Bangladesh is witnessing a steady rise in remittance inflow, offering renewed support to the country's foreign exchange reserves and overall economic stability, officials and analysts observed.

According to data from Bangladesh Bank, the country has maintained a significant upward trajectory in remittance earnings over the last two fiscal years, achieving historic milestones that have surpassed all previous benchmarks.

During the 2023-24 fiscal year, the nation recorded $23.9 billion in inflows. Growth accelerated sharply in FY 2024-25, reaching a record high of $30.3 billion, which represented a year-on-year increase of more than 25 per cent.

The momentum has continued into the current 2025-26 fiscal year, with the July-March period alone bringing in $26.21 billion, compared to $21.79 billion during the same period in the previous year.

Most recently, data from July through April 20 of FY 2025-26 shows that remittance inflows reached $28,426 million, significantly outpacing the $23,666 million collected during the same timeframe last year.

The central bank has attributed the growth to a combination of incentives, stricter monitoring of informal transfer systems, and the gradual recovery of global labour markets.

Economists noted that remittance earnings remain one of the key pillars of Bangladesh's economy, alongside exports. The inflow has helped ease pressure on the balance of payments and stabilise the exchange rate amid ongoing global economic uncertainties.

The government has been encouraging migrant workers to send money through official banking channels by offering a 2.5 per cent cash incentive for sending money through formal channels.

Officials from the Ministry of Expatriates' Welfare and Overseas Employment mentioned that awareness campaigns and digital financial services have also contributed to the increasing trend.

Bangladeshi workers in the Middle East, Europe, and Southeast Asia continue to be the main contributors to remittance inflows. Countries such as Saudi Arabia, the United Arab Emirates, and Malaysia remain among the top sources.

Experts, however, emphasised the need for diversification of overseas job markets and skill development initiatives to sustain long-term growth in remittance earnings.

They also called for further reduction in transaction costs and expansion of mobile financial services to each rural household more effectively.

Renowned economist Dr Zahid Hussain stated that Bangladesh's macroeconomic stability has been restored, albeit modestly, and external indicators like the balance of payments and foreign exchange reserves remain in a comfortable position.

He credited the economy's current stability to the adoption of a flexible exchange rate system.

The economist said that the remittance surge played a crucial role in replenishing reserves, noting that issues faced during the dollar crisis, such as difficulty opening letters of credit (LC) for banks, have already become normal.

The economist, however, urged the government to urgently explore alternative overseas labour markets as the ongoing Middle East conflict threatens to disrupt migration and remittance inflows, a key pillar of the country's economy.

He said Bangladesh's heavy dependence on Gulf countries for overseas employment has created vulnerability, particularly at a time when geopolitical tensions are affecting labour demand, recruitment processes and worker mobility.

"Any prolonged conflict in the Middle East could significantly affect manpower export and remittance inflow. It is now crucial to diversify labour markets to minimise risks," he added.

Bangladesh Bank Executive Director and Spokesperson Arif Hussain Khan said remittance inflows to the country remain stable despite ongoing tensions in the Middle East, although the situation is being closely monitored due to Bangladesh's heavy reliance on migrant workers in the region.

"Remittance inflow has shown a positive trend in recent months, which is helping stabilise the foreign exchange market," he said.

"Remitters now feel encouraged to send their money through formal banking channels instead of the illegal 'Hundi' system, which can help boost the country's foreign exchange reserves," he added.

Foreign exchange reserves, according to Bangladesh Bank data released on 16 April, currently stand at $35.04 billion.

However, when calculated using the International Monetary Fund (IMF) methodology under the Balance of Payments and International Investment Position Manual (BPM6), the reserves total 30.37 billion.

Deputy Managing Director (DMD) of the Dutch-Bangla Bank Limited, Mohammed Shahid Ullah, confirmed that demands for 'Hundi' and 'Hawala'-illegal cross-border money transfer channels-have declined following a crackdown on operators after the political changeover, diverting more remittances through formal banking channels.

He added that the positive effects of the remittance boom are highly visible across Bangladesh, particularly in rural communities that rely heavily on money sent from relatives working abroad.

He noted that remittances have consistently increased since August 2024, providing the interim government with a respite following the rapid depletion of foreign exchange reserves.

Mohammed Shahid Ullah, however, noted that remittance enhances financial inclusion by encouraging recipients to engage with formal banking systems.

"It also supports domestic investment through increased savings and liquidity in the financial sector. In times of global economic stress, remittance has proven more stable compared to foreign direct investment or portfolio flows, thus acting as a buffer against external shock," he added.

Despite progress, he mentioned, there remains substantial scope for further improvement.

"Reducing transaction costs and ensuring near real-time fund transfers (T+0 settlement) would make formal channels more competitive. Expanding banking access in rural areas and strengthening partnerships with international money transfer operators can further streamline inflows," he added.

He described that remittance is not merely a financial inflow; it is the lifeblood of Bangladesh's socio-economic progress.

"It strengthens macroeconomic stability, uplifts millions of households, and fuels sustainable development. While the country has made commendable strides in increasing remittance through formal channels, sustained policy innovation, technological advancement, and global labour market integration will be key to unlocking its full potential in the years ahead," he added.

Bangladesh’s financial system remains overwhelmingly bank-dominated with 765 other financial institutions making only a limited contribution to boosting the economy.

According to a Bangladesh Bank report, the other financial corporations (OFCs) — a broad group that includes non-bank financial institutions, insurance companies, brokerage firms, mutual funds and mobile financial services — together account for just 4.6 per cent of total financial sector assets, compared with 78.1 per cent held by banks.

This imbalance highlights a structural weakness, where alternative financing channels remain underdeveloped despite their large number and potential role.

BB identified 765 other financial institutions operating in the country.

These institutions are expected to complement banks by mobilising long-term funds and supporting capital market activities.

At the end of December 2025, total assets of OFCs stood at Tk 2.02 lakh crore, marking a 13.45 per cent increase from Tk 1.78 lakh crore in the previous year.

While this growth appears significant, it has not translated into stronger support for business investment or industrial expansion.

Instead, the sector’s role in direct financing remains limited.

A closer look at the asset composition explains the issue.

Around 85 per cent of OFC assets are concentrated in claims on other sectors, claims on banks, and claims on the government.

This indicates that a large portion of funds circulates within the financial system or goes into public sector instruments, rather than being channelled into private sector investment.

More concerning is the decline in lending activity.

Loans provided by OFCs dropped by 6.7 per cent year-on-year and 4.35 per cent on a quarterly basis.

This contraction suggests that financial institutions other than banks are reducing their exposure to credit at a time when the economy needs diversified funding sources, especially as banks face rising stress.

The term ‘claims’ in the report refers to financial assets held by institutions, such as loans, deposits, or investments in securities.

A higher share of claims on banks, for example, means OFCs are placing funds with banks instead of lending directly to businesses.

Such behaviour reduces their effectiveness as independent financing channels.

On the liability side, the structure further reflects limited market development.

Equity accounts for about 32 per cent of total liabilities, while insurance and pension-related reserves make up around 23.5 per cent.

These are relatively stable sources of funds, but they are not being fully utilised for long-term investment in the real economy.

The absence of a functioning bond market remains a key constraint.

Debt securities represent only a negligible share of liabilities and showed no meaningful growth over the year.

In most economies, bond markets allow companies and governments to raise long-term funds without relying on banks.

In Bangladesh, this channel remains largely inactive, placing more pressure on the banking system.

Within the OFC sector, life insurance companies hold the largest share of assets at about 25 per cent, followed by other financial institutions and brokerage houses.

Mobile financial services are also expanding, accounting for around 9.6 per cent of total assets, reflecting increased digital transactions.

However, these segments largely facilitate payments or manage savings, rather than providing substantial long-term financing for industry.

The long-term trend shows that OFC assets have more than doubled over the past several years, rising from Tk 92,640 crore in 2018 to over Tk 2 lakh crore in 2025.

However, a significant part of this increase is linked to improved data coverage rather than a fundamental expansion of financing capacity.

The report also highlights gaps in data reporting.

Out of 765 identified institutions, only 525 were included in the final analysis due to incomplete submissions.

The overall picture points to a financial system where banks continue to carry the primary burden of financing both short-term and long-term needs.

This creates asset-liability mismatches, as banks use short-term deposits to fund long-term projects, increasing financial risk.

Non-bank financial institutions have yet to evolve into effective channels for capital mobilisation.

In the rolling, wind-swept grasslands of Chifeng in northern China's Inner Mongolia, towering white wind turbines line hilltops like sentinels over a hydrogen industry Beijing is trying to prise away from coal.

They are part of a $2 billion project - the biggest of its kind - that harnesses renewable energy to run banks of electrolysers that produce the molecules needed for fertiliser, marine fuel and low-emission steelmaking.

India shares China's "green hydrogen" ambitions, but its commitments are even more concrete and aggressive. Backed by subsidies worth some $2.1 billion, New Delhi is targeting 5 million metric tonnes of green hydrogen annually by 2030 - five times the current size of the global market and about double what analysts estimate Chinese output will be by then.

The massive bets by the world's two most populous nations come at the same time that the West has quietly backed away from its ambitious green hydrogen goals from the start of this decade after cost constraints proved stickier than anticipated.

What China and India have in common - despite very different motives - is the power and political will to force a market into existence, by underwriting projects, steering demand and pushing costs down through scale.

India has drawn private capital by pairing subsidies with offtake guarantees from refineries, fertiliser plants and steelmakers, making projects bankable from the outset.

The motivation is energy security. Hydrogen in India is overwhelmingly derived from imported natural gas, whose supply has suffered a sequence of shocks from the Middle East, Ukraine and the pandemic.

For China - able to deploy state-owned giants or attract private firms with large-scale, planning-led industrial projects - the aim is to preserve its dominance in hydrogen as the industry shifts towards cleaner energy.

In its five-year plan announced in March, Beijing listed green hydrogen alongside quantum computing, brain-computer interfaces and AI-enabled robotics as a frontier industry - an elevation in status that signals more capital will flow its way.

China: speed and scale

China invested $3.7 billion in green hydrogen production last year, more than double US levels, said Rystad Energy's head of hydrogen, Minh Khoi Le.

By 2031, China will have some 2.6 million tonnes per year online, representing $26 billion in investment, according to Rystad projections.

Much of 2025's outlay went into the Chifeng project, operated by Chinese wind turbine maker Envision Energy. It aims to sell green hydrogen and ammonia to markets in Asia, Europe, Latin America and the Middle East, and delivered its first green ammonia cargoes to South Korea's Lotte Fine Chemical in February.

"If we go back a year or two ago, China was not very visible on this situation of green hydrogen, and then two years later they have almost all the biggest projects in the world," said the International Energy Agency's hydrogen lead, Jose Bermudez.

China last year likely doubled its renewables-based hydrogen production capacity to 250,000 tonnes - more than half of the global total, and surpassing a 2022 target to produce 100,000 to 200,000 tonnes annually by 2025 - said Agora Energy China managing director Kevin Tu.

In Inner Mongolia and other places with high winds and strong sunlight, costs can fall to around $2 per kilogram for green hydrogen, close to parity with coal-based hydrogen, Tu said. On average, producing green hydrogen in China costs around $4 per kilogram, he said.

India: aggregating domestic demand

India has brought the price of producing green hydrogen as low as 279 rupees (around $3) per kilogram, from around $5 in 2023, when the government launched the National Green Hydrogen Mission under the clean energy ministry.

Abhay Bakre, who heads the mission, told Reuters that the cost should drop to near $2 by 2032 as technology improves, processes become more efficient and more components are made domestically.

Projects will begin delivering "large quantities" of green hydrogen as soon as next year, he said, and "scale up very fast" to hit the target of 5 million tonnes by 2030.

Under the initiative, industrial heavyweights including Larsen & Toubro, Bharat Petroleum Corp, GAIL and JSW Steel produce about 8,000 tonnes of green hydrogen and its derivatives annually.

New Delhi is kick-starting demand through state-run reverse auctions, where sellers try to undercut each other to win long-term contracts, effectively revealing the lowest price producers can bear.

The government said last month that suppliers and fertiliser companies had signed offtake agreements for 724,000 tonnes of green ammonia, which could cover one third of the country's hydrogen requirements.

Maintaining momentum will require "bold, sector-specific domestic initiatives, coupled with strategic international partnerships to unlock export potential", analysts at the Institute of Energy Economics and Financial Analysis wrote in a report.

"With one of the lowest costs of renewable power generation in the world, India is well placed to capture a significant portion of the export market."

In an interview with Daily Sun, Bangladesh’s commercial counsellor in Germany highlights opportunities in high-value, eco-compliant goods but warns of risks from LDC graduation, compliance pressures and overreliance on garments

A structural shift in German consumer and regulatory preferences toward sustainability is opening a significant export window for Bangladesh, with strong potential in high value-added and environmentally compliant products, according to Ch Md Golam Rabbi, commercial counsellor (deputy secretary) at the Bangladesh Embassy in Berlin.
“Germany, as Europe’s largest economy, is increasingly prioritising environmentally friendly, ethically produced and fully traceable goods. This shift is not temporary, it represents a long-term transformation of the market,” Rabbi said in an exclusive interview with the Daily Sun.
He noted that Bangladesh is well positioned to capitalise on this trend, supported by its growing portfolio of green factories, improved compliance standards and competitive manufacturing base.
The participation of three Bangladeshi companies at Techtextil & Texprocess 2026 at Messe Frankfurt signals a gradual but important shift toward higher-value market engagement.
Rabbi described Germany’s trade fairs as “high-impact commercial ecosystems” that go beyond exhibitions. “These platforms enable exporters to generate qualified leads, engage directly with decision-makers, analyse competitors and position their brands in a highly competitive environment,” he said.
He emphasised that trade fairs serve a dual purpose, as immediate business development tools and long-term strategic investments. Companies can test market responses, launch new products, gather direct buyer feedback and build partnerships across the value chain.
To maximise outcomes, Rabbi advised exporters to adopt a structured approach, including setting clear and measurable targets, scheduling meetings in advance and leveraging digital platforms such as LinkedIn to enhance real-time engagement and visibility.

Germany anchors Bangladesh’s EU exports
The European Union continues to dominate Bangladesh’s export landscape, accounting for nearly half of total exports, which reached $48.28 billion in the 2024-25 fiscal year.
Within the EU, Germany remains the single largest destination. Bangladesh exported approximately US$8.8-9 billion worth of goods to Germany in 2024, with momentum continuing into 2025. Overall exports to the EU stood at around $23.9 billion in 2025, reflecting steady growth.
However, Rabbi cautioned that the export structure remains highly concentrated. “More than 80%-90% of exports to the EU are still readymade garments. While this has been a strength, it also exposes Bangladesh to structural risks,” he said.
With Germany’s demand evolving rapidly, he underscored the need to move beyond volume-driven apparel exports toward diversified, value-added products.
He identified emerging opportunities in light engineering, footwear, leather goods, technical textiles, pharmaceuticals, ICT services and jute-based eco-friendly products.
“European buyers are increasingly shifting toward man-made fibre (MMF), functional textiles and technical applications. Capturing this segment will be critical for future growth,” he added.

LDC graduation: Opportunity with risks
Bangladesh’s graduation from Least Developed Country (LDC) status in 2026 marks a turning point for its export competitiveness in the EU market. Unless the government’s request for deferment is approved, the country is set to graduate in November this year, bringing major changes to market access and tariff benefits.
Rabbi warned that the loss of duty-free, quota-free access under the Everything But Arms (EBA) scheme could lead to “preference erosion,” increasing tariff burdens on Bangladeshi goods.
“To sustain growth, securing GSP Plus status or negotiating free trade agreements will be essential,” he said, noting that competing countries such as Vietnam and India are already advancing through bilateral and regional trade deals.
Beyond tariffs, compliance will become a decisive factor. Exporters will need to align with stringent frameworks such as the EU’s Carbon Border Adjustment Mechanism (CBAM) and Germany’s Supply Chain Due Diligence Act, which require robust environmental, labour and governance standards.
He also pointed to the loss of special treatment under WTO provisions, which could limit policy flexibility and increase pressure on domestic industries.

Compliance, cost and logistics challenges
Rabbi identified compliance as the most immediate and complex challenge.
“EU regulations are evolving rapidly, particularly around sustainability, due diligence and traceability. This requires continuous investment and institutional readiness,” he said.
Other constraints include limited product diversification, slower adaptation to MMF-based production, and inefficiencies in logistics and supply chains. Lead times, port handling capacity and freight costs continue to affect Bangladesh’s competitiveness compared to regional peers.
Additionally, global economic uncertainty and inflationary pressures in Europe are influencing buyer behaviour, leading to cautious sourcing strategies. Rising energy and raw material costs are further compressing exporters’ margins.
He also warned against overdependence on a narrow export base, noting that excessive reliance on a single sector could create long-term systemic vulnerabilities.

Embassy steps up engagement
To address these challenges and leverage emerging opportunities, the Commercial Wing of the Bangladesh Embassy in Berlin has intensified its engagement with the German market.
“Our focus is on building direct linkages between Bangladeshi exporters and European buyers through trade fairs, buyer-seller meetings and continuous engagement with industry associations and retail groups,” Rabbi said.
The embassy is also actively involved in policy advocacy, particularly in areas related to market access, sustainability standards and upcoming EU regulations.
Rabbi concluded that Bangladesh’s future export success in Germany will depend on its ability to align with evolving market dynamics.
“The opportunity is clear. But capturing it will require a strategic shift, toward sustainability, diversification, compliance and value addition. Those who adapt early will be the biggest beneficiaries in the German and broader EU market,” he said.

The government has secured sufficient fuel supply to meet demand in May, with preparations underway for June and July, State Minister for Power, Energy and Mineral Resources Anindya Islam Amit said today (22 April).

He made the remarks in parliament while responding to an urgent public importance notice raised by Jamaat-e-Islami Ameer Shafiqur Rahman on addressing the "ongoing energy crisis" and reducing public suffering.

Highlighting stock, distribution and global situation, the state minister said fuel prices in the global market have increased by an average of 186.59% since the start of the Iran war.

Despite intense pressure for price adjustments, he said the government refrained from raising fuel prices during the peak boro irrigation season. "After irrigation demand eased, prices were adjusted, and even then, the increase was lower than in neighbouring countries," he added.

He also said the government remains open to constructive proposals. "If the opposition or any party has a clear plan to resolve the fuel crisis, the government is willing to consider it."

Opposition lawmakers also took part in the discussion on the proposal.

An outfit of high-profile global rating-agency Fitch suggests Bangladesh should continue with its high policy rate in lending in the high-inflation regime, ostensibly nay-saying pleas for rate cut.

"We now expect the Bangladesh Bank to maintain its policy rate at 10 per cent over FY2026/27 instead of cutting the rate," says a BMI report, available Wednesday.

Business Monitor International or BMI is a Fitch Solutions company that provides macroeconomic, industry, and financial market analysis globally.Banking sector news

The subsidiary of the American-British credit-rating agency, Fitch, makes such suggestion in view of high projected inflation, recent decline in long-term-borrowing costs, and renewed need for International Monetary Fund financing.

"This is a revised outlook from our previous projection of a rate cut during the new fiscal year. The revision comes despite BB Governor Mostqaur Rahman's reported preference for lower interest rates."

The agency says their new forecast primarily reflects Bangladesh's present economic circumstances, as they expect headline inflation will remain above the central bank's 6.5-percent target over FY2026/27, "hitting a high of 8.6 per cent".

"This is partly due to base effects created by low food-price inflation during H1 FY2025/26."

The Fitch outfit also expects the Iran conflict to contribute 0.13- percentage points towards headline inflation for the coming fiscal year through higher energy prices.

"Elevated inflation threatens the BB's price-stability mission, making a rate cut in FY2026/27 difficult to justify," it opines.

The report mentions that surging inflation in recent years has also eroded real wages in Bangladesh.

"This was particularly pronounced for industry-sector workers, which comprise 21 per cent of the economy's labour force. Although the salary declines slowed in 2025, this comes atop five consecutive years of falling real wages."Global economy analysis

It predicts that an uncontrolled supply-side shock to inflation will worsen this problem.

"This factor will make the BB even more cautious about cutting rates, which could cause inflation to run unchecked."

Falling long-term borrowing costs presents another reason for keeping the policy rate high.

The 10-year treasury yield has trended down since January 2025, despite the policy rate's elevated level. Over the same period, credit growth surged, driven by greater government lending.

"Apart from fuelling inflation, looser credit could also hasten financial flows towards lower-quality investments. This effect is probable given the fragility of Bangladesh's banking sector," the agency cautions.

Finally, it mentions, Bangladesh's government is seeking US$3.0 billion in financial support from the International Monetary Fund (IMF) and the World Bank.

"The government's spending needs are real. Aside from cushioning the blow of the Iran conflict on Bangladeshi households, Dhaka will probably have to recapitalise several banks as it reforms the financial sector."

However, IMF support is likely to be contingent on the government preserving a degree of macroeconomic stability.Bangladesh market report

Keeping monetary policy tight when economic conditions support such a move would preserve confidence among international investors over Bangladesh's medium-term prospects.

Singer Bangladesh Ltd reported a loss of Tk55.86 crore in the January-March quarter of 2026, despite posting modest year-on-year revenue growth.

According to its unaudited financials, the company's sales rose by 3.46% to Tk577.20 crore, up from Tk557.86 crore in the same period last year.

However, losses widened significantly from Tk35.89 crore in Q1 2025, reflecting mounting cost pressures and weak market demand.

Commenting on the Q1 financials, the company said that despite a slight increase in turnover, actual sales fell short of expectations due to a stagnant consumer electronics market.

"Domestic sales were stifled by high inflation, geopolitical tensions, and unfavourable weather, while the national election and extended Eid holidays further dampened demand," it said.

Although gross profit margins remained stable, Singer noted that rising costs could not be fully passed on to consumers due to strong price sensitivity in the market.

As a result, operating profit declined by 8.1%, driven by higher expenses related to rent, depreciation and salaries, amid broader economic struggle to balance the operational costs with subdued consumer durables demand.

The company also reported a sharp 41.4% increase in net finance costs, mainly due to nearly 50% higher interest expenses from increased short-term borrowing to support working capital and business expansion.

Additionally, the depreciation of the Bangladeshi taka against the euro led to foreign exchange losses on inter-company loans, the company said.

Sectors across Bangladesh are adjusting rates and restructuring costs in the wake of the government’s record fuel price hike, with freight charges from Chattogram port surging and consumer goods companies shrinking pack sizes and cutting trade margins to stay afloat.

On April 18, the government raised fuel prices to record highs -- diesel by Tk 15 per litre to Tk 115, octane by Tk 20 to Tk 140, petrol by Tk 19 to Tk 135, and kerosene by Tk 18 to Tk 130, with new rates taking effect at midnight.

The hike compounded a crisis that began in early March, when the outbreak of war in Iran pushed global energy prices higher and drove up transport costs before any official revision.

Already reeling from the supply disruptions due to the war, diesel-dependent industries, including agriculture, manufacture and transport, are now facing a double whammy. And in a highly inflated economy, the burden is likely to fall on customers soon.

FREIGHT RATES UP 30%

Transport fares between Chattogram port and destinations across the country have risen 25 to 31 percent since the April 18 hike, with rates remaining volatile for the past one and a half months.

When the Iran war began in early March, covered van fares from the port to Dhaka shot up from Tk 17,000 to a maximum of Tk 32,000. The rates later eased to around Tk 22,000 after Eid-ul-Fitr, only to climb again after the fuel hike.

On Tuesday, Ashis Chakraborty, owner of Chattogram-based clearing and forwarding agency AZ Trade International, hired five covered vans to transport imported fabrics, yarn, and chemicals for Mymensingh-based garment manufacturer PM Textile. It cost him Tk 29,000 per van.

PRAN-RFL Group, which relies on hired vehicles for around 40 percent of its cargo movement between Chattogram and its factories in Ghorashal and Habiganj, is absorbing similar increases.

Kamruzzaman Kamal, the company’s marketing director, told The Daily Star that covered vans now charge Tk 15,000 to carry export goods from Ghorashal to inland container depots in Chattogram -- Tk 3,000 above the previous rate.

Prime movers transporting import containers to the factories now cost up to Tk 42,000, compared to Tk 32,000 before the hike.

MOST MANUFACTURERS HOLD PRICES -- FOR NOW

On the manufacturing side, companies are deploying a range of measures to absorb the cost shock without immediately raising retail prices, though several have signalled that adjustments are becoming harder to avoid.

Many are resorting to shrinking the pack size. This is a classic example of “shrinkflation”-- which occurs when manufacturers shrink the package size, i.e., quantity of an item, without a corresponding price drop.

Tanveer Ahmed Mostafa, director of Meghna Group of Industries, said the severe global energy shock stemming from the Middle East conflict has directly hit the company’s costs from maritime freight to raw material procurement.

In a vertically integrated conglomerate like Meghna, such volatilities inevitably exert pressure on forward consumer outputs, he said, adding that the group is currently absorbing the pressure through internal cost-containment and supply chain optimisation.

“A price adjustment remains a possibility to ensure sustainable supply,” Mostafa said. “We are first exhausting all internal efficiencies.”

“While a price adjustment remains a possibility to ensure sustainable supply,” Mostafa said, for now they are “exhausting all internal efficiencies to keep” products affordable.

PRAN-RFL, a leading food processor and exporter, is holding the same position.

Marketing Director Kamal said, “The company is currently avoiding price increases despite rising fuel costs, as consumers are already under significant financial pressure from higher living expenses.”

Instead, PRAN is reducing trade margins and consolidating deliveries – minimising vehicle numbers, ensuring full-load shipments, and using larger vehicles where possible.

Increasing the maximum retail price, he said, “remains a last resort” and would only be considered if internal cost-control measures fail.

Unilever Bangladesh is also deferring any pricing decision, and is focusing on innovation and operational improvements to absorb costs.

Shamima Akhter, director of corporate affairs, partnerships and communications, said the company is prioritising operational efficiency and cost optimisation over immediate price increases.

Because many of its products are discretionary, she noted, price hikes risk reducing sales volumes.

She noted that global volatility, including higher fuel prices and increased raw material import costs, has already put pressure on production and distribution over the past two months.

Bombay Sweets, however, has moved more decisively. Khurshid Ahmad Farhad, the company’s general manager, said export prices have already been raised by 25 percent starting last month. In the domestic market, the company is adjusting on a product-by-product basis, either raising prices or reducing weights, but not both simultaneously.

Farhad described the April 18 hike as a second shock. Cost pressures had already been building, driven by sharp increases in raw materials, including chemical and petrochemical prices. When the latest price hike came, it pushed packaging costs up by 13 percent to 69 percent.

The company’s “Potato Crackers” product, retailed at Tk 10, has been reduced from 13 grams to 10 grams since the fuel hike. The change is already in the market. Farhad emphasized that increasing maximum retail prices further is difficult due to declining consumer purchasing power, making downsizing a necessary strategy.

“The company is currently prioritising survival over profit,” Farhad said. “Margins have already declined.”

FARMERS FACE A COSTLY HARVEST

The pressure is not limited to industry. Farmers are feeling the pinch during the Boro harvesting season. The surging diesel prices have made it costlier to rent harvesters. For instance, farmers in four haor districts of Sylhet depend on nearly 1,500 combine harvesters, which run on diesel, for bringing their crops home.

In Dingapota Haor in Mohanganj upazila, Netrokona, farmer Tofayel Khan cultivated Boro rice on 80 kathas of land this season, only for floodwater to submerge most of it before harvest.

He had to spend some Tk 660 per katha to harvest the remaining crops. Last season, the rate was Tk 550 per katha. “I am concerned about how to recover my losses.”

Foreign buyers are increasingly diverting garment work orders away from Bangladesh over concerns about energy reliability and an uncertain business climate, said Anwar-Ul Alam Chowdhury (Parvez), president of the Bangladesh Chamber of Industries (BCI), yesterday.

“Buyers are telling us that within the next two to three months, Bangladesh may face electricity shortages. Because of that, their top management is discouraging them from placing new orders here,” he said, citing recent communications from international sourcing teams.

He made the remarks at a discussion with senior officials of the National Board of Revenue (NBR) at its headquarters in Dhaka. The NBR organised the meeting as part of its consultation with businesses and other stakeholders ahead of formulating tax proposals for the next fiscal year, 2026-27.

The BCI president said some orders had already been redirected to India and other competing countries, while others were being withheld amid growing uncertainty.

He added that several large buying houses had warned local suppliers of potential disruptions, triggering anxiety across the export-oriented manufacturing sector.

“Orders for July and August, which were expected by now, have either slowed significantly or stopped altogether. We are still in discussions, but in many cases we have not been able to secure the orders,” he said.

Chowdhury cautioned that a further downturn could follow if the situation does not improve.

Beyond energy concerns, he also highlighted the burden of minimum tax on loss-making businesses. Under the current rules, companies must pay a minimum turnover tax of 1 percent even if they incur losses, a provision he said is particularly challenging for small enterprises.

He urged policymakers to introduce a slab-based system for smaller firms and called for clearer safeguards regarding provisions in the Income Tax Act 2023 that allow tax officials to access business systems and financial records for withholding tax verification.

Md Abdur Rahman Khan, chairman of the NBR, along with other officials from both organisations, were present at the meeting.

Bangladesh and Ethiopia have agreed to elevate their bilateral relations to a higher level through enhanced economic cooperation.Economy news updates

Foreign Minister Dr Khalilur Rahman, now visiting Ethiopia, held a meeting with Minister of Foreign Affairs Gedion Timothewos and discussed issues of mutual interest.

The two Ministers exchanged views on areas of cooperation in both bilateral and multilateral relations, said the Ministry of Foreign Affairs of Ethiopia.

Gedion noted that Ethiopia continues to register sustained economic growth and invited Bangladeshi companies to engage in priority investment sectors identified by the Government, including renewable energy generation, agro-processing, the pharmaceutical and medical equipment manufacturing industries, as well as the broader manufacturing sector.

Minister Dr Khalilur underscored his country’s commitment to further strengthening bilateral relations with Ethiopia, particularly in the areas of trade and investment cooperation.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“If fuel can’t be managed and data centres go offline, it would cause widespread call drops, internet outages, and service blackouts,” said an official at a mobile operator, preferring not to be named.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Not all taxed imports immediately eligible

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

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

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

System requires accuracy

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

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

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

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

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

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

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

Patience with the process

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NEXT PEACE TALKS UNCERTAIN

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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