TSMC is seeing strong, multi-year demand for its AI chips as it invests a further $100 billion to expand its Arizona facilities,

but it needs to address several challenges, such as a shortage of construction workers there, a top executive said.
Speaking after blockbuster second-quarter results on Thursday, Chief Financial Officer Wendell Huang said the company is “very happy” with progress in Arizona,which is why it decided to ramp up investment to $265 billion.“We will continue to invest,” he said in an interview, adding that the company was very grateful for US government support.“We continue to see customers’ strong demand — multi-year structural demand.”The world’s main producer of advanced AI chips and a major Nvidia supplier, TSMC’s aggressive capital spending and soaring profit marginshave made it a barometer of demand in the global semiconductor industry.

The pledge to expand in Arizona is a win for US President Donald Trump, who has pushed for more chipmaking at home.

Trump has repeatedly accused Taiwan of stealing American semiconductor business.

He has said that by the time he leaves office, the US will have 50 percent of the world’s semiconductor manufacturing capacity.

ARIZONA FABS

TSMC’s first Arizona fabrication plant — or fab — is operational and achieving yields “as good as” the flagship fab in Taiwan, Huang said.

The second fab will shortly begin moving in equipment, while construction of a third fab is under way

and preparatory work has started on a fourth fab and the site’s first advanced packaging facility, Huang said.

In total, current and planned projects will bring TSMC’s Arizona footprint to 12 fabrication and advanced packaging facilities plus an R&D centre.

He did not provide a timeline for the latest investment.

However, “there are physical constraints — the number of construction workers available, the infrastructures available,” Huang said.

“We’ll work closely with the government to solve these issues.”

At the same time, TSMC continues to invest at home, where it is building 13 leading-edge and advanced packaging fabs over the next several years.
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“Land is a scarce resource in Taiwan,” Huang said.

“Therefore, whenever there are available lands, we will use them for the most leading-edge technologies.”

“When you ramp the most leading-edge technologies, you need very close collaboration between the R&D and operation functions,” he added.

“It has to be in Taiwan. And after it stabilizes, then we can consider transferring overseas.”

BOND ISSUANCE

Asked if the company would consider raising money by selling new shares in the US, Huang said it would “not rule out issuing new bonds”

if market conditions are favourable.

Despite its aggressive expansion plans, TSMC faces headwinds from geopolitical tensions between Washington and Beijing,

with the US seeking to control advanced chip exports to China.

Reuters reported last year that TSMC could face a penalty of $1 billion or more to settle a US export control investigation

over a chip it made that ended up inside a Huawei AI processor.

Huang referred questions about the status of the case and any potential penalty to the US government,

but said TSMC’s internal export control system was constantly being reviewed.

“I have to say there is (only) so much we can do in terms of complying with all the rules and regulations,

but when the customers sell to customers, they sell to customers,” he said.

“At some point in time, you lose the visibility. That’s the reality.”

Investors worries about the sustainability of the AI boom amid massive infrastructure spending has re-emerged recently.

TSMC’s Taipei-listed shares fell 7.3 percent on Friday despite the company’s record results.

Even so, its shares remain up nearly 50 percent this year.

While TSMC has long been by far the market leader in making the world’s most advanced chips, competitors are seeking to narrow the gap, including Samsung Electronics, which has benefited from a recovery in the memory chip market,and Intel, which enjoys backing by the US government.

Huang said the company remains confident in its business model.

“We do not intend to leave anything on the table,” he said.

“Our competitors are good, but we are even better.”

Reporting by Wen-Yee Lee and Ben Blanchard; Editing by Kevin Buckland

Bangladesh's GDP growth slowed to 2.22% year-on-year at constant prices in the third quarter (January-March) of FY2025-26, down from 4.53% in the corresponding quarter of the previous fiscal year.

The Bangladesh Bureau of Statistics (BBS) released the third-quarter GDP estimates for FY26 today (20 July).

According to the quarterly data, the economy grew by 4.96% and 3.03% in the first and second quarters of FY26, respectively, compared with 3.91% and 3.53% in the corresponding quarters of the previous fiscal year.

At current prices, the size of the economy reached Tk15.391 trillion in the third quarter of FY2025-26, up from Tk14.192 trillion in the same quarter a year earlier.

BBS data show that growth slowed across all three major sectors – agriculture, industry and services – compared with the same period of the previous fiscal year.

Agricultural sector growth declined to 1.74% in the third quarter, from 4.61% a year earlier. The sector had grown by 2.11% and 3.68% in the first and second quarters of the current fiscal year, compared with -0.12% and 1.90% in the corresponding quarters of FY2024-25.

The industrial sector recorded negative growth of 0.28% in the third quarter, a sharp reversal from 3.33% growth in the same period last year. However, the sector had expanded by 6.82% and 1.27% in the first and second quarters of FY2025-26, compared with 4.80% and 5.78% in the corresponding quarters of the previous fiscal year.

Growth in the services sector slowed to 3.52% in the third quarter from 7.32% a year earlier. During the first and second quarters of the current fiscal year, the sector grew by 4.51% and 4.45%, compared with 4.49% and 5.84%, respectively, in the same quarters of FY2024-25.

Economists said the slowdown across all three major sectors in the third quarter, particularly the contraction in industry, signals growing concerns for the economy.

Dr Sayema Haque Bidisha, professor of economics at the University of Dhaka, said it would be inappropriate to draw policy conclusions based on GDP growth data from a single quarter.

"Quarterly growth figures are heavily influenced by the base effect – the level of growth recorded in the same quarter of the previous year. If growth was unusually high or low in the base period, the current year's growth rate may appear disproportionately different. Therefore, one quarter's data alone should not be used to assess the overall state of the economy," she said.

Bidisha added that the broader economic context of the January-March quarter should also be considered.

"National elections were held during this period, which may have affected normal economic activity and, consequently, GDP growth," she said.

However, she identified the negative growth in the industrial sector as the most worrying development.

"This is a warning signal for the economy and calls for prompt policy intervention. While very high agricultural growth is not expected, post-election changes in supply chains may also have had some impact," she said.

According to Bidisha, the performance of the industrial sector in the April-June quarter will be crucial. "If growth remains weak, major policy and strategic measures will be needed to revive the sector, as industrial growth is directly linked to employment, industrialisation and the country's overall economic expansion," she said.

Bangladesh's economic growth was on a slide as the latest official count found it 2.22 per cent in the third quarter of the just-past fiscal year, in a headlong fall from 4.53 per cent estimated in the same period of previous fiscal.Maps

The primary driver behind this significant deceleration is a contraction in the industrial sector, alongside cooled growth across agriculture and services, official data showed on Monday.

The drastic fall in the industrial growth in January-March has affected the economic-growth momentum of the country as Bangladesh Bureau of Statistics (BBS) in its provisional estimation has recorded a negative 0.28-percent rate.

In the same period of the previous fiscal year (FY2025), the industrial growth was recorded at 3.33 per cent as per the BBS data.

The latest figure marks a continuing downward trajectory for the just-concluded FY2026, following a 4.96-percent growth in the first quarter and 3.03-percent growth in the second quarter.

Meanwhile, in its provisional estimation, BBS had recently shown Bangladesh's GDP could grow at a 4.14-percent rate in the past fiscal year in an upturn from a slower 3.49 per cent in the previous year (FY2025).

Analysts say the slower growth in the Q3 last fiscal may hamper the achievement of the 4.14-percent overall annual GDP growth.

According to the statistical bureau, the industrial sector experienced a negative growth of -0.28 per cent in the third quarter at constant prices, comparing poorly to the 3.33-percent growth recorded during the third quarter of FY2024-25.

Within this vital sector, manufacturing growth dipped into negative territory, to 0.34 per cent, while utility sectors like electricity, gas, and water supply experienced a deeper contraction to -3.56 per cent.

This industrial slump severely impacted the overall economic output during the January-March period.

Other key pillars of the economy also registered slower growth. The services sector, which historically carries a heavy weight in the country's GDP, grew 3.52 per cent in the third quarter of FY2026.

While this remains the strongest performing macro-sector for the quarter, it represents a steep decline from the robust 7.32-percent expansion seen in the same quarter in the previous FY2025.

Similarly, the agricultural sector recorded a growth of 1.74 per cent in Q3 FY2026. Though positive, yet this is a sharp reduction from the 4.61-percent growth achieved in the 3rd quarter of FY2025, the BBS data showed.

In nominal terms, the estimated size of the Q3 GDP at current prices reached Tk 15.391 trillion, up from Tk 14.192 trillion in the corresponding period of FY2024-25.

At current prices, the sectoral share of the economy during this quarter was led by the services sector with 54.63 per cent, followed by the industrial sector at 35.51 per cent, and agriculture at 9.86 per cent.

Analysts point out that the negative growth in industrial sectors and utilities reflects ongoing constraints in domestic production, energy-supply challenges, and shifting demand dynamics.

A rebound in momentum in manufacturing in the final quarter of the fiscal year just gone by would need "targeted policy interventions", they felt.

In a press release today, the national standards body said the products were found to contain excessive preservatives, harmful microorganisms or other deviations from prescribed quality standards.

According to BSTI, Fresh Garden Agro Resources' mango pickle contained preservative levels above the permitted limit.

The Bellisimo Rotondo Hazelnut Coated Chocolate ice cream, produced by Kazi Food Industries Ltd, was found to contain total milk solids-not-fat above the level specified under the Bangladesh Standards.

Laboratory tests also detected harmful microorganisms in Olive Bangladesh Ltd's Labannya Milk Skin Lotion, Aloe Vera Skin Lotion, Olive and Labannya Facewash Moringa+Matcha, Foaming Milk & Tulsi, and Labannya Aloe Vera Shampoo.

Meanwhile, Dekko Foods Limited's Dekko Fruit Funda soft drink powder in Mango and Orange variants was found to contain less vitamin C than required under the Bangladesh Standards.

BSTI said the companies concerned have already been notified of the test results and instructed to suspend the production, sale and distribution of the affected products until their licences are renewed or reapproved.

The companies have also been directed to immediately withdraw the products from distributors, dealers, retailers and the market.

BSTI said it would closely monitor compliance with the directive and take legal action under existing laws if any company fails to comply.

The standards body said maintaining product quality in line with national standards is both a legal and ethical obligation for licensed manufacturers.

It added that administrative and legal measures would be taken against companies that fail to meet these requirements in order to protect consumers and safeguard the public interest.

BSTI Director General (Secretary) Kazi Imdadul Haque advised buyers to check the BSTI certification mark, licence number, manufacturing date, expiry date and other relevant information before making a purchase.

He also urged consumers to report any complaints regarding product quality, adulteration, fraud or misuse of the BSTI certification mark to the organisation.

While contacted, Kazi Food Industries Ltd said in a statement that the company appealed to BSTI on July 2 for a re-test of samples of its Bellisimo Rotondo Hazelnut Coated Chocolate ice cream following complaints that it contained total milk solids-not-fat above the level specified under the Bangladesh Standards.

"We have submitted the application for the re-testing as recommended by BSTI representatives. Kazi Food has full respect for the standards and regulations set by BSTI and is committed to complying with and implementing them properly."

As the country’s top revenue authority intensifies monitoring of tax deducted at source (TDS), it should ensure that compliant businesses are not subjected to unnecessary harassment, the Dhaka Chamber of Commerce and Industry (DCCI) said in a statement yesterday.

The call comes a day after the National Board of Revenue (NBR) said it has deployed special teams under its tax zones to monitor and verify source tax deduction and deposit.

The revenue authority said it has empowered officials under Section 147(2) of the Income Tax Act 2023 to inspect business premises, examine account books and records, and access computer systems, including by breaking passwords or encryption where necessary.

Reacting to the development, the DCCI said if implemented properly, the NBR initiative would help boost revenue collection and widen the tax net.

The chamber, however, cautioned that compliant businesses should be spared unnecessary harassment during the exercise, and that businesses yet to achieve full compliance should be given adequate time and a fair opportunity to do so.

Both the revenue collection target and a business-friendly environment can be achieved simultaneously, DCCI President Taskeen Ahmed said, calling for constructive dialogue between the NBR and the business community.

The effective adoption of automation and digitalisation across the revenue administration is essential to widen the tax net and meet collection targets, he added.

Such measures would significantly reduce the compliance burden on the private sector while making the tax system more efficient, transparent, and business-friendly, he said.

Bangladesh Securities and Exchange Commission (BSEC) has published a draft amendment to "Bangladesh Securities and Exchange Commission (Margin) Rules, 2025" and invited opinions, suggestions and objections from stakeholders, according to a press release issued by the commission today (20 July).

The draft amendment has been published in national daily newspapers as well as on the BSEC website, with stakeholders given two weeks from the date of publication to submit their feedback to the commission.

The commission said the consultation is a legal requirement and under the Securities and Exchange Ordinance, 1969, and the Bangladesh Securities and Exchange Commission Act, 1993, seeking opinions from stakeholders is a mandatory process whenever any rule is framed or amended.
BSEC said it would give due importance to all opinions, suggestions and objections received, and the rules would be finalised after necessary revisions, additions or modifications before being enacted through a government gazette notification.The commission clarified that the currently published draft is merely a proposal and not a final amendment, stating there is no scope for confusion or concern based on various assumptions, speculation or incomplete information regarding the draft.BSEC said it always attaches the highest importance to the interests and safety of investors, adding that the objective of the proposed amendment is to make the existing rules simpler, more practical, business-friendly and effective.

The commission said the final rules would be investor-friendly and aimed at ensuring overall market development and stability, taking into account the opinions and suggestions of all stakeholders.

The commission expressed hope that stakeholders would provide constructive feedback and that the media would present the draft amendment and the legal process appropriately, avoiding unnecessary confusion or concern among investors.

Brent crude hit its highest price since June on Monday due to renewed fighting between the United States and Iran, while Asian equities were mixed as investors weighed the fallout of a prolonged Middle East war.

Crude has surged over the past week as Washington and Tehran traded fire, raising fears of a sustained disruption in the Strait of Hormuz, which normally carries around a fifth of the world’s seaborne oil.

Both Brent crude and US benchmark West Texas Intermediate extended their gains after climbing more than four percent at the end of last week. Brent rose above $91 a barrel, its highest price since June 11.

The latest moves came after another weekend of escalating fighting, with the United States carrying out fresh strikes on Iranian targets and Tehran responding with attacks on regional military assets in the Gulf.

Higher crude prices have revived concerns that inflation could remain elevated and complicate the path to lower interest rates, but some analysts argue the broader economic backdrop is becoming more supportive.

“Markets are once again being forced to trade two seemingly contradictory stories on the same screen,” said Stephen Innes of SPI Asset Management.

While the renewed rise in oil prices has injected a fresh geopolitical risk premium into markets, he said cooling underlying US inflation and a softer labour market suggested the energy shock would not necessarily trigger a new cycle of broad-based inflation.

Instead, the biggest risk would come if elevated oil prices persist long enough to erode household spending and weigh on economic growth.

In Asia, the market was mixed.

Chinese markets outperformed as investors extended a recent rally on expectations Beijing will unveil further measures to support the economy after last week’s economic data.

Hong Kong added more than two percent, while Shanghai ended the day’s trade in the green. Manila and Jakarta edged higher.

Caution prevailed elsewhere.

Seoul closed 4.46 percent down. Taipei was down, as was Sydney, Mumbai, Bangkok, Singapore and Kuala Lumpur.

London, Paris and Frankfurt also opened in the red.

The mellow performance followed another weak session on Wall Street, where all three major indexes finished lower on Friday as investors continued to rotate out of technology shares while keeping a close watch on developments in the Gulf.

Adding to worries about tech, Chinese startup Moonshot AI released on Friday a model that experts said could rival some of the more advanced offerings from US labs.

“Having had the weekend to digest the launch of Moonshot’s Kimi K3 model and its potential implications for the pricing power of the major US AI labs... markets appear to be taking a more measured view,” said Chris Weston, head of research at Pepperstone.

Gold eased despite the geopolitical uncertainty, falling 0.25 percent, while silver advanced a little over one percent.

The country's premier bourse ended on a largely flat note yesterday as buying support for sector-specific large-cap scrips provided a necessary cushion against a persistent sell-off in the insurance sector.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) inched up marginally to settle at 5,857 points, effectively pausing a broader market correction that had emerged in recent sessions.

However, the blue-chip DS30 index edged down slightly to 2,208 points, reflecting a selective approach by investors who preferred to stay on the sidelines ahead of potential regulatory shifts.

The day's trading session was characterised by significant intraday volatility. Market analysts from EBL Securities noted that the indices opened under pressure but managed to stabilise as opportunistic investors took positions in fundamentally strong large-cap stocks. The broader sentiment, however, remains watchful as market participants await the finalisation of proposed revisions to margin lending rules. This cautious stance was further compounded by renewed geopolitical tensions in the Middle East, which weighed on the risk appetite of institutional and high-net-worth investors.

Sheltech Brokerage Limited observed that while selling pressure dragged the benchmark index to an intraday low of 5,855 points during the morning hours, a recovery emerged from the mid-session onwards. This turnaround was primarily driven by selective buying in banking stocks, fueled by positive expectations surrounding the upcoming half-year earnings season. Additionally, investors are calculating potential benefits for certain sectors under the draft margin rule amendments currently being reviewed by the securities regulator.

On the sectoral front, returns remained mixed with a stark contrast between performers and laggards. The Service and Real Estate sector emerged as the top gainer, posting a 2.28% return.

Conversely, the Insurance sector was the day's worst underperformer, shedding 2.31% of its value.

Market insiders attributed the heavy selling in insurance scrips to growing fears among investors that many of these companies might be excluded from margin loan eligibility under the new proposed price-to-book value criteria.

Despite the price fall, turnover remained concentrated in textiles, pharmaceuticals, and insurance, which collectively accounted for nearly half of the day's total trading volume.

Market participation saw a 10% decline compared to the previous session, with total turnover settling at Tk966 crore.

The market breadth also remained negative, as 182 issues declined against 148 that managed to advance, while 58 scrips remained unchanged on the DSE floor.

Among individual performers, mutual funds like LR Global Mutual Fund One and MBL First Mutual Fund hit the upper limit of the circuit breaker, while Sonargaon Textile and NCCBL Mutual Fund-1 also featured prominently on the gainers' list.

On the flip side, the losers' chart was dominated by insurance firms, including Provati, Karnaphuli, Takaful, and United Insurance.

The bearish sentiment in specific sectors was also reflected at the Chittagong Stock Exchange (CSE), where the Selective Categories' Index (CSCX) ended 23 points lower at 9,615, and the All Share Price Index (CASPI) dipped by 10 points to settle at 15,738.

Bangladesh’s industrial output fell in the January-March quarter of fiscal year 2025-26, the first such decline since the pandemic-hit fourth quarter of FY20, as gas and electricity shortages, weak export demand and high borrowing costs squeezed factories.

Industrial production contracted 0.28 percent in the third quarter of FY26, reversing 3.33 percent growth in the same period a year earlier, provisional data published yesterday by the Bangladesh Bureau of Statistics (BBS) showed.

Output had slumped 14.94 percent in the April-June quarter of FY20 during the nationwide Covid lockdown, then stayed positive through subsequent quarters until this latest contraction.

Economists attributed the latest decline to prolonged uncertainty that has discouraged businesses from investing and expanding.

Md Deen Islam, a professor of economics at the University of Dhaka, said the contraction reflects deep-rooted structural weaknesses rather than a temporary dip.

“A negative industrial growth rate is a clear signal that production capacity is being constrained by supply-side bottlenecks,” he said.

“Persistent shortages of gas and electricity have significantly reduced factory utilisation, while high borrowing costs and weak private investment have further suppressed industrial activity.”

Towfiqul Islam Khan, additional research director at the Centre for Policy Dialogue (CPD), said the fall in manufacturing output was likely linked to declining exports.

The industrial downturn dragged overall GDP growth down to 2.22 percent in the January-March quarter, from 4.53 percent a year earlier.

Agriculture and services also lost momentum. BBS data shows that agriculture growth eased to 1.74 percent from 4.61 percent a year earlier, while services — which account for more than half of GDP -- slowed sharply to 3.52 percent from 7.32 percent, reflecting broad-based weakness across the economy.

Prof Deen said the government’s stimulus package and budget incentives could offer some relief to entrepreneurs, but their effectiveness would depend on timely implementation and complementary reforms.

“Providing subsidised credit is necessary, but it is not sufficient,” he said. “Manufacturers cannot expand production if they do not have reliable access to energy. The real challenge is ensuring that financial support is matched by uninterrupted gas and electricity supplies and a stable business environment.”

He also pointed to the need to revive private investment.

“Banks have become increasingly risk-averse, with much of their liquidity flowing into government securities instead of productive private-sector lending,” the economics professor said. “Unless confidence returns and credit begins flowing to industries, industrial recovery will remain slow despite fiscal incentives.”

With Bangladesh approaching its graduation from the group of least developed countries, Deen said strengthening industrial competitiveness should be an immediate policy priority.

“The country is entering a more competitive trading environment where industries will no longer enjoy many of the preferential market access benefits they have relied on,” he said.

“This is precisely the time to raise productivity, improve infrastructure, and reduce the cost of doing business. Otherwise, the current slowdown could have lasting implications for exports, employment and long-term economic growth,” he added.

Ashikur Rahman, principal economist at the Policy Research Institute (PRI) of Bangladesh, linked the slowdown to the political transition.

“The election created a wait-and-see environment, prompting businesses to postpone investment decisions amid heightened uncertainty,” he said. “When investors lack policy certainty, private investment naturally slows, and that is reflected in the growth numbers.”

He added that political uncertainty, compounded by external shocks, kept the economic environment weak through the third and fourth quarters.

Referring to the IMF’s projection that Bangladesh’s growth may stay below 3.5 percent without reforms, Ashiur said the forecast should be read as a warning rather than merely a projection.

“Bangladesh cannot expect stronger growth simply through macroeconomic stabilisation. It needs a credible reform agenda that restores confidence among domestic and foreign investors,” he said.

He argued the country appears trapped in a low-growth, high-inflation equilibrium that fiscal consolidation or financial sector reforms alone cannot fix.

“The government also needs productivity-enhancing reforms to improve the investment climate, strengthen institutions, develop skills and remove structural bottlenecks,” said the PRI principal economist. “At the same time, it must present a credible macroeconomic roadmap that brings back predictability and certainty. Once confidence returns, investment, employment and growth will gradually recover.”

The BBS had earlier put the country’s provisional GDP growth for FY26 at 4.14 percent, up from 3.49 percent in the previous fiscal year.

Multilateral lenders have offered a mixed outlook. The World Bank, in its June 2026 Global Economic Prospects, projected Bangladesh’s GDP growth at 3.9 percent, citing persistent macroeconomic challenges and weak private investment. The Asian Development Bank lowered its forecast to 3.7 percent in its July 2026 Asian Development Outlook Update, citing slower industrial activity and continued uncertainty.

The IMF has kept a comparatively more optimistic forecast of 4.7 percent in its April 2026 World Economic Outlook, though it has repeatedly stressed that sustaining higher growth will require comprehensive structural reforms, stronger private investment and macroeconomic stability.

The IMF has also projected that Bangladesh’s economy will grow by 3.5 percent in the current fiscal year (2026-27) amid continued fiscal and financial sector pressures.

Bangladesh's insurance industry continues to struggle with claim settlements, with more than seven out of every 10 claims remaining unpaid as of March this year, despite a legal requirement to settle valid claims within 90 days.

According to the latest data from the Insurance Development and Regulatory Authority (Idra), insurers had received claims worth Tk10,611 crore across the life and non-life segments by the end of March 2026. Of that, Tk7,779 crore, or 73.31%, remained unsettled.

The situation is particularly alarming in the non-life segment, where insurers settled only 11.3% of claims, leaving Tk3,369 crore, or 88.70% of total claims, unpaid.

Life insurers performed relatively better but still left Tk4,410 crore, or 64.73% of claims, unsettled out of Tk6,813 crore received by the end of March 2026.

Industry insiders say persistent delays in claim settlements have badly eroded public confidence in the insurance sector. Many policyholders who pay their premiums regularly do not receive compensation on time.

The crisis has been compounded by insurers' weak financial health, poor corporate governance, underperforming investments, and delays in recovering reinsurance claims.

Regulator moves to clear Tk4,000cr backlog

Against this backdrop, newly appointed Idra Chairman Mir Nadia Nivin recently declared the settlement of long-pending insurance claims as the regulator's top priority.

She said Idra has already begun working to clear nearly Tk4,000 crore in outstanding claims owed by the country's seven most financially distressed life insurance companies. Under the plan, the companies' land, government treasury bonds, fixed deposits held with financially sound banks and other marketable assets will be liquidated in phases, with the proceeds used to pay policyholders.

According to Idra officials, the regulator has already held separate meetings with the sponsors, boards and chief executive officers of the seven companies to review their assets, liabilities, investments and overall financial condition. Fresh valuations have also been ordered where questions exist over asset values. At the same time, Idra is coordinating with Bangladesh Bank to recover deposits of insurance companies that remain stuck in financially troubled banks.

Among life insurers, Baira Life recorded the highest unsettled claim ratio at 99.91%. It was followed by Fareast Islami Life Insurance 99.12%, Homeland Life Insurance 98.97%, Sunflower Life Insurance 98.65% and Padma Islami Life Insurance 98.63%. Nearly all claims filed with these companies remained unpaid through March.

The situation is similarly concerning among non-life insurers. Dhaka Insurance reported the highest unsettled claim ratio at 99.85%, followed by Bangladesh Co-operatives Insurance 99.79%, Northern Islami Insurance 98.86%, Asia Pacific General Insurance 98.29% and Peoples Insurance 98.27%.

Reinsurance delays blamed

Beyond financial weakness, industry stakeholders say structural flaws in the reinsurance system are a key reason for delayed claim settlements in the non-life insurance sector.

Under Bangladesh's insurance law, valid claims must be settled within 90 days. In reality, however, many policyholders wait months or even years for compensation after accidents, fires or other insured losses, leaving individuals and businesses under severe financial strain.

Industry insiders identify the state-owned Sadharan Bima Corporation as a major bottleneck. Existing regulations require non-life insurers to reinsure 50% of their risks with SBC, while the remaining 50% can be placed with foreign reinsurers.

Insurance companies allege that Sadharan Bima often takes a long time to settle its share of claims, preventing insurers from making timely payments to policyholders.

An Idra official, requesting anonymity, told TBS, "One of the main reasons companies cite for delayed claim settlements is the slow settlement of reinsurance claims by Sadharan Bima. We have informed the corporation about the issue, and its new leadership is working to reduce the backlog."

Industry officials say foreign reinsurers generally settle claims on time, while delays are more common at Sadharan Bima. To safeguard their reputation and maintain customer confidence, many private insurers pay claims from their own funds before receiving reinsurance recoveries.

Sadharan Bima officials, however, argue that the delays are not entirely their responsibility. They say insurers often fail to submit complete documentation or pay reinsurance premiums on time, resulting in longer processing times.

A managing director of a leading non-life insurance company, requesting anonymity, said, "Reinsurance claims through Sadharan Bima require additional documentation, which makes the process slower. In many cases, insurers have to settle policyholders' claims from their own funds before receiving payments from the reinsurer."

A senior official at the Bangladesh Insurance Academy said incomplete documentation and claims tied up in lengthy court proceedings are also major reasons behind delayed settlements.

"It is not reasonable to expect claims to be settled when premiums remain unpaid. Meanwhile, ongoing court disputes continue to delay the process. Without coordinated efforts by insurers, reinsurers, regulators and policyholders, the situation is unlikely to improve significantly," he said.

Bangladesh currently has 82 insurance companies, including 36 life insurers and 46 non-life insurers. Of them, 58 are listed on the country's stock exchanges.

The country’s construction sector is facing one of its worst slowdowns in years as weaker public development spending, slower private investment and high borrowing costs reduce demand for housing and construction materials.

Once driven by mega infrastructure projects, rapid urbanisation and a booming housing market, the sector is now struggling with rising costs, financing constraints and policy uncertainty.

Industry leaders said the downturn has affected not only construction companies but also around 269 related industries, including steel, cement, ceramics, bricks, electrical equipment, transport and furniture.

Construction material manufacturers are cutting prices, absorbing losses and operating below capacity as sales decline and financial pressure rises.

Sector insiders said weaker public development spending is a major reason behind the slowdown. The implementation rate of the Annual Development Programme (ADP) dropped to its lowest level in five years in FY2025-26.

According to the Implementation Monitoring and Evaluation Division (IMED), ministries and divisions implemented projects worth Tk 100,764 crore during July-May, accounting for 48 percent of the revised ADP allocation.

Private investment has also slowed due to political uncertainty, high borrowing costs and weak business confidence, further reducing demand for construction work.

HOUSING MARKET UNDER PRESSURE

The housing sector has been hit hardest, with weaker sales and rising financing costs delaying projects. Developers focused on premium apartments are facing greater challenges as buyers remain cautious.

Anup Kumar Sarker, executive director (marketing) of Concord Group, said sales of premium apartments have weakened as buyers are adopting a wait-and-see approach.

Although transaction volumes have remained relatively stable, revenues have declined due to lower demand for expensive homes.

He said demand for mid-market apartments has remained comparatively stable, but smaller developers that depend heavily on bank loans are facing growing pressure.

“The slowdown is largely due to bank lending rates rising to around 14-15 percent from 9-11 percent previously,” Anup said.

“Most businesses depend on bank financing. With interest rates this high, it has become very difficult to generate enough profit to cover financing costs,” he added.

STEEL MAKERS CUT PRICES AMID FALLING SALES

The slowdown in construction has sharply reduced demand for steel products, forcing manufacturers to lower prices and sell below production costs.

Sumon Chowdhury, secretary general of the Bangladesh Steel Manufacturers Association, said producers initially offered discounts of Tk 500 to Tk 1,500 per tonne before reducing base prices as sales continued to fall.

Rebar prices in Dhaka have declined by around Tk 3,000 to Tk 4,000 per tonne, while MS rod sales have dropped by up to 45 percent due to lower public spending, weak private construction, high inflation and recent floods.

“Factories still have to operate to cover fixed costs such as loan repayments and electricity bills, even though sales have fallen sharply,” Sumon said.

He added that many mills are holding large inventories and selling below production costs to maintain cash flow. Some manufacturers are losing Tk 5,000 to Tk 7,000 per tonne as they struggle with higher electricity tariffs and other production costs.

CEMENT INDUSTRY OPERATING BELOW CAPACITY

Cement producers are also struggling as slower economic growth and reduced construction activity weaken demand.

Mohammad Amirul Haque, managing director of Premier Cement Mills PLC and president of the Bangladesh Cement Manufacturers Association, said government infrastructure work has declined by around 80 percent, while demand for urban housing has fallen sharply.

Although rural construction has provided some support, the industry is currently operating at around 60 percent of its installed capacity, rising to about 70 percent during stronger months.

Amirul said the sector has been hit by several challenges, including the Covid-19 pandemic, the Russia-Ukraine war, taka depreciation, financial sector problems and the recent Middle East crisis.

These factors have increased business costs and discouraged investment, he said.

“Without stronger economic growth, demand for construction materials such as cement, steel, tiles, glass and timber products will remain weak,” he added.

CERAMIC INDUSTRY ALSO HIT

High interest rates and falling purchasing power are further affecting developers and homebuyers.

Md Mamunur Rashid, additional managing director of X Ceramic Group, said high inflation, rising construction costs and weaker purchasing power have significantly reduced housing demand.

Many apartment buyers are struggling to repay loans as lending rates have climbed to 14-15 percent.

He estimated that apartment sales in Dhaka have fallen by 25-30 percent, affecting developers, especially smaller firms. Demand for ceramic products has also declined by 20-30 percent.

Manufacturers are cutting prices and, in many cases, selling below production costs to repay bank loans and avoid defaults.

Mamunur urged the government to withdraw supplementary duty on ceramic tiles, saying they have become an essential construction material rather than a luxury item.

He said reducing taxes on tiles would help lower construction costs and support a recovery in the housing market.

The country’s only state-owned diammonium phosphate (DAP) fertiliser plant has remained shut since June 28 after failing to secure phosphoric acid through multiple tenders, raising concerns over fertiliser supplies for agriculture.

Officials said the shutdown at DAP Fertilizer Company Limited (DAPFCL) in Anwara, Chattogram, followed a shortage of phosphoric acid, a key raw material, after repeated import efforts failed amid global supply disruptions.

The plant, in commercial operation since 2006, has two units capable of producing 800 tonnes of fertiliser per day.

“Phosphoric acid and ammonia are the two main raw materials for producing DAP fertiliser,” said Rabiul Alam Khan, deputy general manager (commercial) of DAPFCL.

He told The Daily Star that ammonia is sourced locally from Chittagong Urea Fertilizer Limited (CUFL) and Karnaphuli Fertilizer Company Ltd (KAFCO), while phosphoric acid is imported through tenders.

DAPFCL floated a tender in January to import 20,000 tonnes of phosphoric acid, but the chosen supplier failed to deliver.

The Bangladesh Chemical Industries Corporation (BCIC) invited two more tenders on June 8 and June 23, but got no bids amid market instability linked to renewed conflict in the Middle East, Khan said.

BCIC has floated two fresh tenders, to be opened on August 8 and September 9.

A prolonged shutdown could hit domestic supplies and deepen import reliance, officials said.

Despite earlier ammonia shortages halting output for 58 days this year, DAPFCL produced around 82,000 tonnes of DAP against its 100,000-tonne target in FY26.

The company has again set a 100,000-tonne target for the current fiscal year but fears missing it as production has already stopped.

Bangladesh’s annual fertiliser demand is 65 lakh to 69 lakh tonnes, including 15 lakh tonnes of DAP, according to BCIC and the agriculture ministry. The country imports around 14 lakh tonnes of DAP annually, mainly from Morocco, Tunisia, China and Saudi Arabia.

Modern retail outlets are steadily expanding their footprint across Bangladesh’s urban landscape as consumers increasingly prioritise convenience in shopping.

The number of supermarket chain outlets more than doubled to over 1,500 in 2025 from more than 750 a year earlier. The number of small modern retail stores also increased to 1,500 from 1,000 during the same period, according to the US Department of Agriculture’s (USDA) Exporter Guide Annual reports for 2025 and 2026.

The expansion lifted the industry’s annual turnover to an estimated $800 million in 2025, up 33 percent from $600 million the previous year, the reports said.

The USDA published its latest Exporter Guide Annual on Bangladesh early this month. It said the modern retail sector, including supermarkets, convenience stores, and online businesses, is growing as consumers attach greater importance to appearance, ambience, comfort, and the availability of a wide range of products.

While modern retail outlets are increasing in number, industry contacts believe they still account for only 3-4 percent of total urban retail market sales.

“These modern retail chains are striving to differentiate themselves from wet markets by offering a wider range of high-quality products and greater convenience,” the report said.

The USDA report names Shwapno, Agora, Meena Bazar, Unimart, Daily Shopping, Metro Mart, Prince Bazar, Fresh Super Mart, Chaldal, and Pandamart as the top 10 retailers in the country.

The agency said the easing of VAT rules for modern retail by the National Board of Revenue buoyed the sector’s growth.

“However, they also face challenges, such as cold chain capacity, food preservation and packaging, and general transportation logistics,” the report added.

The USDA noted that the e-commerce sector is thriving in the urban food and non-food retail market in Bangladesh, stating that “the adoption of digital technologies and e-commerce is expected to play a crucial role in shaping the sector’s future”.

Furthermore, the hotel and restaurant sector has experienced growth, especially in urban areas. Bangladesh now has 53 government-licensed international chains, local hotels, and resorts, including 20 five-star, eight four-star, and 25 three-star hotels.

Most of these establishments are located in Dhaka, Chattogram, Cox’s Bazar, and Sylhet, catering to the business community and domestic tourists.

The report further highlighted that Bangladesh has more than 1,000 food processing companies. This $8 billion sector grows at an average of eight percent annually as more consumers demand high-value, safe, and quality products.

“The evolving Bangladesh market presents new opportunities for US exporters in fast-moving consumer goods and beverages for the growing modern retail and hospitality sectors,” the report said, adding that consumer-oriented food importers have an interest in US brands and new products.

The report said that US exports of consumer-oriented products to Bangladesh totalled $13.9 million, accounting for less than 1 percent of the $2 billion that Bangladesh imported in that category in 2025. These US exports were valued at $12.7 million in 2024.

The global oil refining industry is flashing warning signs. The supply chain for the products that fuel the global economy is under growing stress as conflicts in the Middle East and Russia ripple through energy markets.

Benchmark crude prices have retreated sharply from the highs of $118 a barrel reached during the height of the Iran war and are now hovering around $85, suggesting many investors believe the threat of an energy crisis has faded.

While crude supplies have partially recovered, the system that converts crude into fuels is still struggling after months of disruption from conflicts in Russia and the Middle East.

Gasoline and diesel inventories sit near multi-year lows, refining margins have surged to record levels, and refinery throughput remains severely curtailed across key producing regions. Households and industry consume refined products, not crude, so this is the stress they should be monitoring.

WARTIME CASUALTIES

Refineries have proven to be tempting targets. In the Middle East, major refineries in Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates remain either partially or entirely offline after the outbreak of the Iran conflict on February 28 triggered the closure of the Strait of Hormuz.

China, meanwhile, has sharply reduced refinery runs to compensate for the massive decline in imports during the Iran conflict. Across Asia, refiners have also been forced to reduce operations because of constrained crude supplies.

And Russia’s refining sector has been battered by sustained Ukrainian drone attacks, triggering domestic fuel shortages that have forced Moscow to curb diesel exports in a bid to contain soaring local prices.

Taken together, those disruptions removed roughly 5 million barrels per day of global refining output in the second quarter compared with a year earlier, with refinery runs averaging around 78 million bpd, according to the International Energy Agency.

The temporary reopening of Hormuz following the US-Iran ceasefire on June 17 briefly eased some of the pressure. But even though Gulf producers rushed crude exports through the waterway, refined product flows remained far weaker.

According to Kpler data, the region exported around 4 million bpd of crude in June, but only 1 million bpd of oil products, totalling a quarter of pre-war levels.

Now, the renewed disruption to traffic through Hormuz — due to escalating hostilities between the US and Iran — has once again choked off regional exports, threatening hopes for a recovery in Asian or Middle Eastern refinery activity.

Buffers and time are both running short.

US RUNNING OUT OF STEAM

The US emerged as the world’s refinery of last resort in the first half of this year, ramping up exports of crude, gasoline, diesel and aviation fuel to compensate for disruptions elsewhere. But it is now running out of steam.

US crude inventories, including commercial stocks and those in the government’s emergency reserve, have fallen since the start of the Iran war to their lowest level since 1984.

Gasoline stocks are at their thinnest seasonal level since 2012, while diesel inventories only recently recovered from their lowest levels in more than two decades.

At the same time, total US crude and product exports have started to retreat as refiners meet rising domestic demand.

Weekly exports fell to 10.7 million bpd last week, the weakest since March, after reaching a record 14.2 million bpd in April.

With domestic stockpiles under pressure and summer fuel demand at its seasonal peak, Washington’s ability to keep supplying the rest of the world looks increasingly constrained.

CRACKING CRACKS

Perhaps the clearest signal of distress comes from refining profits. The benchmark US 3-2-1 refining margin, or crack spread, recently surged to nearly $70 a barrel, an all-time high. In Northwest Europe, refining margins climbed to seasonal records near $30 a barrel. Diesel markets appear particularly tight.

European diesel margins have jumped to a record of around $65 a barrel, while US gasoline margins are hovering near the record levels reached during the energy shock of 2022 after Russia’s full-scale invasion of Ukraine. Markets do not pay refiners such extraordinary premiums unless consumers are competing for scarce fuel supplies.

TRUMP CARD MIGHT NOT WORK

As the Iran crisis enters its fifth month, traders have become increasingly convinced that US President Donald Trump will do almost anything to avoid a politically damaging spike in US fuel prices.

But the bright flashing warning signs coming out of the refining system suggest the US president may struggle to prevent one. A rapid recovery in global refinery output remains unlikely.

Several major refining hubs remain impaired, due to conflict, supply disruptions or export restrictions, just as summer demand for road fuels and jet fuel is reaching its peak. Diesel stocks typically build during summer ahead of winter.

Refining output in Russia will likely take months, if not years, to recover, assuming no further Ukrainian strikes — an assumption few are willing to make.

Middle East refineries will also require months to ramp up operations once flows through Hormuz are normalised — whenever that is. As inventories run dry, the only remaining market lever would be demand destruction, which could curtail economic activity around the world.

Energy markets have handled the chaotic first half of 2026 remarkably well, but with global fuel stocks now running worryingly thin, the global economy finds itself dangerously exposed.

Gold prices were little changed on Monday as investors assessed an escalation in the Middle East war that pushed oil prices higher.

Another US Federal Reserve policymaker signalled that interest rate hikes may be needed to curb inflation.Spot gold was steady at $4,018.19 per ounce, as of 0756 GMT. US gold futures for August delivery gained 0.1 percent to $4,023.Oil prices jumped more than 3 percent after US forces struck Iran for a ninth consecutive day on Monday.

This came as the number of confirmed American military deaths in the renewed fighting rose to three.Concals also grew over shipping through the Strait of Hormuz. The war is still ongoing, with a focus on rising oil prices that could lead to higher inflation, which is keeping gold pressured, said GoldSilver Central Managing Director Brian Lan.

However, $4,000 has been an important level, and shows that there is support for the metal when it falls below that mark.

Elevated oil prices stoke inflation fears and bets of higher-for-longer interest rates.

While gold is typically seen as an inflation hedge, high interest rates increase the opportunity cost of holding the non-yielding asset.

Cleveland Fed President Beth Hammack added her voice to a growing chorus of policymakers arguing interest rates may need to rise.

This is to beat back persistent inflation, setting up a charged debate at the Fed’s next meeting on July 29.

Traders are now pricing an 82 percent chance of a December interest-rate hike, versus 73 percent last week, according to the CME FedWatch tool.

In the longer term, I’m more cautious on gold and looking at the key $3,886 level, said Kelvin Wong, a senior market analyst at OANDA.

If that level is taken out on the downside, it could potentially unleash further weakness towards $3,500, Wong added.

The US dollar has resumed its upward trend over the past three to four weeks, driven by higher import payment pressures, weaker remittance inflows, slower export earnings and changing market expectations following recent discussions between the Bangladesh Bank and the International Monetary Fund, according to bankers and central bank officials.

Yesterday (20 July), several commercial banks purchased remittance dollars from exchange houses at Tk123.75 per dollar, about 10 paisa higher than in early July. Bangladesh Bank data also show the interbank exchange rate rose by 75 paisa over the past week to Tk123.60.

Although the central bank had kept the benchmark interbank rate at Tk122.85 for a prolonged period, treasury officials say actual transactions were rarely conducted at that level.

Bangladesh Bank data show that letters of credit worth more than $7 billion were settled in June, with government imports accounting for a significant share. Higher global prices of fuel and fertiliser, partly due to the conflict in the Middle East, pushed up import costs and increased demand for foreign currency.

Since LCs are generally settled one to three months after opening, many import orders placed in March and April became due in June and July.

In addition, a large number of deferred-payment UPAS [Usance Payable at Sight] LCs opened during Ramadan were settled in June, while some are still being settled this month, keeping demand for dollars elevated.

Meanwhile, foreign currency inflows have weakened. Bangladesh received $2.82 billion in remittances in June, the lowest monthly inflow in eight months.

Export earnings have also declined. According to the Export Promotion Bureau, merchandise exports fell by $4.2 billion in FY26 compared with the previous fiscal year, reducing the supply of dollars in the banking system.

Bangladesh Bank's Economic Indicators report shows LC settlements reached $70.4 billion in FY26, slightly higher than $70.3 billion a year earlier, indicating import demand remained strong despite slower export growth.

Bankers also attribute the market's volatility to aggressive competition among some commercial banks for remittance dollars. Treasury officials say some banks are paying higher prices to secure remittance inflows while selling dollars at lower rates, particularly for government LC payments, creating distortions in the foreign exchange market.

Market expectations have also shifted following recent IMF discussions. Officials said the IMF questioned why Bangladesh Bank's dollar purchases through auctions remained within a narrow price range.

After the meetings, the central bank began publishing the prevailing interbank exchange rate on its website instead of the earlier benchmark, reinforcing expectations that the exchange rate would be increasingly market-driven.

A senior Bangladesh Bank official said that, as the government negotiates a new IMF loan programme, the central bank is refraining from informal intervention in exchange rate determination, encouraging exchange houses to seek higher prices for remittance dollars.

The Bangladesh Securities and Exchange Commission (BSEC) and its affiliated institutions provided investment education to a total of 21,732 individuals during the 2025-26 fiscal year.

This extensive nationwide outreach, which included various training programmes, seminars, workshops, and conferences, was part of a broader strategy to increase investor awareness, facilitate informed decision-making, and build a healthy and stable capital market.

According to a press release issued by the BSEC today (20 July), these initiatives targeted a wide range of participants, from retail investors to financial professionals and journalists.

The BSEC's Financial Literacy Division played a central role in this initiative, reaching 4,660 people between July 2025 and June 2026. This training pool included 1,896 general investors and 1,194 employees of various market intermediary firms. To ensure accurate media coverage, the commission conducted workshops for 52 capital market journalists.

Furthermore, the division organised a high-level seminar on US SEC surveillance, capital issuance, and financial literacy for 81 participants, while also training 106 authorised representatives of DSE TREC-holders.

Special events also drew significant participation, with 1,290 individuals attending programmes during World Investor Week 2025.

The commission further focused on sector-specific growth by training 91 SME entrepreneurs on raising capital through public offerings. In a bid to promote gender inclusivity in the financial sector, 35 women investors participated in dedicated financial investment workshops, alongside another 26 individuals in miscellaneous educational sessions.

The regulator emphasised that this massive educational drive was a collective effort involving the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), Central Depository Bangladesh Limited (CDBL), and the Investment Corporation of Bangladesh (ICB).

Key academic and professional bodies, including the Bangladesh Institute of Capital Market (BICM) and the Bangladesh Academy for Securities Markets (BASM), also took part.

Additionally, individual brokerage houses, merchant bankers, and listed companies carried out their own literacy initiatives to reach a broader audience.

Institutional data showed that, excluding BSEC's affiliated divisions, brokerage houses trained the highest number of participants at 3,876, followed by the Chittagong Stock Exchange (3,350), the Bangladesh Academy for Securities Markets (2,589), merchant bankers (2,352) and the Dhaka Stock Exchange (1,339).

Other contributors included 185 people trained by publicly listed companies, 181 by the BICM, 180 by the CDBL, and 111 by the ICB.

This multi-stakeholder approach underlines the regulator's commitment to ensuring that market participants at all levels are well-equipped with the financial knowledge necessary to navigate the bourse safely and effectively.

The Asian Development Bank (ADB) has warned the public in Bangladesh against fraudulent schemes that misuse its name and logo to offer fake loans in exchange for fees.

ADB does not provide loans, funds, or financial assistance directly to individuals. Nor does it request personal financial information or seek payments through mobile banking or any other channel in exchange for financial assistance, the multilateral lender said in a statement yesterday.

Citing recent reports, ADB said fraudsters have created fake websites, Facebook pages, IDs, and other deceptive materials impersonating the bank and its staff to mislead people and solicit payments.

“ADB has no involvement in these schemes,” it said.

The international financial institution advised the public to remain vigilant and avoid responding to fake loan offers. Anyone approached by individuals or groups claiming to offer ADB loans or financial assistance should report the incident to the appropriate authorities.

ADB said it is a long-standing development partner of Bangladesh, working with the government and private sector organisations to support development projects through transparent business processes.

“Any person claiming to represent ADB and offering loans directly to individuals is acting fraudulently,” it said.

Founded in 1966, ADB is a multilateral development bank that supports sustainable, inclusive, and resilient growth across Asia and the Pacific. It is owned by 69 members, 50 of whom are from the region.

Pragati Insurance has reported a 23.57% year-on-year increase in earnings per share (EPS) for the second quarter of 2026, driven by higher operating and other income.

According to a disclosure published today (20 July), the listed non-life insurer's EPS rose to Tk1.52 for the April-June quarter, up from Tk1.23 in the corresponding period a year earlier.

For the first six months of 2026, the company's EPS climbed 37.6% to Tk3.11, compared with Tk2.26 in the January-June period of 2025.

The insurer also reported a sharp improvement in its net operating cash flow per share (NOCFPS), which increased to Tk2.00 during the first half of 2026. The company attributed the growth to higher premium collections and increased other income.

Its net asset value (NAV) per share stood at Tk54.43 as of 30 June 2026, compared with Tk55.69 at the end of December 2025.

For the full year of 2025, Pragati Insurance posted a net profit of Tk41.88 crore, with an EPS of Tk5.31. The company rewarded shareholders with a 27% cash dividend.

Despite the strong earnings growth, the company's share price fell 2.93% to Tk76.30 on the Dhaka Stock Exchange (DSE) on Monday.

As of June 2026, sponsor-directors held 40.13% of the company's shares, institutional investors owned 23.83%, while the general public held the remaining 36.04%.

Bangladeshi expatriates living in different countries across the world remitted US$1.94 billion in the first 19 days of July, recording a robust 27.6 per cent growth compared to the corresponding period of the previous year, according to the latest data of Bangladesh Bank.

During the same period last year, the country received $1.52 billion in remittance inflows.

On July 19 alone, expatriates sent home $140 million.

The central bank also revised the remittance inflow figure for the three-day period between July 16 and July 18 to $166 million.

The strong growth in remittance inflows at the beginning of the fiscal year 2026-27 provides a substantial boost for the country's foreign exchange reserves and overall macroeconomic stability.