Islami Insurance Bangladesh Limited has recommended a 16% cash dividend for shareholders for the financial year ended 31 December 2025, down from a 20% payout the previous year.

The decision was approved at a board meeting held today (24 June), at which the company also endorsed its audited financial statements, according to a price-sensitive disclosure.

The general insurer reported a decline in earnings, with earnings per share (EPS) falling 11% year-on-year to Tk3.04 in 2025. As of end-December, net asset value (NAV) per share stood at Tk23.62, while net operating cash flow per share was Tk0.40.

The company has scheduled its annual general meeting for 27 August, to be held via a digital platform, where shareholders will vote on the dividend and financial statements. The record date has been set for 20 July.

Listed on the Dhaka Stock Exchange in 2009, Islami Insurance saw its shares close at Tk59 today (24 June). According to its latest shareholding structure, sponsors and directors hold 45.61%, institutional investors 9.97%, and general investors the remaining 44.42%.

The company has also been under regulatory scrutiny. In November 2025, the Bangladesh Securities and Exchange Commission (BSEC) launched an investigation following allegations by six former sponsor directors against current chairman Mohammad Sayeed Khokon, a former Awami League lawmaker and ex-Mayor of Dhaka South City Corporation.

The complainants alleged that since assuming leadership in 2012, Khokon has exercised excessive control over company operations, and that several board members were removed without justification and replaced with family members and affiliated entities.

The World Bank Board of Executive Directors has approved $450 million in financing to help Bangladesh strengthen the foundations of a stronger banking sector, a prerequisite for reviving the country's economic growth and job creation.

The financing, under the Financial Sector Support Project II, aims to strengthen the deposit protection system to safeguard small depositors and build Bangladesh Bank's supervisory capacity and systems, according to a World Bank press release issued today (24 June).

The project will also lay the groundwork for bank resolution and reforms in state-owned banks.

It will support the deposit protection fund by increasing its capital and advancing key reform priorities, including enhancing the deposit protection system, establishing an effective Emergency Liquidity Assistance framework, developing bank restructuring strategies, and supporting reforms in state-owned banks.

Bangladesh's banking sector faces significant challenges caused by weak corporate governance, regulatory capture and related-party lending.

The non-performing loan (NPL) ratio stood at 32.6% as of the end of March 2026, well above the 7.9% average for South Asian banks, while the system-wide capital-to-risk-weighted assets ratio was negative 2.6% as of the end of December 2025.

"Bangladesh's vision of attaining a trillion-dollar economy requires a stable and inclusive financial sector. But the banking sector – which accounts for about 90% of total financial sector assets – faces mounting stress," said Jean Pesme, World Bank Division Director for Bangladesh and Bhutan.

"This project will help Bangladesh put in place a set of essential tools, systems, and safeguards needed to protect small depositors and support confidence, restore stability in the banking sector, and allow it to support economic growth and job creation," he said.

The project will upgrade and modernise Bangladesh Bank's ICT infrastructure, helping address rising cybersecurity risks and close critical gaps in sector-wide data and analytics.

This will improve the central bank's ability to monitor risks, enhance data-driven and risk-based supervision, and strengthen the resilience of the financial sector.

"The project, which forms part of a coordinated approach by development partners including the IMF and the Asian Development Bank, supports measures to bolster crisis preparedness and build the authorities' capacity to manage banking sector stress," said Toshiaki Ono, World Bank Senior Financial Sector Specialist and Task Team Leader of the project.

Bangladesh and the United Kingdom (UK) have agreed to strengthen awareness and capacity-building efforts to help local exporters make greater use of the UK’s Developing Countries Trading Scheme (DCTS), as the country prepares for its graduation from the Least Developed Country (LDC) status.
The commitment came at a round-table discussion jointly organised by the Export Promotion Bureau (EPB) and the British High Commission in the city on Wednesday, bringing together representatives of leading export associations, chambers and trade bodies.The discussion focused on strategies to enhance the utilisation of DCTS preferences, address market access challenges and prepare Bangladeshi exporters for the changing trade landscape following LDC graduation.The event was inaugurated by EPB Vice Chairman and Chief Executive (Additional Secretary) Mohammad Hasan Arif, while British Deputy High Commissioner James Goldman delivered the opening remarks on behalf of the UK government.

Ellie Parker, regional trade for development adviser for South Asia, Central Asia and the South Caucasus at the British High Commission, presented the key features of the DCTS, highlighting opportunities for Bangladeshi exporters, recent improvements to the scheme and possible areas of cooperation to improve its utilisation.

Participants stressed the importance of ensuring that exporters can fully benefit from the preferential market access offered under the DCTS and discussed ways to overcome existing barriers in the UK market.

The EPB announced that it will publish a comprehensive DCTS booklet containing practical guidance on eligibility requirements, rules of origin, documentation procedures and the effective use of trade preferences.

A series of awareness and sensitisation workshops will also be organised in Dhaka and Chattogram in collaboration with the British High Commission and relevant industry associations to improve exporters’ understanding of the scheme.

The event was attended by representatives of major business organisations, including BGMEA, BKMEA, FBCCI, DCCI, MCCI, BCMEA, BPGMEA, BAPA, BAPI and other sectoral associations.

Participants welcomed the initiative and emphasised continued collaboration among the Bangladesh government, the British High Commission and the private sector to maximise DCTS benefits, diversify exports and enhance Bangladesh’s competitiveness in the UK market after LDC graduation.

Peoples Insurance PLC has approved a 10.5% cash dividend for the year ended 31 December 2025 at its 41st Annual General Meeting (AGM), held virtually today (24 June) in compliance with all regulations of the Bangladesh Securities and Exchange Commission (BSEC).

The meeting was chaired by the company's Chairman Jafar Ahmed Patwary and attended by more than 256 shareholders through a digital platform.

Representatives of the statutory auditor, scrutineer, observers from the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and BSEC also joined the meeting virtually, according to a press release.

Shareholders approved the audited financial statements for 2025, the directors' report and the proposed 10.5% cash dividend.

They also endorsed decisions relating to the election and appointment of directors, as well as the appointment of statutory and compliance auditors for 2026.

The AGM was conducted by Company Secretary Sheikh Mohammad Sarfaraz Hossain FCS, who introduced the board members and outlined the voting procedures at the beginning of the session.

In his welcome address, Chief Executive Officer SM Azizul Hossain presented an overview of the company's operations and performance.

Addressing shareholders before the approval of the financial statements, Audit Committee Chairperson Rubaiyath Ara FCA said the company's operations had continued consistently since inception and that no extraordinary events had occurred during the reporting year.

She noted that all transactions with related parties were conducted on an arm's-length basis and under the same commercial terms applicable to third parties, in line with Bangladesh Accounting Standard (BAS) 24 on related-party disclosures.

She also said there were no significant deviations between the quarterly and year-end financial results, adding that the financial statements prepared by the management accurately reflected the company's operating performance, cash flows and changes in equity.

The Bangladesh Bank today (24 June) issued a strict directive to all scheduled commercial banks, warning them to immediately cease discouraging customers from investing in national savings certificates (Sanchayapatra).

The central bank instructed all banks to continue the sale of savings certificates seamlessly and ensure fully hassle-free services for retail investors.

The Debt Management Department (DMD) of the central bank issued a circular in this regard, dispatching it to the managing directors and chief executive officers of all scheduled banks across the country.

According to the circular, the central bank has recently received numerous complaints from public investors alleging that several banks, despite being authorised agents, are employing various tactics to discourage customers from purchasing national savings instruments.

According to the circular, the central bank has recently received numerous complaints from public investors alleging that despite being authorised agents, several banks are employing various tactics to discourage customers from buying national savings instruments.

Taking the matter seriously, the central bank ordered all commercial banks to strictly perform their designated roles as authorized "issuing offices" under Section 3 of the Savings Certificates Rules, 1977. It ordered banks to extend full cooperation to investors and upgrade their overall standard of service.

Furthermore, the central bank mandated that commercial bank headquarters must regularly monitor savings certificate operations at the branch level.

Banks have also been directed to distinctively set up complaint boxes or notice boards in visible areas across all branches, so customers can easily report issues. Branches must take swift corrective measures upon receiving any grievances.

The directive, signed by BB's DMD Director Istekmal Hossain, emphasised that all scheduled banks must take immediate, necessary measures to guarantee that the sale of savings certificates and related customer support runs smoothly without interruption.

Beximco Pharmaceuticals, one of the country's leading drug makers, reported a robust net profit of Tk704 crore for the first nine months of fiscal 2025-2026, representing a 34% year-on-year surge driven by robust revenue growth, lower financing costs, and higher interest income.

According to the latest financial statements released today (24 June) with special approval from the Bangladesh Securities and Exchange Commission, revenue for the July-March period increased by 13% to Tk4,142 crore. This nine-month profit figure has already exceeded the company's total earnings for the entire previous fiscal year.

According to the financial statements, while Beximco Pharma, a concern of Beximco Group, maintained strong cash flow, Beximco Ltd, another group concern, has been grappling with a cash flow crisis that has halted its operations and impaired its ability to service debt.

As a result, the company is on the verge of defaulting on its outstanding Sukuk obligations and bank loans.

Regarding its business growth, Beximco Pharma, in its financial report, said the increase in net revenue compared with the corresponding prior period, together with improved gross margin, contributed positively to overall performance.

It said, "Finance costs declined due to stronger cash inflows, while other income increased, primarily due to interest income generated from the short-term investment of surplus cash. As a result, earnings per share (EPS) recorded a notable improvement during the reporting period.

"Additionally, reduced cash outflows associated with working capital supported an improvement in net operating cash flows per share."

Beximco Pharma's special approval from the BSEC helped it avert potential delisting from the London Stock Exchange.

In addition to its current fiscal year's financial statements, the company also published its annual financial statements for FY25 and the third-quarter financials for that year.

In a board of directors meeting held on Tuesday, Beximco Pharma published its last five quarters or 15-month overdue financials.

The regulator has permitted the Beximco Group to hold the meeting, mitigating the looming risk of a delisting from the London Stock Exchange.

Following the ousting of the Awami League-led government in August 2024, Salman F Rahman, the vice chairman of Beximco Pharmaceuticals, was arrested in connection with several cases.

Later, amidst leadership changes at the regulatory body during the interim government, the BSEC appointed nine independent directors to the board of Beximco Pharma, as well as to two other listed group entities- Beximco Ltd and Shinepukur Ceramics.

Beximco Pharma legally challenged the regulator's decision by filing a writ petition, which remains pending in court.

Citing the matter as sub-judice, the company has not allowed the BSEC-appointed independent directors to take their seats on the board.

Beximco Pharma recommended a 47.5% cash dividend to its shareholders for FY25.

During the fiscal year, its consolidated net profit stood at Tk699.88 crore, which was Tk586.67 crore a year ago.

To approve the audited financial statement and the dividend, the company will set the annual general meeting time and venue following the High Court order. It also set the record date for 2 August.

The Bangladesh Bank has provided more than Tk75,903 crore in emergency liquidity support to banks facing cash shortages to help ensure depositors can withdraw their funds, Finance Minister Amir Khasru Mahmud Chowdhury told parliament today (24 June).

The minister disclosed the information in response to a written question from reserved-seat lawmaker Mosammat Sharmin Akter during the question-and-answer session in parliament.

In her question, the lawmaker asked whether the government had taken any measures to ensure depositors could recover their savings from banks and financial institutions struggling to repay customers due to liquidity shortages.

In his written reply, the finance minister said Bangladesh Bank had extended emergency liquidity assistance to banks facing difficulties in meeting customer withdrawal demands.

As of 15 June 2026, the total amount of such support stood at Tk75,903.11 crore, he said.

However, the minister noted that no liquidity assistance had been provided to non-bank financial institutions experiencing financial distress.

Amir Khasru also informed parliament that the government has enacted the Bank Resolution Act, 2026 to determine appropriate measures for dealing with banks and financial institutions facing severe liquidity and solvency challenges.

Under the law, authorities can undertake restructuring, mergers and other resolution measures to address problems in troubled institutions, he said.

Over the past year and a half, several Shariah-based and private commercial banks have experienced acute liquidity shortages. Among the banks that came under pressure were Islami Bank Bangladesh, First Security Islami Bank, Global Islami Bank, Union Bank and Social Islami Bank.

Many customers complained of being unable to withdraw large sums at once and facing lengthy delays in accessing their deposits.

Economists have attributed the crisis to a combination of banking-sector irregularities, weak regulatory oversight, rising non-performing loans and controversial lending practices.

Following the political transition and the formation of the interim government, efforts to reform the banking sector, restructure weak banks and restore depositor confidence were intensified.

As part of those efforts, Bangladesh Bank has continued to support troubled banks through emergency liquidity facilities, interbank funding arrangements and regulatory policy support to ensure uninterrupted access to depositors' funds.

Oil prices fell more than 1 percent on Wednesday, extending this week’s losses to hit fresh four-month lows on signs that more oil tankers are set to move out of the Strait of Hormuz.

Brent crude futures were down $1.37, or 1.8 percent, at $75.71 a barrel by 0805 GMT. US West Texas Intermediate slipped by $1.08, or 1.5 percent, to $72.13.

Brent touched a low of $75.60, its weakest level since February 27, the day before the initial US-Israeli strikes on Iran. WTI fell as low as $72.03, the weakest since March 3.

“While there are early encouraging signs of increased tanker activity, the market is pricing in the broader scenario of Iranian oil re-entering the global market and the Strait of Hormuz normalising,” said Tim Waterer, chief market analyst at KCM Trade. “If sanctions are eased, Iranian production and exports could ramp up relatively quickly given the substantial amount stored on tankers — we are likely talking weeks rather than months,” Waterer added.

Prices have also come under pressure this week from the 60-day sanctions waiver Washington granted Tehran after initial peace talks, allowing Iran to sell oil, and from an easing of hostilities in Lebanon, with prices approaching pre-war levels. Ship-tracking data showed that three stranded supertankers passed through the strait on Tuesday. The U.N. shipping agency said an evacuation plan is under way to enable hundreds of stranded ships to sail through the strait after the US-Iran ceasefire deal.

On Tuesday, Oman and Iran agreed to press on with discussions about managing navigation in the strait. US Secretary of State Marco Rubio said that any attempt by Iran to levy transit fees would violate international law. Uncertainty remains over the durability of the accord, however. US President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into “infinity”, though Tehran said it had made no such concession.

“Markets are currently assigning too much confidence to a favorable outcome without fully discounting the risks associated with unresolved nuclear issues and inspection disputes,” said Mark Malek, CIO at Siebert Financial.

Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter the region. Meanwhile, US crude stocks fell by 765,000 barrels in the week to June 19, market sources said, citing data from the American Petroleum Institute.

Nine analysts polled by Reuters estimated, on average, that crude inventories fell by about 4.5 million barrels in the past week.

Posts, Telecommunications and Information Technology Minister Faqir Mahbub Anam today (24 June) informed parliament that the country's four mobile phone operators owe the government a combined Tk13,344 crore in outstanding dues.

Grameenphone accounts for the largest share of the total amount, amounting to Tk6,102 crore, followed by state-owned Teletalk Bangladesh Limited at Tk5,954 crore.

The minister disclosed the information during the parliamentary question-answer session in response to a query from Cox's Bazar-3 lawmaker Lutfur Rahman.

According to the minister, the outstanding dues stem from various liabilities, including licence fees, revenue-sharing payments, spectrum fees, administrative penalties, contributions to the Social Obligation Fund (SOF), and claims arising from audit objections.

Government data presented in parliament show that Teletalk owes Tk5,954 crore to the state. The dues relate to licence fees, revenue-sharing obligations, spectrum charges and other liabilities that have remained unresolved for years.

Among the private operators, Grameenphone owes the highest amount at Tk6,102 crore. The claims stem mainly from information systems audit objections and various VAT-related disputes. Cases related to these claims are currently pending before the higher courts.
Robi Axiata Limited owes Tk615 crore, including claims arising from audit objections and revenue-sharing disputes. Related cases are also under judicial review.

Banglalink Digital Communications Limited owes Tk473 crore, primarily due to audit objections and revenue-sharing-related claims, according to the information placed before parliament.

The minister said the recovery process has been prolonged because several of the claims against mobile operators are currently under judicial consideration.

In particular, disputes involving audit objections and revenue-sharing arrangements have delayed the settlement process, leaving a significant amount of government revenue tied up in litigation, he added.

Asian stocks struggled for direction on Wednesday while crude oil prices extended declines to hover near four-month lows, as analysts cautioned about renewed volatility from stretched AI valuations and the prospects for US-Iran peace talks.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.4% after swinging between gains and losses. South Korean shares, which plunged 10% on Tuesday in their sharpest one-day drop since March, rallied 3.5%, while Japan's Nikkei shed 0.4% and Taiwan stocks lost 1.9%, Reuters.

"Price action in markets over the last seven trading days has been alarming, not just when it falls, but also when it rises," said Michael McCarthy, market analyst at Moomoo Securities Australia. "When markets move so rapidly, in either direction, it's a sign of instability."

Oil prices fell more than 1% on Wednesday, extending this week's losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait of Hormuz.

Still, uncertainty remains over the durability of the accord. The US and Iran have provided conflicting accounts on what the two countries had agreed on as part of their peace deal, including key elements such as nuclear inspections and control of the Strait of Hormuz.

That gap in perceptions between Washington and Tehran "could become a source of concern going forward," Monex Securities' Yoshitaka Araya said.

Taking cues from Asia, European futures were mostly down. The pan-region Euro Stoxx 50 futures and German DAX futures each fell 0.3%, while FTSE futures lost 0.67%. US futures were largely steady, with S&P 500 E-minis up 0.1%, Nasdaq 100 E-minis 0.2% higher and Dow E-minis flat. The yield on benchmark US 10-year notes fell 0.6 basis points to 4.487%.

Later on Wednesday, memory chipmaker Micron Technology is set to release its earnings, which could offer clues on the outlook for the memory and AI chip sector after a searing rally this year.

In currency markets, the US dollar extended gains to reach a fresh 13-month high against a basket of major currencies, with the dollar index edging 0.07% higher to 101.46.

The dollar's strength has weighed heavily on the yen, which traded at 161.53, keeping markets on edge over a potential currency intervention to prop up the battered Japanese currency.

A summary of opinions from the Bank of Japan's meeting this month, in which the central bank decided to raise interest rates to a 31-year high of 1.00%, released on Wednesday showed policymakers debated mounting inflation risks, with some calling for faster interest rate increases to raise borrowing costs nearer levels deemed neutral to the economy.

The euro weakened 0.15% at $1.1364 and sterling eased to $1.3192.

Spot gold extended losses, falling 1.1% to $4,064.01 an ounce, touching an almost two-week low as higher rate expectations reduced the appeal of non-yielding assets.

In cryptocurrencies, bitcoin gained 0.2% to $62,499.52. Ether lost 0.2% to $1,658.09.

Iran will significantly increase foreign currency allocations ​from Saturday after improved ‌access to foreign assets and the recent easing of restrictions ​on oil exports, Central ​Bank Governor Abdolnasser Hemmati said ⁠on Wednesday, according to Iran's ​Nournews.

An interim deal signed last ​week between Tehran and Washington mandates the US to issue temporary waivers ​for the export of ​Iranian energy products and to improve ‌Iran's ⁠access to its frozen assets abroad.

Hemmati said the bank would channel part of its ​strengthened ​reserves ⁠into the economy, with an initial $2 billion to ​be made available ​on ⁠Saturday for the industrial sector, and would help control inflation ⁠as ​well as ​the import of essential goods.

Bangladesh’s industrial sector grew by just 2.86 percent in fiscal year 2025-26, marking its slowest expansion in a decade.

The weak performance came despite the economy growing at a faster pace this year. Gross domestic product (GDP) expanded by 4.14 percent, up from 3.49 percent in 2024-25, according to provisional data of the Bangladesh Bureau of Statistics (BBS).
Businesses and economists attributed the industrial slowdown to slowing exports, subdued domestic demand, stubbornly high inflation, energy shortages and financing constraints. Industry accounts for about 37 percent of Bangladesh’s gross domestic product (GDP).“Many factories and production have been suffering from an energy shortage. We are not getting enough gas,” said Mir Nasir Hossain, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).Many industries are operating at only 30-40 percent of capacity, he said, with ceramics and glass manufacturers particularly affected by acute gas shortages. “As interest rates on loans are too high, debt servicing is a major concern for entrepreneurs,” said Hossain, also managing director of The Mir Group Ltd.

Access to finance has become another major challenge as the banking sector continues to struggle with rising non-performing loans (NPLs) and lending irregularities.

“Those businesses that wanted to do business genuinely did not get loans in many instances. The problem began from then,” said Shams Mahmud, managing director of Shasha Denims.

“Business confidence fell to its lowest during the tenure of the interim government. Energy security was not ensured. The financial sector has been under stress, while weak logistics and customs-related complications have persisted. All these factors have hampered industrial production,” he said.The Finance Division, in its Medium-Term Macroeconomic Policy Statement, said industrial activity remained subdued, with several quarters recording growth of less than 1 percent because of energy supply constraints, tight financial conditions and weakness in the ready-made garment (RMG) sector.“In contrast, the services sector has remained comparatively resilient and continues to provide the principal support to aggregate output,” said the Finance Division. Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID), said the slowdown reflected weakness in both external and domestic demand.

“Manufacturing is the dominant component of industry, and the export-oriented garment sector alone accounts for roughly one-third of manufacturing production. With garment exports losing momentum, the principal engine of manufacturing growth has become subdued,” he said.

He said inflation, which has remained close to 10 percent for much of the past four years, has eroded purchasing power and weakened demand for locally manufactured products.

“These industries expanded strongly over the previous decade, supported by rising incomes and a growing domestic consumer market. Persistent inflation may have disrupted that process.”Financing conditions have further worsened the situation, Razzaque said, noting that heavy government borrowing from banks risks crowding out private-sector credit.“In an environment of high interest rates and large NPLs, financially viable banks may find lending to the government both safer and more attractive than financing private investment. This is particularly damaging for smaller and medium-sized manufacturers that have limited access to alternative sources of finance.”

CAN INDUSTRIAL GROWTH REBOUND TO 7%, AND BEYOND

Despite the slowdown, the government has projected industrial growth of 7 percent in fiscal year 2026-27, rising to 7.5 percent in FY28 and 8 percent in FY29.

The Finance Division expects deregulation, higher private investment, stronger exports, improved energy supplies and public infrastructure spending to drive the recovery.

Economists, however, said the target would be difficult to achieve unless major constraints are addressed.

Razzaque said current conditions make a rapid acceleration in industrial growth unlikely, especially amid uncertainty in the global trading environment.

“Industry is being squeezed from both sides: unreliable energy raises the cost of producing, while expensive and scarce credit limits the ability to invest.”

Against that backdrop, he said, the projected acceleration in industrial growth over the next three fiscal years “appears highly ambitious”.

“Such an acceleration would require a strong recovery in exports, domestic demand, private investment, energy availability and credit growth. At present, these conditions are not firmly in place.”

In the July-May period, the country’s exports fell 2.55 percent to $43.79 billion, due to a decline in garment shipments, according to the Export Promotion Bureau.

Razzaque said the new budget provides some benefits to the private sector, but these measures are unlikely, by themselves, to revive the industrial growth engine.

Shams Mahmud said deregulation is a positive initiative, but investors are unlikely to benefit immediately. “Nothing has happened in the last three months that all our problems have been resolved. Energy security has not been ensured. The revenue system has not been automated.”

Nasir shared a similar view. “If we get adequate gas supply, quality electricity and interest rate falls, then growth will pick up,” he commented.

Ashikur Rahman, principal economist at the Policy Research Institute (PRI) of Bangladesh, said achieving industrial growth of 7-8 percent would require lower inflation, exchange-rate stability, adequate foreign currency for imports, reliable energy supplies, and a significant recovery in private and foreign investment.

“The government must also ensure predictable tax and regulatory policies, improve port and customs efficiency, reform the banking sector, and support export diversification and productivity growth,” said the economist.

Without these improvements and stronger global demand, the projections are more aspirational than achievable, he said.

Selim Raihan, executive director of the South Asian Network on Economic Modeling (Sanem), shared a similar assessment.

He said restoring macroeconomic stability, improving access to finance, ensuring uninterrupted energy supplies, attracting more foreign investment and diversifying exports beyond the RMG sector would be critical for sustained industrial expansion.

“Without meaningful progress in these areas, industrial growth is likely to remain below the government’s projected trajectory, making the medium-term targets difficult to achieve,” he added.

Physical crude oil cargoes are selling at discounts across the globe, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from US sanctions.

The steep drop in prices follows the 60-day interim deal between the US and Iran to end the war that started on February 28, allowing some shipping to resume in the Strait of Hormuz which used to see a fifth of the global oil and liquefied natural gas shipments before the war.
Tehran is also ramping up oil exports, seeking sales beyond China, after Washington temporarily lifted sanctions as part of the deal. The release of cargoes stranded inside the Gulf and a wave of crude offers from Abu Dhabi National Oil Co, Kuwait Petroleum Corp and Iraq's SOMO have also boosted prompt supply and depressed Middle East benchmarks Dubai, Oman and Murban to discounts. Asian refiners, which typically buy crude two months in advance, have already booked cargoes for delivery up to August.

"Refineries in the East have already been well supplied for the next two months and have no need for the incremental barrels, leading to a very weak market and Dubai spreads in contango," said June Goh, a senior oil market analyst at Sparta Commodities.

MIDDLE EASTERN BENCHMARKS IN DISCOUNTS

Cash Dubai slipped to a discount of 27 cents a barrel on Tuesday, after peaking at more than $60 in March, while discounts for Oman and Murban widened to 96 cents and 67 cents, respectively, Reuters data showed.Prompt cargoes trade at a discount to later-dated ones in a contango market, indicating ample supplies. ADNOC sold at least 48 million barrels of spot crude so far this month for June-August loading, boosting regional supply. The collapse in Middle Eastern crude prices has made Gulf oil cheaper against Brent, enabling energy majors Exxon Mobil, Eni and TotalEnergies to send supertankers of crude such as Abu Dhabi's Murban and Upper Zakum to Europe, traders said.On the other hand, weak Middle East prices have shut the arbitrage window for Atlantic Basin crude to Asia, traders said. Spot differential for US West Texas Intermediate Midland crude has flipped from a premium a week ago to a discount of about 45 cents."We're expecting US crude export premiums to Asia to erode and AB (Atlantic Basin) differentials to soften as the weeks progress," Rystad analyst Janiv Shah said.US crude exports to Asia are set to ease in the third quarter after hitting a record high of 2.634 million barrels per day in May, ship tracking data from Kpler showed.

EUROPE, WEST AFRICA DISCOUNTS WIDEN

Discounts for European and West African grades have also widened this week with the increase in Middle East supply. North Sea Forties crude, one of the six grades that can set the value of the dated Brent benchmark, traded on Monday at a discount of $1 a barrel to dated Brent, the lowest since November and sharply down from a record premium of $21.50 a barrel in April, according to LSEG data.

"Europe is becoming the clearing point for crude that either lost its eastern outlet or now screens cheap enough to travel west," analysts at Kpler said in a note.

For West African grades, Eni has sold Angolan Nemba crude for August loading to Glencore at $7.95 a barrel below dated Brent while ExxonMobil offered a cargo of Angolan Hungo for loading on August 6-7 at a discount of $4.05 per barrel to dated Brent, traders said.

Pricing agency S&P Global Energy Platts assessed on Tuesday that Congolese crude Djeno was at a discount of $10.80 per barrel to dated Brent, the lowest in a record dating back to 2013. Angola's Nemba was priced at a six-year low discount of $8 per barrel, it added.

The government on Tuesday launched the Online Pension Tracking and Management System, initially piloting it at the Ministry of Public Administration before a planned rollout across all ministries, attached departments and field offices.

The system allows government employees to submit pension applications online, track files in real time and complete pre-pension processes without repeated office visits, according to a press statement.

It draws service records and financial data from iBAS++, reducing manual entry and processing errors, and sends SMS notifications to employees around 11 months before post-retirement leave begins, added the statement.

Md Abdul Bari, state minister for public administration and food, who inaugurated a workshop on the system at the Secretariat, said it would remove long-standing difficulties faced by pensioners and strengthen transparency in public service delivery.

“If service seekers can receive services online without physically visiting government offices, it becomes a strong tool for reducing corruption,” he said.

Md Khairuzzaman Mozumder, secretary at the Finance Division, said the system would boost pensioners’ confidence through hassle-free service delivery.

He also called for a “One Rank One Pension” policy to reduce financial disparities among retirees.

The SME Foundation has called for a unified tax regime for micro, small and medium enterprises (MSMEs), saying that several government policies providing tax exemptions and incentives for the sector are not being adequately implemented.

This call came at a discussion on proposed budgetary measures for FY27 organised by the SME Foundation with the support of the Economic Reporters’ Forum (ERF) in Dhaka.

Khandakar Abdul Muktadir, minister for commerce, industries, textiles and jute, said that the government is prioritising the revitalisation of the SME sector to boost employment and accelerate economic growth.

To achieve this, the government aims to reduce the time required for business processes -- from starting a business to importing or exporting products -- from 355 days to just 14 days, while ensuring uninterrupted electricity supply to business establishments, he said.

In a presentation, Mohammad Jahangir Hossain, general manager of SME Foundation, said various government policies such as the National Industrial Policy 2022, National SME Policy 2026 (draft), National Tariff Policy 2023, and Export Policy 2024–2027 mention tax incentives to promote SMEs sector.

However, in practice, these policy benefits are not being properly implemented by the National Board of Revenue (NBR). Therefore, it is essential to ensure the effective provision of tax and duty benefits in line with these policies, he said.

He urged the NBR to consolidate tax incentives for SMEs mentioned in the policies along with the existing benefits under an integrated framework titled ‘Preferential Tax Regime for MSMEs’ under a rule.

“This would enable genuine small entrepreneurs to operate under a transparent, simple and long-term tax regime,” he said.

To support the development of the MSME sector, the foundation proposed increasing the Tk 2,000 crore allocation earmarked for fiscal year 2026-27 under a refinance scheme through which concessional loans are disbursed by three government agencies, including the SME Foundation.

As part of the government’s “One Village, One Product” initiative, an initial allocation of Tk 300 crore has been proposed for the development of the creative economy sector in fiscal year 2026-27.

The SME Foundation recommended that at least Tk 100 crore from this allocation be earmarked for the foundation.

It also suggested allocating at least Tk 5,000 crore specifically for the foundation.

The Bangladesh Bank has instructed all scheduled banks to maintain uninterrupted savings certificate services following complaints from customers about difficulties in purchasing the instruments through banks.

In a circular issued yesterday, the central bank reminded banks of their responsibilities as authorised issuing offices under the Savings Certificate Rules, 1977, saying some branches were not providing adequate support to investors.

The directive follows concerns that some branches were not providing the required level of support to investors seeking to buy savings certificates.

Banks have been asked to strengthen customer service, ensure eligible investors can access the instruments without unnecessary obstacles, and regularly monitor their savings certificate operations to resolve complaints promptly.

The central bank also directed branches to display complaint submission procedures prominently so customers can easily seek assistance.

Savings certificates are among the most widely used savings instruments in Bangladesh.

The move is expected to improve customer access to savings certificates and reinforce confidence in the savings instruments.

Finance Minister Amir Khosru Mahmud Chowdhury has said Bangladesh's total external debt stood at $78.22 billion as of March this year, warning that the country's debt servicing obligations are about to increase in the coming years.

The minister disclosed the information during the question-and-answer session in parliament today (24 June), in response to a written question from Jamaalpur-3 lawmaker Mostafizur Rahman Babul.

According to the minister, Bangladesh's total external debt amounted to $78.22 billion, of which 61.97% was concessional borrowing and 38.03% was non-concessional debt.

Highlighting key challenges in external debt management, Khosru said Bangladesh's access to highly concessional financing has gradually declined since its transition from a low-income to a lower-middle-income country, according to the World Bank's 2015 assessment.

At the same time, the volume of foreign borrowing has increased significantly over the years, resulting in a growing burden of principal and interest repayments in the future, he added.

The finance minister said the government has adopted a number of precautionary measures to ensure sustainable debt management. "Proposals for new foreign loans and related development projects are being scrutinised more rigorously to avoid financing unnecessary or low-priority projects through high-interest external borrowing."

"Only projects with high economic returns are being considered for foreign financing," he told parliament.

Khosru also informed that the government has intensified monitoring of foreign-funded projects to curb the long-standing practice of project delays and cost overruns.

In addition, the government is updating its Medium-Term Debt Management Strategy (MTDS) and conducting a Debt Sustainability Analysis (DSA) to strengthen the resilience and sustainability of public debt management, he said.

The minister further said work will soon begin on a broader plan for institutional and legal reforms aimed at improving the overall quality and effectiveness of the country's debt management framework.

Finance Minister Amir Khosru Mahmud Chowdhury has said the government is implementing a "Three-R Strategy" - Recovery and Stabilisation, Restoration, and Reconstruction for Acceleration - to increase foreign direct investment (FDI) and accelerate economic growth.

Under the medium-term economic strategy, the government aims to raise real GDP growth to 8.5% by FY2030-31, increase FDI to 2.7% of GDP and lift total investment to 40% of GDP, he told parliament today (24 June).

The minister disclosed the information while responding to a starred question from ruling party lawmaker Rafiqul Islam Hilaly of Netrakona-3.

He said the government is undertaking legal and institutional reforms after identifying barriers to business in an effort to create a more investment-friendly environment.

According to the minister, the reforms are aimed at reducing business costs and uncertainty, improving the ease of doing business, ensuring investment security and promoting deregulation across the economy.

To attract investment, the government has already launched BanglaBiz, a one-stop digital platform for investors, and published a heat map identifying 19 high-potential sectors for foreign direct investment.

The government has also taken initiatives to establish new export processing zones (EPZs) in Patuakhali and Jashore, alongside economic zones in Kurigram, Nilphamari, Chandpur and Kushtia.

These projects are expected to create around 250,000 jobs, the minister said.

Amir Khosru further said the government is pursuing Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs) and Economic Partnership Agreements (EPAs) with potential partner countries to expand trade and investment cooperation.

As part of efforts to diversify exports, duty-free imports of raw materials against bank guarantees have been allowed for food processing, light engineering, furniture, electronics, steel, plastics and leather industries.

The government is also expanding bonded warehouse facilities for promising export-oriented sectors, he added.

The finance minister said priority is being given to strengthening long-term financing mechanisms, including the capital market, corporate bond market, mutual funds, green bonds and sukuk.

Measures have also been taken to simplify stock market listings for eligible companies, make disclosure requirements more practical and strengthen investor protection, he said.

The combined initiatives will further strengthen Bangladesh's investment climate and support sustainable economic growth, the minister added.

Budget includes safeguards against global uncertainty, Middle East conflict

Responding in another question from ruling party lawmaker Md Jalal Uddin of Chandpur-2, the minister said in a written reply the FY2026-27 budget includes special measures to address risks arising from global economic uncertainty, the ongoing conflict in the Middle East and potential pressures on Bangladesh's external sector.

According to the finance minister, the government has adopted a strategy focused on export diversification and export growth, expanding remittance inflows and controlling unnecessary imports to maintain stability in the external sector.

He said strengthening foreign exchange reserves and ensuring exchange rate stability are also among the government's priorities.

Amir Khosru said the budget includes a number of measures to address the potential impact of rising international prices of fuel, liquefied natural gas (LNG) and fertilisers due to the Middle East conflict.

These measures include diversifying energy sources, accelerating domestic gas exploration, improving power and energy supply systems and continuing subsidy support where necessary, he said.

Amir Khosru said prolonged instability in the Middle East could negatively affect employment opportunities for Bangladeshi migrant workers and reduce remittance inflows, as the region remains the country's primary overseas labour market.

To reduce that risk, the government is placing special emphasis on creating new labour markets abroad.

He said Bangladesh is pursuing bilateral agreements with Russia, Portugal, Romania, Brazil, Greece, Serbia and North Macedonia as alternative destinations for migrant workers.

At the same time, efforts are underway to reopen labour markets in Malaysia, Oman, the United Arab Emirates and Kuwait, which have remained largely closed to Bangladeshi workers in recent years.

The finance minister also confirmed that the existing 2.5% incentive on remittances sent through formal channels will continue.

He said the government has adopted contingency plans to deal with any potential external sector shocks arising from global and regional developments.

Finance Minister Amir Khosru Mahmud Chowdhury sets out a three-pronged economic-resilience strategy for protecting Bangladesh from global economic turbulence and the fallouts from continuing instability in the Middle East.
While elaborating on the Three-R strategy in parliament on Wednesday, he also unveiled government plans for simultaneously broadening the domestic tax base to strengthen public finances.In written responses to queries, the minister outlined what he described as a "Three-R Strategy" -- Recovery and Stabilization, Restoration, and Reconstruction for Acceleration -- designed to safeguard macroeconomic stability, diversify exports and enhance the competitiveness of the economy.The strategy that the finance minister outlined in his budget speech delivered on June 11 last comes as the government is facing a series of external challenges, including volatile energy prices, uncertainty in global trade.To ease such a bundle of risks, the government is pursuing new labour agreements with Russia, Portugal, Romania, Brazil, Greece, Serbia and North Macedonia, while also seeking to reopen labour markets in Malaysia, Oman, the United Arab Emirates and Kuwait.Executive Branch

The government will maintain its 2.5-percent cash incentives for remittances sent through formal channel and continue efforts to bolster foreign-exchange reserves through export diversification, tighter controls on non-essential imports and exchange-rate stability.

The finance minister also says Bangladesh was preparing contingency measures to offset potential increases in global fuel, liquefied natural gas (LNG) and fertiliser prices, including diversifying energy sources, accelerating domestic gas exploration and maintaining subsidies where necessary.

Alongside the broader economic strategy, Chowdhury announces plans to bring 16 additional business sectors under a fixed value-added tax (VAT) regime from the 2026-27 fiscal year as part of efforts to increase revenue collection.

The sectors include groceries, garment and clothing retailers, confectionery businesses, cosmetics shops, household plastic and ceramic goods sellers, shoe retailers, hardware stores, decorators, mobile phone and electronics retailers, paint and sanitary fittings businesses, tile dealers, corrugated-sheet retailers, rod and cement traders, furniture stores, beauty parlours, sweet shops and restaurants.

According to the finance minister -- who has placed an upscale Tk 9.38-trillion national budget in parliament for the forthcoming fiscal year -- VAT collections reached Tk1.42 trillion during the fiscal year 2024-25.

In a separate parliamentary response, the minister said it remained difficult to determine the precise amount of money illegally transferred abroad from Bangladesh because of the absence of sufficient and internationally accepted data.Economic trends report

However, citing findings from the White Paper Committee established by the interim government, he notes that Bangladesh experienced an estimated $234 billion in illicit financial outflows between 2009 and 2023 -- an average of roughly $16 billion annually.

The committee has estimated that the outflows were equivalent to 3.4 per cent of GDP in fiscal year 2023-24, nearly one-fifth of the country's combined export and remittance earnings, more than 11 per cent of national savings and almost double the volume of net foreign aid and foreign direct investment inflows.

The figures highlight the scale of the challenge facing the government as it seeks to restore confidence in the economy, strengthen foreign-exchange reserves and improve fiscal sustainability amid a turbulent global environment.

The government has initiated a process to engage international legal firms to help recover money linked to defaulted loans created through irregularities and corruption in the banking sector, Finance Minister Amir Khosru Mahmud Chowdhury told Parliament on Wednesday.

Responding to a question from Kurigram-1 MP Anwarul Islam, the finance minister said the government signed non-disclosure agreements (NDAs) with nine international law firms and begun the recruitment process on a "no win, no fee" basis to assist nearly 30 troubled banks in recovering non-performing loans.Economics

As part of the first phase, legal proceedings have been launched in six cases involving former Land Minister Saifuzzaman Chowdhury, controversial businessman S Alam, and business groups associated with Beximco, Sikder Group, Nasa Group and Orion Group.

The minister said the international firms would help banks identify overseas assets and funds belonging to alleged loan defaulters and provide legal assistance to repatriate those assets to Bangladesh. The government plans to expand the initiative further in the future.

The information was provided during the parliamentary question-and-answer session held under the chairmanship of Speaker Hafiz Uddin Ahmed.

Replying to a question from Chandpur-3 MP Sheikh Farid Ahmed, the finance minister said Bangladesh currently has 193.25 million bank accounts.

Of these, 177.95 million are savings accounts, while 15.31 million are loan accounts.

He added that the government formulated the National Financial Inclusion Strategy (NFIS) with the goal of bringing all adult citizens under the formal financial system by 2026. Bangladesh's current financial inclusion rate stands at 64.5%.

In response to a question from Jamalpur-3 MP Mostafizur Rahman Babul, the minister said Bangladesh's external debt stood at $78.23 billion as of March 2026.Executive Branch

Concessional loans accounted for 61.97% of the total external debt portfolio, while non-concessional loans represented 38.03%.

Replying to a question from Mymensingh-8 MP Lutfullahel Majed, the finance minister said the number of registered taxpayers in the country increased to 13.83 million.

The figure represents an 11.86% increase compared with the previous fiscal year.

Responding to a question from Gaibandha-4 MP Mohammad Shamim Kaisar, the minister said the government allocated Tk15.68 billion under the agricultural loan waiver programme for loans of up to Tk10,000 during the current fiscal year.

A total of 1.41 million farmers have benefited from the scheme.

The finance minister also informed Parliament that Bangladesh Bank had been providing regular emergency liquidity assistance to banks facing difficulties in repaying customer deposits because of liquidity shortages.

Responding to a question from reserved-seat MP Mosammat Shammi Akter, he said the central bank had provided Tk759.03 billion in emergency liquidity support as of 15 June.Maps

In response to a question from Sirajganj-5 MP Amirul Islam Khan, the minister said 63 banks are currently operating across Bangladesh through 11,326 branches and 4,929 sub-branches.

Responding to separate questions from lawmakers from both the treasury and opposition benches, the finance minister said five Islamic banks -- Exim Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank and Union Bank -- have been brought under the Bank Resolution Scheme 2025.

He said depositors of these banks are being repaid, and under the Deposit Protection Act 2026, each depositor is eligible to receive up to Tk200,000.

The minister added that various departments of Bangladesh Bank are monitoring other banks facing liquidity stress and that actions will be taken under the Bank Resolution Act 2026 if necessary.

He also noted that the insured deposit limit has been doubled from Tk100,000 to Tk200,000 under the Deposit Protection Act 2026. According to the minister, Tk12,000 crore has already been transferred from the Deposit Protection Fund to the current accounts of the merged Islamic banks to support depositor protection and financial stability.

After a downturn, inflation-fueling high-powered money has surged again, largely negating the effect of a contractionary policy pursued by the regulator to stem price rises.
FE

The money being injected into the market through some channels is stoking fear of higher monetary regime ahead.

Money-market experts have pinpointed several hikers, including the central bank's ongoing US dollar purchase from the market to stabilise the exchange rate, growing quasi-fiscal activities and the regulator's liquidity support to the struggling banks, which are largely contributing to the recent leaps in reserve-money growth.

Under a persistently tight monetary-policy regime adopted by the central bank to contain growing inflation, the inflow of the reserve money dropped to a negative growth of 0.12 per cent even in June last.

Since then, in a rebound, it has risen significantly in recent months, which the money-market analysts believe largely contributes to the upward trajectory of inflation over the last several months.

Apart from the regular liquidity-feeding instruments of the Bangladesh Bank, they say, the flow of subsidised credits or money injection through irregular arrangements keeps rising on the money market, which is paradoxical to the spirit of contractionary monetary-policy stance.Bangladesh economic report

As a matter of fact, the BB-guided tight monetary policy is not transmitting into the money market properly and not being able to contain the inflationary pressure at the expected level, which ultimately hurts common people through curtailing their purchasing power.

According to latest BB data, the growth of the reserve money was recorded 0.12-percent negative in June last year. Afterwards, it had started leaping to 2.52 per cent, 3.47 per cent, 9.23 per cent, 13.35 per cent and 14.39 per cent in July, September, December, February and April last respectively.

Reserve money is the total amount of currency in circulation plus commercial banks' deposits held at the central bank, acting as the foundation for the entire monetary system.

It is also called "high-powered money" because it forms the foundation for the expansion of bank deposits through the money-creation process.

Seeking anonymity, a BB official says the central bank, in fact, did nothing to control the higher inflation apart from continuing a higher policy rate of 10 per cent since October in 2024.

He says, "The volume of quasi-fiscal activities by the BB through which commercial banks avail credits from the regulator at subsidised rates, ranging from 0.5 per cent to 5.0 per cent, is still quite large."

On the other hand, the central banker adds, regular government borrowing from the central bank through using ways and means, amounting to maximum Tk 120 billion, and overdraft worth maximum Tk 120 billion, goes on to operate some 119 accounts at 8.0 per cent and 9.0 per cent respectively.

The central banker informs that they had planned to downsize the ceiling of ways and means and overdraft but high-ups of the regulator turned down the proposal in view of the current macroeconomic context of the country.

"Certainly, it (reserve money growth) is a concern for all of us because it fuels inflation to some extent," he told The Financial Express.Investment strategy advice

The rate of inflation keeps rising for the last several months. According to the data with Bangladesh Bureau of Statistics (BBS), the headline inflation rose to 9.42 per cent in May 2026. The inflation rate was 9.04 per cent in the previous month of April.

Apart from growing government bank borrowing and quasi-fiscal activities, Director-General of Bangladesh Institute of Bank Management (BIBM) Dr Md. Ezazul Islam mentions that the regulator has purchased more than $6.0 billion ($6.42 billion) since July 13 last to stabilise the exchange rate and injected huge volumes of money into the market.

"These all factors contributed to the rising growth of reserve money."

But the money-multiplier effect was not too high because of lower credit demand by the private sector. The credit appetite by the entrepreneurs is expected to increase in the coming days.

"If the uptrend in reserve money continues and private-sector credit growth is enhanced, it will be an issue of serious concern in the context of a tight monetary stance," the monetary economist