The US dollar exchange rate against the taka held almost flat through late February before beginning a slow, gradual climb into March.

The shift in the curve comes as taka started to weaken with the beginning of the US-Israel’s war against Iran in March and the subsequent conflicts across the Middle East, mainly because cautious banks began trading the greenback among themselves at higher rates.

This latest fall of taka has revived memories of the 2022-23 currency stress.

At that period, heavy import bills, rising global commodity prices amid the Russia-Ukraine war, and slower remittance inflows and export earnings coincided with a rapidly depleting foreign currency reserve.

This time, however, the forex reserve stands at a much more comfortable level and dollar flow to the local market remains almost normal. But banks have shifted into a cautious mode triggered by the war in the Middle East.

The commercial lenders fear a prolonged war could again push up import bills, while a large share of expatriate Bangladeshis in the Gulf might send less money home.

“Many banks have taken a cautious approach due to the uncertainty ahead,” said Mati ul Hasan, managing director of Mercantile Bank. “However, the real impact will be understood after about a week.”

Yesterday, the weighted average interbank exchange rate stood at Tk 122.69 per dollar, up from Tk 122.58 a day earlier, according to the Bangladesh Bank (BB).

The rate was Tk 122.49 on Monday and Tk 122.43 on Sunday, according to BB data.

A top official of an import-dependent industrial group based in Chattogram told The Daily Star that banks have not yet faced a real shortage of US dollars, but some are “trying to create an artificial crisis”.

He said banks are demanding between Tk 122.90 and Tk 123 per dollar when opening letters of credit (LCs). The rate is even higher in the case of forward sales, he added.

A forward dollar sale is a binding contract to sell dollars at a fixed price on a future date, regardless of the market rate at that time.

Yesterday, state-run Sonali Bank quoted Tk 122.75 per dollar for spot selling, while its spot buying rate ranged between Tk 121.68 and Tk 121.80. Private commercial BRAC Bank quoted Tk 122.95 per dollar for selling and Tk 121.95 for buying.

Dhaka Bank quoted Tk 122.99 per dollar for bills for collection selling and Tk 121.50 for buying yesterday. Mercantile Bank offered the dollar at Tk 122.90 for selling and Tk 121.60 for buying.

Mercantile Bank MD Hasan said that since the flow of dollars had been strong for quite some time and the market remained liquid, banks had not worried much about making payments.

However, they now need to plan ahead because of rising uncertainty, he said, adding that dollar inflows are not evenly distributed across banks, which may prompt some lenders to slightly raise their rates.

“Still, the situation has not become very unstable yet. Conditions could deteriorate if the war continues for long,” said Hasan.

Meanwhile, BB officials said the central bank has stopped intervening in the market, meaning it is no longer supplying dollars from its stocks to support the taka. As a result, the currency has started to weaken.

They also noted that fuel prices in the international market have risen sharply, which could push up import costs and lead to volatility in the foreign exchange market in the coming days.

Considering that potential impact, BB has also stopped purchasing US dollars from the market, they added.

The central bank bought more than $5 billion from the foreign exchange market in FY26 as of March 2. The purchases helped lift the country’s foreign exchange reserve.

Forex reserve stood at $34 billion as of Sunday, according to BB. However, the reserve stood at $29.38 billion based on the IMF calculation.

Between FY21 and FY25, BB sold more than $25 billion from its reserve to meet import payments for fuel, fertiliser and food.

After the war broke out, the new BB governor hinted that the regulator could provide dollar support from the reserve to import fuel if needed, officials said. But leading economists at a meeting last week advised the governor to remain cautious about spending from the reserve as tensions in the Middle East could trigger fresh economic shocks.

They said rising global fuel prices linked to the crisis could increase the country’s import bill and eventually put pressure on the foreign exchange reserve.

The economists urged the central bank to explore alternative funding sources to settle fuel import payments instead of depending on the reserve.

M Masrur Reaz, chairman and chief executive officer of Policy Exchange Bangladesh, a private sector economic and investment advisory platform, was among the economists who met the governor.

He told The Daily Star yesterday that the situation could deteriorate sharply if the Middle East war lasts for a month.

Liquefied natural gas (LNG) and fuel prices have already increased significantly, he said, adding that this will push up import costs in the coming days.

“Due to this possibility, the price of the US dollar is also rising. It may increase further in the future because higher import costs will put additional pressure on foreign currency.”

Reaz said the current fuel rationing should continue. Besides, the government needs to estimate how much fuel will be required and what the cost will be over the next six months and one year, he said.

Based on that assessment, loans could be sought from the Asian Development Bank (ADB) or other multilateral lenders, said the economist. “The borrowed funds should be used to import fuel. In addition, projects that are currently stalled should be restarted quickly so that foreign funding can flow into the country.”

Iranian crude oil has continued to flow through the Strait of Hormuz at a near-normal pace even as Tehran-linked attacks on ships in the narrow waterway have decimated exports from other Gulf countries, a Reuters ‌review of tanker tracking data showed.

Iran has exported about 13.7 million barrels of crude oil since Israel and the US launched attacks on the country on 28 February, according to analysis from TankerTrackers.com, a maritime intelligence company that specializes in tracking the so-called shadow fleet, a network of vessels used to transport oil and gas from countries under Western sanctions.

Vessel tracking service Kpler pegged Iranian exports in the first 11 days of March even higher at about 16.5 million barrels.

Iran's retaliation to the Israeli and US attacks has included strikes on ships in the Strait of Hormuz and energy infrastructure across the Middle East, bringing non-Iranian vessel transits through the main gateway for ⁠much of Middle Eastern oil exports to a near standstill and forcing producers in the region to cut output.

Ran's ability to keep exporting oil without any reported interceptions contrasts sharply with what happened during the US military campaign in Venezuela, which involved a naval blockade of the Latin American nation and seizures of vessels attempting to enter or exit Venezuelan waters.

"I'm surprised, given their successful seizures of Venezuela-related vessels this past December, that the US did not initiate a similar campaign prior to starting this conflict, or has not done so at this time," said David Tannenbaum, a director at consulting firm Blackstone Compliance Services.

However, US efforts to stop Iran-linked tankers could unleash more attacks on vessels passing the Strait of Hormuz, Next Barrel oil and shipping analyst Matias Togni said.

So long as Iran is moving its vessels through the region, Iran has an incentive to keep the Strait of Hormuz open at least to some degree, said James Lightbourn, shipping financier and founder of Cavalier Shipping, maritime investing and advisory business.

"If the US were seizing tankers, it would give Iran less ‌to lose ⁠by shutting the strait entirely (such as with mines)," Lightbourn said.

US President Donald Trump's White House did not immediately reply to a request for comment on whether Washington plans any actions against Iranian oil exports.

Iranian exports at pace similar to last year

The TankerTracker.com and Kpler data indicate Iran's crude oil exports equate to between 1.1 million barrels per day and 1.5 million bpd from 28 February through 11 March. The country's average exports last year were 1.69 million bpd, according to Kpler records.

The pace could pick up In the days ahead. Multiple very large crude carriers, the largest oil vessels in service, ⁠are still loading oil at Iran's Kharg Island export hub, according to satellite imagery reviewed by TankerTrackers.com.

Prior to the February 28 strikes, Iran had ramped up exports to about 2.17 million bpd in February in anticipation of Israeli-US military action, Kpler data showed. Record oil exports from Iran were about 3.79 million bpd in the week of February 16, the data showed.

Six crude oil tankers have left ⁠Iran since 28 February, including the US-sanctioned vessel Cuma, which sailed this week, according to analysis from Kpler and Lloyd's List Intelligence. Two liquefied petroleum gas tankers, also under US sanctions, sailed out of Iranon Friday after loading cargoes, Reuters earlier reported.

At least 11 million barrels of crude oil have been shipped out of Iran, with four supertankers that left Iran ⁠carrying 8 million barrels arriving in waters around Singapore, a separate analysis showed.

The vessels follow the same pattern of sailing within Iran's exclusive economic zone, which extends up to 24 miles and beyond local territorial limits of 12 nautical miles.

This is seen as providing the vessels with a measure of protection by keeping them within Iran's waters, shipping sources said.

Paramount Textile, a listed textile firm, has reported that its consolidated profit in the second quarter of the current fiscal year fell by 19% year-on-year due to a decline in revenue.

During the October-December period, its consolidated profit declined to Tk20.77 with an earnings per share (EPS) of Tk1.16.

At the same time of the previous fiscal years, its profit was Tk25.79 crore and an EPS of Tk1.44, according to its disclosures published on the stock exchanges website today (11 March).

Following the disclosures, Paramount Textile's shares dropped by 3.95% to Tk51.10 each at the Dhaka Stock Exchange.

In an explanation about declining profit, it said revenue decrease in this period in comparison with the corresponding period of last year."

How much revenue declined, it was not confirmed as it yet to publish its financials statements.

Meanwhile, in the first half of 2025-26 fiscal year, its profit declined by 4.23% to Tk42.27 crore, and EPS stood at Tk2.36.

In H1 of FY25, its profit was Tk4.06 crore and EPS was Tk2.46, its disclosure said.

The consolidated net operating cash flow per share for H1 declined to Tk3.26 as against Tk5.03 for the July-December of the previous fiscal year.

While its consolidated net asset value per share stood at Tk45.06 as of 31 December.

It said cash flow significantly lower because of lower revenue collection compare to the same period of the last year.

The board of directors of Safko Spinning Mills has decided to sell the loss-making company, citing operational challenges, and plans to transfer its shareholdings to interested investors.

The move aims to ensure business continuity and protect the interests of existing shareholders, the company said in a disclosure to the Dhaka and Chittagong stock exchanges today (11 March).

The share transfer process is currently underway, with steps being taken to facilitate potential ownership changes. The initiative is expected to attract new investors who may acquire the stakes currently held by sponsor-directors, including SAKM Salim, SABM Humayun, Syed Saqeb Ahmed, SFAM Shahjahan, and Syeda Momena Begum.

Following the announcement, Safko's share price rose 9.35% to Tk15.20 on the Dhaka Stock Exchange today.

A team from the DSE had visited the company's factory on 3 February 2025 and found operations closed; production resumed on 31 August last year. The company's auditor issued a qualified opinion, noting significant financial stress.

Safko has accumulated losses of Tk97.81 crore and unpaid bank loans of Tk142.24 crore. Inventory has been sold at nominal prices, and operations were temporarily halted, raising doubts about the company's ability to continue as a going concern.

In the July-December period of the current fiscal year, the company generated revenue of Tk57 lakh after resuming production, with a net loss after tax of Tk6.19 crore, compared with a loss of Tk15.89 crore in the same period last year. Loss per share improved to Tk2.07 from Tk5.30.

Market analysts noted that ownership restructuring is common among listed companies when sponsors seek strategic investors, address financial challenges, or restructure operations. Depending on incoming investors, such transfers may lead to changes in management or business strategy.

Safko confirmed that all regulatory procedures will comply with the Bangladesh Securities and Exchange Commission and stock exchange listing rules. Shareholders will receive updates as the process progresses and approvals are secured.

The taka weakened further yesterday as concerns grew over exports and remittance inflows, amid the ongoing war in Iran, which has driven up oil prices and raised fears of an energy crisis.

The dollar rose by up to Tk 0.8, reaching Tk 122.63 in the spot market, compared with a high of Tk 122.55 the day before.

In the interbank market, the weighted average rate of the dollar climbed to Tk 122.58 from Tk 122.49. This marks the fifth consecutive day of gains for the dollar after remaining stable at Tk 122.30 per US dollar for over a month, according to Bangladesh Bank data.

Globally, the US dollar strengthened as turmoil in the Middle East intensified, pushing investors toward the currency amid rising oil prices caused by the US-Israel war on Iran.

Local bankers said the recent rise in the dollar is partly due to the Bangladesh Bank’s decision to avoid intervening in the market.

Since the start of fiscal year 2025-26 (FY26), the central bank has purchased over $5 billion from the foreign exchange market to rebuild reserves, which had fallen below $20 billion after earlier sales aimed at preventing a sharp fall in the taka’s value.

Between FY21 and FY25, the Bangladesh Bank sold more than $25 billion from its reserves to help the government pay for fuel, fertiliser, and food imports.

As of 8 March 2026, Bangladesh’s gross forex reserves stood at $34 billion, while readily usable reserves, calculated using an IMF formula, were $29.38 billion.

A high-profile mission of the United Nations (UN) is scheduled to visit Dhaka next month to present its findings on Bangladesh's graduation readiness assessment, although the Bangladesh government has sought a three-year postponement of its graduation from the LDC category.Maps

According to a UN official communication, the mission of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) is expected to visit Bangladesh from April 03 to April 07, 2026 to share the results and conclusions of the country's 'Graduation Readiness Assessment'.

The delegation will be led by UN Under-Secretary-General and High Representative Rabab Fatima.

During the visit, a half-day high-level multi-stakeholder consultation is scheduled to be held in Dhaka on April 5, where the UN team will discuss the assessment findings and the proposed pathway for Bangladesh's smooth and sustainable transition from the Least Developed Country (LDC) category.

The UN delegation has also requested bilateral meetings with several top government leaders during the visit, including Prime Minister Tarique Rahman, Foreign Minister Khalilur Rahman, Finance and Planning Minister Amir Khosru Mahmud Chowdhury and Commerce Minister Khandaker Abdul Muktadir, it was learnt.

Officials concerned said the proposed meetings are expected to provide an opportunity to discuss the readiness assessment in detail and explore policy options to ensure a smooth and sustainable transition for Bangladesh after its graduation from the LDC group.

The UN mission comes at a time when Bangladesh has requested the United Nations to defer its LDC graduation timeline, citing mounting local and global economic uncertainties, trade vulnerabilities and structural challenges.

Bangladesh is currently scheduled to graduate from the LDC category in 2026, a transition that will gradually phase out several international trade benefits, including preferential market access and special support measures, a senior official of the commerce ministry said.Personal Finance Advice

However, economists and policymakers have raised concerns that the loss of such privileges could affect key export sectors-particularly the apparel industry-unless adequate preparations and international support mechanisms are secured.

Officials familiar with the process said the upcoming UN consultations are expected to focus on assessing Bangladesh's economic and institutional readiness for graduation, identifying policy gaps and transition risks and discussing possible international support measures during the post-graduation period.

The UN office noted that the exchanges in Dhaka would provide a valuable platform to review the readiness assessment and chart the way forward for Bangladesh's graduation process.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the conversion of the “SEML Lecture Equity Management Fund” from a closed-end to an open-end mutual fund.Bangladesh Economic Report

The decision was finalised during the 1002nd commission meeting held today at the Commission’s meeting room, said a press release.

BSEC Chairman Khondoker Rashed Maqsood presided over the session, where the fund’s structural transition was among several regulatory matters addressed.

The commission’s approval to transform the fund into a perpetual, open-end format follows the completion of its mandatory 10-year term as a closed-end fund.

Additionally, the Commission approved all relevant documents pertaining to the fund.

The initial size of the newly converted open-end SEML Lecture Equity Management Fund will be Taka 50 crore.

Strategic Equity Management Limited is acting as the Asset Manager, while Bangladesh General Insurance Company PLC and Commercial Bank of Ceylon PLC are serving as the Trustee and Custodian, respectively.

Policy experts suggest the new government should adopt a realistic fiscal framework for the upcoming national budget as overly ambitious targets could worsen macroeconomic pressures amid geopolitical tensions and domestic economic challenges.Global Economy Insights

To make it, the Centre for Policy Dialogue (CPD) economists have recommend for the government's finance authorities to set achievable revenue projections and adopt measures for stronger fiscal management and structural reforms in the 2026-27 budget in the offing.

The CPD suggestion came at a media briefing the think-tank arranged Tuesday in Dhaka for placing recommendations for the budget.

Executive director of CPD Dr Fahmida Khatun noted that the country's economy was currently facing multiple internal and external pressures that require careful and strategic policy responses.

Ensuring macroeconomic stability, boosting investment, protecting vulnerable groups and creating employment opportunities should be the key priorities in the FY2026-27 budget, she said.

The CPD executive makes a point that this happens to be the first national budget of the newly elected government and, therefore, represents "an important opportunity to demonstrate leadership in fiscal management and policy direction".Earned Wage Access

However, she warns that credible revenue projections and disciplined public spending would must-dos to achieve those objectives.

"The government should avoid setting overly ambitious targets and instead focus on realistic revenue projections, stronger fiscal management and structural reforms," she told the press.

The policy outfit warns that global geopolitical tensions, particularly the ongoing conflict involving the United States and Israel and Iran, pose significant risks to Bangladesh's economy by increasing energy prices and inflating the country's import bill.

Bangladesh relies heavily on imported energy, particularly liquefied natural gas and crude oils from the Middle East, making the economy vulnerable to supply disruptions and global price volatility.

Any disruption to global energy-supply chains could quickly translate into higher domestic inflation, the think-tank alerts.

Dr Khatun raised concerns over a recent trade agreement between Bangladesh and the United States.City & Local Guides

Under the agreement, Bangladesh will provide duty-free access to around 4,500 US products, while tariffs on another 2,210 products will be gradually reduced over the next five to ten years.

As a result, CPD estimates, the government may lose about Tk13.27 billion in customs revenue during the current fiscal year.

"The government should reassess the implications of the agreement for both revenue earnings and public spending and, if necessary, reopen discussions with the United States," Dr Khatun said.

According to the CPD, the agreement could also raise issues under World Trade Organisation rules, as Bangladesh might face pressure to extend similar tariff concessions to other trading partners.

She points out that some provisions require Bangladesh to purchase certain products from the United States which could increase government expenditure.

Distinguished fellow of the CPD Dr Mustafizur Rahman said global trade is increasingly being used as a geopolitical tool, weakening the multilateral trading system.

He suggests that the full details of the agreement should be made public as it contains important financial and policy implications.

Since the private sector will be involved in implementing parts of the agreement, the government may need to provide incentives or subsidies to encourage businesses to import US products, he said.Bangladesh Stock Market

The CPD also expressed concern over Bangladesh's weak revenue mobilisation.

Revenue growth reached only 12.9 per cent until January of the current fiscal year, far below the annual target of 34.5 per cent.

To meet the annual target, revenue collection would need to grow by nearly 59 per cent during the remaining months of the fiscal year, which Dr Khatun describes as unrealistic and impossible.

The revenue shortfall has already come to around Tk600 billion, increasing pressure on government finances.

Due to weak revenue collection, the government's reliance on bank borrowing has risen sharply.

Until December, the government had borrowed Tk 596.55 billion from the banking sector, while non-bank borrowing and foreign financing declined.

"Excessive borrowing from banks creates risks in the financial sector and crowds out private-sector credit," Dr Khatun said.

The think-tank also has highlighted broader economic challenges, including persistently high inflation, weak investment and slow implementation of development projects.Earned Wage Access

Inflation has remained above 8.0 per cent, while export earnings declined by 3.2 per cent during the current fiscal year. Imports, meanwhile, rose by 3.9 per cent.

Implementation of the Annual Development Programme (ADP) also slowed significantly, with only 20.3 per cent of projects completed by January - the lowest rate in the past 15 years.

The CPD mentions that Bangladesh's tax-to-GDP ratio remains extremely low, around 6.8 per cent, and calls for comprehensive reforms to improve domestic resource mobilisation.

To strengthen the investment climate, Dr Khatun suggests simplifying business-registration procedures and reducing regulatory complexities.

The think-tank also recommends introducing tax incentives for digital infrastructure and establishing a special credit programme offering loans at interest rates of 3.0-5.0 per cent for environmentally sustainable small and medium enterprises.

The Centre further urges improvements in logistics and energy planning.

Among its proposals is also full automation of operations at Port of Chittagong to improve efficiency and reduce delays in trade and cargo handling.Global Economy Insights

The organisation also calls for a clear national roadmap for energy security, emphasising the need to strengthen electricity transmission and distribution alongside power generation.

The CPD notes that although the government has applied to the UN to extend time for the LDC graduation, it is still pending.

But the government should start rationalising the tariffs and incentives for the domestic industries as well as exploring regional trade agreements.

Bangladesh has asked Bhutan to submit a proposal for a possible free trade agreement (FTA) after the Himalayan kingdom expressed interest in upgrading existing bilateral trade ties from the current preferential trade agreement (PTA).

Once the proposal arrives, it will be sent to the technical committee on trade for scrutiny before a final decision is taken, Commerce Secretary Mahbubur Rahman told The Daily Star today.

The development came on the final day of a two-day visit to Dhaka by a commerce secretary-level delegation from Bhutan.

Tashi Wangmo, secretary of Bhutan’s Ministry of Industry, Commerce and Employment, raised the proposal for an FTA during a meeting between the two sides at a hotel in Dhaka.

In December 2020, Bangladesh and Bhutan signed a PTA. Under the agreement, Bangladesh grants duty-free access to 34 Bhutanese products, while Bhutan allows duty-free entry for 100 Bangladeshi goods.

The deal marked Bangladesh’s first bilateral trade agreement.

During today’s meeting, Bhutan also asked Bangladesh to expand the list of products eligible for duty-free access under the PTA from the current 34 items.

Moreover, the Bhutanese side proposed using Chattogram port for imports and exports, citing the country’s landlocked geography, Rahman said.

He added that Bangladesh would allow Bhutan to use Pangaon port in Keraniganj and Khanpur river port in Narayanganj to transport goods. Dhaka will review Thimphu’s request to use Chattogram port.

Recently, a shipment imported from Thailand by Bhutanese importers passed through Chattogram port as a trial run, Rahman said.

If the arrangement is approved, the ministries of road transport and highways and shipping, along with other relevant agencies, will determine the fee structure for Bhutan’s use of Chattogram port, he added.

Bangladesh Securities and Exchange Commission (BSEC) fined individuals, intermediaries and firms a total of Tk 1,488 crore for their involvement in stock market manipulation during the interim government’s tenure. So far, the commission has received Tk 5.23 crore of the total fine amount.

Recovery of the fines remains slow as the entities have taken the matter to court, and it remains stuck in the legal process.

The commission recently disclosed this information to the finance ministry in its performance evaluation of the last 1.5 years.

The fine includes the amount that a manipulator gained from their manipulation, after deducting 10 percent for tax, according to the regulator.

In the last one and a half years, the regulator ran 12 investigations by an external investigation committee and 114 investigations by its own team.

Considering the extent of the offence, 16 corruption cases were sent to the Anti-Corruption Commission and other government agencies for taking steps.

“What a commission can do at most is set a financial penalty to punish manipulators, which it did successfully,” said Professor Al-Amin of the Accounting Department at Dhaka University.

“Whether the fines will get paid or the fined entities will get a clean sheet from the court is not the BSEC’s concern,” he said, pointing out that due process was followed in setting the penalties.

Although some investors accused the regulator’s penal decision of impacting the market, this line of thinking is not logical. Moreover, the fine was necessary to keep manipulators at bay, and it will benefit the capital market in the long run, Professor Al-Amin added.

Regarding the BSEC’s performance in the last 1.5 years, he said it would have been better if the regulator could have convinced at least two or three state-run companies to join the capital market in this period.

In its letter to the ministry, BSEC said that 18 companies raised funds of Tk 9,571 crore through bond issuance and 22 companies collected capital of Tk 3,170 crore through right shares in the last 1.5 years. A system has been developed so that initial public offering (IPO) applications can be submitted online and applicants can track the status of the approval.

Moreover, BSEC said in the letter that it formed and approved three regulations, amended two regulations, and drafted two acts and ordinances during this period.

Khondoker Rashed Maqsood, chairman of BSEC, said during an event on Sunday that anyone who is fined -- even if the amount is just Tk 100,000 -- gets around nine months across different legal stages to make the payment.

In addition, everyone has legal rights, and many are challenging the fines in court, he noted.

He expressed confidence that the entire amount will be deposited in the national exchequer within one to two years.

The dollar lost some of its safe-haven appeal on speculation that the war in the Middle East could prove limited on Tuesday, pulling down skyrocketing ​oil prices and boosting risk assets.

At 157.73 yen and $1.1632 per euro, the ‌greenback was firm in early Asia trade, but it has retreated from day-earlier highs after US President Donald Trump said war against Iran was "very complete." Washington was "very far ahead" of his initial four- to five-week ​time estimate, he told CBS News.

The comments were quickly rejected as "nonsense" by Iran's Revolutionary ​Guards, but they seemed to hold traders back from deepening worries about ⁠an oil shock and put them in a wait-and-watch stance.

Brent crude futures traded at $92.46 ​a barrel in the Asia morning, down from highs near $120 on Monday.

The risk-sensitive Australian dollar , ​which has loitered around 70 cents since war broke out, steadied at around $0.7068.

"The market is just taking a breather," said Rodrigo Catril, senior currency strategist at National Australia Bank in Sydney.

"We're cautious in the sense ​that it may not be as simple as just declaring the end of the ​war ... our sense is that we haven't seen the end of the volatility."

The dollar has been traders' ‌shelter-of-choice as ⁠US and Israeli attacks on Iran have all but frozen oil and gas exports through the Strait of Hormuz, sending energy prices soaring.

Investors are worried that could curtail global growth by acting as a tax on business and consumption, while at the same time pushing central banks ​away from easing rates.

Sterling ​recovered from a ⁠Monday dip to hold at $1.3412 and the New Zealand dollar steadied at $0.5932.

A Deutsche Bank analysis on Monday suggested larger market moves out of ​risky assets could require oil prices to stay at higher levels, a ​policy pivot ⁠from central banks and tangible signs of a broader economic slowdown.

"How close are we to meeting those thresholds? Much closer than a week ago," said strategist Henry Allen.

"But on several metrics ⁠we aren't ​quite there yet, which explains why equities aren't yet ​seeing bear-market declines, like we saw in 2022," he said, referring to the aftermath of an energy shock triggered ​by Russia's invasion of Ukraine.

Iran's Revolutionary Guards said on Tuesday they would not let any oil be shipped from the Middle East ​if US and Israeli attacks continue, prompting President Donald Trump to say the US would hit Iran much harder if it blocked exports.

The rhetoric did little to quell a fall ‌in crude prices and a rally in global shares that followed Trump expressing confidence in a swift end to hostilities, even after Iran showed defiance by naming Mojtaba Khamenei as its new supreme leader.

Trump said on Monday the US had inflicted serious damage on Iran's military. He also predicted the conflict would end before the initial four-week time frame he had set out, although he has not defined what victory would look like.

Israel says its war aim is to overthrow Iran's system of clerical ​rule.
"Our aspiration is to bring the Iranian people to cast off the yoke of tyranny," Israeli Prime Minister Benjamin Netanyahu said in a statement issued by his office on Tuesday.

"In the ​end, that depends on them. But there is no doubt that through the actions taken so far we are breaking their bones - and our hand is ⁠still extended," he said. "If we succeed together with the Iranian people, we will bring about a permanent end - if such things exist in the life of nations."

US officials have mainly said Washington's aim is ​to destroy Iran's missile capabilities and nuclear programme, but Trump has said the war can end only with a compliant Iranian government.

At least 1,332 Iranian civilians have been killed and thousands wounded, according to Iran's ​U.N. ambassador, since the US and Israel began air and missile strikes across Iran at the end of February.

Trump said US attacks could increase sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world's oil supply.

“We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world," Trump told a press conference on Monday.

IRAN SAYS IT ​WILL DETERMINE END OF WAR

The Islamic Revolutionary Guards Corps said it would not allow any oil to leave the region if attacks from the US and Israel continue.

"We are the ones who will determine the ​end of the war," a spokesperson said, describing Trump's comments as "nonsense", according to state media.

In a later Truth Social post, Trump repeated his warning.

"If Iran does anything that stops the flow of Oil within the Strait of Hormuz, ‌they will be ⁠hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," he said.

Saudi Aramco, the world's top oil exporter, warned on Tuesday of "catastrophic consequences" for global oil markets if the war continued to disrupt shipping in the Strait of Hormuz.

The strait is the world's most vital oil export route, connecting the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.

The war has already effectively shut the Strait of Hormuz, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage facilities fill.

Iranian Foreign Minister Abbas Araqchi said Tehran was ​unlikely to resume negotiations with the U.S, which he ​said had spoken of progress after three ⁠rounds of talks.

"Still, they decided to attack us. So, I don't think talking to the Americans anymore would be on our agenda any more," he said in an interview with PBS.

The appointment on Monday of Mojtaba Khamenei to succeed his slain father, Ayatollah Ali Khamenei, appeared to dash hopes of a swift end ​to the war, sending oil markets surging and share markets nosediving. Markets swung in the other direction when Trump predicted a quick end to the ​war and after reports of ⁠a possible ease in sanctions on Russian energy.

After speaking with Russian President Vladimir Putin, Trump said the US would waive oil-related sanctions on "some countries" to ease the shortage.

According to multiple sources, that could mean a further easing of sanctions on Russian oil, which could complicate efforts to punish Moscow for its war in Ukraine. Other options include a possible release of oil from strategic reserves or restricting US exports, sources said.

Brent crude futures fell more ⁠than 10 percent on ​Tuesday after soaring by as much as 29 percent on Monday to their highest since 2022. Global stock markets also bounced.

The price ​of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump's Republicans will try to keep control of Congress.

A Reuters/Ipsos poll released Monday found 67 percent of Americans expect ​gas prices to rise over the coming months, and only 29 percent approve of the war.

Blue-chip stocks led a strong recovery in the capital market for the second consecutive session, helping the benchmark index of the Dhaka bourse rebound sharply after the recent heavy sell-offs triggered by geopolitical tensions in the Middle East.

The Dhaka Stock Exchange (DSE) benchmark index, the DSEX, gained 148 points today (10 March) to close at 5,290, extending a two-day rally that has recovered about 280 points, largely driven by gains in large-cap blue-chip stocks, particularly shares of the bank and telecom sectors.

Stocks suffered their highest single-day fall in six years on Sunday, the first trading session of the week, as escalating geopolitical tensions in the Middle East triggered panic selling across the market.

The index plunged 231 points, or 4.42%, to close at 5,008, hitting a two-month low and marking the biggest one-day decline since the Covid-19 pandemic era.

According to data, turnover at the Dhaka bourse increased by 42.7% to Tk593.7 crore as investor participation rose compared with the previous session's Tk416 crore.

Yesterday, trading began at DSE on a positive note as buying appetite surged. Throughout the session, buyers dominated the market.

By the end of trading, the DSEX, which reflects around 97% of the total market capitalisation, closed up 2.88%, or 148 points.

The other two major indices – DSES, the Shariah index, and DS30, the blue-chip index – also surged by 2.24% (23.24 points) and 3.18% (63 points), respectively.

The DS30 is constructed with 30 leading companies and is considered the exchange's investable index. It reflects around 51% of the total market capitalisation.

Among the traded stocks, 339 advanced, 13 declined, and 37 remained unchanged.

According to the LankaBangla Financial Portal, bank stocks contributed significantly to the rise in the indices. BRAC Bank pulled the DSEX up by 19 points, while Islami Bank Bangladesh added 14 points, Pubali Bank 5 points, City Bank 4.52 points, and Prime Bank 4.50 points.

Meanwhile, Square Pharmaceuticals contributed 11 points, and BAT Bangladesh added 6 points to the index.

In the previous session, Islami Bank Bangladesh, BRAC Bank, City Bank and Pubali Bank jointly lifted the DSEX by 54 points out of the total 132-point increase.

Although 36 banks are listed, trading is currently active for 31 banks, as the shares of five Islamic banks remain suspended following their merger into a single entity named Sammilito Islami Bank.

Share prices of 24 banks increased yesterday, while no bank stocks declined, and seven remained unchanged.

EBL Securities, in its daily market commentary, said the recovery momentum in the country's capital market extended for a second consecutive session, as investors took comfort from indications of a potential de-escalation in the Middle East conflict and easing concerns over immediate fuel supply shocks in the country.

"The market started with predominant buying pressure, and the momentum strengthened steadily as the session progressed, leading to broad-based price appreciation across most scrips for consecutive sessions," it said.

On the sectoral front, bank stocks accounted for the highest share of turnover at 24%, followed by the food sector at 15.5% and the pharmaceutical sector at 12.8%.

Pragati Life Insurance topped the gainer list, hitting the upper circuit, the highest single-day limit capped by the regulator, by 9.98% to Tk210.3 each.

It was followed by Asia Insurance by 8.30% to Tk37.8 each, Nahee Aluminum by 8.29% to Tk20.9 each, the First Janata Mutual Fund by 7.69% to Tk2.8 each, and Asia Pacific Insurance by 7.41% to Tk36.2 each.

While on the losing side, Metro Spinning Mills topped the loser list as its share price fell by 2.06% to Tk9.5 each, followed by Premier Cement by 1.89% to Tk36.3 each, and Newline Clothing by 1.75% to Tk5.6 each.

Meanwhile, the port city bourse, at Chittagong Stock Exchange, also settled in a positive territory.

Its Selective Categories' Index (CSCX) and All Share Price Index (CASPI) advanced by 206.8 points and 332.3 points, respectively.

Bangladesh's exporters are increasingly concerned that the ongoing war in the Middle East could slow new export orders as rising fuel prices push up living costs in major consumer markets.

Industry leaders say higher energy costs are already driving up prices of essential goods such as groceries and transport in key destinations including Europe, the United States and Australia. As households spend more on necessities, exporters fear demand for non-essential products such as ready-made garments (RMG) may weaken, potentially leading to fewer purchase orders.

Some European buyers have already postponed order plans, while others have cancelled orders, exporters said.

"We expected orders to increase after the national election, but that has not happened, largely because the war has begun," said Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

He said some buyers have recently put pre-order negotiations on hold.

Concerns spread beyond garments

The worries extend beyond the country's largest export sector, the RMG industry, which accounts for around 85% of Bangladesh's export earnings.

Exporters from other sectors say they are also seeing early signs of hesitation from overseas buyers.

Officials at Creations Private Limited, a major exporter of jute-based lifestyle products, said they had expected to finalise new orders with international buyers after attending the Ambiente consumer goods fair in Frankfurt two weeks ago.

Md Rashedul Karim Munna, managing director of the company, said several buyers discussed potential orders during the fair and negotiations were scheduled for this week.

"But after the war began, they suspended those discussions," he told The Business Standard.

"Not only have order plans been postponed, in some cases orders that had already been placed were cancelled."

Munna said rising energy costs across Europe are forcing buyers to reallocate budgets.

"As transportation and grocery prices rise, buyers are allocating more of their budgets to those sectors. As a result, demand for our exported products may decline," he said, warning that a prolonged conflict could significantly affect exports.

Footwear exporters also cautious

Exporters in the leather and synthetic footwear sector are also reporting uncertainty.

Tipu Sultan, managing director of Bengal Leather Complex Limited and the newly elected president of the Bangladesh Tanners Association, said negotiations for new orders were expected to begin in April.

"But after the war started, those discussions have been temporarily suspended," he said.

"If the war drags on, we may fail to secure export orders."

Exporters had hoped that although 2025 was a difficult year, the formation of a new government following the national election would create a more favourable environment for trade and investment.

However, industry leaders say global uncertainty is now overshadowing those expectations.

Freight delays and rising shipping costs

Exporters say logistics are also becoming more complicated as the conflict disrupts global energy supply routes.

Mohammad Hatem said freight costs have already started to rise and shipping times are getting longer.

Although buyers typically bear freight costs under most export contracts, he said some of the increased expenses are eventually passed back to suppliers indirectly.

Officials at DBL Group, one of Bangladesh's largest exporters, also expressed concern.

MA Rahim Feroz, vice chairman of DBL Group, said grocery prices in Europe are already increasing.

"With rising fuel prices, transportation costs will also increase," he said.

"Since incomes cannot easily increase, consumers will prioritise spending on groceries and transport, pushing clothing purchases further down their list of priorities."

However, he added that buyers in Europe and the US have not yet sent any formal negative signals.

Export slump continues

Bangladesh's export performance has already been weakening in recent months.

According to the Export Promotion Bureau (EPB), the country's exports have declined for seven consecutive months.

During the first eight months of the current 2025-26 fiscal year – from July to February – exports fell by 3.15% compared with the same period a year earlier. In February alone, exports dropped by more than 12%.

Exporters and analysts say the slowdown has been partly driven by reciprocal tariffs imposed by the Trump administration in mid-2025.

Diesel shortages raise fresh concerns

At the same time, industrialists warn that domestic fuel supply problems are emerging as the conflict disrupts oil shipments through the Strait of Hormuz.

Some factories have already reported difficulty obtaining diesel.

Minhazul Hoque, a director of BKMEA, said three member factories have reported shortages.

"If they cannot get diesel, it will be difficult to run factories, which could disrupt export shipments," he said.

Bangladesh's industries rely heavily on gas-based electricity generation, but declining gas pressure and frequent power outages in recent years have forced many factories to rely on diesel-powered generators.

Spinning mills – a key backward linkage industry for garments – are particularly energy-intensive.

"Diesel is not available," Mohammad Hatem said.

Nafis-Ud-Doula, a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the issue has already been raised with the power, energy and mineral resources ministry.

"We have requested that a quota be allocated for industries in diesel distribution," he said.

Supply chain risks emerging

SM Khaled, managing director of Snowtex Group, said shipping schedules at ports have already become more complicated.

"Some buyers are asking suppliers to send goods to the port ahead of schedule," he said.

He added that rising oil prices could also increase the cost of fuel-based yarn and fabric, raising production costs for exporters.

Kazy Mohammad Iqbal Hossain, South Asia sustainability manager of Lindex HK Ltd, an EU-based brand, said the impact on Bangladesh's supply chain has so far been limited.

"However, if this war continues for two to three weeks, it will have a significant impact," he said, adding that vessel schedules could face disruptions.

Inflation risk for export markets

Economists say prolonged conflict could trigger inflation in Bangladesh's export destinations, further weakening demand.

Dr Mohammad Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID), said rising energy prices would increase inflation in importing countries.

"As inflation rises, demand for the products Bangladesh mainly exports will decline," he said.

"At the same time, disruptions in supply chains and higher oil prices will increase the cost of doing business."

India's private carriers Air India and its subsidiary Air India Express on Tuesday announced they will start levying a fuel surcharge on each domestic flight ticket from 12 March and also for flights to SAARC countries due to a hike in jet fuel prices amid the Middle East conflict.

The two carriers will hike the charge for bookings for other international destinations and the new fuel surcharges will be implemented in a phased manner, said a statement from the airlines.

"Air India group announced a phased expansion of a fuel surcharge on its domestic and international routes, necessitated by the steep rise in jet fuel prices arising from the geopolitical situation in the Gulf region," the statement reads.

In the first phase, a fuel surcharge of Rs 399 per domestic flight ticket would be imposed from 12 March and the same will also be applicable for SAARC flights, the statement said.

For West Asia flights, the fuel surcharge will be $10 and hiked by $30 to $90 for Africa flights and by $20 to $60 for Southeast Asia services.

All these changes will be effective from 12 March, including for flights to and from Singapore.

Currently, there is no fuel surcharge for the Singapore services.

Around Tk49 crore worth of shares of Olympic Industries Limited changed hands in the block market of the Dhaka Stock Exchange (DSE) today (10 March), signalling a strategic transaction involving the company's sponsor director.

A total of 35 lakh shares were traded in the block market at Tk140 per share during the session. In contrast, the stock closed at Tk151 apiece in the public market, marking a 2.93% increase from the previous trading day.

Earlier, on 23 February, around Tk72 crore worth of shares of Olympic Industries changed hands in the block market. A total of 50 lakh shares were traded at Tk144 per share during that session.

In the block market, transactions are executed between pre-arranged buyers and sellers at mutually agreed prices. Shares worth below Tk5 lakh are not permitted in this segment, and the standard 10% upper and lower circuit breaker limits apply.

Market insiders said the block trade was executed by the company's chairman and sponsor director, Aziz Mohammad Bhai, as part of his earlier plan to increase his stake. The shares were reportedly purchased from foreign investors.

Earlier, on 19 February, Aziz Mohammad Bhai disclosed his intention to buy one crore shares of Olympic Industries through the block market within the next 30 working days at the prevailing market price.

At present, foreign investors hold 30.26% of the company's shares, while institutional investors own 21.96%. The general public holds 12.90%, and the remaining shares are held by sponsors and directors.

Olympic Industries is the country's largest branded biscuit manufacturer and a leading fast-moving consumer goods company, producing a wide range of biscuits, confectionery and bakery products for both domestic and export markets.

For the July–December period of 2025, the company reported revenue of Tk1,548 crore, up from Tk1,490 crore in the same period a year earlier. Earnings per share stood at Tk5.99, compared with Tk5.82 previously, while net asset value per share reached Tk65.34 as of December 2025.

United Finance PLC has received in-principle approval from Bangladesh Bank to open an Islamic finance window, allowing the company to offer Shariah-compliant financial services alongside its existing conventional operations.

The central bank granted the approval through a letter dated 8 March, according to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE).

The approval is subject to several conditions, including amendments to relevant clauses in the company's memorandum and articles of association.

Once the required changes are made and other regulatory conditions are met, the company will be able to conduct Shariah-compliant financing activities through the dedicated Islamic finance window.

Following the disclosure, United Finance shares rose 3.17% on the Dhaka bourse to close at Tk13, reflecting positive investor sentiment about the company's expansion into Islamic financial services.

The move comes as demand for Shariah-based financial products continues to grow in Bangladesh's financial sector. By introducing the Islamic finance, United Finance aims to diversify its product offerings and reach a wider customer base seeking Shariah-compliant financing options, the company said.

United Finance has reported modest financial performance in recent periods. For the July-September quarter of 2025, earnings per share (EPS) stood at Tk0.05, unchanged from the same period a year earlier.

For the January-September period of 2025, EPS rose slightly to Tk0.23 from Tk0.22 in the corresponding period of 2024. Net operating cash flow per share (NOCFPS) improved significantly to Tk0.81 during the nine-month period, compared with negative Tk1.43 in the same period a year earlier.

The company's net asset value per share stood at Tk17.07 as of 30 September 2025, slightly lower than Tk17.84 recorded at the end of December 2024.

In 2024, United Finance declared a 10% cash dividend for its shareholders. For the year ended 31 December 2024, the non-bank financial institution reported EPS of Tk1.12, NAV per share of Tk17.84 and NOCFPS of Tk4.27, compared with Tk0.76, Tk17.32 and Tk0.76 respectively in 2023.

Saudi Arabia's Aramco, the world's top oil exporter, said on Tuesday there would be "catastrophic consequences" for the world's oil ​markets if the Iran war continues to disrupt shipping in the Strait of Hormuz.

Oil shipments have been largely blocked from using the shipping artery, where normally ‌roughly 20% of the world's oil would pass through daily. Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if US and Israeli attacks continue.

"There would be catastrophic consequences for the world's oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy," Aramco CEO Amin Nasser told reporters on an earnings call.

"While ​we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced."

Wide range of sectors may ​be hit

The crisis has not only upended the shipping and insurance sectors, but it also promises to have drastic domino effects on aviation, ⁠agriculture, automotive and other industries, he added.

Global crude benchmark Brent , which rocketed to a more than three-year high of nearly $120 a barrel on Monday, was trading around $92 on Tuesday ​following comments by US President Donald Trump predicting the war could end soon.

Trump, however, warned that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.

He has ​also said the US Navy could escort ships in the Gulf to guarantee safe passage. But the Navy's capacity to do that is unclear, with some vessels already engaged in strikes against Iran and shooting down its missiles.

Asked about US Navy escorts and whether they were possible on the scale required, Nasser said there are sizable volumes involved, adding that Aramco's customers assume the risk of delivery.

"Of course, we would ​support any actions or measures that would help to deliver our products to our customers, to the global market," he said.

Another top Gulf energy official, however, expressed skepticism over ​the idea, saying that stopping the war was the only solution to reopen the strait for oil and gas exports.

No exports from the gulf

Nasser noted global inventories of oil were at a five-year low ‌and said ⁠the crisis will lead to drawdowns at a faster rate, adding that it was critical that shipping in the strait resumed.

"Unfortunately, for global markets, most of the spare capacity is in this region," Nasser told analysts on a call, noting that incremental demand throughout the year will keep the market tightly balanced.

At present, Aramco is not exporting oil from the Gulf as ships cannot load cargoes there. But the company, which does not disclose its exact crude output, is meeting the majority of its customers' needs, he said, partly by tapping into ​global inventories.

"Now, that cannot be used - that inventory - ​for an extended period of time, ⁠but for the time being, we are capitalising on it," he said.

The East-West pipeline is, meanwhile, being used to transport mostly Arab Light and some Arab Extra Light crude grades to the Red Sea port of Yanbu. The pipeline, which has more than doubled its initial ​capacity, is expected to reach its full capacity of 7 million barrels per day in the next couple of days as customers ​re-route, Nasser said.

"Even with ⁠our ability to export through the western region, you're talking about close to 350 million barrels of disruptions that will come off the market," he said.

In addition to the pipeline, Aramco is also able to direct crude towards domestic demand, he noted. Close to 2 million bpd of the pipeline's 7 million bpd capacity is going to western domestic refineries, which are net exporters ⁠of products, Nasser ​added.

A small fire from an attack last week on Aramco's Ras Tanura refinery, its largest domestically, was quickly ​extinguished and brought under control, Nasser said, adding that the refinery was in the process of being restarted.

Aramco reported a 12% drop in annual profit on Tuesday mainly due to lower crude prices. It also announced it would ​repurchase up to $3 billion worth of shares in its first-ever buyback.

The Dhaka Stock Exchange (DSE) will remain closed for seven consecutive days from March 17 to March 23 in observance of Eid-ul-Fitr and Shab-e-Qadr.

The extended closure follows a government decision declaring March 18, 2026, an additional public holiday to facilitate the Eid vacation.

According to DSE sources, all trading activities and official operations of the stock exchange will remain suspended during this period. As a result, share trading, market monitoring, and other routine activities of the exchange will not take place throughout the holiday break.

The government recently announced 18 March as a public holiday as part of the extended Eid-ul-Fitr vacation. Combined with weekly holidays and religious observances, the decision has created a seven-day break for the country's premier stock exchange.

During this period, investors will not be able to buy or sell shares, as the bourse will remain fully closed.

DSE authorities said that after the end of the holy month of Ramadan and the Eid holidays, the exchange will return to its regular operational schedule. All activities of the stock exchange will resume on 24 March.

Under the regular schedule, the office hours of the DSE will be from 9am to 5pm, during which administrative and other official work is carried out.

Trading on the exchange normally begins at 10am. and continues until 2:20pm. This period is known as the continuous trading session, when investors can buy and sell shares under normal market conditions.

After that, a post-closing session takes place from 2:20pm to 2:30pm, during which the day's transactions are finalised and the market is formally closed.

Market insiders said such extended closures during major religious festivals are part of the routine holiday calendar of the capital market. Brokerage houses, merchant banks, and other market intermediaries usually align their operations with the exchange's holiday schedule.

The Bangladeshi taka weakened further against the US dollar today (10 March), marking its third consecutive day of depreciation, with the exchange rate rising to a maximum of Tk122.95 per dollar from Tk122.70 yesterday (9 March). Market analysts attributed the decline to growing tensions over the escalating war in the Middle East, which has heightened demand for foreign currency to pay energy bills.

Bangladesh Bank allowed commercial banks to trade dollars at a higher rate to manage the pressure in the foreign exchange market, according to insiders. Senior officials from several leading business conglomerates said that banks were charging an extra 20 to 25 paisa for Letter of Credit (LC) settlements yesterday.

Yesterday, LC settlement rates ranged between Tk122.90 and Tk122.95 for major business groups. A senior official noted that when contacting banks yesterday morning, they were quoted Tk122.80 to Tk122.95, compared to Tk122.57–Tk122.72 yesterday.

Last week, LC settlement rates were around Tk122.3–Tk122.35. An official from a private company said the rising dollar rate was creating challenges for businesses, warning that higher dollar prices lead to higher prices for other goods and could trigger further instability.

A deputy managing director of a private bank said the dollar market had remained stable for more than 18 months without artificial shortages. Still, a senior official noted that remittance purchases today at Tk122.70–Tk122.72 contributed to the recent rise.

Economists recently met with the central bank governor, emphasising the importance of maintaining foreign exchange reserves, which some market participants interpreted as a signal that the central bank might conserve reserves and refrain from selling dollars, even amid shortages.

While Bangladesh Bank has so far kept the market relatively stable, bankers cautioned that continued volatility could affect multiple sectors, underlining the need for timely central bank interventions to prevent a potential dollar crisis.