The US dollar held near multi-month lows against most major currencies on Tuesday as traders walked back expectations of near-term monetary tightening, although the imminent threat of an escalation in the Middle East war left sentiment fragile.

The euro eased away from two-month highs of $1.1614 it touched on Monday, last fetching $1.1571.

Sterling was at $1.3534, just shy of the three-month peak it hit in the previous session.

Data in the past few weeks have pointed to a softer US economy, including unexpected job losses last month and mild inflation readings, leading investors to scale back expectations of a rate hike by the US Federal Reserve.

Traders expect a 35 percent chance of a rate increase at the Fed’s September meeting, compared with 52.2 percent a week ago, according to the CME FedWatch tool.

They are also no longer fully pricing in a hike by the end of the year.

Most economists polled by Reuters in the past week expect the Fed to keep its interest rate unchanged next month and through year-end, a view they have held for the past several months.

Analysts though remain cautious about where inflation may head, even as long-dated bond yields scale multi-decade peaks, especially with the critical Strait of Hormuz remaining effectively shut and the US-Iran conflict simmering.

“Inflation has been above target for most of the past five years, and whilst a high 2 percent annual pace may prove acceptable to the Fed, it leaves the inflation process with little to no breathing room in a world of constant supply shocks,” said Nohshad Shah, head of EMEA fixed income sales at Citadel Securities.

Iran said it would shift to a “fully offensive” military posture because efforts to negotiate a permanent end to the war have stalled, a senior Iranian official told Reuters as Washington ruled out extending their June ceasefire agreement.

The more than five-month long conflict has upended the global rates outlook and stoked inflationary concerns through most of the year.

It would be unfair to judge the government solely by economic outcomes, as policy measures take time to produce results. But outcomes cannot be ignored either.

Government data on inflation, GDP growth, exports, investment, private-sector credit growth and ADP implementation show little improvement from the previous situation.

The BBS has not published employment data since 2024, but there is little evidence that job creation has improved. ADP implementation has declined over the past six months, private-sector credit growth has slowed and non-performing loans have increased.

The government cannot be held responsible for all these developments. It has taken some measures, but they have yet to produce better outcomes.

However, the government can be held directly responsible for high inflation. How much has it done to control inflation, including measures promised in its election manifesto? What steps has it taken to strengthen institutions?

Monetary policy has shifted from contractionary to expansionary. Quantitatively expansionary measures were introduced even before interest rates were cut.

Non-performing institutions have again been given access to loans, while a Tk60,000 crore stimulus package has been introduced and interest rates reduced.

If these measures had followed successful efforts to contain inflation, it would have been clear that the economy was ready to shift its focus to growth.

The government could also have given Bangladesh Bank greater autonomy, but did not. The latest appointment of the governor instead highlighted how its autonomy has been undermined. As a result, many government decisions have not been forward-looking.

The government has presented a large budget with commitments to structural reforms, but implementation remains limited. Apart from introducing e-invoicing for VAT administration, few effective measures have been taken.

The budget also includes several deregulation commitments. The government is merging the PPP Authority with Bida, but this is hardly a major reform. Making the one-stop services of Bida, Beza, Bepza, the PPP Authority and the Hi-Tech Park Authority fully functional is more important. Operationalising the National Single Window is also crucial.

A cabinet task force has been formed to implement deregulation. However, some budget commitments will require amendments to existing laws.
The government has made some positive moves on trade. Signing a Cepa with South Korea is one of its notable achievements. Once ratified, it could help improve Bangladesh's poor record on free trade agreements.

Bangladesh has also made progress in its trade ties with China. The government also deserves credit for resisting pressure to scrap the trade agreement with the US. If it was withdrawn unilaterally, garment exports could have come under significant pressure.

Overall, the past six months have brought little economic relief to people's lives. The government has introduced and expanded some social protection programmes, but their impact remains limited and marginal at the macroeconomic level.

The country's macroeconomic stability has improved during the first six months of the current government.

The decline in foreign exchange reserves has been halted, while exports and remittances have increased.

According to the IMF's methodology, forex reserves have remained stable at around $20-22 billion.

Higher export earnings and remittance inflows have helped generate a current account surplus. Some stability has also returned to the banking sector.

However, there has been no meaningful reform at the micro level of business and trade. Businesses say they have seen little improvement in their day-to-day operations.

From land mutation and dealings with deputy commissioners' offices to the clearance of imported goods, corruption and extortion persist at every stage.

Concerns over inflation, investment and employment also persist. High prices of essentials remain a major concern for ordinary people, employment has not improved, and concerns over the investment climate have intensified.

Problems also persist in clearing imports. Although goods are supposed to be cleared within a day, the process often takes a month or even a month and a half.

The government itself faces financial constraints and cannot meet its expenditure from revenue earnings, forcing it to borrow more from the financial sector.

Political parties should understand the state of the economy and the country's investment climate. Many IMF recommendations have been adopted, but implementation remains inadequate.

Macroeconomic stability has returned but without micro-level reforms, these gains will not be sustainable. Reducing bureaucratic hurdles, eliminating corruption and adopting business-friendly policies are essential.

The Confederation of Indian Industry (CII) has proposed forming two joint business task forces on digital transformation and infrastructure investment and financing to strengthen trade and investment ties between Bangladesh and India.

Indian businesses and investors have also stressed the need to make cargo handling at land ports, including Benapole, faster and more efficient.

Commerce Minister Khandaker Abdul Muktadir shared the details with reporters after a meeting with a visiting CII delegation at the commerce ministry in Dhaka today (18 August), according to a press release.

The delegation included leaders of India's leading business body and representatives of several prominent companies, some of which already have investments in Bangladesh.

Muktadir said Indian companies operating in Bangladesh had raised concerns over difficulties in transporting raw materials and goods through land ports.

Improving cargo handling efficiency at Benapole specifically and easing cross-border movement of goods would reduce transportation and raw material costs and boost bilateral trade, he said.

The Indian business representatives proposed two business-to-business task forces involving entrepreneurs from both countries.

One task force would focus on sharing India's experience and cooperation in digital transformation, while the other would explore ways to increase Indian investment and financing in Bangladesh's infrastructure sector.

The proposal is also expected to be discussed with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Welcoming the initiative, the commerce minister said Bangladesh would require major infrastructure investment to become a trillion-dollar economy, including in railways, highways, ports, and LNG infrastructure.

He said Indian investment in these sectors would be viewed positively if it proved beneficial for Bangladesh.

Muktadir said political and commercial relations could not be viewed entirely separately, but greater trade, investment, and business engagement would benefit both countries.

Citing the European Union and other regional trade blocs, he said regional cooperation was important for economic progress.

Shares of listed companies in the ‘A’ and ‘B’ categories with price-to-earnings (P/E) ratio up to 40 will qualify for margin loans, while the revised rules also eased the thresholds for margin calls and forced sales.

The Bangladesh Securities and Exchange Commission (BSEC) has issued a gazette on the revised margin rules, 2025, allowing intermediaries to expand their lending but with stronger regulatory oversight.

The final rules came after extensive discussions over changes to the earlier framework, particularly on the criteria for determining securities eligible for margin financing.

Market operators said the revised framework would help increase liquidity in the secondary market by widening access to margin financing while maintaining safeguards against excessive risk-taking.

The final rules dropped the proposed price-to-book (P/B) ratio as an eligibility criterion for banks, non-bank financial institutions (NBFIs) and general insurers and instead retained the P/E-based test for deciding eligibility, except for life insurers.

The draft rules had proposed a maximum P/B ratio of 3 for banks and 1 for insurance companies, arguing that asset-based businesses are better assessed through book value as their earnings fluctuate due to provisioning and interest-rate movements.

For life insurers, however, the maximum allowable P/B ratio has been raised to 3 from the proposed 1. The ratio will be calculated using the latest closing price divided by audited net asset value per share.

The final rules raised the P/E ceiling to 40 from the proposed 30 for ‘A’ and ‘B’ category shares. Stocks with a P/E above 40 will therefore not qualify for margin loans. The P/E ratio will be calculated based on EPS reported in the financial statements for the latest four quarters.

Securities under the G (Greenfield), N (Newly Listed) and Z categories, as well as securities traded on the SME board, Alternative Trading Board (ATB) and Over-the-Counter (OTC) platforms, will remain outside the margin-lending facility because of their relatively higher risk and lower liquidity.

Akramul Alam, head of research at Royal Capital, said the revised framework sought to strike a balance between facilitating leveraged investment and containing the risks associated with it.

“Lenders and investors will enjoy greater flexibility as the final rules raised the P/E ratio threshold from 30 to 40,” he said.

The retention of the P/E-based test for most securities, while introducing the P/B test only for life insurers, indicates that the commission ultimately opted for a targeted approach rather than applying the proposed valuation measure broadly across banks, NBFIs and insurance companies, he said.

Margin ratio remains 1:1

The maximum margin financing ratio remains unchanged at 1:1, meaning a merchant bank or stockbroker cannot provide loans exceeding the amount of equity maintained by an investor.

An investor with Tk 1 million in equity, for example, can receive up to Tk 1 million in margin financing.

The one-year margin agreement will be automatically renewed unless either party terminates it.

“The automatic renewal provision will help reduce administrative and other related costs,” said Mr Alam.

Minimum investment cut

The final rules have reduced the minimum investment required to qualify for margin lending to Tk 300,000 from Tk 500,000.

An investor must therefore have at least Tk 300,000 invested in the secondary market to obtain margin financing.

The lower threshold is expected to broaden access to such loans while keeping very small investors outside the leveraged market.

Margin calls eased

The rules have significantly eased the thresholds for margin calls and forced sales. If a client’s equity falls below 50 per cent of the margin financing, compared with the proposed 70 per cent, the lender will ask the client to deposit the required amount.

If the client fails to meet the margin call within three working days, the lender can sell part of the securities to restore the client’s equity to 50 per cent of the margin financing.

The threshold for forced sales has also been reduced to 25 per cent from the proposed 50 per cent. Once the client’s equity falls below this level, the lender can sell the required securities without prior notice to adjust the margin position.

The rules also protect lenders against losses caused by execution delays. A lender will not be held liable for losses if a mandatory sell order is not executed immediately or is delayed after being placed.

Lenders’ exposure capped

A merchant bank or stockbroker can finance up to four times its actual capital, down from the proposed five times. This provision is intended to prevent lenders from taking excessive leverage while providing margin loans.

The rules also cap exposure to a single security at 20 per cent of a financier’s total outstanding margin portfolio, unchanged from the proposed limit. The measures are aimed at preventing excessive leverage by financing institutions and concentration of exposure to individual securities.

Governance tightened

Every margin financier will have to maintain a dedicated bank account exclusively for the financing activities. Existing branch-based or digital booth-based accounts must be closed by February 2027 unless specifically approved by the commission.

Each margin financier must also establish a risk management committee comprising at least two members. The committee will have to meet at least four times a year, with its proceedings submitted to the board of directors.

The Strait of Hormuz will remain shut until the US meets the conditions ​of an interim deal signed with Iran in June, the top ‌Iranian negotiator Mohammad Baqer Qalibaf said in comments published by state media today (18 August).

These conditions include ​the US lifting its blockade of Iranian ports, lifting ​oil sanctions, releasing Tehran's frozen assets, and ending threats and military ⁠operations on all fronts, Qalibaf told parliament.

The ​memorandum of understanding, clinched on 17 June, quickly ​unravelled over a dispute about control of the Strait of Hormuz, the narrow waterway through which a fifth ​of global oil and liquefied natural gas ​flowed before the war.

US President Donald Trump said the ‌deal ⁠was "over" on 7 July and a week later Iran's foreign ministry declared it "suspended".

Under the MoU, Iran and the US had committed to ​negotiating a final ​deal — ⁠covering broader issues such as the fate of Iran's nuclear programme — in ​a maximum of 60 days, extendable ​by mutual ⁠consent.

A senior Iranian official told Reuters on Monday that Iran would now shift to a "fully offensive" posture ⁠due ​to the stalled diplomatic ​efforts to secure a permanent end to the conflict.

The state-owned electricity distributor Dhaka Electricity Supply Company (Desco) is seeking Bangladesh Bank's intervention to recover around Tk250 crore of its revenue and employees' provident and gratuity funds trapped in six financially distressed banks.

In a letter sent to Bangladesh Bank Governor Mostaqur Rahman on 11 August, Desco Managing Director Brigadier General Shamim Ahmed urged the central bank to take measures to facilitate the return of the funds.

Desco said the deposits needed to be encashed urgently to ensure uninterrupted electricity supply, safeguard government revenue, and meet its financial obligations on time.

Desco has Tk47.94 crore deposited with Global Islami Bank, Tk55.27 crore with Union Bank, Tk59.96 crore with Social Islami Bank, and Tk46.27 crore with First Security Islami Bank.

Its deposits in these four banks total Tk209.44 crore. The four lenders, along with Exim Bank, were merged last year to form the state-owned Sammilito Islami Bank.

Desco also has Tk22.53 crore with Padma Bank and Tk17.36 crore with Commerce Bank.

Apart from Padma Bank, the other five banks were previously controlled by controversial businessman Saiful Alam, commonly known as S Alam.

Desco said the banks had failed to return its deposits even after they matured. The utility made repeated requests, both in writing and verbally, but received no positive response.

A senior Bangladesh Bank official, speaking on condition of anonymity, said funds stuck in the five merged banks would be repaid to customers in line with the applicable rules.

"Padma Bank and Bangladesh Commerce Bank, however, lack the capacity to repay large sums quickly," the official said. "Desco will therefore have to wait to recover its funds."

Banks remain financially fragile

The government merged First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and Exim Bank last year to form Sammilito Islami Bank. The five banks had combined deposits of Tk1,36,546 crore.

Following the merger, the government adopted a repayment policy under which small depositors would be prioritised. The BB has also provided funds from the Deposit Protection Fund to help address the banks' massive non-performing loans and liquidity shortages.

Meanwhile, Padma Bank remains in severe financial distress, according to officials of Bangladesh Bank's Off-site Supervision Department, which monitors banks' financial health.

The bank is grappling with high non-performing loans and a capital shortfall, with nearly 90% of its loans classified as non-performing, they said.

Bangladesh Commerce Bank is also facing a range of financial difficulties. According to BB data, the bank's 66% of its total loans were classified as non-performing as of 31 March.

The bank also had a substantial provision shortfall. Against a required provision of Tk1,004 crore, it had set aside only Tk375 crore as of the end of March.

Deposit repayment framework

The BB has a framework for returning deposits to customers of the five merged banks.

Under the Deposit Protection Act 2026, the maximum protected deposit is at Tk2 lakh, while depositors' claims have been preserved in the new bank under the resolution framework.

In July, the finance minister said depositors of troubled banks would eventually receive their principal and interest, although full repayment could take time because of the banks' losses.

In January, Bangladesh Bank initially allowed customers of the five banks to withdraw up to Tk2 lakh. In July, the limit was raised to Tk10 lakh for urgent needs, including medical treatment for depositors and their immediate family members.

However, the guidelines did not clearly specify arrangements for returning deposits held by institutions such as Desco.

There is a fundamental collision between the economy on paper and the economy at the grocery store. When the government announced on August 11 that inflation had eased to 8.32 percent -- its lowest point in eight months -- the number was not greeted with relief, but with immediate suspicion. Sceptics cried data manipulation, while the finance minister rushed to defend the math. Yet, lost in this crossfire is the actual anatomy of the number itself, which explains why a supposedly positive economic update can feel so entirely disconnected from reality.

Unlike Gross Domestic Product (GDP) growth or trade deficits, inflation is an intimate statistic. It dictates survival. It is felt every time a family buys rice, pays for cooking oil, or boards a bus. This burden falls overwhelmingly on lower-income households, who spend the vast majority of their earnings on unavoidable necessities and have no luxury expenses to cut when times get tough. Because every citizen can instantly audit the government’s claims against their own daily survival, inflation figures are politically combustible everywhere in the world.

The fiercest outrage over this month's data stems from a basic misunderstanding of what a slowing inflation rate actually means. A drop from 9.16 percent in June to 8.32 percent in July does not mean the cost of living went down. It simply means prices are getting more expensive at a slightly slower pace.

Commerce Minister Khandaker Abdul Muktadir today (18 August) said that he is not satisfied with the current cost of living and commodity prices, stressing that reducing prices requires improvements beyond market monitoring.

Responding to a question about the market situation six months after taking office, he said energy and electricity prices, lending rates, productivity, transport, and infrastructure all influence commodity prices.

He said that Bangladesh's logistics costs account for around 16% of GDP, compared with an international average of about 10%. "As a result, additional costs are incurred in transporting goods from production centres to retail markets, with the burden ultimately falling on consumers."

Improved transport connectivity, uninterrupted and affordable energy, and a more efficient supply chain could create opportunities to reduce prices, the minister said while talking to reporters after a meeting with a visiting Confederation of Indian Industry (CII) delegation at the ministry in Dhaka, according to a press release.

He urged people not to expect immediate results, saying developing the necessary infrastructure and energy capacity takes time.

The government is working to ensure new LNG infrastructure, gas supplies, and uninterrupted operations at power plants, Muktadir said.

On seasonal price hikes of green chillies, onions and vegetables, the minister said supply shortages emerge during certain periods of the year despite increased domestic production.

To reduce these seasonal gaps, the Agriculture Ministry is taking initiatives to expand planned production, including contract farming, he added.

Muktadir said simultaneous improvements in energy, infrastructure, production, and supply systems would help stabilise the market and gradually reduce the cost of living.

Bangladesh will strengthen research, technology and knowledge-sharing cooperation with China to modernise the traditional silk industry to increase productivity and sustainability, Md Shariful Alam, state minister for textiles and jute, said yesterday.

He made the remarks while speaking as the chief guest at a conference on sericulture research and development in the context of strategic cooperation between China and Bangladesh, held in Rajshahi.

The state minister said the government had taken initiatives to reopen state-owned closed industries in line with its election manifesto.

Alongside reopening the factories, the government plans to expand markets and attract both domestic and foreign investment, Shariful said.

Organised by the China-Bangladesh Silk Research Centre (CBSRC), with support from the Bangladesh Sericulture Development Board, the conference was a joint initiative of the board and China’s Zhejiang Sci-Tech University.

The minister said the government aims to modernise the entire silk value chain, from mulberry cultivation, silkworm rearing and cocoon production to silk yarn manufacturing, weaving, product development, branding and marketing.

“Research and technological cooperation are extremely important to achieve this goal,” he said, adding that China’s experience in silk research, technological innovation and industrial development could play an important role in advancing Bangladesh’s silk sector.

Bangladesh would strengthen cooperation between Chinese research institutions and universities, the Bangladesh Sericulture Development Board, and other relevant research organisations.

The cooperation could cover the development of high-yielding and climate-resilient mulberry varieties, improved silkworm breeds, disease and pest management, modern silk yarn production, quality testing and value-added silk products, he said.

Shariful also said the government plans to establish stronger links among researchers, farmers, entrepreneurs and industrial establishments so that research findings can be applied at the field level and translated into commercial opportunities.

“Modern technology, skills development and investment” would also be used to strengthen the industry.

Highlighting Rajshahi’s historical importance in the sector, the minister said the city was known as the “Silk City” and that the industry could contribute significantly to rural employment, higher farm incomes, women’s empowerment and overall economic development.

He said Rajshahi Silk had already received geographical indication (GI) recognition and that initiatives would be taken to further strengthen its quality, product diversity, branding and position in international markets.

He stressed the need to make the silk industry more environmentally sustainable while improving productivity and competitiveness. Abu Sayeed Chand, a member of parliament from the Rajshahi-3 constituency; Sharaf Uddin Ahmed Chowdhury, secretary to the textiles and jute ministry; Md Toufiq Al Mahmud, director general of the Bangladesh Sericulture Development Board; and Prof Nusrat Jahan Nipa, chief coordinator of CBSRC, along with academics, researchers, businessmen and senior ministry officials, also attended the conference.

US 30-year Treasury yields rose to their highest level since 2007 on Tuesday as stalled talks to end the US-Iran war and worries of an imminent escalation sent oil prices above $90 a barrel, fanning fears of inflation and jolting markets.

Rising concerns over fiscal spending amid increasing debt issuance are also weighing on the bond markets even as investors digest a recent run of soft US economic data that has led to traders scaling back rate hike expectations.
The yield on the benchmark US 10-year Treasury note rose 1.7 basis points to 4.739 percent.

The yield on the 30-year bond rose to 5.327 percent, hitting its highest level in 19 years.

The bond selloff also spread to Japan and Europe with Japan’s benchmark 10-year government bond yield rising to a 30-year peak.

Germany’s bund futures and French OAT futures dipped 0.2 percent.

Germany’s 10-year Bund yield touched its highest level since May 2011 on Monday, while France’s 10-year yields hit a 17-year high.

Vasu Menon, managing director of investment strategy at OCBC, said competition for capital from AI hyperscalers, a rising US budget deficit and Fed Chairman Kevin Warsh’s departure from transparency to an opaque policy stance, were all contributing to higher Treasury yields.

“Rising long US bond yields is a risk that investors must bear in mind going forward... bond investors are best placed to manage this risk by focusing more on shorter duration bonds,” Menon said.

The hyperscalers’ surge in borrowing, at a time when governments are still spending heavily, has been a leading factor pushing up yields, investors said, as buyers demand higher returns to keep purchasing the flood of bonds hitting markets.

CONCERNS ABOUT GROWING US DEBT

Investors are also worried about inflation risks, especially with the critical Strait of Hormuz remaining effectively shut and the talks to end the US-Iran conflict at an impasse.

Iran said it would shift to a “fully offensive” military posture because efforts to negotiate a permanent end to the war have stalled, a senior Iranian official told Reuters as Washington ruled out extending their June ceasefire agreement.

US stocks fell on Monday, with the Dow and S&P 500 each shedding roughly half a percent, and the Nasdaq dropping about a third of a percent.

Thierry Wizman, global FX & rates strategist at Macquarie Group, said the prospect that the two sides’ competing claims over the Strait would continue to prevent crude from flowing remained a best case scenario in the short-and medium term.

“The worst-case scenario is a trigger-happy resumption of kinetic fighting,” he said.

Two recent Treasury auctions also drew attention for their yields as the sale of 10-year notes cleared at a high yield of 4.683 percent, the highest in 19 years, while the 30-year bond auction stopped at 5.216 percent, a 25-year peak.

Anthony Saglimbene, chief market strategist at Ameriprise Financial, said for much of the last 15 years, investors operated in a market where stable-to-falling interest rates consistently supported higher stock prices.

“However, last week’s Treasury auctions were a reminder that the landscape is shifting,” he said.

“When it comes to longer-dated Treasury issuance, investors are increasingly focused and concerned about the growing amount of US debt and America’s lack of fiscal discipline.”

The oil market is increasingly behaving as though disruptions to Middle East energy supplies are not a temporary shock but a new reality.

Nearly six months after war erupted between the US and Iran, hopes for a diplomatic breakthrough have faded.

An interim ceasefire agreed on June 17 has effectively collapsed, the 60-day negotiating period has expired, and neither Washington nor Tehran appears willing to compromise over the future of the Strait of Hormuz.

Instead, both sides are digging in.

Iran warned on Monday it would escalate tensions unless Washington fully implemented the interim peace deal within weeks. A senior Iranian official told Reuters that, if diplomacy failed, Tehran would launch a “timely and precise” attack to break the US naval blockade.

US President Donald Trump said on July 7 that the pact was “over.” He has since insisted Washington was moving closer to defeating Iran.

The stalemate is increasingly forcing traders to contend with restrictions on shipping through the Strait of Hormuz, the world’s most important oil chokepoint, that could persist for months.

That shift in expectations helps explain why crude oil prices have stabilized around $90 a barrel. Crude has surrendered some of its panic premium since the early days of the conflict, but remains roughly 50 percent higher than at the start of the year.

The market may no longer fear an immediate collapse in supplies, but neither does it expect a swift return to normal.

MOUNTING PAIN

Behind the political rhetoric, the economic costs are mounting for both sides. Iran is under growing strain from the conflict and US blockade.

Inflation exceeded 80 percent in July from a year earlier, according to an ISNA report, while crude exports have fallen to 294,000 barrels per day (bpd) so far this month from 1.7 million bpd in 2025, according to analytics firm Kpler.

The US is also paying a price.

Trump has warned Americans to prepare for high fuel costs, an uncomfortable admission for a president who campaigned on lowering energy prices and now faces congressional elections in November.

The average price of gasoline stood at $4.06 per gallon on Monday, up 29 percent from a year ago, according to the American Automobile Association.

Yet while diplomats remain deadlocked, the oil market is adapting.

SMOKE AND MIRRORS

The biggest uncertainty is the scale of supply disruptions. Flows of crude and refined products through Hormuz, which averaged about 18 million bpd before the war, fell to 4.8 million bpd in July and have averaged around 2 million bpd so far in August amid Iranian attacks and a US blockade, according to Kpler.

Some of that lost volume has been offset by higher exports from the Fujairah terminal in the United Arab Emirates and from Saudi Arabia’s Red Sea coast.

Even those alternative routes, however, are under pressure after Yemen’s Iran-backed Houthis imposed a blockade on Saudi exports through the Bab el-Mandeb Strait, at the Red Sea’s southern entrance.

Taken together, Middle East exports averaged 9.5 million bpd this month, less than half the 21 million bpd in 2025, according to Kpler.

But those figures may understate — or overstate — actual exports because more regional oil appears to be moving in the shadows.

Evidence is mounting that Gulf producers are relying more heavily on vessels that disable tracking systems while transiting Hormuz and Bab el-Mandeb.

The UAE, in particular, appears to have built a network of “dark tankers” that shuttle crude through Hormuz before transferring cargoes in the Gulf of Oman.

The result is an unusual situation in which traders know supplies have been disrupted but cannot determine by how much.

Indeed, UAE crude exports averaged 3.38 million bpd so far in August, compared with 3.2 million bpd in 2025.

Yet those volumes could come under pressure after Iran reportedly struck several tankers linked to Abu Dhabi National Oil Company during voyages through Hormuz.

How much oil is actually reaching consumers has therefore become one of the market’s biggest unknowns.

As long as the Hormuz impasse remains unresolved, uncertainty will hang over energy markets.

Other indicators suggest elevated oil prices could persist even if crude exports stabilize.

REFINING PRECIPICE

Refined fuel markets have become exceptionally tight.

Global refinery throughput in July was nearly 5 million bpd below year-earlier levels at 81 million bpd, according to the International Energy Agency, reflecting the loss of refining capacity in the Middle East and damage to Russian facilities from Ukrainian drone attacks.

The shortfall has been offset by a surge in US fuel exports, with American refineries running at or near record utilization rates (USOIRU=ECI).

That support may soon fade.

Seasonal maintenance ahead of winter and hurricane season threaten to curb operations along the US Gulf Coast.

Lower refining activity will hamper efforts to rebuild depleted fuel inventories, helping sustain high product prices and refining margins, which have climbed to record levels.

The inventory picture is particularly concerning.

Global observed oil stocks fell by 2.4 million bpd in the second quarter, their largest quarterly draw in at least a decade, according to the IEA.

US diesel inventories are at their lowest for this time of year in three decades, while gasoline stocks are at their weakest seasonal level since 2012.

Freight markets are sending a similar message.

Benchmark rates for very large crude carriers transporting oil from the Middle East to China have surged from around $300,000 per day in early July to $490,000, equivalent to $5 a barrel and nearly 10 times higher than at the start of the year, according to LSEG data.

Those rates reflect shipowners’ reluctance to enter conflict zones and growing demand for tankers to move oil and fuel from more distant suppliers such as the US and Brazil.

The longer the Hormuz impasse drags on, the less this looks like a temporary supply shock and the more it resembles a structural reshaping of global oil trade.

Markets are finding it harder to absorb a world of opaque supply flows, shrinking fuel inventories, strained refining capacity and no credible diplomatic path toward restoring trade through the Gulf.

Ultimately, that growing realization, rather than battlefield developments, may keep oil prices elevated well into next year.

Bangladesh Bank (BB) has instructed all scheduled banks to facilitate bank account opening for foreign nationals with valid and up-to-date work permits from the Bangladesh Investment Development Authority (BIDA).

In a circular issued yesterday, the central bank said foreign employees, particularly those working under the A3 visa category, must receive their salaries and allowances through local bank accounts.

The A3 visa is issued to specialists, consultants and workers employed on projects under bilateral or multilateral agreements.

According to BIDA’s annual report, the agency issued 5,491 new work permits and approved 10,407 extensions in FY 2024-25

Foreign nationals working in Bangladesh under other employment visa categories are also required to receive their salaries through bank accounts, BB said.

Banks have been instructed to process account-opening applications under their Know Your Customer (KYC) procedures, provided the applicants have valid and up-to-date work permits.

According to BIDA’s annual report, the agency issued 5,491 new work permits and approved 10,407 extensions in fiscal year 2024-25. In the previous fiscal year, it issued 5,761 new permits and approved 9,947 extensions.

Remittance inflow to Bangladesh rose 21.6% year-on-year to $4.74 billion in the first 48 days of the current fiscal year, while the country's gross foreign exchange reserves stood at $37.24 billion today (18 August).

The central bank data were shared by Mohammad Ibrahim Munsi, joint director of the Accounts & Budgeting Department (A&BD-2) of Bangladesh Bank.

According to Bangladesh Bank data, the country received $4.74 billion in remittances between 1 July and 17 August, 2026, compared with $3.90 billion during the corresponding period of the previous fiscal year.

Reserves stood at $32.43 billion under the International Monetary Fund's Balance of Payments Manual (BPM6) methodology.

In August alone, remittance inflow reached $1.88 billion during the first 17 days, up 32.6% from $1.42 billion received during the same period in August 2025.

On 17 August, Bangladesh received $98 million in remittances in a single day.

The strong inflow of remittances has contributed to the country's foreign exchange position, with gross reserves standing at $37.24 billion as of 18 August, according to Bangladesh Bank.

Artificial intelligence is moving deeper into the day-to-day management of Bangladesh’s telecom infrastructure, helping operators and tower companies cut energy use and operating costs.

The technology is being used to switch network equipment on and off according to traffic, monitor batteries and generators, predict equipment failures and automate network operations. It is also reducing the need for field visits.
The potential savings are significant because of the sheer scale of the infrastructure. Bangladesh had 46,504 telecom towers in June 2026, according to BTRC data. Of these, 11,788 were associated with Grameenphone, 3,910 with Banglalink, 3,469 with Teletalk and 2,189 with Robi.

Tower-sharing companies also operate thousands of sites, including 16,979 operated by edotco and 5,539 by Summit Communications.

SAVING ENERGY, MONEY

One of the most direct ways AI is cutting costs is by reducing the electricity needed to operate mobile networks and towers.

Telecom equipment traditionally remained powered continuously to ensure capacity was available whenever customers needed it. AI allows networks to analyse traffic patterns and adjust resources according to demand.

At Grameenphone, AI-based autonomous network management has generated 7-8 percent energy savings.

“In the autonomous network, we are actively working with energy efficiency. Our target was 7 percent, and we have achieved 7 percent to 8 percent savings so far,” said Syed Shakil Ahmed, head of AI Strategy and Development.

The system analyses traffic patterns at the cell level and identifies periods when demand falls. Network resources can then be reduced in real time, lowering power consumption without affecting the customer experience.

“AI helps identify the sweet spot to reduce power and to what level,” Shakil said.

Tower companies are applying similar technology to the power infrastructure supporting mobile networks. AI-assisted systems analyse electricity consumption, battery performance, generator use, fuel consumption and grid availability.

Summit Communications Managing Director Arif Al Islam said preliminary operational estimates at selected tower sites and applicable operational areas indicate 5 percent to 8 percent lower energy consumption through AI-assisted remote monitoring, predictive maintenance, automated monitoring, optimised work scheduling and fewer unnecessary site visits.

At edotco Bangladesh, AI is being used to forecast requirements for batteries, power systems, solar solutions and backup energy resources based on network traffic, power availability and site-specific conditions.

“By using AI-driven analytics, we can make faster and more accurate planning decisions, optimise resource allocation, reduce unnecessary capital expenditure and improve energy efficiency across our tower portfolio,” said Al Batuni Mohammad Sayed Ahmed, country managing director of edotco Bangladesh.

AI is also being used to optimise generator runtime and encourage greater use of renewable energy.

CUTTING COSTS ELSEWHERE

The financial gains from AI extend beyond energy. Companies are using it to automate repetitive tasks, reduce emergency maintenance and limit physical intervention.

Summit Communications estimates that selected operations have achieved 8-10 percent lower operating expenditure through AI-assisted remote monitoring, predictive maintenance, automated monitoring, optimised work scheduling and fewer unnecessary site visits.

Arif Al Islam also said automated DDoS attack detection and mitigation -- tasks that previously required an engineer to manually analyse traffic and implement fixes and could take several hours -- can now detect, decide and mitigate an attack in under one minute.
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According to Summit, the system has reduced the associated manual engineering effort by approximately 90 percent, while the protected services have maintained around 99.95 percent uptime.

Summit stressed that the resulting 100 percent saving applies only to that particular cost category and should not be interpreted as a 100 percent reduction in overall operating expenditure.

AI is also changing how tower maintenance is planned. Instead of relying mainly on periodic inspections, engineers can use real-time information and historical patterns to identify equipment likely to fail.

This allows maintenance teams to intervene before a fault becomes an emergency, reducing repair costs and unnecessary field visits.

At edotco, AI-enabled monitoring is being used for predictive fault detection, automated event analysis, root-cause identification and intelligent ticket management, Sayed Ahmed said. Banglalink is also using AI to reduce energy and maintenance costs. Its systems predict site, power and transmission failures, allowing the operator to deploy additional batteries or take other protective measures before an outage occurs.

AI-powered alarm correlation and root-cause analysis are being used to reduce mean time to repair, while predictive maintenance helps forecast equipment failures and reduce emergency maintenance. The operator is also using AI to optimise radio and transmission equipment according to the time of day.

“We optimise equipment which helps us to reduce fuel, battery, and grid power usage to lower energy costs,” said Taimur Rahman, chief corporate and regulatory affairs officer.

“We see AI not as a headline but as an enabler of smarter infrastructure management, higher service reliability, and better decisions,” said Summit’s Arif.

Insurance is unlike any other financial service. Banks safeguard deposits and capital markets facilitate investment, but insurance sells trust. Every insurance contract is built on a promise that when an unforeseen loss occurs, financial protection will be available. When that promise is honoured promptly and fairly, confidence grows. Delays or denials without transparency erode public confidence.

For the Bangladesh insurance industry, restoring that confidence is now the single most important reform challenge. Despite progress in the overall economy, insurance penetration remains among the lowest in Asia. One principal reason is the perception that claims are slow and uncertain. In every mature insurance market, prompt and transparent claims settlement is the industry’s most powerful advertisement. Public trust is earned not through marketing campaigns but by consistently honouring legitimate claims. Industry data indicate that unpaid claims have accumulated to several thousand crore taka across the sector. While claim disputes are inevitable, prolonged delays impose substantial economic costs. Businesses face liquidity constraints, reconstruction is delayed, and households experience financial hardship when insurance is expected to provide relief. These outcomes undermine confidence in the insurance system.

Improving claims performance should therefore become a national reform priority. Digital claim submission, electronic documentation, transparent service standards and publicly disclosed claims-settlement indicators would improve accountability and customer confidence. Several leading markets publish claims performance metrics as measures of governance and service quality. Bangladesh should consider moving in the same direction. A second area requiring policy review is reinsurance. Reinsurance is often described as the “insurance of insurers”. It enables insurers to absorb large losses while maintaining financial stability. As Bangladesh economy expands, with growing investment in infrastructure, energy and manufacturing, access to efficient and globally connected reinsurance markets becomes more important.

The existing reinsurance framework has contributed to domestic market development. However, the insurance industry now operates in an increasingly interconnected global environment characterised by advanced catastrophe modelling and integrated reinsurance capacity. Periodic evaluation is therefore needed to meet changing needs while preserving financial stability. Equally important is the adoption of internationally recognised financial and regulatory standards. The implementation of IFRS 17 and IFRS 9 will improve transparency, comparability and financial reporting across the insurance sector. Consideration of deferred tax implications will further strengthen implementation. Together, these reforms can enhance investor confidence and improve Bangladesh’s integration with international financial markets.
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M Sharifur Rahman Bhuiyan

Regulatory philosophy should evolve alongside these reforms. Across leading insurance jurisdictions, risk-based supervision (RBS) has replaced detailed operational control as the preferred supervisory model. Regulators evaluate solvency, governance, risk management, capital adequacy and consumer protection while allowing insurers flexibility to innovate and compete.

As Bangladesh prepares for post-LDC graduation, insurance reform should be viewed as part of national economic policy. A trusted insurance sector mobilises long-term savings, protects productive investment, supports entrepreneurship and strengthens resilience against economic and climate-related risks. Bangladesh has already demonstrated that ambitious reforms can transform industries and accelerate development. The insurance sector now has an opportunity to undertake a similar journey. By embracing smart regulation, risk-based supervision, claims excellence, modern reinsurance, IFRS 17, IFRS 9 and stronger actuarial capacity, Bangladesh can build an insurance industry that safeguards policyholders, strengthens investor confidence, supports sustainable development and improves global competitiveness.

Real-estate activities in Bangladesh have expanded steadily according to official statistics, though industry insiders say the sector is struggling with high taxes, regulatory restrictions, and weak investment conditions.

The official nominal Gross Domestic Product (GDP) data indicate real-estate output reached Tk 4.77 trillion in FY26, recording 52.5-percent growth from Tk 3.13 trillion in FY21.

The sector recorded year-on-year growth throughout the period, although the pace of expansion varied.

From Tk 3.13 trillion in FY21, the value of real estate activities rose to Tk 3.40 trillion in FY22, Tk 3.73 trillion in FY23, Tk 4.09 trillion in FY24, and Tk 4.45 trillion in FY25.

In FY26, the year-on-year growth was 7.19 per cent.

The continued expansion highlights the growing importance of real estate-related activities in the broader services economy.

The sector supports a wide range of economic activities, including housing development, property transactions, rentals, and other services linked to land and buildings.

However, insiders have a different assessment of the current state of the market.

Liakat Ali Bhuiyan, former senior vice-president of the Real Estate and Housing Association of Bangladesh (REHAB), says the sector is not doing well right now and is facing significant expansion challenges.

He also questions the growth data, asking how the figures are prepared and whether they accurately reflect the current situation.

Bhuiyan mentions the 15 per cent income tax burden as one of the biggest hurdles facing the sector, saying this is discouraging investment and making it difficult for realtors to expand their businesses.

He also points to the Detailed Area Plan (DAP) as another major constraint, saying restrictions under it are preventing developers from increasing the height of buildings in many areas.

"This is affecting the viability of projects and hampering the overall growth of the sector," he adds.

According to him, the government needs to address the tax burden and review DAP-related restrictions to help revive investment and support sustainable growth.

The data shows the sector maintained a consistent upward trajectory despite economic pressures during the five-year period.

The expansion comes at a time when the economy is becoming increasingly dependent on services as a source of growth and employment.

The rising value of real estate activities therefore indicates not only increased property-related economic activities but also the broader transformation of the economy, with services playing an increasingly significant role alongside manufacturing and agriculture.

Dr Masrur Reaz, chairman of Policy Exchange Bangladesh (PEB), says the real estate sector is an important part of the services economy, but its growth depends heavily on investment, financing conditions, and business confidence.

He says rising urbanisation and population growth are creating structural demand for housing, but high financing costs, regulatory barriers, and weak purchasing power could constrain the sector's expansion.

"Real estate growth cannot be viewed in isolation. The sector needs affordable financing, a better investment climate, and regulatory reforms to sustain growth," he says.

He also stresses the need to improve land administration, reduce transaction costs, and ensure greater transparency to make the sector more efficient and support long-term investment.

The visiting Indian business delegation has expressed interest in investing in the fast-moving consumer goods (FMCG) sector, proposing the establishment of a state-of-the-art integrated manufacturing plant near Dhaka to produce items such as soaps, home care insecticides, and fragrances.

The Confederation of Indian Industry (CII) during a meeting with Commerce Minister Khandaker Abdul Muktadir at the Secretariat in Dhaka yesterday (18 August) called for harmonising tariff structures for energy-efficient technologies in industries.

The CII representatives stated that adopting their steam-related technologies could save 10% to 35% of gas in the textile, readymade garment, and food processing industries – though tariff disparities currently hinder their adoption, said a press release.

During the meeting, Commerce Minister Khandaker Abdul Muktadir emphasised transforming geographical proximity into economic advantages to enhance trade, investment, and industrial cooperation between Bangladesh and India.

The CII also highlighted the need for an effective regulatory framework to control the quality of unregistered products.

Furthermore, it proposed facilitating internship opportunities for Bangladeshi youth in Indian institutions and assisting in resolving visa complexities for Bangladeshi engineers to work in third countries.

Both sides emphasised leveraging formal discussions, business-level engagement, and institutional frameworks to make the Bangladesh-India economic relationship more effective and fruitful, read the release.

The meeting focused on bilateral trade and investment relations, existing challenges, and future avenues of cooperation. The CII delegation was led by its Director General Chandrajit Banerjee.

The delegation included leaders of India's leading business body and representatives of several prominent companies, some of which already have investments in Bangladesh.

Pointing out that intra-regional trade remains relatively low despite South Asia's large collective economy, Muktadir said that strengthening economic connectivity will create new opportunities for industrialisation, investment, and employment.

Addressing recent trade restrictions between the two nations, the minister stated that discussions are necessary to restore normal trading conditions. He expressed optimism that positive progress will be achieved in this regard within the next few months.

The meeting also addressed visa complexities faced by business professionals and citizens. Muktadir remarked that requiring regular visa applications every few months for frequent travellers for medical, business, and other essential purposes is impractical, and called for bilateral cooperation to establish a long-term visa system.

Task forces to boost trade, investment

Business leaders from Bangladesh and India have agreed to form business-to-business (B2B) task forces to address trade and investment barriers and strengthen bilateral commercial cooperation.

The decision was taken at a meeting between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Confederation of Indian Industry (CII) at the FBCCI office in Motijheel yesterday.

The proposed task forces will focus on infrastructure investment and emerging technologies, while the two sides also plan to maintain regular business engagements and organise sector-specific delegations.

Bangladeshi exporters currently face several non-tariff barriers in the Indian market, including testing and certification requirements, customs procedures, port restrictions, licensing rules and high logistics costs.

India also imposed restrictions in 2025 on the entry of ready-made garments, processed food, plastics, furniture and other Bangladeshi products through designated land ports.

FBCCI Administrator Fazlul Hoque said Bangladesh could draw lessons from India's experience in attracting private and foreign investment in infrastructure.

He also stressed the need to attract investment beyond the energy sector amid challenges related to gas and electricity supplies.

CII Director General Chandrajit Banerjee said Indian companies are interested in expanding their investments in Bangladesh, particularly in infrastructure, healthcare and emerging sectors.

The proposed technology task force may explore cooperation in areas including semiconductors, hydrogen, green energy, battery storage, high-speed rail, data centres, artificial intelligence and solar manufacturing.

The business leaders expressed hope that stronger commercial ties between the two countries would help create a more positive environment for broader Bangladesh-India relations.

Cease repeatedly increasing the tax burden on existing taxpayers but, instead, identify eligible taxpayers who remain outside the tax net, Prime Minister Tarique Rahman Tuesday asked the revenue board while delivering numerous directions.

Addressing the 'Revenue Conference 2026', organised by the National Board of Revenue (NBR) at the Bangladesh-China Friendship Conference Centre in Dhaka, he said there was no alternative to building a digital, modern and data-driven tax administration to expand the tax net.

He also stressed simplifying tax administration and collection processes to encourage voluntary tax compliance.

On VAT collection, the prime minister instructed the NBR not to create obstacles for businesses and trade in realising the value-added tax.

"People expect a corruption-free and hassle-free NBR," he told the meet.

He noted that a modern tax administration should not only focus on collecting higher amounts of tax but also encourage people to pay taxes voluntarily.

Finance and Planning Minister Amir Khosru Mahmud Chowdhury told the revenue conference that the government has decided to separate the NBR into two divisions for better management of revenue mobilisation.

He sought cooperation from NBR officials to help the government overcome the country's debt burden through higher revenue mobilisation.

"The NBR's activities had been misused by the previous political government for its own purposes," he said.

Acting NBR Chairman Ahsan Habib said the target of Tk 6.04 trillion in tax revenue for the current fiscal year is achievable through intensified efforts.

He said the NBR collected higher revenue in the last quarter of FY26 and mobilised 12-percent more revenue than in the previous fiscal year.

Adviser to the prime minister on the Ministry of Finance and Planning Dr Rashed Al Titumir said the NBR started working with a new spirit under the leadership of the current government.

"It has already shown success by collecting higher revenue than in the previous fiscal year," he added.

In opinion-exchange session, Customs Commissioner Dr Nahida Faridy urged the prime minister to consider reinstating officials who faced suspension and disciplinary action following protests over the NBR-separation issue.

She said despite assurances from NBR high-ups that no such action would be taken and that the officials would be forgiven following mediation by business leaders, some officials had subsequently faced punishment.

Responding to the request, Tarique Rahman said he would look into the issue, but noted that strikes or work stoppages in an institution as important as the NBR are a matter of deep concern.

Shakila Farzana, additional commissioner for customs and VAT, proposed increasing budgetary allocations for the NBR to expedite its activities and mobilise higher revenues.

Income Tax First Secretary Jafor Imam said financial-transaction methods have changed significantly in the digital era, requiring tax officials to receive training in advanced technologies to trace money flows.

At the close of the conference, the prime minister visited different stalls showcasing service-delivery processes in income tax, customs and VAT.

The broad index of the Dhaka Stock Exchange (DSE) witnessed a dramatic reversal today (18 August), as early-session euphoria over the finalisation of new margin lending rules quickly faded, giving way to a massive wave of profit-taking.

The benchmark DSEX, which had risen more than 50 points in the first half of the day, plunged 100 points from its intraday peak to close at 5,773, down 40 points from the previous session.

This volatile performance extended the market's losing streak to a fifth consecutive session, with the DSEX shedding a cumulative 130 points over the period. The blue-chip DS30 index also mirrored the downturn, slipping 11 points to settle at 2,164.

The broad-based sell-off resulted in an erosion of Tk5,800 crore from the bourse's market capitalisation in a single day, although trading activity remained relatively strong, with turnover reaching Tk998 crore.

The bearish trend was mirrored at the Chittagong Stock Exchange (CSE), where the broad CASPI index plummeted by 110 points to finish at 15,513. Turnover at the port city bourse also saw a 30% decline, settling at Tk73 crore.

'Sell on news'

Market insiders attributed the afternoon crash to a classic "sell on news" reaction.

For weeks, the market had been buoyed by anticipation that the Bangladesh Securities and Exchange Commission would relax margin lending rules. When the gazette notification was finally published today, confirming the expected easing, investors who had gained from the recent rally moved aggressively to liquidate their positions.

Ashequr Rahman, managing director of Midway Securities, told The Business Standard that the publication of the gazette has effectively removed the prevailing uncertainty.

"There was a cloud of doubt regarding when the margin rules would be official. Now that it is out, the uncertainty has cleared. However, the market had already moved in anticipation of this news over the past few months. Since the changes were exactly as expected, there was no fresh trigger to push the index higher," he explained.

Ashequr further noted that the DSEX had gained nearly 800 points over the past year, particularly following the national elections.

"The market remained resilient despite severe pressures such as energy shortages, inflationary spikes, and geopolitical tensions in the Middle East.

"What we are seeing now is a natural correction as investors book profits on stocks that saw significant price appreciation during that period. Once this pressure subsides, the market is likely to find a new floor," he added.

Intraday volatility, panic selling

Sheltech Brokerage Limited, in its daily market review, said persistent selling pressure dictated the day's performance, with early buying interest quickly giving way to broad-based selling.

While the index touched an intraday high of 5,872.41 points in the morning, the momentum shifted around mid-session as cautious sentiment turned into active selling.

EBL Securities echoed these views, stating that the "ailing momentum" of the capital bourse failed to reverse despite the morning optimism.

The firm noted that rumors regarding potential additional stringent measures – despite the gazette's easing – induced further caution, triggering a wave of panic selling in the latter half of the day.

Sectoral and stock performance

Market breadth was overwhelmingly bearish, with 266 issues declining compared to only 77 that advanced, while 47 remained unchanged.

The textile sector led the turnover chart, accounting for 20.9% of the day's volume, followed by general insurance at 13.9% and engineering at 12.1%.

Sectoral returns were almost entirely negative. General insurance recorded the steepest correction, falling 3.4%, followed by cement and paper.

The services sector was a rare exception, gaining 0.8%.

Heavyweight and large-cap stocks including BRAC Bank, Sharp Industries, Islami Bank, British American Tobacco (BAT) Bangladesh and Grameenphone were among the major drags on the index.

On the gainers' list, Tung Hai Knitting and Envoy Textile managed to hit the upper circuit, while Sharp Industries, Peoples Leasing, and Premier Leasing featured among the top losers.

Despite the sharp intraday drop, analysts pointed to the healthy turnover as a silver lining.

"The fact that turnover remains near the Tk1,000 crore mark even during a decline suggests that investors are not exiting the market entirely; they are simply reshuffling their portfolios, which is a sign of underlying market liquidity," a senior analyst remarked.