​radio in an interview broadcast on Tuesday.

"The ⁠crisis is already huge, if you combine ​the effects of the petrol crisis and the ​gas crisis with Russia," he added.

The war in the Middle East has choked up maritime traffic in ​the Strait of Hormuz, which is a ​conduit for a fifth of global oil and liquefied ‌natural ⁠gas flows.

It has also come on top of the effects of Russia's war with Ukraine, which had already severed Russian gas supplies to ​Europe.

Birol had ​said earlier ⁠this month that he viewed the current situation in global energy ​markets as worse than previous crises in ​1973, ⁠1979 and 2022 combined.

In March, the IEA agreed to release a record 400 million barrels of ⁠oil ​from strategic stockpiles to ​combat rising oil prices caused by the U.S.-Israeli war with ​Iran.

Assistant US Trade Representative (USTR) Brendan Lynch for South and Central Asia will visit Bangladesh soon, US Ambassador to Bangladesh Brent T Christensen said today.

The ambassador shared the information during a meeting with Commerce Minister Khandakar Abdul Muktadir at the commerce ministry’s secretariat office in Dhaka.

Trade experts believe the USTR may discuss various trade-related issues during the visit, as Bangladesh and the USA signed the Agreement on Reciprocal Trade on February 9 this year.

He comes to Bangladesh months after the USTR began investigations into production overcapacity in different sectors across 60 countries, including Bangladesh, and into forced labour practices.

In today’s meeting, various aspects of strengthening bilateral trade, investment, and economic cooperation between Bangladesh and the United States were discussed, according to a statement from the commerce ministry.

The US ambassador noted that expanding bilateral trade would be beneficial for both countries.

The commerce minister said his ministry, along with other relevant ministries, is working on formulating the new Import Policy Order. He expressed hope that the draft of the Import Policy Order 2026 would soon be shared with the business community for feedback.

Both sides expressed interest in further expanding cooperation in trade, investment, and policy matters, the statement read.

Bangladesh confronts a nearly trillion-taka record revenue shortfall in the bygone three quarters of this financial year, scaling up pressure on government's fiscal management.Bangladesh market report

Until March, the National Board of Revenue (NBR) had lagged behind its target by about Tk 980 billion, marking the largest deficit in the country's history for the July-March period.

Revenue officials say the gap was partly due to an upward revision of the target without adequate assessment of prevailing economic conditions, as the interim government raised the tax-revenue target from Tk 4.99 trillion to Tk 5.03 trillion for the first time.

Revenue growth remained weak, rising only 2.67 per cent in March.

Over the July-March period, the NBR had collected Tk 2.87 trillion against a target of Tk 3.85 trillion, leaving a deficit of Tk 979.90 billion.

None of the three major tax heads met their targets, with income tax posting a shortfall of Tk 400 billion, VAT Tk 340 billion and import duty Tk 229.73 billion.

Officials and analysts attribute the poor performance to sluggish business activity, declining imports, weak investment inflows, Middle East tensions, rising fuel prices and persistently high inflation.

The large shortfall is set to put further pressure on the new government to manage rising expenditures and secure external budget-support funds.Banking sector news

On Tuesday, Finance Minister Amir Khosru Mahmud Chowdhury held a meeting with Prime Minister Tarique Rahman discussing conditions tied to the loan from the International Monetary Fund (IMF) and the next course of action.

Under the original US$4.7-billion IMF loan programme, Bangladesh is required to increase revenue by at least 0.5 per cent of GDP annually, although the tax-to-GDP ratio declined by 0.66-percentage points last year instead of a coveted rise.

In the remaining three months of the fiscal year, from April to June, the NBR will need to collect about Tk 2.15 trillion, which translates into Tk 710 billion to Tk 730 billion per month, far exceeding the current monthly average of Tk 300 billion to Tk 370 billion. Professor Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), says weak revenue mobilisation has forced the government to rely more on bank borrowing to meet expenditures, warning that a year-end shortfall now appears inevitable and describing the situation as worrisome.

"Although the government has started trimming development spending to contain the budget deficit and ease borrowing pressure, such measures cannot be sustained for long."

The revenue target for the next fiscal year, set at Tk 6.04 trillion, will be difficult to achieve unless the NBR intensifies efforts to reduce tax exemptions and identify new sources of revenue, the economist forewarns.Global economy analysis

He cautions that if the current shortfall persists, achieving nearly 50-percent growth in revenue mobilisation next year would be unrealistic under prevailing economic conditions.

The economist, however, welcomes government move to introduce property tax and inheritance tax in the upcoming fiscal year as a positive step.

Finance Minister Amir Khosru Mahmud Chowdhury on Tuesday told Parliament that Bangladesh’s foreign debt stood at around $78 billion as of February 2026.

“According to the account up to February, 2026, the foreign debt of the Bangladesh government amounts to $78,067.20 million,” he said while replying to a starred question from independent lawmaker Rumeen Farhana (Brahmanbaria-2).Bangladesh economic indicators

Earlier, the Tuesday’s sitting of parliament started at 3:00 pm with Speaker Hafiz Uddin Ahmad, Bir Bikram, in the chair.

The finance minister said the Economic Relations Division (ERD) repays foreign loans on behalf of the government.

Each fiscal year, a projection is prepared to estimate the total expenditure for servicing foreign debt including both principal and interest, and necessary allocations are kept in the national budget.

Loan repayments are being made from the budgetary allocation throughout the year following a scheduled plan.

In reply to a scripted question from treasury bench member Md Shamsur Rahman Simul Biswas (Pabna-5), Khosru said that the government received a total of $85,992.64 million (nearly $86 billion) in foreign loans from 2008–09 fiscal year to 2025–26 fiscal year.

During the same period, the government repaid $22,328.47 million in principal and $8,696.82 million in interest, he said.

As of December 30, 2025, the foreign debt stood at $77,279.12 million ($77 billion), said Amir Khosru.

He told the House that from the 2007–08 fiscal year to February of 2025–26, the government borrowed a total of $87,396.03 million and repaid $22,050.79 million in principal.

“As a result, the country’s foreign debt amount increased by $65,346.24 million during this period,” the minister added.

The Chittagong Stock Exchange (CSE) has urged deeper collaboration and the deployment of Indian capital market expertise, particularly in promoting the commodity derivatives market.

CSE Managing Director M Shaifur Rahman Mazumdar made the call on April 19 when Rajeev Ranjan, assistant high commissioner of India, visited the port city bourse in Chattogram.

In a press release, the CSE said Mazumdar presented a strategic plan for Bangladesh’s capital market growth and diversification, highlighting opportunities for collaboration with India in several priority areas.

He sought cooperation in expanding other asset classes, positioning CSE as a multi-asset exchange, and invited Indian brokers and investors to explore opportunities in Bangladesh.

In his remarks, Ranjan said India has a wealth of experience in the capital market—expertise it is eager to share with Bangladesh.

By arranging joint technical sessions, specialized workshops, and knowledge transfer programs, Bangladesh can tap into India’s proven expertise to develop its financial market, particularly in commodity derivatives.

This, he noted, is an essential step for price discovery and risk management for Bangladeshi commodity stakeholders.

The Multi Commodity Exchange of India, a global leader in commodity derivatives, could serve as a blueprint for CSE once formal cooperation is established with the Securities and Exchange Board of India.

“India is fully committed to supporting Bangladesh’s ambitions. We see Bangladesh not only as a neighbor but as a true development partner, and we will walk this path side by side,” Ranjan added.

CSE Chairman AKM Habibur Rahman expressed hope for further strengthening bilateral cooperation in the development of Bangladesh’s capital market.

Recovering defaulted loans is a more complicated process for banks than one might think. The verdict for a case with a financial loan court takes years. But when a bank gets the verdict in its favour, it cannot yet go and auction the mortgaged properties to recover the loan defaulted. It must then file another case – called an execution case – for that purpose and this takes another few years before being disposed of.

While the original case itself may take 5-10 years to conclude, the execution case required to enforce the verdict in a bank's favour and sell the mortgaged assets also takes several more years.

Bank officials say this "double legal process" significantly prolongs and complicates loan recovery, causing banks to incur substantial losses as they pursue legal procedures for years.

Experts in banking law argue that the provision requiring a separate execution case after obtaining a verdict should now be amended. In many countries, court rulings on defaulted loans can be directly enforced without requiring a separate process.

According to Supreme Court statistics, 33,406 such execution cases are currently pending in courts (joint district judge courts) across the country, involving approximately Tk57,000 crore in bank dues. Among these, 1,108 cases have been pending for over a decade, involving more than Tk10,000 crore. Nearly 14,000 cases have been pending for over five years, involving about Tk22,000 crore.

As of December last year, around 78,000 cases involving over Tk2,50,000 crore in defaulted loans were pending in financial loan courts.

How execution cases drag on for years

In one case, ARM Food Ltd took a Tk57 crore loan from a Janata Bank branch in Narayanganj in 2004. After the loan defaulted, the bank filed a case in 2009, claiming about Tk94 crore with interest. In 2016, the court ruled in favour of the bank, allowing the mortgaged property to be auctioned.

To enforce the verdict, the bank filed an execution case in July 2016. However, the case remains unresolved, preventing the auction of nearly two acres of land and a house held as collateral.

A lawyer for the bank said the original case took about seven years to resolve, while the execution case has remained pending for nearly a decade due to a High Court stay order obtained by the borrower.

Legal complications

Experts say execution cases follow nearly the same legal procedures as the original cases. After filing an execution case under Sections 26, 27, and 28 of the Financial Loan Court Act, 2003, the court issues notices asking why the mortgaged property should not be auctioned.

Defaulters often exploit legal loopholes to delay proceedings, taking years to respond to summons and using influential lawyers to prolong hearings. Although the law requires execution cases to be resolved within a month and auctions to be conducted within 15 days, this is rarely followed in practice.

Defaulters also frequently file writ petitions in the High Court, which often issues stay orders and rules asking why the execution case should not be dismissed. These rulings remain unresolved for years, effectively halting the original execution process.

Extent of High Court stays

According to Supreme Court sources, as of February, 4,809 out of 33,406 execution cases, involving over Tk13,000 crore, are currently stayed by the High Court. Among them, 806 cases have remained stayed for more than five years.

In another case, LSG Leather Products defaulted on a Tk39 crore loan from AB Bank in 2008. The court ruled in favour of the bank in 2017, but the execution case was stayed by the High Court in 2018. Since the rule issued by the court remains unresolved, the mortgaged property cannot be auctioned.

What could be the solution

Former Bangladesh Bank deputy governor and former AB Bank chairman Mohammad A (Rumi) Ali said in countries such as the US, the UK, Switzerland, Singapore, and Malaysia, court verdicts in loan recovery cases are directly enforced by relevant authorities without requiring separate execution cases.

He noted that Bangladesh's current system – where a verdict must be followed by another case and then routed through district administration – is unnecessarily complex and needs reform.

He added that the shortage of judicial manpower already delays case disposal, and requiring a separate case for enforcement only worsens the situation. Simplifying the process would benefit both banks and borrowers as prolonged delays increase liabilities for borrowers due to accumulated interest and penalties.

Advocate Ahsanul Karim, a constitutional and company law expert, told The Business Standard that the law was enacted in 2003 – nearly two decades ago – but has yet to be updated to meet present-day needs. He said that once a law is enacted, it should be revised periodically in line with changing realities.

He noted that the Money Loan Court Act is widely applied and closely tied to the country's overall economic system. Due to various minor flaws in the law, banks face significant difficulties and incur unnecessary costs and delays. Therefore, he emphasised that amending the law has now become an urgent necessity.

The National Board of Revenue (NBR) fell short of its nine-month tax collection target by nearly Tk 1 lakh crore, leaving it needing to mobilise over Tk 2.60 lakh crore in the final quarter of fiscal year 2025-26 (FY26).

Provisional data released yesterday showed collections of Tk 2.87 lakh crore during July-March, an 11 percent rise year-on-year, but well below the pace required to meet the full-year target of Tk 5.54 lakh crore.

Analysts say it is highly unrealistic to expect that the board will succeed in collecting nearly half of the full-year target in three months.

The board has consistently missed its annual target every year for over a decade. Yet in late November last year, the interim government revised the target upward from Tk 4.99 lakh crore, following strong first-quarter collections.

The revenue weakness is playing out against a deteriorating economic backdrop.

The country’s GDP growth slowed to 3.03 percent in the second quarter of FY26, down from 3.53 percent in the same period last year. Defaulted loans in the banking sector have reached Tk 5.45 lakh crore as of December 2025.

Finance Minister Amir Khosru Mahmud Chowdhury told parliament this month that the tax-to-GDP ratio has fallen from around 11 percent to below 7 percent, and that businesses are “in bad shape.”

More recently, the impact of the US-Israel war on Iran has been draining the state funds as the government was forced to buy fuel oils at high prices. Bangladesh imports about 95 percent of its energy, and state agencies have increasingly been forced onto the volatile spot market.

“The mounting costs are bleeding the exchequer,” the minister said on the sidelines of the IMF-World Bank Spring Meetings in Washington last week, citing nearly $2 billion in additional energy import costs following supply disruptions.

“On top of that, the tax-to-GDP (ratio) is not increasing because of business stress, the businesses are in bad shape,” he said, adding that if businesses do not recover, tax receipts will not improve.

He said the government has sought budget support from development partners and is pursuing structural fixes. It has prepared an action plan targeting a trillion-dollar economy by 2034, built around investment, employment and macroeconomic stability.

Amid consistent revenue shortfall, the government has turned sharply to borrowing. Net deficit financing reached Tk 1.05 lakh crore during July-February, up 67 percent from Tk 63,040 crore in the same period last year. Of that, Tk 88,309 crore came from the banking system.

Zaidi Sattar, chairman of the Policy Research Institute (PRI) and head of the National Taskforce on Tax Restructuring, said fiscal space has effectively closed.

“The gap between current expenditure and revenue means there is little to no surplus available to support development spending,” he said, adding that the Annual Development Programme (ADP) will likely depend almost entirely on deficit financing in the upcoming budget.

He warned that domestic borrowing carries serious risks. “It creates serious challenges, including fuelling inflation and potentially crowding out private sector investment,” he said.

Without fundamental reform in revenue administration, any substantial increase in collections is “almost impossible”.

Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID), said weak imports will further dampen revenue in the final quarter.

“If the government depends heavily on banks, it will affect credit flow to the private sector,” he said, warning that without revenue growth, more extreme measures such as money printing could not be ruled out.

Describing the broader pattern, Razzaque said, “The revenue target is not binding, it’s aspirational. We set targets and repeatedly fail to meet them. We are stuck in a Catch-22.”

“Big budget, big revenue deficit, and the NBR failing to raise revenue -- this is the typical Bangladesh story,” he added, noting that despite talk of reforms, “we are not seeing the momentum or a firm commitment.”

He mentioned the IMF’s recent decision to withhold a loan instalment, citing that the country has failed to implement agreed reforms in the revenue and banking sectors.

This decision by the multilateral lender adds to the country’s pressure. “It sends a signal about reform commitment, and other development partners take such signals seriously,” Razzaque said.

Within the July-March figures, VAT from domestic activity was the largest contributor at 38 percent of total collection, rising 13.66 percent year-on-year to Tk 1.09 lakh crore. Direct taxes accounted for 33.5 percent, climbing 11.25 percent to Tk 98,501 crore, while import tariffs grew more modestly at 7.77 percent to Tk 80,223 crore.

Facing mounting pressure, the NBR is eyeing structural changes for next year. Speaking at a pre-budget discussion earlier this month, NBR Chairman Md Abdur Rahman Khan pledged to strengthen enforcement to curb tax evasion and gradually reduce existing tax exemptions aiming to raise revenue collections.

He informed that the board is considering a range of measures to strengthen revenue collection in the upcoming fiscal year 2026-27 (FY27), including the reintroduction of a wealth tax, a new inheritance tax, higher rates for the ultra-rich, and a rationalisation of existing tax exemptions.

“We are exploring the possibility of reintroducing a wealth tax,” Khan said at the event, noting that Bangladesh had such a levy from 1963 until it was abolished in 1999.

A committee has been formed to examine the matter.

Khan added that the NBR is weighing the introduction of an inheritance tax, at least on a limited scale, with a focus on high-value property transfers.

On tax exemptions, Khan signalled a gradual shift away from the status quo. “We are committed to gradually phasing them out and bringing beneficiaries into the regular tax regime.”

The NBR also plans to raise the top marginal income tax rate for ultra-rich individuals from 30 to 35 percent, a measure tentatively set for FY28.

More immediately, he said the NBR is considering raising the tax rate for individuals earning over Tk 1 crore annually by around five percentage points from FY27.

Commuters in Dhaka and across the country are being forced to pay increased bus fares despite no official announcement regarding fare adjustments following the recent increase in fuel prices.

This unregulated spike has triggered widespread frustration, often leading to heated altercations between conductors and passengers, with reports of passengers being forcibly offloaded for protesting the hikes.

Passengers said buses are charging an additional Tk5 to Tk10 for short distance travel, while for long-distance, some operators are demanding Tk200 to Tk250 above the usual rate.

They also said a significant portion of the city's buses operate on CNG, but fares are being hiked based on diesel price hike, raising questions about the legitimacy of the adjustments.

Shamim Hossain, who regularly travels on the Rangpur-Jaldhaka route, said the fare was previously Tk95 but has now increased to Tk100, with transport workers citing higher fuel prices.

Meanwhile, visits to bus terminals found that fares on the Dhaka-Moulvibazar route have increased from Tk570 to Tk620. Passenger Nur Nabi Mostafa said buses on the Dhaka to Cox's Bazar, Chattogram and Sylhet routes are charging an additional Tk100 to Tk200.

The Bangladesh Road Transport Authority (BRTA) is responsible for determining the fares for non-AC buses and minibuses. As per official regulations, the fare for long-distance buses is fixed at Tk2.12 per kilometer.

In the Dhaka metropolitan area, the rates are Tk2.42 per km for buses and Tk2.32 per km for minibuses. However, passengers said these rates are rarely followed.

Back in August 2022, the government increased the price of diesel by 42% to Tk114 per liter. Consequently, bus fares were raised by BRTA to a maximum of Tk0.40 per kilometer. However, diesel prices were later reduced in three phases to Tk100 per litre, but fares were not lowered.

Transport operators said the fare structures fixed in 2022 are no longer commercially viable. They cited rising operational costs driven by currency depreciation and the soaring prices of spare parts.

According to passenger welfare groups, transport owners failed to implement either of these reductions.

Md Mozammel Haque Chowdhury, secretary general of Bangladesh Jatri Kalyan Samity, told the media that some transport owners are raising fares before any formal decision, putting pressure on passengers. He urged a participatory process to set fair fares and proposed a Tk 0.15 per kilometre increase.

Amid the situation, Prime Minister's Adviser for Information and Broadcasting Zahed Ur Rahman said the government is working to rationalise transport fares in alignment with fuel price changes. Speaking at a briefing yesterday (21 April), he said that discussions are ongoing to reach a balanced decision.

The government on Saturday raised diesel prices to Tk115 per litre, octane to Tk140, and petrol to Tk135, marking increases of Tk15 per litre for diesel, Tk20 for octane, and Tk 19 for petrol.

The next day negotiations between transport operators and the BRTA hit a deadlock, as owners demanded a comprehensive fare hike reflecting broader economic pressures, while the regulator insisted on capping increases strictly to rising fuel costs.

Commercial banks' borrowing appetite continues to fall amid a squeeze in credit demand in the face of persisting economic sluggishness in recent months.Economy news updates

Apart from the private sector's lower credit demand, the Bangladesh Bank (BB) keeps injecting liquidity in the form of buying US dollars from the market to keep the exchange rate stable, which further cut commercial lenders' borrowing appetite, according to money market experts.

It ultimately helps banks, which often go for borrowing either from the interbank market or the central bank to meet their requirements, lessen their liquidity appetite and borrowing by overcoming the demand-supply mismatch.

According to the latest Bangladesh Bank data, the monthly volume of call-money transactions, through which banks make short-term borrowing within themselves, dropped to Tk 945 billion in March from Tk 1.47 trillion and Tk 1.06 trillion recorded in September and December last year, respectively.

The central bank repo is another major instrument through which banks can borrow funds from the regulator.

The data shows commercial banks altogether borrowed Tk 1.55 trillion in July last year, but monthly borrowing dropped to Tk 996 billion in September and Tk 1.08 trillion in December.

This further dropped to Tk 986 billion in March 2026.Bangladesh market report

On the other hand, through the special liquidity facility, under which there are seven borrowing windows like assured liquidity support (ALS), assured repo (AR), and Islamic Banks Liquidity Facility (IBLF), banks overall borrowed Tk 1.43 trillion from the central bank in July last year.

The monthly borrowing volume declined to Tk 603 billion and Tk 383 billion in September last year and March this year, respectively.

Seeking anonymity, a central bank official says the banking regulator kept purchasing US dollars from banks since July 13 last year to stabilise the taka-dollar exchange.

Under such forex-market intervention, the central bank has so far bought $5.68 billion from the market and injected more than Tk 650 billion into banks, he says.

"This intervention plays a major role in commercial banks' plummeting borrowing trend," he says.

In fact, he says, commercial banks now park their surplus liquidity in the central bank's deposit instrument called Standing Liquidity Facility (SDF) significantly despite lower gains at the rate of 7.50 per cent, while the call money rate is around 10 per cent.

According to the central bank data, the monthly volume of fund banks deposited in the SDF increased to Tk 578 billion in March from last December's count of Tk 424 billion.

Managing Director and Chief Executive Officer of Mutual Trust Bank Syed Mahbubur Rahman says the private sector's credit demand keeps plummeting, reaching 6.03 per cent by the end of February 2026.

He says industrial units are facing difficulties in their operation due to various factors like the energy crisis and the recent crisis in the Gulf countries worsened the situation further.

"So, the investment avenues of banks kept shrinking in recent months. That is why their borrowing appetite continues to drop," the experienced banker adds.

Picture a garment factory in Ashulia on a Tuesday morning. Machines hum, deadlines loom, and a buyer waits on a shipment. Then the power cuts out. The generator kicks in. Diesel is expensive and polluting. The factory absorbs the cost and carries on. This is not a crisis. This is Tuesday. Bangladesh’s energy crisis is the “common cold” of the RMG sector: chronic, underestimated and quietly debilitating. Painful, yet rarely dramatic enough to force action. The prescription is known, and the reforms are within reach, but the cost of inaction is no longer theoretical. What was once a logistical headache has become an existential threat.

On the factory floor, reality is harsher. Chronic gas shortages idle machines, delay shipments and raise costs. Global buyers are asking tougher questions about carbon footprints. With only 5.24 percent of installed capacity coming from renewables, we are not merely missing targets; we are risking competitiveness in a market that rewards reliability and sustainability. The country aims to generate 40 percent of its electricity from clean sources by 2041. Yet, of 32,345 MW total capacity, renewables account for just 1,695 MW. In more than a decade, the renewable share has risen by barely 3 percent, while investment has continued to favour fossil fuels. The energy mix is also unbalanced. About 82.7 percent of renewable capacity comes from solar, with minimal contributions from wind and hydro. Limited diversification leaves the grid exposed to supply and price shocks.

Industry is already paying the price. Gas shortages, often exceeding 1,300 MMCFD, mean factories receive well below the required fuel. To keep production lines running, many rely on diesel generators. That raises costs and erodes margins already squeezed by currency depreciation and global price competition. Energy insecurity is making Bangladeshi goods more expensive, precisely when buyers demand lower prices. The greater risk lies in compliance. The EU, our largest export market, is tightening environmental standards. Buyers increasingly link orders to carbon intensity.

Waiting until 2030 is not an option. Four shifts are urgent. First, enable private power. A Merchant Power Plant framework should allow producers to sell directly to large industries at market rates. The policy must be bankable and free of excessive open access tariffs. RMG hubs should be able to sign long-term power purchase agreements with solar and wind developers. Second, modernise the grid. The transmission and distribution network was not designed for variable renewable generation. Scaling up clean energy requires smart grid investment, faster net metering rollout and a clear modernisation roadmap with financing and timelines.

Third, remove fiscal barriers. The FY2025-26 budget cut import duties on solar panels and inverters to 1 percent, but mounting structures still face duties of 58.6 percent and battery storage remains heavily taxed. Duty relief must extend to all essential components so that fiscal policy aligns with national energy goals. Fourth, mobilise green finance. Bangladesh needs up to $980 million annually until 2030 to meet renewable targets, several times the current annual investment of $238 million. The Tk 200 crore single borrower cap under the Green Transformation Fund is too small for utility-scale projects. Developing a liquid green bond market and securing risk guarantees from development partners would help attract investment at scale.

The textile and RMG sectors must be central to energy policy. Policies detached from factory realities will fail. The priority must shift from announcements to implementation. Renewable energy is no longer a distant aspiration or a branding exercise. It is an industrial necessity. If we do not accelerate the transition now, we risk leaving our most vital sector behind as global trade shifts towards low-carbon production.

The writer is a former director of BGMEA and additional managing director at Denim Expert Ltd

The country's revenue collection has hit a historic deficit of approximately Tk98,000 crore against the target in the first nine months of the current fiscal 2025-26, surpassing the total shortfall recorded in any previous full financial year.

The National Board of Revenue data shows that the gap has already exceeded the Tk92,000 crore shortfall seen in the entirety of the last fiscal year, with experts warning that the deficit will widen further by June.

In March – the first full month under the new administration – revenue collection fell short of the monthly target by nearly Tk26,000 crore, growing by a mere 2.67% compared to the same month last year.

Speaking to The Business Standard, economists and NBR officials attributed the weak performance mainly to lower imports caused by the Middle East conflict, sluggish domestic economic activity, continued revenue leakage, and an overly ambitious target that did not reflect the tax authority's actual capacity.

Despite the widening shortfall, overall revenue collection during the first nine months of the fiscal year increased by more than 11% from a year earlier.

Officials said the increase was not sufficient to keep pace with the target set for the year.

"The economy has slowed, revenue leakage has not been contained and imports fell in March because of the Middle East conflict," an NBR official said. "At the same time, the revenue target was set without taking into account the actual capacity and limitations of the NBR."

Economists warned that the weak revenue performance is creating immediate pressure on the new government, which is already facing higher spending commitments.

According to NBR data, import tax receipts in March declined from the same month a year earlier, while value-added tax and income tax collections rose by 4.86% and 2.77%, respectively.

Import duties account for the largest share of revenue collected by Chattogram Custom House.

Its commissioner, Shafi Uddin, said imports fell because of the Middle East conflict, reducing import tax collection.

He also said one of the country's largest taxpayers, Eastern Refinery, remained shut in March, leaving the government without any revenue from the company during the month.

In March of the previous fiscal year, Eastern Refinery alone had paid Tk500 crore in revenue, he said. "Because the refinery remains closed, the government is also unlikely to receive revenue from the company in April."

Bangladesh Bank data also shows that imports in March fell by nearly 27% from a year earlier.

Snehasish Barua, a tax expert and chartered accountant, said the Middle East conflict and weak domestic economic conditions both contributed to the decline in revenue collection.

"Alongside the Middle East crisis, there was little dynamism in the domestic economy in March. That is one of the reasons why revenue collection fell," he said.

A review of NBR data over recent years shows that revenue collection has repeatedly weakened during periods of domestic and international disruption.

Tax receipts fell sharply during the Covid-19 pandemic in 2020, during the July uprising in 2024 and during the protests by NBR officials in June 2025.

Zahid Hussain, former lead economist at the World Bank's Dhaka office, said Bangladesh's revenue performance is being held back by slower economic growth, weak institutional capacity and the lack of reform within the NBR.

"An external shock has further weakened growth," he said. "As a result, consumer spending is falling and the private sector has not expanded. These are among the main reasons behind the lower revenue collection."

Zahid also said the large shortfall was partly the result of an excessively ambitious target, a mistake that he believes the government is preparing to repeat in the next budget.

The government set a revenue target of Tk6.97 lakh crore for FY26.

"How the government plans to raise such a large amount remains unclear," Zahid said. "This creates a major challenge for the new government, and that challenge will become even greater if it adopts an expansionary budget."

Commenting on pressure from the International Monetary Fund, the economist said the lender wants to see whether the government is taking effective steps to meet the targets it has set for Bangladesh.

When the Strait of Hormuz – a corridor that carries nearly a fifth of global oil supply – became embroiled in the US-Israel war against Iran, the shockwaves were felt across the globe, and hiking fuel prices became inevitable for most countries.

Around 20 oil-exporting nations control 80% of the global petroleum trade. Any disruption in those countries or in supply routes sends prices soaring in the rest of the world and forces governments to choose between fiscal pain and public hardship.

According to AFP tracking of 150 countries, fuel price adjustments in many economies – big or small – ranged from below 5% to over 55%. South Asia, heavily dependent on Gulf crude channelled through Hormuz, felt the squeeze sharply. Yet the divergence in crisis management across the region has been striking – and revealing.

Pakistan and Sri Lanka moved quickly to acknowledge the crisis and took measures to check consumption, ease fiscal strain and keep impacts lower on people and the economy.

Pakistan raised fuel prices by up to 55% in phases. But the hikes were accompanied by relief: petroleum levies were slashed, diesel levies cut to zero, federal ministers forfeited salaries, and targeted subsidies were rolled out for farmers, bikers and transport operators.

Besides, free bus services were introduced in major cities. In Punjab and Sindh, registered transporters and motorcyclists received direct support on condition that they did not pass on the full burden to commuters.

Sri Lanka, still recovering from its 2022 economic collapse, raised fuel prices by 34% and paired the move with strict demand management.

The Ceylon Petroleum Corporation enforced QR-based rationing, an odd-even number plate system, and consumption ceilings, hoping to cut demand by 20%. The island nation also shifted to a four-day workweek and expanded work-from-home policies to prepare for prolonged disruption.

India, with its strong refining capacity and discounted Russian crude supplies, took a different route.

It maintained steady domestic pump prices for mass-consumed fuels by cutting excise duties, slightly adjusted only premium grades, preserved its strategic reserves, and continued fuel exports to neighbours, including Nepal, Bhutan, Sri Lanka and Bangladesh.

Supply stability, rather than price shock, was India's primary shield.

Bangladesh lags behind

Bangladesh, by contrast, hesitated.

From the outset, officials maintained that fuel stocks were adequate and attributed shortages to panic buying and hoarding. Price hikes came much later than others.

Average 16% hikes, announced on 18 April, were quickly followed by a 10-20% increase in supplies. LPG prices were adjusted twice in a month.

But these moves were reactive, not supported by safeguard measures to cushion ripple impacts on public life. Immediate knock-on impacts were a disproportionate rise in transport fares, quickly translated into commodity prices.

Attempts at rationing were inconsistent, and supply monitoring through deploying "tag officers" did not work well. While Sri Lanka formalised and digitised its system, Bangladesh introduced informal ceilings at pumps but withdrew visible rationing ahead of Eid to ease public anxiety.

The absence of a consistent framework weakened demand management just when it was most needed. The core problem is not merely price adjustment. Crucial safeguard measures were also absent.

There were no targeted subsidies for farmers for irrigation, or for transport operators to force them not to raise fares. As a result, transport fares rose disproportionately, pushing up commodity prices.

Despite authorities' claim of adequate stock and BPC's reported increase in fuel supplies to state-owned companies, long queues of motorists and long-haul trucks persisted as pumps shortened operating hours or displayed "no fuel" signs.

Regional peers combined three elements: acknowledging the crisis, focusing on demand management and undertaking cushioning measures while hiking fuel prices.

Bangladesh largely focused on supply management and took belated and uneven steps to curb demand through inconsistent rationing and engaging "tag officer" with little or no visible impact.

But relief measures to help motorists, farmers, transporters and consumers cushion the price hike shocks remain almost absent. Despite the authorities' repeated announcement about adequate stocks, public perception of scarcity persists, prompting pumps to self-ration and motorists to struggle to keep tanks filled.

As a result, queues at pumps lengthen, and hoarding continues despite raids by authorities and seizure of illegally stored fuels in basements or on rooftops.

In a region equally exposed to Gulf supply routes, Bangladesh's lag is not due to geography or dependency. It stems from delayed acknowledgement, ad hoc demand management, lack of proper communication and the absence of safeguards against price shocks.

The Strait of Hormuz crisis has shown that managing fuel shortages is not simply about raising prices and building stocks. It is about managing demand and supply, maintaining public trust and protecting vulnerable groups – farmers, commuters, bikers and transporters.

On all those counts, Bangladesh still trails its peers.

US President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, although it was not clear on ​Wednesday if Iran or Israel, the US ally in the two-month war, would agree.

Trump said in a statement on social media the US had agreed to a request by Pakistani ‌mediators "to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal ... and discussions are concluded, one way or the other."

Pakistan's leaders have hosted peace talks in Islamabad to end a war that has killed thousands of people and shaken the global economy.

But even as he announced what appeared to be a unilateral ceasefire extension, Trump also said he would continue the US Navy's blockade of Iran's trade by ​sea, considered an act of war by Iran.

On my personal behalf and on behalf of Field Marshal Syed Asim Munir, I sincerely thank President Trump for graciously accepting our request to extend the ceasefire to allow ongoing diplomatic efforts to take their course.

With the trust and confidence reposed in, Pakistan…
— Shehbaz Sharif (@CMShehbaz) April 21, 2026

There was no response early on Wednesday to Trump's announcement from senior Iranian officials, although some initial reactions from Tehran suggested Trump's comments were being treated ​skeptically.

Tasnim News Agency, affiliated with the Islamic Revolutionary Guards Corps, said Iran had not asked for a ceasefire extension and repeated threats to break the US blockade ⁠by force. An adviser to Iran's lead negotiator, the speaker of parliament Mohammad Baqer Qalibaf, said Trump's announcement carried little weight and may be a ploy.

Trump's wartime rhetoric has veered between extremes. In an ​expletive-filled threat against Iran only two weeks ago he promised that a "whole civilization will die tonight", while at other times has appeared keen to end the violence and market uncertainty.

With his announcement, Trump again pulled ​back at the last moment from his threats to bomb Iran's power plants and bridges. United Nations Secretary General António Guterres and others have condemned those threats, noting international humanitarian law forbids attacks targeting civilians and civilian infrastructure.

NEXT PEACE TALKS UNCERTAIN

The US and Israel began the war on February 28 with aerial bombardments of Iran. The conflict quickly spread to Gulf states that host US military bases and to Lebanon once the Iran-allied militant group Hezbollah joined the fighting.

Israeli ​Prime Minister Benjamin Netanyahu has for decades sought to oust Iran's leadership, but Trump has given shifting and sometimes contradictory rationales for joining Israel to launch the war and how he foresees it ending, stirring confusion ​in global markets.

More than 5,000 civilians have been killed across the region and hundreds of thousands displaced so far, mostly in Iran and Lebanon, and the war has led to the virtual closure of the Strait of Hormuz, a ‌vital chokepoint in ⁠global energy markets between Iran and Oman, sending oil prices soaring and fears that the global economy could enter a recession.

Iran has repeatedly exploited its ability to control the passage of oil tankers and other ships in the strait in response to US and Israeli attacks.

Trump said in his statement he was willing to extend the ceasefire because "the Government of Iran is seriously fractured, not unexpectedly so," a reference to US-Israeli assassinations of some of the country's leaders in the war's first weeks, including the late Supreme Leader Ayatollah Ali Khamenei, who has been succeeded by his son.

A few hours before his announcement, Trump had told ​the CNBC news channel that he was not inclined ​to continue the temporary truce and the ⁠US military was "raring to go."

Those comments came as tentatively scheduled peace talks in Islamabad seemed on the verge of falling apart: US Vice President JD Vance, whose presence has been requested by the Iranians, had planned to return to Pakistan on Tuesday.

Before Trump's latest announcement, a senior Iranian official told Reuters that Iran's ​negotiators had been willing to attend another round of talks if the US abandoned a policy of pressure and threats, and rejected negotiations aimed ​at surrender.

Iran has condemned the ⁠US Navy intercepting and seizing two commercial Iranian ships at sea as part of its blockade, the second earlier on Tuesday, with its foreign ministry accusing the US of "piracy at sea and state terrorism." The US, joined by multiple other countries, has condemned Iran for impeding freedom of navigation in the Strait of Hormuz.

A first session of talks 10 days ago produced no agreement, with much of the focus on Iran's stockpiles of highly ⁠enriched uranium.

Trump wants ​to take the uranium out of Iran in order to prevent the country from enriching it further to the point ​where it could develop a nuclear weapon. Iran says it has only a peaceful civilian nuclear program and a sovereign right to continue that as a signatory of the nuclear weapons non-proliferation treaty.

In recent weeks, making a simple phone call has become a daily struggle for Md Mosharraf at Char Bahadurpur, a village at Phulpur upazila in Mymensingh district. For it, he blames prolonged power cuts.

“Nowadays, we get electricity for less than five hours a day. Once the electricity is gone, there is no network,” said Mosharraf. “I can’t even speak through my phone most of the time.”

Currently, this problem is no longer limited to remote villages.

Mobile operators and tower companies say network quality has deteriorated over the weeks as power cuts have become more frequent and fuel supplies have worsened following the war in the Middle East.

During power outages, operators depend on battery backups at tower sites. Most sites, however, have backup capacity for only four to six hours.

“When cuts last longer than that, there is no way to recharge the batteries,” said Shahed Alam, chief corporate and regulatory affairs officer at Robi Axiata.

Mobile operators then turn to generators. But only about 25 percent of towers are equipped with fixed generators, forcing many to depend on portable units.

“Adding insult to injury, we are not getting fuel supply to the towers and our critical data centres,” Alam said.

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

Tower companies yesterday said that the fuel crisis could severely disrupt national connectivity.

“Bangladesh’s connectivity ecosystem is facing a real and immediate threat,” said Sunil Issac, interim president of the Bangladesh TowerCo Association and country managing director of EDOTCO Bangladesh.

He said telecom underpins all digital and economic activity and cannot be allowed to fail.

“If the telecom sector is not prioritised within national energy allocation and fuel access frameworks, we risk a cascading failure that will impact businesses, essential services, and everyday life. Ensuring uninterrupted connectivity is no longer a sectoral concern; it is a national imperative,” he said.

Data collected by tower companies through remote monitoring sensors show that electricity availability at tower sites has dropped over the past month.

In 12 districts, supply has fallen from 93 percent to 77 percent from the first week of March to the second week of April, according to tower company statistics.

A tower company official said operators run thousands of towers nationwide and track power availability continuously.

Sunil Issac said, “We have engaged with the relevant authorities to outline the risks and propose immediate, practical solutions, including priority access to fuel and enabling policy support to help the sector navigate this challenging period.”

He said that given the scale of dependency on digital networks, proactive and coordinated action is essential.

In recent weeks, mobile operators have sent at least two letters to the telecom regulator, saying an imminent nationwide disruption. The Association of Mobile Telecom Operators of Bangladesh said the electricity and fuel crisis has “reached a point where continued telecom operations can no longer be sustained without immediate government intervention.”

The association said prolonged outages have forced operators to run key infrastructure on diesel generators.

According to the letters, base transceiver stations (BTSs) consume more than 52,000 litres of diesel and nearly 20,000 litres of octane each day across operators. Each data centre uses an estimated 500 to 600 litres of diesel per hour, or about 4,000 litres a day per facility.

Industry insiders say such reliance on backup power cannot continue for long. Unlike tower sites, data centres manage call routing and internet traffic. Any shutdown at that level could cause failures across the network.

“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 at a mobile operator, preferring not to be named.

Contacted, Tanveer Mohammad, chief corporate affairs officer of Grameenphone, said operators are facing electricity and fuel shortages.

“The evolving situation calls for timely and targeted measures to sustain uninterrupted telecom services nationwide,” he added.

He said that to “proactively avoid disruptions to essential services for millions”, operators need government support to secure priority electricity for critical infrastructure, streamline fuel supply and ease fuel transport for emergency operations.

Md Emdad ul Bari, chairman of the Bangladesh Telecommunication Regulatory Commission (BTRC), said, “We have been trying to coordinate for over a month and have spoken to the telecom ministry and the energy ministry. In some places, there has been priority supply.”

He acknowledged that some tower sites are facing low fuel supplies.

“The regulator will meet the Bangladesh Petroleum Corporation tomorrow and other stakeholders later this week to improve fuel availability,” he said.

About two-thirds of agent banking outlets in Bangladesh were not engaged in lending as of December 2024, highlighting a major gap in credit delivery despite the network’s rapid expansion, a recent study has found.

Titled “Agent banking in Bangladesh: Strong expansion, some inclusion”, the research was funded by the UK-based International Growth Centre (IGC) and examines whether agent banking has translated into meaningful financial inclusion.

The study used a newly constructed dataset that collected information linked to the geographical location of agent banking outlets, developed by the Policy Research Institute (PRI), covering 2022-2024. It maps the expansion, distribution, and financial activity of agent banking outlets across Bangladesh.

Since its introduction in 2013, the agent banking network has grown from 2,601 outlets in 2016 to over 21,000 by 2024. However, recent trends suggest a slowdown, meaning expansion may be approaching saturation.

Despite growth, agent banking is more effective at mobilising deposits than providing credit, according to the study.

Deposits rose from Tk 380 crore in 2016 to Tk 41,960 crore in 2024, while cumulative credit disbursement reached Tk 24,030 crore, giving a loan-to-deposit ratio of 57.3 percent.

However, this increase in the provision of financial services is uneven and concentrated in fewer active outlets, it was found.

The research also highlights a shift in banking geography. Traditional banking is heavily concentrated in Dhaka and Chattogram, which account for around 65 percent of deposits and 78 percent of total lending.

In contrast, only about 11 percent of agent banking loans originate from these cities, showing that agent banking has helped decentralise credit flows.

Rural areas have benefited, with about 15 outlets per 100,000 people, improving access compared to traditional branch banking. Rural per capita deposits are also higher, indicating strong uptake outside urban centres.

However, credit delivery remains limited. The study identifies a “zero-loan phenomenon”, where about two-thirds of outlets had no outstanding loans in 2024, suggesting those outlets function mainly as deposit and transaction points rather than credit providers.

This is more pronounced in remote and disadvantaged regions, including the Chittagong Hill Tracts.

Outlet distribution is closely linked to existing branch density, suggesting agent banking often extends traditional banking rather than expanding independently into underserved areas.

There is also no strong evidence that poorer upazilas are prioritised, while higher literacy levels are associated with greater activity.

On gender, over 92 percent of operators are male, but women are using the system more and more. Female account growth outpaces male growth between 2022 and 2024.

“As expansion begins to slow, policy should shift from improving access to strengthening financial intermediation. This requires enabling agent-based lending through appropriate regulatory frameworks, using digital data for credit scoring, and aligning incentives so agents can serve as effective credit channels for underserved communities,” said Ashikur Rahman, principal economist at the PRI and co-author of the study.

He also called attention towards a stark gender imbalance among agents and stressed that addressing this issue must become a policy priority to ensure that financial inclusion is both deep and equitable.

The study concludes that while agent banking has significantly expanded access to financial services, its next challenge is strengthening credit intermediation, particularly in underserved and rural areas.

Speakers at a high-level workshop yesterday emphasised the critical role of robust shariah governance in ensuring transparency, accountability, and public trust within the Islamic banking sector.

The remarks were made during the opening session of a three-day special training workshop, titled “Shariah Governance for Members of Shariah Supervisory Committees”, held at the Bangladesh Institute of Bank Management (BIBM) in the capital. The programme is being jointly organised by BIBM and the Bangladesh Bank.

Md Kabir Ahmed, deputy governor of Bangladesh Bank, inaugurated the workshop as the chief guest.

He stated that effective shariah governance is essential for upholding public confidence in the Islamic banking system.

He further noted that shariah-based supervision plays a pivotal role in ensuring accountability across all banking operations.

Abu Bakar Rafique, chairman of the Shariah Advisory Board of Bangladesh Bank, attended as a special guest.

He stressed the need for a strong institutional framework to guarantee transparency in Islamic financial activities.

Supporting this view, Mohammed Abdul Mannan, chairman of the Executive Committee of the Central Shariah Board for Islamic Banks of Bangladesh (CSBIB), highlighted that as the country’s Islamic banking sector continues to expand rapidly, the need for effective shariah oversight has become more crucial than ever.

The inaugural session was presided over by Md Ezazul Islam, director general of BIBM. In his address, he reaffirmed BIBM’s commitment to enhancing good governance and professional expertise in the banking sector through regular training, research, and knowledge-sharing initiatives.

The workshop, which runs from April 21 to April 23, 2026, is being attended by members of Shariah Supervisory Committees from various Islamic banks and financial institutions across the country. The sessions will focus on shariah governance frameworks, regulatory policies, and global best practices.

Earlier, Mohammed Tazul Islam, professor and director at BIBM, also spoke in the opening event.

A refund system for businesses that paid tariffs, which the US Supreme Court ruled President Donald Trump imposed without the constitutional authority to do so, launched Monday.

Importers and their brokers could begin claiming refunds through an online portal beginning at 8 am, according to US Customs and Border Protection, the agency administering the system.

It’s the first step in a complicated process that also might eventually lead to refunds for consumers who were billed for some or all of the tariffs on products shipped to them from outside the United States.

Companies must submit declarations listing the goods on which they collectively put billions of dollars toward the import taxes the court struck down on February 20. If CBP approves a claim, it will take 60-90 days for a refund to be issued, the agency said.

The government expects to process refunds in phases, however, focusing first on more recent tariff payments. Any number of technical factors and procedural issues also could delay an importer’s application, so any reimbursements businesses plan to make likely would trickle down to consumers slowly.

The co-owner of a clothing company based in Washington, D.C., said the system seemed buggy on Monday when she tried to create an account on the portal, which was required before companies could do anything else. A lawyer in Northern Virginia said his clients reported some system delays and lag time.

In a 6-3 decision, the Supreme Court found that Trump usurped Congress' tax-setting role last April when he set new import tax rates on products from almost every other country, citing the US trade deficit as a national emergency that warranted his invoking of a 1977 emergency powers law.

Although the court majority did not address refunds in its ruling, a judge at the US Court of International Trade determined last month that companies subjected to IEEPA tariffs were entitled to money back.

Not all taxed imports immediately eligible

Customs and Border Protection said in court filings that over 330,000 importers paid a total of about $166 billion on over 53 million shipments.

Not all of those orders qualify for the first phase of the refund system's rollout, which is limited to cases in which tariffs were estimated but not finalized or within 80 days of a final accounting.

To receive refunds, importers have to register for the CPB's electronic payment system. As of April 14, 56,497 importers had completed registration and were eligible for refunds totaling $127 billion, including interest, the agency said.

System requires accuracy

Meghann Supino, a partner at Ice Miller, said the law firm has advised clients to carefully list in their declarations all of the document numbers for forms that went to CBP to describe imported goods and their value.

“If there is an entry on that file that does not qualify, it may cause the entire entry to be rejected or that line item might be rejected by Customs,” she said.

Supino thinks the portal going live will require composure as well as diligence.

“Like any electronic online program that goes live with a lot of interest, I would expect that there might be some hiccups with the program on Monday,” she said.

“So, we continue to ask everyone to be patient, because we think that patience will pay off.”

Nghi Huynh, the partner-in-charge of transfer pricing at accounting and consulting firm Armanino, said most companies claiming refunds will have imported a mix of items, and not all will qualify right away.

“It’s about having a clear process in place and keeping track of what’s been submitted and what’s been paid, so nothing falls through the cracks,” she said. “Each file can include thousands of entries, but accuracy is critical, as submissions can be rejected if formatting or data is incorrect.”

Patience with the process

Small businesses have eagerly awaited the chance to apply for refunds. Rebecca Melsky, co-owner of the clothing brand and online store Princess Awesome, said she was unable to register for a portal account Monday despite trying to submit her CPB import code and company information using two different web browsers.

She said Princess Awesome would file for a refund eventually. The company imports some of its clothes from factories in Bangladesh, China, India and Peru. Melsky estimated it paid $32,000 in IEEPA tariffs.

“My expectations have been pretty low about whether we were actually going to see any money back to us,” she said.

“I’m heartened by the fact that there’s any system at all, but I’m only slightly more optimistic than I was last week, which was not very."

Justin Angotti, an associate attorney in the international trade practice of global law firm Reed Smith, said his clients ultimately had their declarations accepted Monday, even if it might have taken a few attempts.

“So far, Customs has been very responsive in trying to troubleshoot the issue,” Angotti said.

Oil prices fell on Tuesday while most stocks rose on lingering hopes for a deal to end the US-Iran war and reopen the Strait of Hormuz, even as Tehran said it had not decided whether to attend peace talks.

With the end of a two-week ceasefire approaching, the White House said Vice President JD Vance was ready to return to Pakistan for fresh negotiations to end a conflict that has sent crude soaring and revived inflation fears.

However, the Islamic republic's position remained uncertain as it accused Washington of violating their fragile truce through its blockade of the country's ports and seizure of a ship.

Crude plunged on Friday after Tehran said it would allow ships to transit the Strait of Hormuz, which had been effectively closed since the war began on February 28.

But the commodity rebounded on Monday as Iran closed the waterway again, citing the blockade and seizure.

Donald Trump has similarly accused Tehran of violating the ceasefire by harassing vessels in the Strait of Hormuz, the transit passage for about one-fifth of global oil.

The US president said the blockade would not be lifted until an agreement had been reached.

"THE BLOCKADE, which we will not take off until there is a 'DEAL,' is absolutely destroying Iran," Trump said on social media. "They are losing $500 Million Dollars a day, an unsustainable number, even in the short run."

He told PBS News that Iran was "supposed to be there" at the talks in Pakistan.

"We agreed to be there," he said, warning that if the ceasefire expired "then lots of bombs start going off".

He separately told Bloomberg News it was "highly unlikely" he would extend the truce.

Based on its start time, the truce theoretically expires overnight on Tuesday, Iran time, although in his comments to Bloomberg Trump said the end was Wednesday evening Washington time.

The Middle Eastern country's parliament speaker Mohammad Bagher Ghalibaf said "Trump wants to turn this negotiating table into a surrender table or justify renewed hostilities, as he sees fit".

"We do not accept negotiations under the shadow of threats, and in the last two weeks we have been preparing to show new cards on the battlefield," he wrote on X.

Still, investors remained largely upbeat that the two sides will eventually come to a deal that will reopen the strategic strait.

US benchmark crude West Texas Intermediate rose more than one percent, while Brent was also higher.

Seoul led the equity market gains thanks to a resumption of the tech rally that had pushed the Kospi to multiple records before the war, while Tokyo and Taipei were also well up.

Hong Kong, Singapore and Manila also advanced, although Shanghai and Sydney fluctuated.

That came even after a down day on Wall Street, where the S&P 500 and Nasdaq Composite retreated from Friday's record closes.

Asia had opened "with a gentle lean into risk as signs Iran may join talks with the US offer a pathway, however narrow, toward easing tensions ahead of the ceasefire deadline", wrote SPI Asset Management's Stephen Innes.

"Markets are pricing the possibility of progress rather than its certainty," he said.

"Trump's remark that a ceasefire extension is 'highly unlikely' if no deal is reached has effectively put a clock on the market.

"However, traders recognize the playbook. Hard deadlines and firm rhetoric often soften as negotiations evolve, but the presence of a timeline still sharpens positioning and raises the stakes around each headline."

In company news, Japanese arms firms enjoyed healthy buying after Tokyo said on Tuesday it would ease decades-old export rules, paving the way for the sale of lethal weapons overseas.

The policy shift, which ends Tokyo's self-imposed restraint on the sale of lethal arms, comes as it seeks to enter the international arms market, hoping to bolster national defence as well as boost economic growth.

Fujitsu climbed 2.4 percent, NEC added 3.7 percent and Mitsubishi Electric was up 0.9 percent, while Mitsubishi Heavy gained 0.4 percent.

Bangladesh's total foreign exchange reserves stood at $30.46 billion as of last night (21 April).

Arif Hossain Khan, spokesperson and executive director of the central bank, confirmed while addressing journalists yesterday that the reserve position was previously $30.37 billion.

Bangladesh Bank purchased over $180 million from last week to Monday this week, contributing to the rise in reserves through increased foreign currency holdings.

A senior official of the central bank said Bangladesh Bank will make a payment to the Asian Clearing Union (ACU) next month, which prompted the purchase of US dollars from commercial banks.