The US dollar rose ​to its highest level in a week against major currencies on Monday before paring gains as renewed US-Iran tensions and ‌fading hopes for a Middle East peace deal sent investors toward safe havens.

The United States said on Sunday that it had seized an Iranian cargo ship that tried to run its blockade, while Iran said it would retaliate, stoking fears about a resumption of hostilities.

Tehran also said it would not participate in a second ​round of negotiations that the US had hoped to kick off before its two-week ceasefire with Iran expires on Tuesday.

“The weekend escalation ​revives the geopolitical risk premium just as markets had started pricing a peace dividend,” said Charu Chanana, chief investment strategist at Saxo, adding that higher oil “is not just an energy story, it is a growth-and-rates story.”

The euro was last down ​0.05 percent at $1.1754 after hitting a one-week low of $1.1729 earlier in the session, while sterling was 0.15 percent lower at $1.3497. The risk-sensitive Australian dollar fell 0.3 percent ​to $0.7145.

The dollar index , which measures the US currency against six peers, recouped some of its recent losses to rise to its highest in a week at 98.47, before dipping to trade at 98.34.

The index is down 1.55 percent in April. It had surged 2.3 percent in March on haven demand after the war broke out.

Analysts said ​the restrained moves in the currency markets, with the dollar giving back some of its early gains, pointed to lingering optimism that despite ​the setbacks over the weekend a resolution could still be on the cards.

Chris Weston, head of research at Pepperstone, said while the tone is risk-off to ‌start ⁠the week, the move so far “appears orderly rather than indicative of a major volatility shock.”

“Market participants understand that the path to a formal agreement was unlikely to be linear and remains vulnerable to sudden changes, so market players won’t be wholly surprised by a sentiment shift,” Weston said.

Industries Minister Khandakar Abdul Muktadir today (20 April) informed parliament that Bangladesh witnessed its highest trade imbalance with India among Saarc member countries, with the gap reaching $7.86 billion in the 2024-25 fiscal year.

"Bangladesh's trade deficit [among Saarc members] with India is the highest. The gap stood at $7.86 billion in FY2024-25," he said, while replying to a starred question from treasury bench member SM Jahangir Hossain (Dhaka-18).

The minister said Bangladesh has also trade deficits with Afghanistan, Bhutan and Pakistan, but it enjoys trade surpluses with Nepal, Sri Lanka and the Maldives, among the Saarc countries.

Presenting detailed figures, he said Bangladesh exported goods worth $11.09 million to Afghanistan and imported $21.80 million, resulting in a deficit of $10.71 million.

Exports to Bhutan stood at $14.33 million, while imports reached $44.10 million, leaving a deficit of $29.77 million.

In trade with India, Bangladesh exported goods worth $1,764.24 million against imports of $9,624.10 million, resulting in a deficit of $7,859.87 million.

With Nepal, Bangladesh exported goods worth $35.40 million and imported $5.50 million, maintaining a trade surplus.

Exports to Pakistan were $74 million, while imports stood at $755.30 million, creating a deficit of $681.30 million.

Bangladesh exported $82.85 million worth of products to Sri Lanka against imports of $76.60 million, while exports to the Maldives were $6.35 million compared to imports of $3.50 million, both reflecting trade surpluses.

Oil prices jumped more than 5% on Monday, on fears that the ceasefire between the United States and Iran could collapse after the US seized an Iranian cargo ship, while traffic through the Strait of Hormuz stayed largely halted.

Brent crude futures advanced $5.08, or 5.62%, to $95.46 a barrel by 0418 GMT and US West Texas Intermediate was at $88.86 a barrel, up $5.01, or 5.97%.

Both contracts tumbled by 9% on Friday, their largest daily declines since 18 April, after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and US President Donald Trump said Iran had agreed to never close the strait again.

"Within 24 hours of Friday's 'completely open' announcement, there were already tankers that were fired upon by the Islamic Revolutionary Guard Corps (IRGC), leading to more fears from the shippers on attempting to leave," said June Goh, a senior oil market analyst at Sparta Commodities.

"Market fundamentals are getting worse, as 10-11 million barrels per day of crude oil remains shut in."

The United States said on Sunday that it had seized an Iranian cargo ship that tried to run its blockade while Iran said it would retaliate amid growing worries of a resumption of hostilities.

Tehran also said it would not participate in a second round of negotiations that the US had hoped to kick off before its two-week ceasefire with Iran expires this week.

The United States has maintained a blockade of Iranian ports, while Iran has lifted and then re-imposed its own blockade of the Strait, which handled roughly one-fifth of the world's oil supply before the war began almost two months ago.

"Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion," Saul Kavonic, MST Marquee's head of research, said.

"The announcement of the Strait opening proved premature," Kavonic said.

"Ship owners will be twice shy about heading towards the Strait again without receiving much more confidence that any announced passage is real."

More than 20 ships passed the strait on Saturday carrying oil, liquefied petroleum gas, metals and fertilisers, Kpler data showed, the highest number of vessels crossing the waterway since 1 March.

The recent fuel price hike is rippling through Bangladesh’s trade logistics chain, pushing up costs for importers, exporters and freight operators at the same time.

On Sunday night, owners of 21 private inland container depots (ICDs) announced an 8.5 percent increase in container handling charges with immediate effect.

The operators say the increase was obvious after a 15 percent rise in diesel prices. Exporters, however, say it will erode their competitiveness at a time when export growth has been falling for eight consecutive months.

Apparel exporters have criticised the move and called for a government review.

However, the Bangladesh Inland Container Depots Association (Bicda) defended the move, saying operators had to adjust costs to keep services running smoothly.

“Following the diesel price hike, cost adjustments became unavoidable to maintain smooth operations,” said Md Ruhul Amin Sikder, secretary general of Bicda.

The latest adjustment comes just months after ICD charges were raised by 20 percent, while the Chittagong Port Authority increased tariffs by more than 41 percent.

Private ICDs handle 20-23 percent of import-laden containers and around 93 percent of export-bound containers moving through Chattogram port.

The revised ICD rates cover six service categories, including container transport, lift-on/lift-off charges, export stuffing, container weight charges and import delivery, according to a circular issued by Bicda.

The association said ICD operations consume more than 70,000 litres of diesel a day, making cost adjustments unavoidable.

At present, ICDs charge an average of Tk 2,046 to transport an empty container between the port and depots. Export stuffing costs about Tk 7,424 for a 20-foot container and Tk 9,900 for a 40-foot container. Rates vary across depots as they are negotiated individually with clients.

Industry stakeholders, however, have raised concerns about the wider impact on trade costs.

“With the latest ICD hike, the cost of import and export business will rise sharply,” said Khairul Alam Suzan, former vice-president of the Bangladesh Freight Forwarders Association (BAFFA), pointing to earlier increases in charges and tariffs in December last year.

Shipping agents have echoed similar concerns, warning that the higher costs could weigh on external trade performance.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has criticised the decision as unilateral, calling for a government-led committee to assess the actual cost impact before any tariff adjustments are made.

SM Abu Tayyab, director of the BGMEA, said the combined pressure of higher port tariffs, ICD charges and rising freight costs would hit the already struggling readymade garment sector hard.

Bangladesh’s merchandise exports, heavily dependent on apparel, have recorded eight consecutive months of decline as of March. Exports fell by more than 18 percent year-on-year, dropping to $3.48 billion last month from $4.25 billion a year earlier.

The dual increase in logistics and handling costs is likely to squeeze profit margins further, particularly in low-margin sectors.

“With exports already on a softer trend, this will push exporters further onto the back foot,” said Riad Mahmud, managing director of industrial manufacturing company National Polymer Group.

He said truck fares rose by 6 percent to 7 percent within hours of the fuel hike announcement and are likely to settle 18 percent to 20 percent higher.

“These are cumulative pressures,” he said. “Transport costs are rising, and ICD handling charges are also going up. All of this directly increases export costs.”

He added that exporters are especially exposed because most orders are agreed in advance. “We cannot revise prices after contracts are signed. The additional costs must be absorbed by exporters.”

Salauddin Sikder, general manager (export) at RFL, said the impact is particularly severe for exporters of non-traditional goods such as plastics, doors and luggage, where shipments are smaller and fixed costs per document are higher.

He said the total cost per container has risen from around Tk 14,000 to about Tk 23,000, an increase of nearly 70 percent to 80 percent.

“Exporters are facing a double burden. Raw material prices have surged due to global geopolitical tensions, while local charges have also increased, leaving little room to absorb costs,” said Sikder.

“If our prices rise disproportionately compared with competitors like China or Vietnam, we risk losing orders,” he added.

Meanwhile, businesses are bracing for further changes as the Department of Shipping is due to meet stakeholders in Dhaka tomorrow to discuss cost adjustments for lighter vessels.

Shafiq Ahmed, convener of the Bangladesh Water Transport Coordination Cell, said a lighter vessel currently consumes around 3,500 litres of diesel on a round trip between Chattogram and Dhaka. Freight for transporting cement clinker stands at Tk 550 per tonne.

A Bangladeshi multinational company, MGH Group, is going to construct the country’s first privately built container terminal at Chattogram port on the bank of the Karnaphuli river in Patenga.

Through a competitive bidding process, Transmarine Logistics, a subsidiary of MGH Group, secured the lease of a seven-acre plot of the Chittagong Port Authority (CPA) to build the terminal, said a press release issued by MGH.

The group’s CEO Anis Ahmed and CPA Chairman Rear Admiral SM Moniruzzaman signed a 20-year land lease agreement at an annual rent of Tk 15 crore yesterday.

MGH Group is a diversified multinational headquartered in Bangladesh, with a presence in 26 countries.

“By integrating private sector agility with green technology, this terminal provides vital strategic value to the Chattogram port,” CPA Chairman Moniruzzaman said.

MGH Group CEO Anis Ahmed told The Daily Star that the group will initially invest Tk 550 crore to construct the terminal, hopefully within 18 months.

The terminal would be a green port, integrating cutting-edge sustainable technologies to minimise environmental harm.

It will have a monthly handling capacity of 40,000 twenty-foot equivalent units (TEUs) and is expected to employ at least 180 people, Ahmed hoped.

The 250-metre jetty would accommodate one container vessel. Import containers would be immediately sent to the inland container depots (ICD) after unloading from the vessel.

Despite limited space, the terminal yard will be able to accommodate 3,500 TEUs, he said.

Among the port’s container terminals currently operational or under construction, the proposed MGH terminal will be the closest to the sea. Located just 2.60 nautical miles (4.8152 kilometres) from the Karnaphuli estuary, it will allow vessels to berth in comparatively less time.

Its proximity to the sea will enable fuel savings of between 0.6 and 1.3 tonnes per vessel call, according to MGH.

Bangladesh’s LPG market has expanded rapidly in response to real energy needs, and yet the infrastructure supporting this growth has not kept pace.

The country’s LPG import system remains dependent on small, pressurised vessels, typically carrying between 2,500 and 5,000 tonnes. This fragmented approach raises costs and exposes the market to delays and supply disruptions, affecting reliability.

A refrigerated LPG terminal at a deep-sea location such as Matarbari in the Moheshkhali area provides a clear way forward.

Matarbari offers the conditions required to accommodate Very Large Gas Carriers (VLGCs), which carry around 45,000 tonnes per shipment.

Such vessels require a draft of 12 to 14 metres, which existing LPG import points are not designed to handle. This makes it well-suited for large-scale, cost-efficient LPG imports.

This is a compelling bankable infrastructure opportunity for the private sector and foreign investors.

A terminal with an initial capacity of around 1.5 million tonnes per annum (MTPA) is likely to require capital investment in the range of Tk 1,800-2,300 crore, depending on configuration and marine infrastructure.

Structured under a public-private partnership (PPP) or concession model, such a project can attract long-term investment while limiting upfront public capital. Under this approach, a project developer would be responsible for the design, construction, financing and operation of the terminal over a defined concession period.

This aligns incentives around efficiency and performance, while allowing the government to retain strategic oversight.

The impact of such a terminal will depend not only on where it is built but also on how it is operated.

An open-access model, where the terminal functions as a neutral service provider rather than an LPG supplier, offers the most balanced solution.

In practice, this may take the form of a hybrid structure, where a portion of capacity is reserved for anchor users under long-term commitments to support project bankability, while the remainder is made available on an open-access basis.

Under this structure, all licensed importers can access the facility on transparent and equal terms, while continuing to source LPG independently.

An open-access terminal provides them with access to larger, more cost-efficient shipments, eliminating the need for major capital investments individually.

The structure reinforces the project’s investment appeal: revenues based on clearly defined terminal fees rather than commodity trading provide the predictability that investors and lenders require.

However, shared infrastructure raises concerns around utilisation and coordination among multiple users.

A well-defined Terminal Access Code can be a solution, ensuring transparent allocation of capacity, prioritising committed users and preventing hoarding. Operational arrangements such as coordinated cargo scheduling and inventory-sharing mechanisms can help optimise utilisation.

For established operators, the terminal frees up capital for downstream expansion. For the National Board of Revenue, increased and more efficient import volumes can translate into more predictable and higher fiscal revenues.

For Bangladesh Petroleum Corporation, it provides a reliable supply backbone that strengthens national energy security while enabling more efficient bulk procurement when needed.

For the private sector, it reduces costs, improves logistics and enables growth without duplicating infrastructure.

For investors, it offers a scalable opportunity in a high-growth market through a concession-based framework.

Over time, the terminal could support transshipment and regional trade, enhancing commercial viability and positioning Bangladesh as an efficient energy logistics hub.

With a development timeline of around three years, a terminal commissioned near 2030 would enter a market approaching 3 million tonnes per year and projected to grow to 4 to 5 million tonnes by 2036.

Turning this opportunity into a bankable project will require a clear and disciplined approach. A competitive selection process and a bankable concession structure will be essential alongside clear access rules.

Phased development will allow capacity to scale in line with demand, balancing efficiency with utilisation.

A Phase 1 capacity of 1-1.5 MTPA provides a practical starting point -- large enough to capture economies of scale, yet aligned with realistic utilisation -- while allowing for expansion as demand grows.

Any forward-looking government should seriously consider this idea, which provides an opportunity to align infrastructure, market development and long-term investment in a way that strengthens both energy security and economic resilience.

Before the Covid-19 pandemic, Sabekunnahar Mitu, a young woman from Faridpur, had vague notions, but no concrete plans of becoming an entrepreneur. An unlikely event made her curious about eco-friendly handicrafts, and she now not only makes a good profit from her venture but also employs around 400 people in her locality.

Mitu completed her Secondary School Certificate in 2015 and got married while preparing for her Higher Secondary School Certificate. She later enrolled in the Management Department at Government Rajendra College in Faridpur.

“I kept thinking about becoming an entrepreneur while studying at the college,” she said

One day, while visiting the Kolarhat area of Rajbari in late 2019, Mitu got caught in a sudden rainstorm and took shelter in a roadside shed, where handicraft workers were busy making different products.

“I became curious and started asking questions. That is where the dream began.”

After that visit, Mitu researched online and contacted BD Creation, a large handicraft exporter in Dashuria, Pabna. She visited the factory with her husband next year.

“At first, they did not let me enter, but later they allowed me to look around, although photography was restricted,” she said. The experience bloomed the idea of starting a business.

Encouraged by the experience, she sold her gold jewellery for Tk 2 lakh and received another Tk 1 lakh from her husband, Rezaul Karim, who works as a sub-assistant engineer at the Department of Public Health Engineering in Baliakandi, Rajbari.

With this money, she bought 12 used sewing machines from a business in Pabna that was about to close. She started her factory in a small, rented room near Basdi Bazar.

From the same business that sold her the sewing machines, she hired two operators from Pabna to train 10 local women.

Mitu’s business took off in 2020 and gradually expanded. Seven years later, the step into eco-friendly entrepreneurship has made her a strong example of women’s economic empowerment in the community.

GROWTH OF LAM CREATION

Mitu now runs two production units and has invested Tk 50 lakh in total so far.

A recent visit to the factory showed workers producing eco-friendly goods using jute, hogla leaves, water hyacinth and thatch.

The factory produces more than 50 items, including bags, mats, pet houses, file boxes, baskets, plant pots, bowls, laundry boxes, lunch boxes and tissue boxes. Prices range from Tk 50 to Tk 1,500 depending on design and quality.

“We produce goods worth Tk 30-35 lakh every month. After expenses, I earn around Tk 2-3 lakh,” Mitu said.

Production work is divided among teams responsible for stitching, finishing, quality checks and export preparation. Around 100 men and women work in the two units, while about 300 women from villages in Faridpur and Rajbari work from home as contractual artisans.

The initiative has significantly changed lives in the area.

“My father works as a day labourer. I couldn’t continue education beyond 10th grade,” said Safia Sultana, 21. She now earns Tk 6,500 to Tk 7,000 a month.

Mosammat Aklima Khatun, 24, a homemaker, said, “After household chores, I come here and earn. It’s a blessing for us.”

Rojina Begum from Rajbari earns Tk 3,500 to Tk 4,000 a month by working from home.

Factory manager Humayun Karim, 26, said he now earns Tk 12,000 a month after failing to find a job despite trying in many places.

The permanent workers employed at the two units are paid based on their work volume. Completing more work means more payment.

They also have the option to receive the payment on a weekly basis or a monthly basis.

Mitu’s husband, Rezaul Karim, recalled a tragic memory while talking about the business.

“We lost a newborn in 2021, which left her devastated. Working helped her return to normal life. We now have a six-year-old son. She manages everything herself, and I am very proud of her,” he said.

Lam Creation’s products are currently exported through larger companies like BD Creation.

“My biggest dream is to establish a direct export line and expand the business so that women here no longer have to depend on others,” she said.

BD Creation is one of the companies involved. Mahbub Alam, deputy general manager of BD Creation, said Lam Creation supplies products to them and maintains good quality standards. Golden Jute, a company based in Rajbari, also buys products wholesale from Mitu’s venture and exports them.

Md Mainul Hasan, promotion officer at Bangladesh Small and Cottage Industries Corporation (BSCIC) in Faridpur, said, “This initiative has created income opportunities for 400 people, making a significant contribution to the local economy. We are ready to support them with training if needed.”

Gold prices fell on Monday as the dollar firmed, while ‌news that the Strait of Hormuz is closed again pushed oil prices higher, reviving inflation fears.

Spot gold was down 0.7 percent at $4,792.89 per ounce, as of 0730 GMT, after hitting its lowest since April 13 earlier in ​the session.

US gold futures for June delivery fell 1.4 percent to $4,812.20.

“Gold prices are lower ​today after the US-Iran war ceasefire that markets celebrated last week appeared to be breaking down,” said Ilya Spivak, head of global macro at Tastylive.

That has revived ​the now-familiar ‘war trade’ dynamics we’ve seen since the beginning of the conflict. Crude oil prices ​gained, which echoed into inflation expectation and drove up both yields and the US dollar.”

The dollar index strengthened, making greenback-priced bullion more expensive for other currency holders. Benchmark 10-year US Treasury yields gained 0.6 percent.

Oil prices ​jumped and stock markets wobbled as rising tension in the Middle East kept shipping in ​and out of the Gulf to a bare minimum.

The US has seized an Iranian cargo ship that tried ‌to run its blockade and Iran said it would retaliate, raising the possibility that the ceasefire between the two countries might not last for even the two days it is set to remain in force.

Tehran said it would not participate in a second round of negotiations that ​the US had hoped ​to kick off before the ceasefire expires on Tuesday.

Gold prices have fallen about 8 since the US and Israel launched strikes on Iran in late February, ​on concerns that higher energy prices could stoke inflation and keep ​global interest rates higher for longer.

While gold is considered an inflation hedge, higher interest rates crimp demand for the non-yielding asset.

Meanwhile, gold demand during one of India’s key buying festivals stayed muted on Sunday as record ​prices curbed jewellery purchases, offsetting a modest uptick in ​investment demand.

The capital market extended its losing streak for a second consecutive session today (20 April) as investor confidence remained under significant pressure.

A combination of domestic macroeconomic shifts and geopolitical uncertainty continues to weigh on the bourse, with the benchmark DSEX index of the Dhaka Stock Exchange (DSE) plunging by 15 points to settle at 5,232.

The blue-chip DS30 index followed a similar trajectory, dropping 10 points to close at 1,980, reflecting a cautious risk-off sentiment among both retail and institutional participants.

Market analysts at EBL Securities said in their daily review that the recent adjustment in domestic fuel prices has rekindled concerns over rising production costs and broader inflationary pressures in the economy. This domestic factor, coupled with persistent uncertainty surrounding ceasefire negotiations in the Middle East conflict, has significantly dampened the risk appetite of investors.

The broad-based selling pressure resulted in a substantial erosion of the market's total valuation, with the market capitalisation of the premier bourse dropping by approximately Tk3,000 crore in a single day.

The trading session was characterised by persistent volatility from the opening bell. While buyers made sporadic attempts to reverse the downward trend during the mid-session, the recovery efforts were ultimately overwhelmed by an intensifying wave of selling, according to the EBL Securities.

By the end of the day, the market breadth remained heavily skewed toward the bears, as 207 issues declined compared to 120 advancing, while 62 securities remained unchanged. Despite the fall in prices, market activity saw a slight uptick, with total turnover on the DSE inching up to Tk824 crore.

On the sectoral front, the engineering sector continued to lead the turnover chart, accounting for 17.5% of the day's total trading volume. This was followed by the textile sector at 14.8% and the pharmaceutical sector at 11.8%.

Performance across most sectors remained weak, led by a 1.2% drop in travel and leisure, while jute and cement each declined by 1.0%. In contrast, services and real estate stood out with a 1.5% gain, and tannery and textile posted modest gains.

Several high-cap and influential stocks exerted significant downward pressure on the index during the session, with Islami Bank, Square Pharmaceuticals, City Bank, IDLC Finance, and Uttara Bank emerging as the key contributors to the DSEX's decline.

In terms of liquidity and trading volume, Summit Alliance Port emerged as the most traded stock, followed by City Bank, Dominage Steel, Acme Pesticides, and Khan Brothers PP Woven Bag.

Among individual performers, Nahee Aluminum topped the gainers' list by hitting the 10% upper circuit limit, followed by Evince Textiles and Coppertech Industries. On the losing end, IDLC Finance was the top loser with a 7.75% decline, followed by Hamid Fabrics and several non-bank financial institutions including Fareast Finance, International Leasing, and Premier Leasing.

The bearish sentiment was mirrored at the Chittagong Stock Exchange (CSE), where both key indices ended in the red.

The CSCX declined by 11 points to reach 9,023, while the CASPI shed 27 points to close the day at 14,724. Turnover at the port city bourse also saw a decline, settling at Tk34 crore.

The Bangladesh Securities and Exchange Commission has approved a proposal by state-owned Titas Gas Transmission and Distribution Company Limited to issue irredeemable, non-cumulative preference shares worth approximately Tk282.75 crore.

According to a disclosure on the Dhaka Stock Exchange today (20 April), Titas Gas will issue 282,747,469 preference shares at a face value and issue price of Tk10 each, amounting to Tk2,827,474,690. The shares will be issued in favour of the Finance Division of the Ministry of Finance.

Today, the company's share price closed at Tk17 on the DSE.

Titas Gas said the proposal was unanimously approved by shareholders at its 5th Extraordinary General Meeting (EGM) held on 24 December 2025. It was later submitted to the regulator, which granted approval on 15 April 2026.

The move aims to align the company's capital structure with equity support provided by the government. According to Titas, the government had injected a total of Tk282.75 crore into the company as equity up to 30 June 2023, which will now be formally converted into share capital through the issuance.

A committee comprising officials from the finance ministry, Titas Gas, and the Financial Reporting Council (FRC) had earlier, at a meeting on 16 April 2023, decided to issue irredeemable non-cumulative preference shares in favour of the government.

The structure is intended to offer flexibility to the financially strained company.

Under the proposed terms, the government will receive dividends on the preference shares when the company records profits, but no dividends will be paid in years when it incurs losses.

The irredeemable preference shares will remain on the company's books permanently without increasing its paid-up or common share capital, while their non-cumulative nature means Titas will not be required to pay any unpaid dividends from previous years to the government.

Unlike ordinary shares, preference shares do not confer ownership. Instead, they give holders priority over common shareholders in receiving dividends and claims in the event of liquidation. The committee has also set guidelines governing the issuance of such shares and dividend payments.

Financial performance

Titas Gas reported a narrowing of losses in the July-December period, supported by higher operational income and a lower tax deduction rate, which reduced its overall tax burden.

Total revenue rose to Tk19,072 crore during the period, up from Tk17,473 crore a year earlier. Despite the increase, the company posted a loss of Tk390.32 crore, significantly lower than the Tk711.44 crore loss recorded in the corresponding period.

Meanwhile, net operating cash flow per share (NOCFPS) stood at Tk6.07 at the end of December 2025, mainly due to higher payments for gas purchases compared with collections from gas sales.

The government currently holds 75% of Titas Gas's ordinary shares. Institutional investors own 14.95%, while foreign investors hold 0.03% and general investors 10.02%.

On 2 March 2020, the Financial Reporting Council directed that any capital received as share money deposit – included under equity but not refundable – must be converted into share capital within six months of receipt. Such amounts are also to be considered in the calculation of earnings per share.

The positive trend in remittance inflows has continued into April, with Bangladeshi expatriates living in different countries sending US$2.12 billion in the first 19 days of April, according to the latest data from Bangladesh Bank.Bangladesh economic indicators

This marks a significant surge compared to the same period last year, when inflows stood at $1.71 billion. This year’s figures show an increase of $408 million.

Central bank sources noted that this momentum follows a record-breaking performance in March 2026, which saw the highest single-month remittance inflow in the country’s history. In March, expatriates sent a staggering $3.75 billion.

Previous record highs include $3.29 billion in March 2025, $3.22 billion in December 2025, and $3.17 billion in January 2026.

Analysts attribute the surge in part to ongoing tensions and instability in the Middle East, which have affected global foreign exchange markets. The crisis has increased demand for the US dollar internationally, leading to a rise in the dollar’s exchange rate against the local currency. Consequently, expatriates are receiving a higher value in Taka for every dollar sent home.

While the high inflow provides a boost to the economy, economists warn that a prolonged Middle East crisis could pose risks to Bangladesh, similar to other global economies. Experts have advised the government to focus on maintaining a robust foreign exchange reserve to mitigate potential future shocks.

Economist Rehman Sobhan today (19 April) said Bangladesh's loan defaulters have become embedded in the political system and are now creating barriers to financial and institutional reforms.

"Loan defaulters have become part of the political structure. They themselves are obstructing reforms. So the problem is no longer person-specific, it is structural," he said on the final day of the three-day 9th South Asian Network on Economic Modeling (Sanem) Annual Economists' Conference in Dhaka.

"Reform is not merely about passing laws, but a continuous process requiring implementation, enforcement and measurable outcomes," he added at the session titled "Romancing the Reform: The Bangladesh Story", held in Dhaka today.

Sobhan said many reform efforts fail because governments do not follow through after legislation. "The first step of reform is enacting laws, followed by building the necessary administrative framework, ensuring proper enforcement and finally evaluating results."

The session was moderated by Sanem Executive Director Selim Raihan. The keynote paper was presented by CPD Distinguished Fellow Debapriya Bhattacharya, while former Finance Secretary and former Comptroller and Auditor General Mohammad Muslim Chowdhury served as designated discussant.

Debapriya said Bangladesh has pursued multiple reforms since independence but progress has been slowed by what he termed a "kleptocratic legacy" of corruption, misuse of public resources, weakened institutions and collusion among political, bureaucratic and business elites.

He said reforms often fail due to weak political ownership, poor implementation capacity, vested interests, lack of consultation, corruption, financing constraints and weak accountability.

Referring to the interim government, he said despite strong rhetoric, it failed to establish a coherent reform framework, lacked an integrated economic vision and did not create a real-time system for citizens to monitor progress.

Banking sector at center of crisis

Debapriya said the banking sector has become one of the clearest examples of how reform plans are derailed during implementation. He said rising non-performing loans (NPLs) are weighing heavily on the economy, while repeated attempts to restructure weak banks have been blocked by political resistance.

"The government has finally disclosed the names of major defaulters. But the real question is what to do with banks that have effectively collapsed," he said.

He also criticised amendments to the Bank Resolution Act, saying the changes created an opportunity for former owners of failed banks to regain influence by injecting a relatively small amount of money.

"This is seen as the comeback of oligarchs in a new form, with political patronage," he said, warning that such policy reversals send the wrong signal when depositors and investors need confidence.

He also criticised overlapping administrative control in the sector, saying governance reforms have been delayed for too long. "Good intentions are not enough. If banking reforms are delayed again, the cost to the economy will be much higher," he warned.

However, he welcomed promises of greater central bank autonomy, stronger supervision, action against defaulters and depositor protection, but questioned whether those commitments would be implemented.

Reform needs political commitment

Rehman Sobhan said political parties make major reform promises during elections, but it remains unclear whether they have the leadership or commitment to deliver them.

He said past reforms succeeded only when they had strong public support, citing the Six-Point Movement as an example of a widely backed reform agenda.

He added that such mobilisation is now weak, with parties failing to effectively communicate manifestos to voters. "In many cases, even party members do not properly know their own manifesto," he said.

Questioning the policy debate culture, Sobhan asked how many commentators have direct government experience, arguing that reform cannot be fully understood without working inside the state. "Without that experience, it is hard to know who supports reform, who resists it, and why it fails," he said.

Recalling his time at the Planning Commission, he said passing reform laws was not the main challenge.

Using police reform as an example, he said success should be measured by outcomes in practice. If accountability mechanisms are introduced, their effectiveness must be tested over time by citizens and journalists, he said. "That would be the real test of reform," he added.

Sobhan said many reform proposals promoted by the World Bank and the International Monetary Fund (IMF) are not new, but have been discussed for decades under successive governments.

According to him, governments often show limited progress to unlock loan disbursements, while development partners also have an interest in showing money has been spent.

"What actually happens in the long run is rarely examined," he said.

Need for performance budgeting

Sobhan said he has repeatedly proposed performance-based budgeting to show citizens what outcomes are achieved through public spending. "At present, we only see expenditure figures, with little analysis of results," he said.

Referring to health and education, he said allocations are often underutilised even as complaints persist over inadequate budgets. "If allocated money is not spent properly, where is the real problem?" he asked.

Citing India, Sobhan said major reforms such as the right to food, education and work were driven by strong citizen movements. In Bangladesh, he said civil society remains fragmented and unable to build unified pressure for large-scale reform.

He described the democratic process as the ultimate test of reform, calling for free, fair and inclusive elections. "A government becomes truly accountable when it accepts the people's verdict."

Economist Debapriya Bhattacharya yesterday urged the government to explain the intention behind recent revisions to the Bank Resolution Act, which now allow former owners to regain control of five Islamic banks being merged amid a severe liquidity crisis due to past irregularities.

At a session of the annual economists’ conference at BRAC Centre Inn in Dhaka, he said political authorities must set out their position in parliament and issue a clear statement explaining their intent.

Earlier this month, the House passed the revised Bank Resolution Act 2026, paving the way for former owners of the merging banks to reclaim control under relatively easy terms. The move has been widely viewed as a reversal of the interim government’s banking reform drive.

Under the law, former directors or owners can reclaim control by paying 7.5 percent of the funds injected by the government or the Bangladesh Bank upfront. The remaining 92.5 percent is to be paid within two years at 10 percent simple interest.

“I have no problem with the policy itself, but I want clarity,” Debapriya said at the conference organised by the South Asian Network on Economic Modeling (Sanem).

He said, “Even the central bank governor has not given a statement on this. So, instead of relying on our own interpretations, the authorities must speak.”

Debapriya, convenor of the Citizen’s Platform for SDGs, Bangladesh, said, “I am worried. I have already said over the past couple of days that we need a political statement on this issue. We need a discussion in parliament.”

“What we are doing now, what you, I, and others are saying, is based on our goodwill, but it is still just interpretation,” he said.

“I believe in political interpretation backed by commitment. That commitment should ensure that past problems or actors do not return. And this issue is not limited to today; it will affect the media tomorrow, and then oil and LNG imports the day after. It extends beyond banking; it affects the entire economy,” he further said.

“We have seen such patterns before. That is why I am looking for a clear political explanation, and wondering why the political leadership is silent,” added Debapriya, also a distinguished fellow at the Centre for Policy Dialogue (CPD).

He said the situation highlights a broader failure to pursue meaningful reform. If reforms are delayed further and pushed into a Five-Year Plan, the approach would be misplaced.

“Unfortunately, although I am also a member of that planning committee, I must say that now is the time for consolidation and reform in order to move forward,” he said.

Without reforms, including stronger revenue generation, better public spending and balanced deficit financing, he asked where the economy would go.

He also referred to findings in a white paper on the economy published by the interim government, which highlighted how deals were struck between politicians and businesspeople, especially around the Prime Minister’s Office.

Businesspeople observed such arrangements and thought, “Why shouldn’t I have a share in this?” he said, adding that some then tried to cut transaction costs by becoming directly involved, including awarding contracts to family members. Eventually, some even entered parliament themselves.

On the capital market, he suggested including not only multinational companies but also state-owned enterprises.

This, the economist said, could achieve two goals at once: raising funds in the short term, even if it feels like selling family silver, and strengthening the quality of listed shares to make the market more vibrant.

Researchers, businesspeople, economists, trade analysts and students from home and abroad took part in the discussion, which was moderated by Selim Raihan, executive director of Sanem.

‘BANK DEFAULT NOW EMBEDDED IN FINANCIAL SYSTEM’

At the session, Professor Rehman Sobhan, chairman of CPD, said banking reforms have been discussed since the time of President Ziaur Rahman, yet major defaults began then and have continued through successive governments.

Although it was once suggested that defaulters should not contest elections, laws were later introduced allowing them to do so if they made a 5 percent down payment and rescheduled loans.

This has resulted in a large group of defaulters in parliament who, he said, help block meaningful reform.

The CPD chairman added that bank default has now become embedded in the structure of the financial system and cannot be addressed simply by targeting a few crony capitalists.

He said legislation alone is not enough. Reforms must be translated into operational measures implemented by the bureaucracy, with outcomes monitored on the ground.

Prof Rehman Sobhan added that an active opposition should work with civil society to act as a watchdog over reform implementation. Ultimately, he said, the government must show genuine intent and build accountability from the Prime Minister’s Office down to the field level.

He said the ultimate test of accountability lies in the government’s willingness to subject its performance to a free, fair and inclusive election.

Mohammad Muslim Chowdhury, former Comptroller and Auditor General of Bangladesh, said that although banks such as Sonali, Janata, Agrani and Rupali were converted into public limited companies two decades ago, they continue to function largely as extensions of the government.

He suggested that these banks should be brought under a genuine corporate structure, merged if necessary, and eventually listed on the stock exchange after a thorough review of their asset quality and balance sheets.

He also called for bringing the Financial Institutions Division (FID) under the regulatory oversight of the Bangladesh Bank to prevent misuse of authority and strengthen supervision.

He further said the total number of banks should be reduced, with particular attention to those with weak balance sheets and negative net worth, through liquidation or other corrective measures.

The latest fuel price increase is expected to send shockwaves through much of the economy, lifting costs for farmers, transporters and manufacturers while offering only slight relief to the government finances and the exchange rate, according to an analysis by Brac EPL Stock Brokerage Ltd.

The brokerage estimates that seven out of nine key economic indicators it reviewed will face negative pressure. Only two areas, fiscal space and the dollar-taka exchange rate, are likely to benefit.

The government on Saturday night raised the prices of four fuels with effect from midnight. Diesel now sells at Tk 115 per litre, octane at Tk 140, petrol at Tk 135 and kerosene at Tk 130.

Bangladesh introduced an automatic, market-driven fuel pricing mechanism on March 7, 2024. Under the guidelines, prices are adjusted in the first week of each month based on the Mean of Platts Arab Gulf benchmark published by S&P Global.

For months, however, prices moved within a narrow Tk 1 to Tk 2 range in line with global markets. This time, the adjustment crosses over 15 percent, reflecting global price volatility amid conflicts in the Middle East.

Brac EPL estimates that a 15 percent increase across hydrocarbons could cut the subsidy bill by about Tk 700 crore a month at current price levels. That would ease pressure on public finances at a time when weak revenue collection and high operating costs have left the government with limited room to manoeuvre.

Lower subsidy requirements could also trim government borrowing, offering some support to the external balance and the exchange rate. But the impact is not straightforward, rather layered and uneven.

The immediate burden of the fuel shock will fall on irrigation, transport and power generation. North Bengal is in the middle of the Boro season, the largest paddy cycle of the year.

Irrigation there depends heavily on diesel and electricity. Higher diesel prices will raise cultivation costs unless offset by policy support or price adjustments.

Transport and logistics are equally exposed. Freight operators usually pass on higher fuel costs quickly, especially in goods transport. That, in turn, feeds into the prices of agricultural produce, consumer goods and manufactured items.

Although diesel-based generation accounts for less than 2 percent of total power output, its share can rise during peak demand, especially as liquified natural gas (LNG) shortages drag on. Higher generation costs may be passed on to consumers or absorbed through fresh subsidies, according to the report.

It said there could be second-round effects too. Dearer transport, irrigation and energy will add to inflationary pressures already stoked by high imported food prices.

The brokerage said that rising inflation expectations could push up yields on government securities and lift borrowing costs for companies if not carefully managed.

Higher inflation and interest rates, according to the report, would weaken demand, lower output, and leave factories running below capacity, which may ultimately translate into slower GDP growth.

While the country usually depends on long-term supply contracts, diesel, which accounts for nearly 65 percent of hydrocarbon consumption, is increasingly sourced from the volatile spot market.

Because geopolitical tensions have disrupted trade routes, with some suppliers declaring force majeure amid infrastructure damage and shipping blockade through the Strait of Hormuz.

The country’s sole crude oil refinery, Eastern Refinery Limited, has an annual capacity of 1.5 million tonnes and meets about 20 percent of domestic demand across 16 fuel products.

The refinery is currently running well below capacity because of crude shortages and is unlikely to scale up production before May this year.

Besides, existing trade agreements with the US limit Bangladesh’s ability to diversify its fuel sourcing, creating added pressure on procurement.

Brac EPL said reliance on spot purchases, low refinery utilisation and limited sourcing options could prompt further price increases, though at a slower pace.

Bangladesh is seeking an additional $2 billion in external support to cushion exposure to volatile fuel markets, ease foreign exchange pressure, and gradually reduce subsidies.

In the meantime, the country has secured a 60-day waiver from the United States to import fuel from Russia and has sourced 100,000 tonnes from Kazakhstan at around $75 a barrel.

An acute shortage of ammonia has closed down production at the state-owned DAP Fertilizer Company Limited (DAPFCL), marking a fresh setback for the country’s fertiliser supply chain, officials said.

The closure of five of the country’s six urea factories is behind the crisis, they claimed.

The ammonia needed for production at the factory is primarily sourced from Chittagong Urea Fertilizer Company Limited (CUFL) and Karnaphuli Fertilizer Company Limited (Kafco).

These two fertiliser factories were among the five shut down in early March, as a precaution amid fears of gas supply disruptions caused by geopolitical tensions in the Middle East. They are yet to resume operations, and ammonia supply to the DAP facility remains cut off.

The DAP plant exhausted its stock of the indispensable raw material on Saturday. Fertiliser output had stopped around 7:00 pm, Deputy General Manager (Commercial) Robiul Alam Khan confirmed.

“If gas supply to those plants resumes, they can restart production, and we will receive raw materials again. There is no alternative source at the moment,” he told The Daily Star.

DAP production requires phosphoric acid and ammonia.

“We have sufficient phosphoric acid in stock, but without ammonia, production cannot continue,” Robiul Alam Khan added.

Typically, the plant produces around 500 tonnes of fertiliser daily using imported phosphoric acid and ammonia supplied by Kafco and CUFL.

The most recent batch of 3,000 tonnes of ammonia from Kafco had sustained production till Saturday, Khan said.

DAPFCL had managed to continue operations for nearly one and a half months using existing stock, but was forced to shut down after the reserves ran out.

Located in Rangadia of Anwara upazila in Chattogram, DAPFCL operates under the Bangladesh Chemical Industries Corporation (BCIC) of the Ministry of Industries.

Established to meet domestic demand for nitrogen and phosphorus-based fertilisers, the plant has been in commercial operation since 2006 and remains the country’s only DAP-producing plant. It has two units with a combined production capacity of 800 tonnes per day.

The plant produced around 92,600 tonnes of DAP in fiscal year 2023-24 and about 49,500 tonnes in fiscal year 2024-25, reflecting a sharp decline amid supply disruptions.

According to BCIC and the Ministry of Agriculture, the country’s total annual fertiliser demand is estimated at 6.5-6.9 million tonnes, including 2.7 million tonnes of urea, 752,000 tonnes of TSP, 1.507 million tonnes of DAP, 2.6 million tonnes of NPKS and 987,000 tonnes of MOP.

Around 1.4 million tonnes of DAP are imported. A significant portion comes from Morocco, Tunisia, China, and Saudi Arabia.

BCIC officials said geopolitical tensions in the Middle East and disruptions in shipping through the Strait of Hormuz have created uncertainty over timely imports.

Authorities initially shut five urea fertiliser factories for 15 days from March 4 as a precaution amid concerns over gas supply disruptions linked to the Middle East conflict and the Strait of Hormuz closure.

However, the shutdown has stretched well beyond the initial timeline, with plants still idle after more than six weeks.

Even Kafco, initially operating at limited capacity, was forced to suspend production late last month due to worsening gas shortages.

BCIC officials said around 197 million cubic feet of gas per day are required to run the five major urea plants at full capacity, underscoring the severity of the supply crunch.

“We have been unable to produce around 7,100 tonnes of fertiliser daily from these plants for the past one and a half months,” BCIC Director (Production and Research) Md Moniruzzaman said.

He added that gas supply to Shahjalal Fertilizer Company Limited and CUFL is expected to resume from May 1.

“Once ammonia production restarts, we expect the DAP plant to receive feedstock and resume operations,” he said.

Amid ongoing domestic and global challenges, businesses have urged the government to ensure that the upcoming national budget for the 2026-27 fiscal year is supportive and growth-oriented rather than “punitive”.

They also called for a reduction in effective tax rates, including turnover tax, and stressed the need for a balanced and pragmatic tax policy to encourage investment and economic expansion.

The demands were made at a pre-budget seminar on private-sector priorities in Dhaka, jointly organised by the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), and the Economic Reporters’ Forum (ERF).

“In the current global and domestic economic context, we are going through a challenging time,” said Kamran T Rahman, president of MCCI.

High inflation, sluggish investment, elevated interest rates, and pressure on foreign exchange have made doing business difficult, he said, adding that small and medium enterprises are the worst affected.

He said the budget should focus on boosting investment and job creation, urging a further 2.5 percentage point cut in corporate tax for both listed and non-listed companies and the removal of the cash transaction condition.

Rahman also proposed introducing a “Unified Taxpayer Profile” to replace separate tax, VAT, and customs systems, which he said would reduce complexity and harassment.

Golam Mainuddin, chairperson of Apex Footwear Limited, said the tax burden remains disproportionately high on compliant taxpayers.

Habibullah N Karim, senior vice-president of MCCI, said, “This is an opportunity to rethink our taxation paradigm; high rates often discourage compliance.”

“Bangladesh once had such high-income tax rates that no one paid at the top bracket. When rates were reduced, collection increased and it could rise further if rates are lowered again,” he added.

Citing VAT, he noted, “If rates come down from 15 percent, more businesses will comply, and overall collection could increase.”

“There is a huge scope to expand the tax net, but a rent-seeking culture within the tax administration remains a major barrier.”

“Without making the system service-oriented and addressing this culture, even automation will not deliver effective results,” he said.

Malik Mohammed Sayeed, chief executive officer of Square Toiletries Limited, called for retaining tax exemptions on sanitary napkins and diapers.

He also urged a reduction in taxes on imported raw materials to around 10 percent, as key inputs are not locally produced and require large-scale investment.

Asif Ibrahim, former president of the Chittagong Stock Exchange, said, “Investment has stagnated. Without protecting domestic investors, foreign investment will not come.”

He noted that declining private-sector credit growth is a concern, and financial sector reforms are needed.

“We expect the budget to support both domestic and foreign investment through a collaborative approach to drive growth and jobs,” he said.

Former NBR chairman Muhammad Abdul Mazid stressed policy predictability, saying businesses need clarity on tax rates in advance.

ERF President Doulot Akter Mala warned of a potential revenue shortfall of nearly Tk 100,000 crore this fiscal year, cautioning against overly ambitious targets in the next budget.

Business leaders have called for the urgent appointment of a private-sector administrator and swift elections at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), warning that prolonged administrative uncertainty is weakening the country’s apex trade body and undermining the interests of the private sector.

They made the call at a meeting with Commerce Minister Khandker Abdul Muqtadir at the commerce ministry today.

The FBCCI has been run by an administrator for the past two years following the political changeover on August 5, 2024.

At today’s event, Mohammad Hatem, president of the BKMEA, stressed the need to appoint an experienced businessperson as administrator of the FBCCI, instead of a government official, so that the concerns of the business community can be addressed more effectively.

He emphasised greater engagement with businesses in policymaking, particularly in the trade and industrial sectors, and highlighted the need to ensure the federation remains active, inclusive, and responsive to all business groups.

Hatem also underscored the urgency of restoring effective leadership through timely elections, warning that prolonged uncertainty is undermining business confidence.

He said the apex trade body must function as a strong and credible representative of the private sector, especially at a time when businesses face multiple domestic and global challenges. Without an elected committee, he noted, the organisation cannot effectively carry out its role in policy advocacy and coordination.

He called for prompt steps to hold elections and restore normal operations, adding that representative leadership would better protect business interests and support economic growth.

Md Zakir Hossain, general secretary of the Bangladesh Supermarket Owners’ Association, also called for the immediate appointment of a new administrator for the FBCCI from within the business community, saying the association has become ineffective under the current setup.

He said the organisation has effectively been left “without guardianship” following consecutive government-appointed administrators. While a previous administrator, Hafizur Rahman, initiated reforms and announced an election schedule, the process was later stalled due to legal challenges from business leaders.

Hossain acknowledged shared responsibility within the business community but warned that prolonged uncertainty is hurting small and medium enterprises the most. “Large businesses can directly approach ministries, but SMEs depend on FBCCI,” he said.

He criticised current administrator Abdur Rahim for limited engagement, calling for a full-time, business-backed administrator. He added that elections should be held quickly, with any rule-related issues addressed either before or after polls by an elected committee.

Abdul Haque, president of the Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA), also called for the immediate holding of elections at the FBCCI, saying prolonged delays are harming the private sector.

He said the federation has been without an elected committee for nearly two years, calling the situation detrimental to the business environment. “In an economy where around 80 percent is driven by the private sector, the absence of elected leadership in its apex body is unacceptable,” he said.

Haque warned that several policies have been adopted without adequate private-sector input and could have negative impacts. He particularly flagged the long-pending import policy, urging a thorough review.

While acknowledging shared responsibility, he urged the government to appoint a private-sector administrator and hold elections swiftly. Citing the 2006–07 caretaker period as precedent, he said timely action is both possible and necessary.

In response, Commerce Minister Khandker Abdul Muqtadir called for transforming the FBCCI into a truly representative, effective, and non-political body for the business community.

He said the association must play a more proactive role in protecting business interests and conveying concerns to the government, while applying constructive pressure when needed without being politicised.

“We want an FBCCI that genuinely serves as a unified platform for all businesses,” he said, adding that it should provide practical, ground-level input in policymaking.

Muqtadir stressed that competent and dynamic leadership from within the business community is essential to revitalise the organisation. He also reassured leaders of the government’s commitment to a business-friendly environment, noting that a new import policy is in its final stage and that committees will be formed to simplify services across key ministries.

At the meeting, FBCCI Administrator and Additional Secretary (export) Md Abdur Rahim Khan also spoke.

Among the business leaders present were former FBCCI president Mir Nasir Hossain, former BKMEA president SM Fazlul Haque, former FBCCI director Nasreen Fatema Awal, Bangladesh CNG Machineries Importers Association president Zakir Hossain Nayan, former FBCCI director Gias Uddin Chowdhury Khokon, former Rangamati Chamber president Belayet Hossain Bhuiyan, former FBCCI vice-president Nizam Uddin Rajesh, and former director Syed Bakhtiar.

Bangladesh’s mobile operators have warned of an imminent nationwide telecom disruption as a deepening electricity and fuel crisis pushes networks to the brink, raising serious concerns over the vulnerability of data centres and the wider digital economy.

In an urgent letter to the Bangladesh Telecommunication Regulatory Commission, they said the situation has “reached a point where continued telecom operations can no longer be sustained without immediate government intervention.”

The warning, issued by the Association of Mobile Telecom Operators of Bangladesh (AMTOB), comes as prolonged outages -- often lasting 5-8 hours daily during storms -- force operators to run critical infrastructure on diesel generators.

According to the letter, seen by The Daily Star, base transceiver stations (BTS) alone are now consuming over 52,000 litres of diesel and nearly 20,000 litres of octane daily across operators.

A shutdown would “critically disrupt emergency services, disaster response, law enforcement coordination, financial transactions, digital governance, and economic activity.”
Providing a breakdown, it stated that the country’s largest telecom operator Grameenphone consumes 28,079 litres of diesel and 9,254 litres of octane, Robi Axiata uses 13,140 litres of diesel and 5,610 litres of octane, and Banglalink requires 11,206 litres of diesel and 4,995 litres of octane daily to keep towers operational.

The most acute vulnerability, however, lies in data centres and switching facilities – the core of the country’s digital infrastructure.

“Core telecom infrastructure including data centres, switching facilities, and transmission hubs are frequently operating without grid power, posing serious risk to network stability,” the AMTOB said.

Each data centre consumes an estimated 500-600 litres of diesel per hour, translating to around 4,000 litres per day per facility, according to the letter.

Combined daily consumption for data centres and switching hubs has already surged to 27,196 litres, with Grameenphone, Robi and Banglalink accounting for 11,184, 9,732 and 8,200 litres respectively.

Industry insiders say this level of dependence on backup power is unsustainable.

Unlike BTS towers, data centres host critical systems such as call routing and internet traffic management. Any disruption at this level can trigger cascading failures across networks.

“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 of an operator on condition of anonymity.

Tanveer Mohammad, chief corporate affairs officer of Grameenphone, echoed the concern.

Noting that operators are experiencing challenges in electricity and fuel availability, he said, “The evolving situation calls for timely and targeted measures to sustain uninterrupted telecom services nationwide.”

He said in order to “proactively avoid disruptions to essential services for millions”, they need further support from the government for priority electricity access to critical infrastructure, streamlined fuel supply, and facilitation of fuel transportation for emergency operations.

The consequences could extend far beyond communication breakdowns. The AMTOB cautioned that a shutdown would “critically disrupt emergency services, disaster response, law enforcement coordination, financial transactions, digital governance, and economic activity.”

Bangladesh’s fast-growing digital economy -- heavily reliant on mobile connectivity -- would be particularly exposed. Mobile financial services, e-commerce platforms, ride-sharing apps, and cloud-based enterprise systems depend on uninterrupted network availability. A prolonged outage could halt transactions, delay salary disbursements, and paralyse logistics chains.

The crisis is being compounded by fuel supply constraints. Local stations cannot provide volumes at this scale, the letter noted, and law enforcement barriers during inter-district transport have further disrupted supply lines.

“Multiple strategically vital telecom facilities are currently running on dangerously low fuel reserves,” it warned.

The operators’ association called for immediate government intervention, including uninterrupted electricity supply to key telecom facilities, priority power status for mobile towers, and direct fuel allocation from depots.

They also urged authorities to ensure smooth fuel transportation.

“Issue immediate written directives to LEAs (law enforcement agency) to ensure uninterrupted fuel transportation for emergency telecom operations,” they said in the letter.

“The telecom network is the backbone of national communications, public safety, governance, and emergency response. Any prolonged disruption will have severe and potentially irreversible consequences for the country,” they added.

They proposed that authorities hold an urgent high-level coordination meeting involving the power and energy divisions, fuel authorities, regulators, and operators.

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

Despite repeated notices and a High Court directive, People's Leasing and Financial Services has failed to recover any dues from four former directors who collectively owe Tk1,785 crore.

The non-bank financial institution is now moving towards legal action to recover the long-overdue loans.

"We sent multiple letters to the permanent addresses of the four directors requesting repayment but have not received any response," managing director Md Sagir Hossain Khan told The Business Standard. The court gave them six months to repay, but the January deadline passed without compliance.

"Action is being taken under prevailing laws. Legal notices have already been served, but no response has been received. It has been decided to file cases, which are also in process," he added. "The company has also filed a fresh petition seeking further directions from the court."

The four directors

Recovery efforts have been complicated by the status of the accused directors. Former chairman Motiur Rahman and former director Khabir Uddin have died. Another director, Bishawjit Kumar Roy, remains absconding and his whereabouts remain unknown. Arafin Samsul Alamin remains active in business as a director of Shamsul Alamin Real Estate and managing director of SA Spinning Mills.

A special forensic audit, ordered by the court in 2021, revealed that the four sponsor-directors alone accounted for Tk1,413 crore of the Tk2,800 crore outstanding to major defaulters as of 2022.

The audit, conducted by MABS & J Partners covering 2009-2022, was submitted in January last year. Based on its findings, the High Court's company bench in January 2022 directed the defaulters to clear their dues within six months. The order was later published on the company's website in September.

According to the audit, outstanding loans as of 2022 were Tk565.47 crore for Motiur, Tk404.38 crore for Khabir, Tk415.66 crore for Arafin, and Tk28.47 crore for Bishawjit. By March 2026, the total outstanding to these four had risen to Tk1,785 crore.

The report detailed the nature of borrowing: Arafin and Bishawjit took direct loans, Motiur availed both loans and margin loans for share trading, while Khabir Uddin borrowed solely for share trading.

Motiur was chairman of MK Group, a major importer of fertilisers and commodities, while Khabir was engaged in jewellery and real estate development, according to the company's 2014 annual report.

Attempts to reach Arafin were unsuccessful. A woman who answered his phone denied that the number belonged to him and disconnected the call after the reporter identified himself.

Managing Director Sagir said the audit exposed deep-rooted governance failures. "The company's directors colluded among themselves to take loans and diverted funds from People's Leasing," he said.

"Some loans had collateral, while others had none. Even where collateral exists, it is negligible compared to the loan amount. We also found that for 65% of the loans, the required collateral was not provided, which has severely damaged the institution," he added.

Struggles of People's Leasing

People's Leasing has been struggling for years under the weight of non-performing loans, negative interest margins, operating losses, and mounting obligations to depositors. Since 2015, it has not paid dividends due to continuous losses.

Following a petition by Bangladesh Bank under the Financial Institutions Act, the High Court in July 2019 placed the company under liquidation. That order was later recalled in July 2021, when the court formed a new board, which has since been restructured to manage the institution.

The company's 2024 annual report, citing the forensic audit, pointed to widespread financial irregularities, systemic governance failures, and gross mismanagement. These included irregular loan approvals and disbursements, inaccurate interest calculations, unapproved waivers, dubious loan adjustments, regulatory non-compliance, and unreliable financial statements.

It also highlighted the involvement of former directors, board-level oversight failures, and negligence by officials, noting that repeated warning signals from external auditors since 2014 had been ignored.

In response to a query from the Dhaka Stock Exchange, People's Leasing said the current board and management have been working to stabilise the institution.

Since July 2021, around Tk200 crore has been recovered from default borrowers, while Tk85-90 crore has been repaid to depositors in phases. The third phase of repayment has also begun.

The company said its financial distress stemmed largely from irregularities, weak governance, and non-performing loans disbursed before 2019, with the forensic audit identifying significant liabilities linked to former directors.

As part of revival efforts, the company has sought around Tk750 crore in government support following court directives involving Bangladesh Bank and the Ministry of Finance. It has also resumed limited lending on a fully secured basis, disbursing approximately Tk25 crore in new loans so far.

Global finance leaders, whipsawed by Middle East war ​news, came to grips this past week with their inability to mitigate the economic damage from increasingly frequent geopolitical shocks, and a realization that counting on U.S. leadership to resolve crises is no longer ‌the guarantee it had long been.Finance committee reports

At International Monetary Fund and World Bank Spring Meetings in Washington, participants swung from gloom over a worsening global economic outlook due to deepening energy price and supply shocks to tentative optimism as it appeared Iran may reopen the Strait of Hormuz and allow flows of oil, gas, fertilizer and other commodities to resume.

By Saturday that optimism was already fading amid new attacks on shipping.

The IMF and the World Bank pledged up to a combined $150 billion in new financing assistance for developing countries hit hardest by the massive energy price shock, and celebrated ​their re-engagement with Venezuela’s acting government after a seven-year pause.

They warned countries not to hoard oil and not to go overboard with expensive and untargeted fuel price subsidies. But in the end, there was not much they ​could do but watch statements from Tehran and the White House.

“Actually some of the most important decisions on the global economy are not happening here,” Josh Lipsky, international economics chair ⁠at the Atlantic Council, said of the IMF and World Bank campus.

“The single most important development in the global economy happened between the U.S. and Iran,” he said. “We hope it’s good news, and we’ll wait and see.”Economy news updates

Despite buoyant stock markets ​and a sharp drop in oil futures prices on Friday, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan summed up the mood of many officials when he said he would not be comfortable predicting an improved outlook until tankers start moving freely through the ​strait again with reasonably priced insurance and physical energy prices dropping.

“If the clear waters are open,” Al-Jadaan told a news conference, “I think that’s what would trigger, for me, a change in the scenario.”

As soon as the IMF released a mild cut in its global growth forecast for 2026 to 3.1% under the most optimistic of three scenarios it devised for the task, it said that was already outdated and that the global economy was drifting towards a more adverse growth scenario of just 2.5%. The fund’s latest World Economic Outlook said a prolonged war could push the ​global economy into recession.

SHOCK AFTER SHOCK

Before the U.S. and Israel launched attacks on Iran at the end of February, the global economy had just been recovering from last year’s shock from President Donald Trump’s wave of steep tariffs on global trading ​partners.

Discussions of trade tensions were more muted at this year’s meetings, as was Russia’s war on Ukraine, though G7 finance ministers pledged to keep up pressure on Russia.

But a constant drumbeat of shocks that started with the COVID-19 pandemic in 2020 and Russia’s invasion of Ukraine ‌in 2022 was ⁠teaching countries the U.S. is no longer “the general” of the international order and would not necessarily provide solutions, Lipsky said.

U.S. Treasury Secretary Scott Bessent on Friday launched an initiative calling for G20 countries, the IMF and World Bank to take coordinated action to ensure adequate access to fertilizers amid supply disruptions from Gulf countries. But seven weeks after the war’s start, that will do little to ease shortages and high prices for farmers now planting spring crops across the Northern Hemisphere.

Kevin Chika Urama, chief economist at the African Development Bank, said the Middle East crisis provided a fresh imperative for African countries to deepen regional trade and economic ties, work on alternative energy sources, expand their domestic tax bases, and tap into enormous natural gas reserves.

“Geopolitical tensions are ​the new normal and uncertainty in policymaking has become certain,” ​he told a panel with other chief economists from ⁠the multilateral institutions.

NOT OUR WAR

Finance ministers, central bankers and other officials attending the meetings expressed frustration at being thrust into another economic calamity by Trump’s actions.Finance committee reports

Behind closed doors, officials, particularly from Europe, sent a clear message to the U.S. that Washington needed to take action to reopen the strait, a senior finance official who attended the meetings said. In public, the comments ​were more diplomatic with less finger-pointing.

“The knot of this conflict is the Strait of Hormuz. We need this to open, but not at any price,” French Finance Minister Roland ​Lescure told reporters. “I don’t want to ⁠pay a dollar to go through the Strait of Hormuz.”

Successive shocks, including this war, have scrambled planning for developing economies “and you hardly have time to breathe,” Retselisitsoe Adelaide Matlanyane, Lesotho’s Minister of Finance and Development Planning, said during a panel of African ministers.

“For small, open, and vulnerable economies like Lesotho, these shocks have presented extraordinary pressures on the fiscals, on prices and on everything.”

Matlanyane said managing debt has now become very complex and the tensions have “brought on a sense that we have to rethink policy and we have to think differently.”

“It’s ⁠frustrating dealing with ​this,” she told Reuters.

For Thailand, a net energy importer that will host IMF and World Bank annual meetings in October, the lingering effects of ​destroyed Gulf oil and gas infrastructure will keep prices elevated for a long time, said Ekniti Nitithanprapas, deputy prime minister of Thailand.

But he said the crisis was an opportunity for Thailand to reduce its reliance on fossil fuels and boost the role of renewable energy, including solar farms - the opposite of ​Trump’s energy agenda.

“We need to commit to transform...to help people transform to face the new fragmented world and high oil prices,” Nitithanprapas said.