The Dhaka Stock Exchange (DSE), the primary regulator of listed companies, has approved the transfer of 8.10 lakh shares of Shahjalal Islami Bank PLC sponsor-director Anwer Hossain Khan to Bangladesh Finance.

The DSE approved the share transfer outside of a gift transaction under Listing Regulation 47(1) (d) and other applicable laws, according to a disclosure published today (9 April).

Under this regulation, share transfers are allowed in cases of confiscation or loan default.

Based on the latest closing share price of Tk17.90 per share, the market value of the transferred shares amounts to Tk1.45crore.

The shares are to be transferred within the next 30 working days.

Anwer Hossain Khan is one of the sponsors and a former chairman of Shahjalal Islami Bank PLC.

According to the bank's 2024 annual report, he is also the chairman and managing director of Anwer Khan Modern Medical College & Hospital Limited, Modern Diagnostic Centre Limited, Anwer Khan Modern Nursing College, and Hazi Sakawat Anwara Modern Eye Hospital Limited, among others.

According to the shareholding report as of December 2025, Anwer Hossain Khan owns 3.02 crore shares, or a 2.71% stake, in the company.

In October last year, the DSE approved the transfer of 30.62 lakh shares of Shahjalal Islami Bank held by Anwer Hossain Khan to LankaBangla Finance.

In 2025, Shahjalal Islami Bank reported a sharp rise in profitability, driven by strong growth in investment income and improved operational performance, while announcing a higher cash dividend for shareholders.

According to the bank's latest financials, its consolidated net profit surged 118% year-on-year to Tk368 crore in 2025, up from Tk169 crore in the previous year.

On the back of this improved performance, the board of directors recommended a 13% cash dividend for the year, up from 10% in 2024.

The bank attributed the strong profit growth mainly to higher net investment income, increased earnings from shares and securities, and a rise in other operating income.

Improved cash flow was supported by higher investment income and increased placements with banks and financial institutions.

Renewed geopolitical tensions in the Middle East unsettled Bangladesh's stock market today, as the sudden collapse of the Iran–US ceasefire erased investor optimism and triggered broad-based selling across sectors.

The Dhaka Stock Exchange (DSE) witnessed a broad-based decline, with the DSEX shedding 60 points to close at 5,257. Of the 390 traded securities, 306 issues declined, 70 advanced, and 14 remained unchanged, reflecting heightened investor caution.

According to EBL Securities, the market opened sharply lower as panic selling gripped investors early in the session.

Although a brief wave of bargain hunting provided temporary support, selling pressure intensified as the session progressed, driven by fading confidence and persistent uncertainty surrounding the evolving Iran–US conflict.

Turnover also took a hit, dropping 22% to Tk776 crore from Tk991 crore in the previous session, indicating reduced participation as cautious investors refrained from taking fresh exposure.

Sector-wise, engineering stocks dominated turnover, accounting for 15.9% of the total, followed by pharmaceuticals at 12.7% and textiles at 9.3%. Despite relatively high activity in these sectors, most ended in negative territory.

Mutual funds, travel, and life insurance stocks recorded the steepest corrections, reflecting the broader risk-off sentiment. A handful of sectors, including services and tannery, managed to post marginal gains, but these advances were insufficient to offset the overall market decline.

Among individual stocks, Khan Brothers PP Woven Bag topped the turnover chart, followed by Acme Pesticides, Lovello Ice-Cream, and Dominage Steel.

On the gainers' side, Bengal Windsor Thermoplastic led the rally, while Prime Finance, Familytex, Bangladesh Industrial Finance Company (BIFC), and Generation Next emerged as the worst performers of the day.

The bearish sentiment extended to the Chittagong Stock Exchange (CSE), where both key indices closed lower. The CSCX declined by 20 points, while the CASPI fell by 44.2 points, mirroring the cautious stance of investors across the country's equity markets.

As part of efforts to stabilise the market, the government is considering retaining existing taxes and duties on fuel imports even if retail fuel prices are raised.

For instance, the government currently earns around Tk38 per litre of petrol priced at Tk120. Under the proposed approach, the tax component would not be changed even if the retail price is adjusted to Tk140, instead of rising proportionately to about Tk45.

This would effectively prevent a Tk7 increase in consumer prices. Although the move would reduce government revenue, the authorities are pursuing a strategy of keeping fuel prices slightly lower in May and June to help contain inflation.

Officials said any upward adjustment in fuel prices would add to inflationary pressure, given its wide impact on overall costs. However, keeping taxes unchanged would help limit the extent of that pressure.

Finance Minister Amir Khosru Mahmud Chowdhury has asked the National Board of Revenue (NBR) to submit an urgent report analysing the potential impact of such a move on state revenue collection.

The directive was issued yesterday at the second meeting of the Fiscal, Monetary and Exchange Rate Coordination Council for the 2025-26 fiscal year. Several senior officials told TBS that the council also discussed broader measures aimed at easing inflationary pressure in the economy.

These include instructions to reduce additional costs faced by importers at ports, measures to lower cost build-up in pricing calculations across various commodities through directives to the commerce ministry.

The council further decided to explore the creation of a large fund to revive sick and closed industrial units. The proposed fund would be formed through a combination of loans from development partners and resources from the central bank's own financing mechanisms.

The virtual meeting, chaired by the finance minister, was attended by the governor, finance secretary, secretary of the Financial Institutions Division, NBR chairman, Economic Relations Division secretary, commerce secretary, and senior finance division officials, along with other ministry representatives.

Speaking to TBS after the meeting, Commerce Secretary Mahbubur Rahman said the coordination council had decided to reduce value-added tax and import duties on essential commodities.

"No country in the world imposes such high levels of duties and taxes on essential goods. These duties and VAT rates will be gradually reduced." he said. He added that discussions also focused on preventing traders from engaging in unjustified price hikes.

No need for fuel price hike if duties unchanged

Finance officials said that more than 32% in various duties, taxes and VAT are currently imposed on imported fuel oil. The NBR collects around Tk15,000 crore annually from this sector.

Due to the conflict in the Middle East, the government is now importing fuel at nearly double the previous prices, which has also doubled the volume of revenue collection.

"The BPC and Petrobangla sell fuel and gas at prices lower than their import cost. The Energy Division has long argued that the duties, taxes and VAT imposed by the NBR on fuel imports are unjustified. However, the NBR has not moved due to concerns over revenue loss," said one finance division official.

He also mentioned that the IMF has been pressing Bangladesh to reduce subsidies. In that scenario, fuel prices would need to be raised, which would significantly increase inflation. Against this backdrop, he said keeping existing duties, taxes and VAT on fuel imports could help the public.

"Fuel prices are adjusted by the government at the end of each month. Therefore, the finance ministry has asked the NBR to submit an analysis report before the end of May, ahead of the next price adjustment, on the likely impact of such keeping taxes unchanged," said another finance official.

Fund to revive sick industries

Finance ministry officials said a large fund will be created in the next fiscal year's budget to revive closed and sick industries, a commitment reflected in the BNP's election manifesto.

To this end, the council has instructed the Economic Relations Division to seek loan assistance from the Asian Development Bank, the Asian Infrastructure Investment Bank, and the World Bank.

"The fund will be formed by combining resources from development partners with financing from Bangladesh Bank," said a ministry official.

However, amid the ongoing conflict in the Middle East, the government has not taken any decision to increase incentives to boost remittance inflows. Instead, the focus will be on simplifying remittance transfer processes and ensuring that banks can disburse funds to recipients' families as quickly as possible.

The Bangladesh Bank has been tasked with taking necessary measures in this regard.

Tk9.2 lakh crore FY27 budget

Finance officials said the ministry at the Coordination Council meeting proposed a large budget of over Tk9.20 lakh crore for FY27, as the government moves to contain inflation and create jobs.

They said higher spending will be driven mainly by global economic risks, rising subsidies and increased allocations for social protection. Additional interest payments and a planned partial salary adjustment for government employees are also contributing to the expansion of the budget.

Officials noted that total revenue mobilisation for the next fiscal year may be set at around Tk6.90 lakh crore. Of this, more than Tk6 lakh crore is expected to come from the NBR.

In the current fiscal year's original budget, the NBR was tasked with collecting nearly Tk5 lakh crore. The Centre for Policy Dialogue (CPD) has warned that the shortfall could reach Tk1 lakh crore by year-end. Despite this, the revised budget has already raised the revenue target by an additional Tk20,000 crore.

Rising subsidy burden, economic outlook

Higher global fuel prices are expected to raise subsidy requirements by Tk36,000 crore, the finance minister said on Thursday. The original allocation for gas and electricity subsidies stood at Tk42,000 crore.

Officials said the additional pressure has pushed the government to increase revenue targets.

Inflation for the next fiscal year is being targeted at 7.5%. Finance officials said easing geopolitical tensions in the Middle East and stabilising fuel prices could help bring inflation closer to the target.

The GDP growth estimate has not yet been finalised, with officials considering a range of 6.2% to 6.5%. International agencies, however, have projected Bangladesh's growth at around 3.9% for the current fiscal.

The finance minister, finance secretary and ERD secretary travelled to Washington on Friday night to attend IMF meetings. An official present at the Coordination Council meeting said discussions were concluded early due to the visit. Budget deliberations are expected to resume after their return.

In a statement to parliament on 10 April, the finance minister said budget preparations are underway amid multiple economic pressures. He said the objective is not only growth, but also a sustainable, transparent and inclusive economy, while acknowledging public expectations and inherited constraints.

Fiscal framework and financing mix

The FY26 budget was set at Tk7.90 lakh crore, later revised to Tk7.88 lakh crore following cuts in development spending and higher allocations for subsidies and operating costs.

Officials said the FY27 budget deficit is projected at around Tk2.70 lakh crore, within 5% of GDP. Of this, around Tk1.50 lakh crore is expected from domestic borrowing, while Tk1.20 lakh crore will come from external sources, largely as budget support.

The finance minister has directed the NBR to prepare a plan to raise the tax-to-GDP ratio to 10% by FY28. Measures to reduce the cost of doing business and revive closed industries were also discussed at the coordination meeting.

Spending priorities, welfare programmes

Around 67% of expenditure in the next budget is expected to go towards operating costs, while 33% will be allocated to development spending. Officials said large-scale new development projects are unlikely in the near term.

The government also plans to introduce a "Family Card" programme covering 50 lakh families, along with separate cards for farmers, fishermen and livestock producers. A youth sports initiative will provide scholarships for talented athletes aged 12 to 14.

Salary increases for public sector employees and expanded job creation commitments are expected to cost nearly Tk1 lakh crore in the next fiscal year.

The latest amendment to the labour law has sparked concern among experts and labour leaders, who warn that key provisions introduced during the interim government have been rolled back, potentially depriving many employees of benefits and protections.

The Labour (Amendment) Bill 2026, passed in the parliament on Thursday, has removed provisions that had brought officials and employees under the definition of workers, raising concerns that many will now be excluded from benefits such as gratuity, provident fund and other service entitlements.

The bill was passed in parliament by voice vote after being placed by State Minister for Expatriates' Welfare and Overseas Employment Md Nurul Haque on behalf of Labour and Employment Minister Ariful Haque Chowdhury.

The earlier amendment had been introduced through an ordinance issued on 17 November 2025 by the interim government.

Experts said the removal of officials and employees from the worker definition would leave many without access to benefits guaranteed under the labour law. They also noted that the new amendment modifies a previous provision that stated workers could not be blacklisted, replacing it with a clause that workers cannot be "unfairly blacklisted."

In addition, several fundamental rights of trade unions and collective bargaining agents have been curtailed, including their ability to file cases in court or represent workers in certain forums. Provisions related to the formation of provident funds have also been made stricter, according to experts.

Syed Sultan Uddin Ahmed, chairman of the Labour Reform Committee during the interim government, told TBS that the changes do not align with earlier commitments. "Several agreed provisions from the tripartite committee have not been included in the new amendment," he said.

He added that the committee had recommended including officials and employees under the labour law framework so they could access service benefits similar to workers. "Now these people will be deprived," he said.

Criticising the changes, Nazma Akhter, general secretary of Bangladesh Labour Congress, said the decision to exclude officials and employees is not justified. "After working for 10 to 15 years or more, they receive no benefits beyond salary. The previous inclusion should not have been withdrawn," she said, urging reconsideration.

She also opposed the revised clause on blacklisting, arguing that the issue concerns workers' rights rather than questions of fairness. "Blacklisting itself deprives workers of their rights," she said.

Nazma further warned that limiting the authority of collective bargaining agents undermines workers' representation and violates Bangladesh's commitments under international labour standards. "This is a violation of Bangladesh's commitments to the ILO Convention."

TBS attempted to contact M Humayun Kabir, additional secretary at the Ministry of Labour and Employment, for comment. However, he did not answer the call, and there was no response to a text message detailing the enquiries by the time of publication.

BKMEA hails the move

The amendment comes after the Bangladesh Knitwear Manufacturers and Exporters Association called for the removal of officials and employees from the worker definition, among other demands.

The organisation welcomed the passage of the bill, stating that earlier changes introduced ambiguity and could have created unrest in the industrial sector. It also warned that such provisions risked sending negative signals to foreign buyers.

Khalilur Rahman, Bangladesh's foreign minister, said the country is pursuing a "slowly but surely" approach to strengthening bilateral relations with India, emphasising patience and incremental confidence-building following the formation of a new government.

In an interview, Rahman described the future of ties through the prism of a "slowly but surely" concept, signalling a preference for gradual progress over rapid diplomatic breakthroughs. He characterised the current atmosphere in New Delhi as one of convergence, noting that both neighbours are "willing to engage, talk and take initiatives" after Tarique Rahman assumed office, says NDTV.

He said Dhaka's strategy centres on gradual normalisation rather than accelerating negotiations, stressing the importance of "patient confidence-building" to rebuild trust and sustain long-term cooperation.

Energy cooperation has emerged as a key indicator of improving ties, Rahman said, pointing to India's support during global energy disruptions. "We have a pipeline and India is supplying diesel to Bangladesh," he said, referring to ongoing supplies during the Middle East crisis.

Water sharing and climate resilience are also expected to play a central role in future engagement. With the Ganga Water Treaty due for renegotiation later this year, Rahman described equitable water management as a "civilizational bond". "Water is finite. Ganga means life," he said, underscoring the importance of the river system.

He also highlighted shared environmental challenges, saying, "People are people. Whether it is in India or Bangladesh, we are facing exactly the same type of climate crisis," and called for a climate-resilient framework that could underpin bilateral relations for decades.

On broader strategic and economic relations, Rahman said Bangladesh's foreign policy is not a "zero-sum game". "Our relationship with other countries is not a problem," he said, referring to ties with partners such as China, which he said are driven by market forces rather than strategic alignment against India. He characterised India as a "structural presence" in Bangladesh's development, particularly in regional infrastructure and economic integration.

Rahman also highlighted the importance of people-to-people connections, citing shared cultural and geographic links, including borders and rivers. He said improving visa systems would be key to facilitating greater mobility and delivering tangible benefits for citizens in both countries.

An amendment to the Bank Resolution Ordinance has created a legal pathway for former owners to reclaim control of distressed banks currently under resolution.

The amendment specifically impacts the ongoing merger of five distressed institutions – First Security Islamic Bank, Social Islamic Bank, Union Bank, Global Islamic Bank, and Exim Bank – which were being consolidated into Sammilito Islami Bank under the previous interim government's reforms.

Under the new provision passed in the parliament on Friday, former owners can apply to the Bangladesh Bank to reacquire their shares, assets, and liabilities, potentially leading to the dissolution of the newly merged entity.

Of the five banks, four were controlled by the S Alam Group chairman and controversial businessman Saiful Alam, while Exim Bank was under the control of Nassa Group Chairman Nazrul Islam Mazumder.

Experts have criticised the amendment, warning that it undermines the credibility of banking sector reforms and effectively allows those responsible for financial distress to regain control.

Conditions for ownership recovery

The government amended the ordinance by introducing Section 18A. Under the new regulations, applicants seeking to regain control must submit a formal undertaking. This includes a pledge to repay all funds as determined by the government or the central bank, provide fresh capital, and restore financial solvency.

They are also required to settle all liabilities to depositors and creditors, pay outstanding taxes, and reconstruct risk management and compliance frameworks.

Financial terms for the recovery include an initial pay-order of at least 7.5% of the total determined amount within three months of approval. The remaining 92.5% must be paid over two years with a 10% simple interest rate.

Following approval, the Bangladesh Bank will supervise the institution for two years before a special committee conducts a final investigation into compliance, with the option to revoke approval in case of failure.

Government defends 'market solution'

Finance Minister Amir Khosru Mahmud Chowdhury described the move as a "market solution" aimed at ensuring fairness, equity, and investment protection.

He explained that the government has already invested approximately Tk80,000 crore into weak banks and may need another Tk1 lakh crore – a financial burden he described as unsustainable in the current global economic climate.

"This new arrangement places the obligation of recapitalisation and liability settlement on the applicants, reducing the pressure on the government and the Deposit Insurance Fund," the minister stated.

He added that the option remains open to any suitable party deemed fit by the central bank, not just former shareholders, and argued that keeping banks operational preserves asset value and protects employment.

Experts warn of 'credibility destruction'

The move has drawn sharp criticism from experts who were involved in drafting the original resolution framework.

Zahid Hussain, former lead economist of the World Bank's Dhaka office and a member of the interim government's banking reform task force, warned that the amendment destroys the credibility of the reform process.

"A clear roadmap has been provided for former owners to re-occupy banks that were distressed due to their own mismanagement and the siphoning of funds," he told The Business Standard.

The economist estimated that for the five merged banks, the total required payment would be roughly Tk35,000 crore. He expressed concern that the terms are so lenient that former owners could easily pay the initial 7.5% and borrow the remainder from the banking sector itself.

Uncertain future for Sammilito Islami Bank

According to Zahid, the future of Sammilito Islami Bank now rests entirely on the discretion of the returning owners. "If they choose to operate the five banks as separate entities once again, the merged institution will cease to exist."

He noted that the move sends a signal to the market that individuals responsible for financial irregularities can still return to positions of ownership.

India has further ​raised a windfall tax on exports of ‌diesel and aviation turbine fuel it imposed last month to ensure adequate domestic supply.

In a government notification on ​Saturday, India's finance ministry increased the tax ​on diesel exports to 55.5 rupees per ⁠litre from 21.5 rupees per litre, and on ​exports of aviation turbine fuel to 42 rupees ​per litre from 29.5 rupees per litre, effective immediately.

India also last month cut excise duty on petrol and diesel by ​10 rupees ($0.11).

Separately, to control a rise in airfares, ​it has also capped a monthly increase in aviation turbine ‌fuel ⁠prices for domestic airlines at 25% in April. Jet fuel accounts for up to 40% of an airline's expenses.

Global oil prices have surged past $100 ​per barrel ​as the ⁠flow of oil through the Strait of Hormuz, which serves as a conduit ​for 40% of India's crude oil ​imports, ⁠remains heavily restricted due to the US-Iran war.

India, which ranks among the top five refining nations globally and ⁠is ​also the world's third-biggest oil ​importer and consumer, relies heavily on overseas supplies.

Eastern Bank PLC (EBL) has signed a memorandum of understanding (MoU) with the Mongla Port Authority (MPA) to introduce advanced digital banking services at Mongla port.

Md Jabedul Alam, head of transaction banking at the bank’s corporate banking division, and AKM Anisur Rahman, member (engineering and development) of MPA, signed the MoU recently at Mongla port in Bagerhat, according to a press release.

The partnership aims to improve the efficiency of financial transactions at the port by implementing secure, modern and seamless digital payment and collection solutions.

Under the initiative, EBL and MPA will jointly develop a comprehensive digital ecosystem, enabling port users to carry out transactions smoothly through the bank’s digital banking platform.

Among others, Captain Mohammad Shafiqul Islam, harbour master of the MPA; Md Kamal Hossain, deputy secretary (director, traffic); Md Mahfuzur Rahman, deputy chief finance and accounting officer; Md Fazle Alam, chief audit officer; Lt Col Md Arif Billah, chief engineer (mechanical and electrical); and Mohammad Arif Chowdhury, head of cash management at EBL’s transaction banking division, were also present at the event.

The Asian Development Bank (ADB) has cut Bangladesh’s economic growth further to 4 percent for the current fiscal year 2025–26 from its previous projection of 4.7 percent amid a fuel price spike and disruption in global supply chains due to the war in the Middle East.

The ADB said the economy might pick up and grow by 4.7 percent in the next fiscal year 2026–27, according to the latest Asian Development Outlook (ADO) April 2026 released today.

This is the third time the ADB has revised down its Gross Domestic Product (GDP) growth forecast for Bangladesh.

The Manila-based lender in December forecast 4.7 percent GDP growth in the current fiscal year, down from its September forecast of 5 percent. In April last year, the ADB had projected 5.1 percent growth for the same year.

The current growth outlook reflects a recovery in consumption and investment as political uncertainty eases after the general election. Temporary supply chain disruptions linked to conflict in the Middle East affected activity in the last quarter, but their impact is expected to fade, the ADB said in a press release.

“Bangladesh is facing a difficult economic environment, shaped by global uncertainties, domestic structural constraints, and pressures on the external and financial sectors,” said ADB Country Director in Bangladesh Hoe Yun Jeong.

Inflation is projected to remain elevated at 9 percent in FY26, despite some easing, reflecting persistently high global energy prices and ongoing supply disruptions. It is expected to moderate to 8.5 percent in FY27 as external shocks subside and domestic supply conditions improve.

“Downside risks to the outlook remain substantial, particularly if the conflict prolongs,” it said.

Disruptions to global energy markets, shipping routes, and supply chains could drive sustained increases in oil and gas prices, intensifying domestic inflationary pressures and complicating ongoing disinflation efforts, thereby constraining macroeconomic policy flexibility, it said.

“Higher energy prices could also widen the fiscal deficit, especially if energy-related subsidies increase or the pass-through to consumers is delayed.”

The ADO report said external sector pressures may rise as exports and remittances soften amid slower economic activity in key Persian Gulf economies, while elevated import costs and freight rates would further strain the current account amid already tight external liquidity.

Overall, the balance of risks is firmly tilted to the downside, underscoring Bangladesh’s vulnerability to external shocks in a context of still-fragile macroeconomic conditions. Climate-related shocks remain an additional, persistent risk.

The ADB said the current account deficit, the record of a country's international transactions with the rest of the world, is anticipated to be 0.5 percent of Gross Domestic Product in FY26, widening slightly to 0.6 percent in FY27, driven by stronger import demand and a broader trade deficit.

The dollar slipped on Friday, putting it on track for its largest weekly drop ​since January, as investors sold safe-haven assets on the assumption that oil shipping will resume if a ceasefire holds in the ‌Gulf.

The dollar had towered in March as one of the few bastions of safety as the Iran war sent oil prices surging and hit stocks and gold, while inflation worries pressured bonds.

But since a fragile ceasefire was reached on Tuesday, those positions are being unwound.

The euro has rallied 1.8 percent this week to trade at $1.173, while sterling ​has gained 2 percent since Monday to $1.347.

The risk-sensitive Australian and New Zealand dollars are set for weekly rises of nearly 3 percent on ​the dollar, with the Aussie trading just above 70 cents.

MARKETS ARE OPTIMISTIC EVEN THOUGH CEASEFIRE IS FRAGILE

“The market still seems generally optimistic, despite some of the ceasefire fraying,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.

Data on Friday showed ​that US consumer prices rose by the most in nearly four years in March as the Iran war boosted oil prices and the pass-through from tariffs ​persisted.

The increase was largely in line with expectations and the markets’ direction is more likely to hinge on the outcome of weekend peace talks between the US and Iran in Islamabad, analysts said.

“People were buying the US dollar when the war was at its most intense moment and now they’re selling as the tail risk ​of a really bad outcome has faded quite a bit,” said Jason Wong, senior strategist at BNZ in Wellington.

“Even though it still looks ​a bit shaky, the ceasefire removing that tail risk is important from a sentiment point of view,” he said, adding that the mood could turn very quickly ‌if the ⁠anticipated weekend peace talks fail to deliver progress.

Asia’s biggest liquefied petroleum gas (LPG) importers, including India and China, are racing to replace disrupted Middle East supplies with cargoes from the ​Americas, driving spot premiums to record highs, analysts and traders said.

LPG exports from the Middle East, Asia’s top supplier of the ‌fuel used for cooking and feedstock for petrochemical plants, have plunged since the US-Israeli war with Iran started in late February.

The supply shock is squeezing Asian petrochemical producers’ margins, forcing them to cut output, and raising costs for millions of Asian households, analysts and traders said. India and China are the biggest importers of LPG from the Middle East.

Middle Eastern ​LPG exports tumbled 73 percent to 419,000 barrels per day (bpd) in March from the previous month, data from analytics firm Kpler showed,

The supply shock ​drove spot premiums for propane and butane loading in April from the Gulf to record highs of $250 per metric ton to March Saudi contract price swaps on March 30, according to pricing agency Argus.

Saudi Aramco sharply raised its April official selling prices amid the supply crunch. The ​April propane price rose by $205 per ton to $750, while butane increased by $260 per ton to $800.

“Key importers such as India are actively diversifying their sourcing strategies, increasing ​procurement from the United States, Norway, Canada, and other regions alongside remaining Gulf supplies,” said Vasudev Balagopal, global head of petrochemical trading at financial services platform Marex.

ALTERNATIVE SUPPLY

To meet Asia’s shortfall, US LPG exports are expected to surge to a record 2.7 million bpd in April, with about 1.8 million bpd headed to Asia, 14 percent higher than March, preliminary Kpler ​data showed. That drove US Gulf spot terminal fees for propane and butane to a record $273.525 and $240.09 per ton, respectively, on March 19, Argus data ​showed.

“We saw some additional propane still being offered to Asia for May arrivals,” said Marex’s Vasudev.

However, Greg Bower, a broker at New Stone, said the US cannot replace the ‌Middle East fully, adding that export terminals were already operating close to capacity before the conflict.

According to US Energy Information Administration data, the country had 48.4 million barrels of ready-for-sale propane as of March 27.

Moreover, transit times from the US Gulf Coast to Asia take more than 30 days, significantly longer than a two-week voyage from the Middle East, traders said, adding to supply strains amid uncertainty over when Iran will allow the strategic Strait of Hormuz to reopen as part of a fragile ​ceasefire deal.

Last year, the Middle East ​accounted for about 48 percent of total Asian LPG imports at 1.54 million bpd, while the US sent about 39 percent or 1.26 million bpd, Kpler data showed.

LOSS IN DEMAND

Insufficient LPG supply led to demand destruction in March, analysts said.

Consultancy Rystad Energy estimated LPG demand loss from ​regional steam crackers at about 135,000 barrels per day in March from February levels, with a further 35,000 ​bpd decline expected in April and 11,000 bpd in May.

In China, propane dehydrogenation (PDH) plants, already operating at around 60 percent to 65 percent before the conflict because of poor margins, are expected to trim runs by a further five percentage points in April due to feedstock shortages, according to Rystad. Such plants product propylene, a key building block for plastics and other chemicals.

For ​cooking gas, India’s demand dropped around 205,000 bpd in March.

“The supply situation in India is ​gradually improving but shortages persist even as long-haul cargoes arrive in India from as far as Argentina and the US,” Rystad analyst Manish Sejwal said.

Rystad expects Indian LPG demand to recover from April, ​with losses narrowing by about 70,000 bpd.

Wall Street stocks rose sharply over the week and oil prices fell as a fragile truce was struck between the United States and Iran, with ceasefire talks due to start in Islamabad on Saturday.

For the week, all three major US indices advanced by more than three percent. Oil prices retreated once again on Friday. For the week, they tumbled by approximately 13 percent.

The New York Stock Exchange closed mixed for the day Friday -- the Dow Jones shed 0.6 percent, the Nasdaq gained 0.4 percent, and the broader S&P 500 index was flat, slipping 0.1 percent.

"Markets are trading on a cautious tone ahead of the US-Iran ceasefire talks," Elias Haddad of Brown Brothers Harriman (BBH) said in a note.

"For financial markets, the key issue is whether peak shipping security fear is now behind us."

Official sources say the talks in Islamabad will cover Iran's nuclear enrichment and the free flow of oil through the Strait of Hormuz.

Since the ceasefire took effect, US President Donald Trump has voiced displeasure at Iran's handling of the strategic strait, which was meant to be reopened.

"The key issue for the oil market is whether ship traffic through the Strait of Hormuz will resume," Carsten Fritsch of Commerzbank said in a note. "So far, there are no signs of this happening."

Inflation in the United States rose sharply in March, government data showed Friday, as higher energy prices due to the war hit Americans hard. Prices rose 3.3 percent from a year earlier.

White House spokesperson Kush Desai responded by saying the US economy "remains on a solid trajectory."

In Europe, London and Frankfurt closed virtually flat as Paris added 0.2 percent.

Shahjalal Islami Bank has reported a sharp rise in profitability for 2025, driven by strong growth in investment income and improved operational performance, while announcing a higher cash dividend for its shareholders.

According to the bank's latest price sensitive disclosure, its consolidated net profit surged 118% year-on-year to Tk368 crore in 2025, up from Tk169 crore in the previous year.

The robust earnings performance lifted consolidated earnings per share (EPS) to Tk3.31, compared with Tk1.52 a year earlier.

The bank also reported improved financial strength, with consolidated net asset value per share rising to Tk23.07 from Tk21.09 in 2024. Meanwhile, consolidated net operating cash flow per share increased to Tk12.28 from Tk8.03, reflecting stronger cash generation from core operations.

On the back of this improved performance, the board of directors recommended a 13% cash dividend for the year, up from 10% cash dividend declared in 2024. The decision was taken at a board meeting held today (8 April).

The bank attributed the strong profit growth mainly to higher net investment income, increased earnings from shares and securities, and a rise in other operating income. Improved cash flow was supported by higher investment income and increased placements with banks and financial institutions.

To approve the audited financial statements and dividend, the bank has scheduled its annual general meeting for 24 May, with the record date set for 30 April.

Market analysts view the strong earnings growth and higher dividend as positive signals for investors, particularly at a time when the banking sector is navigating various economic challenges.

The bank's shares responded positively on the Dhaka Stock Exchange, rising 2.29% today to close at Tk17.90.

As of March, sponsor-directors held 43.08% of the bank's shares, while institutional investors owned 24.25%. General investors accounted for the remaining 32.67%, indicating a balanced ownership structure.

Bangladesh’s national flag carrier, MV Banglar Joyjatra, sailed towards the Strait of Hormuz this noon—after being stranded in the Persian Gulf for 39 days—aiming to cross the route during the two-week ceasefire agreed between the US and Iran.

Bangladesh Shipping Corporation (BSC) Managing Director Commodore Mahmudul Malek confirmed the development at a press conference in Chattogram today.

A total of 31 Bangladeshi crew members are on board the vessel, which had been stranded in the Persian Gulf since the war began on February 28.

Malek said the ship went to Saudi port Ras Al-Khair three days ago and, after loading fertiliser, remained anchored at the outer anchorage of Dammam Port.

As Iran announced it would guarantee safe passage for maritime traffic through the Strait of Hormuz for two weeks following the ceasefire, the vessel left the anchorage and is now heading towards the Strait, he said.

The ship will first reach a safe location and will cross the Strait once BSC gives further instructions after monitoring the situation, Malek added.

The vessel is carrying 37,000 tonnes of fertiliser.

When contacted via WhatsApp, the ship’s chief engineer, Rashedul Hasan, told The Daily Star that they lifted anchor around 9:00am local time (12:00pm Bangladesh time) after receiving instructions from BSC.

“We are now heading towards the Strait of Hormuz at a speed of 12 nautical miles per hour,” he said.

The chief engineer added that the vessel is about 420 nautical miles away from the Strait and, at the current speed, it will take around 40 hours to reach and cross it.

The BSC managing director said the ship’s charterer has initially set three possible destinations: South Africa, Mozambique, and Brazil. Once the destination is finalised, the vessel will proceed accordingly, he said.

The bulk carrier arrived at the United Arab Emirates port of Jebel Ali on February 27 from Mesaieed, Qatar, carrying 38,800 tonnes of steel coils before becoming stranded.

The National Board of Revenue (NBR) is considering linking VAT registration – known as a Business Identification Number (BIN) – to bank accounts, aiming to bring businesses with trade licences but without VAT registration under the tax net.

Under the proposed measure, businesses may be required to provide a BIN when opening or continuing current accounts in banks. According to NBR sources familiar with the budget, a provision in this regard may be included in the upcoming national budget.

If fully implemented, the policy could compel tens of thousands of small and large businesses to register for VAT, with the primary goal of expanding VAT coverage.

However, business owners and bankers have expressed concerns that mandatory BIN verification for bank accounts could discourage businesses from opening accounts or depositing funds. Many business owners are reportedly reluctant to register for VAT due to bureaucratic complexity and potential harassment.

A senior NBR official, speaking on condition of anonymity, told The Business Standard, "A large number of businesses, which are legally supposed to be under VAT, remain unregistered. To bring them under the tax net, making registration mandatory for opening a current account is being considered."

He added, "If approved by the finance minister, this could be included in the next budget and implemented from the next fiscal year."

Another official noted that even existing account holders may be required to undergo BIN verification.

According to NBR data, there are currently 7,92,000 VAT-registered entities in the country, of which about 5,00,000 file returns.

Estimates from the Bangladesh Shop Owners Association show that nearly 70 lakh shops hold trade licences, while many other businesses and service providers remain outside the VAT net. Moreover, not all of these businesses maintain current accounts.

According to estimates by the Bangladesh Shop Owners Association, nearly 70 lakh shops hold trade licenses, while there are many businesses and service providers that are still outside the VAT net. Not all of these businesses maintain current accounts.

Another NBR official said, "Small-scale businesses with low-value transactions are not our target. This initiative is aimed at businesses with current accounts and significant transaction volumes, to track turnover and ensure applicable VAT is collected."

Regarding concerns that businesses might sidestep monitoring through alternative accounts, the official noted, "Savings accounts have transaction limits. If fully implemented, these loopholes can also be addressed."

Business owners, however, voiced opposition to the plan. Arifur Rahman Tipu, general secretary of the Bangladesh Shop Owners Association, told The Business Standard, "If BIN becomes mandatory for opening or managing bank accounts indiscriminately, businesses may be discouraged from using banks, depositing money, or conducting transactions."

He added, "Forcing small businesses to register for VAT will increase their costs and could potentially drive them out of business. The complexity of the system and harassment discourage registration."

Bankers echoed these concerns. Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank Limited, said, "Customers are already hesitant to deposit money due to bank charges and excise duties. Making BIN mandatory for businesses could further discourage account openings, prompting them to keep money elsewhere."

He suggested that the government focus on increasing direct taxes rather than imposing mandatory BIN requirements on bank accounts.

The dollar fell around one percent against the euro and the pound in early European trading Wednesday as investors sold the greenback on relief over a temporary ceasefire between the United States and Iran.

At around 8:10 am (0610 GMT) the dollar, usually a safe investment haven in times of market turmoil, was trading at 1.17 euros, down around 1.1 percent. Against the pound, the dollar fell around 0.9 percent to $1.34.

Rising geopolitical tensions involving Iran, Israel and the United States have already disrupted global energy and food supply chains, and may put additional pressure on Bangladesh's external balance and domestic inflation, according to Bangladesh Bank.

In its Quarterly Report for October-December, published today (8 April), the central bank said the newly elected government, which took office at the end of February, has taken steps to mitigate external vulnerabilities.

These include efforts to diversify crude oil import sources and reduce reliance on the Middle East, it added.

The central bank also said Bangladesh's external sector showed improvement in the second quarter of FY26, driven largely by a surge in workers' remittances. "The current account posted a surplus of $476 million, reversing a deficit of $818 million in the previous quarter."

However, the report mentioned that export performance weakened, particularly in the ready-made garments sector, amid cautious demand in major markets and rising global trade tensions.

At the same time, import payments remained broadly contained amid subdued domestic demand and moderate investment activity, resulting in a slight widening of the trade deficit, it said.

According to the central bank, the financial account recorded a surplus of $329 million, supported by higher foreign direct investment and increased disbursements of medium- and long-term external financing.

Overall, the balance of payments registered a surplus of $1.09 billion, helping boost gross foreign exchange reserves to $33.19 billion ($28.58 billion under BPM6) by the end of December 2025. The exchange rate remained stable under the market-based framework.

The report said inflationary pressures persisted during the quarter. Point-to-point headline inflation rose to 8.49% in December 2025 from 8.36% in September 2025, partly due to higher administered fuel prices.

Food inflation edged up to 7.71%, driven by increased prices of fish, dried fish and fruits. Non-food inflation also rose to 9.13%, reflecting higher energy-related costs, including gasoil. Despite steady nominal wage growth, elevated inflation kept real wages in negative territory, eroding purchasing power, the central bank said.

In the real sector, economic performance was mixed. Agricultural output exceeded both targets and last year's levels, supported by favourable weather and continued policy support.

However, industrial growth slowed sharply to 1.27% during the quarter, down from 6.82% in the previous quarter, it said, adding that the services sector remained resilient, helping sustain overall economic stability.

Despite strong overall GDP growth averaging 6.0% between FY16 and FY25, Bangladesh's private sector performance at the firm level has not kept pace, according to the latest World Bank analysis.

The latest Bangladesh Development Update report, published today (8 April), highlights a "productivity paradox," where aggregate growth has not translated into widespread innovation or productivity gains across businesses.

According to the report, revenue per worker in manufacturing and services is only about one-third of the South Asian benchmark. Productivity growth in services, the largest employer in the economy, has remained stagnant since 2016, highlighting persistent inefficiencies.

The report states that only 8% of formal firms were established in the past five years in Bangladesh, compared to 32% in China and 40% in Vietnam. This points to a shrinking pipeline of new enterprises and limits opportunities for economic diversification and innovation.

The report said private investment has fallen since 2013, particularly among smaller firms. Foreign direct investment remains below 1% of GDP and is concentrated in utilities rather than sectors like manufacturing or market services, where technology spillovers could drive productivity and job creation.

The economy has grown, but most gains have accrued to a small group of firms, leaving the broader private sector largely stagnant, the report notes.

The findings underscore the need for targeted reforms to foster innovation, support small and medium enterprises, and attract investment in high-productivity sectors to create more inclusive growth.

European natural gas prices plunged 20 percent at the start of trading Wednesday in the wake of a two-week ceasefire agreed between the United States and Iran.

The Dutch TTF natural gas contract, considered the European benchmark, slumped to 42.5 euros, retreating from highs seen over fears of supply disruptions in the Gulf from the war.

Ongoing geopolitical tensions pose near-term risks to Bangladesh's price stability, export demand and import costs, the central bank says in the wake of the worst ruckus in the Mideast.Bangladesh economic report

The Bangladesh Bank (BB) has painted such a picture on the economic downside in its latest Bangladesh Bank Quarterly (BBQ) report for October-December 2025, while listing upside positives, too.

"Rising geopolitical tensions -particularly the Iran-Israel-USA conflict--have already disrupted global energy and food-supply chains and may exert additional pressure on both the external balance and domestic inflation," reads the BBQ, released Wednesday.

"Proactive policy measures to maintain macroeconomic stability remain central to managing these challenges," the central bank suggests, adding that continued policy coordination and ongoing reforms in the financial and external sectors are expected to support economic resilience in the quarters ahead.

The BBQ, however, notes that the newly elected democratic government, which took office at the end of February, has initiated several measures to mitigate external risks, including efforts to diversify crude-oil-import sources and reduce reliance on the Middle East.

Ongoing conflicts in the Middle East have heightened the risk of volatility in global oil markets and exchange rates, according to the BBQ.

"For energy-importing economies like Bangladesh, rising global oil prices may incur increased import payments, thereby depleting foreign- exchange reserves and creating upside risks to inflation in the country," the regulator alerts.

On the other hand, global oil-price shock may induce the domestic currency exchange rate to depreciate, which is also inflationary in nature.Personal finance consulting

"The inflationary pressure on the economy may not ease in the coming months due mainly to the ongoing geopolitical tensions that would possibly push up overall import costs," Md. Ezazul Islam, Director- General of Bangladesh Institute of Bank Management (BIBM), told The Financial Express (FE), while replying to a query.

Dr Islam, also a former executive director of the central bank, says earnings from both exports and remittances may also face setback in the coming months if the tension prolongs further, which would accelerate the deficit in the current account of the country's overall balance of payments.

The pace of economic activity showed volatility in the first half of the current fiscal year (FY), 2025-26, with alternating quarters of stronger and relatively weaker growth.

Real GDP (gross domestic product) growth decelerated in the second quarter (Q2) of FY'26 compared to the previous quarter, while inflation remained elevated.

"Overall, the latest indicators suggest that Bangladesh's macroeconomic conditions remained broadly stable despite persistent domestic and external challenges," the central bank notes.

In the real sector, economic activity showed a mixed performance, according to the BBQ.Market insights report

The central bank also says agricultural production recorded strong performance during the quarter, exceeding both official targets and the previous year's output levels, reflecting benign weather conditions and continued policy support.

In contrast, industrial activity fell considerably, recording 1.27-percent growth in the quarter under review, down from 6.82 per cent in the previous quarter, the BBQ mentions.

Services-sector activities remained robust, helping in maintaining overall economic stability.

Monetary conditions remained tight as the central bank continued its contractionary-policy stance to contain inflation and support macroeconomic stability.

The policy-rate and-interest-rate corridor remained unchanged, keeping the weighted average call money and interbank repo rates close to the 10.00-percent policy rate by the end of December 2025, according to the BBQ.

Meanwhile, the banking sector's asset quality appeared to improve during the Q2 of FY'26, as the gross non-performing loan (NPL) ratio declined to 30.60 per cent from 35.73 per cent three months before.Bangladesh economic report

"However, this improvement largely reflects recent regulatory relaxation rather than a fundamental strengthening of credit quality," the BBQ explains.

The central bank also says renewed depositor confidence, steady advances amid cautious lending, and tighter monetary policy contributed to a decline in the advance-deposit ratio, reflected in the adequate liquidity position.

Regarding external sector, the BBQ says the external sector improved during the period under review, supported mainly by a surge in worker remittances, which helped the current account return to a surplus of US$476 million, reversing the $818-million deficit recorded in the previous quarter.

However, export performance weakened during the quarter, particularly in the ready-made garment sector, reflecting cautious demand from major markets and rising global trade tensions, the central bank notes.

At the same time, import payments remained broadly contained amid subdued domestic demand and moderate investment activity. As a result, the trade deficit widened slightly.