Oil prices fell more than 1 percent on Wednesday, extending this week’s losses to hit fresh four-month lows on signs that more oil tankers are set to move out of the Strait of Hormuz.

Brent crude futures were down $1.37, or 1.8 percent, at $75.71 a barrel by 0805 GMT. US West Texas Intermediate slipped by $1.08, or 1.5 percent, to $72.13.

Brent touched a low of $75.60, its weakest level since February 27, the day before the initial US-Israeli strikes on Iran. WTI fell as low as $72.03, the weakest since March 3.

“While there are early encouraging signs of increased tanker activity, the market is pricing in the broader scenario of Iranian oil re-entering the global market and the Strait of Hormuz normalising,” said Tim Waterer, chief market analyst at KCM Trade. “If sanctions are eased, Iranian production and exports could ramp up relatively quickly given the substantial amount stored on tankers — we are likely talking weeks rather than months,” Waterer added.

Prices have also come under pressure this week from the 60-day sanctions waiver Washington granted Tehran after initial peace talks, allowing Iran to sell oil, and from an easing of hostilities in Lebanon, with prices approaching pre-war levels. Ship-tracking data showed that three stranded supertankers passed through the strait on Tuesday. The U.N. shipping agency said an evacuation plan is under way to enable hundreds of stranded ships to sail through the strait after the US-Iran ceasefire deal.

On Tuesday, Oman and Iran agreed to press on with discussions about managing navigation in the strait. US Secretary of State Marco Rubio said that any attempt by Iran to levy transit fees would violate international law. Uncertainty remains over the durability of the accord, however. US President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into “infinity”, though Tehran said it had made no such concession.

“Markets are currently assigning too much confidence to a favorable outcome without fully discounting the risks associated with unresolved nuclear issues and inspection disputes,” said Mark Malek, CIO at Siebert Financial.

Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter the region. Meanwhile, US crude stocks fell by 765,000 barrels in the week to June 19, market sources said, citing data from the American Petroleum Institute.

Nine analysts polled by Reuters estimated, on average, that crude inventories fell by about 4.5 million barrels in the past week.

Posts, Telecommunications and Information Technology Minister Faqir Mahbub Anam today (24 June) informed parliament that the country's four mobile phone operators owe the government a combined Tk13,344 crore in outstanding dues.

Grameenphone accounts for the largest share of the total amount, amounting to Tk6,102 crore, followed by state-owned Teletalk Bangladesh Limited at Tk5,954 crore.

The minister disclosed the information during the parliamentary question-answer session in response to a query from Cox's Bazar-3 lawmaker Lutfur Rahman.

According to the minister, the outstanding dues stem from various liabilities, including licence fees, revenue-sharing payments, spectrum fees, administrative penalties, contributions to the Social Obligation Fund (SOF), and claims arising from audit objections.

Government data presented in parliament show that Teletalk owes Tk5,954 crore to the state. The dues relate to licence fees, revenue-sharing obligations, spectrum charges and other liabilities that have remained unresolved for years.

Among the private operators, Grameenphone owes the highest amount at Tk6,102 crore. The claims stem mainly from information systems audit objections and various VAT-related disputes. Cases related to these claims are currently pending before the higher courts.
Robi Axiata Limited owes Tk615 crore, including claims arising from audit objections and revenue-sharing disputes. Related cases are also under judicial review.

Banglalink Digital Communications Limited owes Tk473 crore, primarily due to audit objections and revenue-sharing-related claims, according to the information placed before parliament.

The minister said the recovery process has been prolonged because several of the claims against mobile operators are currently under judicial consideration.

In particular, disputes involving audit objections and revenue-sharing arrangements have delayed the settlement process, leaving a significant amount of government revenue tied up in litigation, he added.

Asian stocks struggled for direction on Wednesday while crude oil prices extended declines to hover near four-month lows, as analysts cautioned about renewed volatility from stretched AI valuations and the prospects for US-Iran peace talks.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.4% after swinging between gains and losses. South Korean shares, which plunged 10% on Tuesday in their sharpest one-day drop since March, rallied 3.5%, while Japan's Nikkei shed 0.4% and Taiwan stocks lost 1.9%, Reuters.

"Price action in markets over the last seven trading days has been alarming, not just when it falls, but also when it rises," said Michael McCarthy, market analyst at Moomoo Securities Australia. "When markets move so rapidly, in either direction, it's a sign of instability."

Oil prices fell more than 1% on Wednesday, extending this week's losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait of Hormuz.

Still, uncertainty remains over the durability of the accord. The US and Iran have provided conflicting accounts on what the two countries had agreed on as part of their peace deal, including key elements such as nuclear inspections and control of the Strait of Hormuz.

That gap in perceptions between Washington and Tehran "could become a source of concern going forward," Monex Securities' Yoshitaka Araya said.

Taking cues from Asia, European futures were mostly down. The pan-region Euro Stoxx 50 futures and German DAX futures each fell 0.3%, while FTSE futures lost 0.67%. US futures were largely steady, with S&P 500 E-minis up 0.1%, Nasdaq 100 E-minis 0.2% higher and Dow E-minis flat. The yield on benchmark US 10-year notes fell 0.6 basis points to 4.487%.

Later on Wednesday, memory chipmaker Micron Technology is set to release its earnings, which could offer clues on the outlook for the memory and AI chip sector after a searing rally this year.

In currency markets, the US dollar extended gains to reach a fresh 13-month high against a basket of major currencies, with the dollar index edging 0.07% higher to 101.46.

The dollar's strength has weighed heavily on the yen, which traded at 161.53, keeping markets on edge over a potential currency intervention to prop up the battered Japanese currency.

A summary of opinions from the Bank of Japan's meeting this month, in which the central bank decided to raise interest rates to a 31-year high of 1.00%, released on Wednesday showed policymakers debated mounting inflation risks, with some calling for faster interest rate increases to raise borrowing costs nearer levels deemed neutral to the economy.

The euro weakened 0.15% at $1.1364 and sterling eased to $1.3192.

Spot gold extended losses, falling 1.1% to $4,064.01 an ounce, touching an almost two-week low as higher rate expectations reduced the appeal of non-yielding assets.

In cryptocurrencies, bitcoin gained 0.2% to $62,499.52. Ether lost 0.2% to $1,658.09.

Iran will significantly increase foreign currency allocations ​from Saturday after improved ‌access to foreign assets and the recent easing of restrictions ​on oil exports, Central ​Bank Governor Abdolnasser Hemmati said ⁠on Wednesday, according to Iran's ​Nournews.

An interim deal signed last ​week between Tehran and Washington mandates the US to issue temporary waivers ​for the export of ​Iranian energy products and to improve ‌Iran's ⁠access to its frozen assets abroad.

Hemmati said the bank would channel part of its ​strengthened ​reserves ⁠into the economy, with an initial $2 billion to ​be made available ​on ⁠Saturday for the industrial sector, and would help control inflation ⁠as ​well as ​the import of essential goods.

Bangladesh’s industrial sector grew by just 2.86 percent in fiscal year 2025-26, marking its slowest expansion in a decade.

The weak performance came despite the economy growing at a faster pace this year. Gross domestic product (GDP) expanded by 4.14 percent, up from 3.49 percent in 2024-25, according to provisional data of the Bangladesh Bureau of Statistics (BBS).
Businesses and economists attributed the industrial slowdown to slowing exports, subdued domestic demand, stubbornly high inflation, energy shortages and financing constraints. Industry accounts for about 37 percent of Bangladesh’s gross domestic product (GDP).“Many factories and production have been suffering from an energy shortage. We are not getting enough gas,” said Mir Nasir Hossain, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).Many industries are operating at only 30-40 percent of capacity, he said, with ceramics and glass manufacturers particularly affected by acute gas shortages. “As interest rates on loans are too high, debt servicing is a major concern for entrepreneurs,” said Hossain, also managing director of The Mir Group Ltd.

Access to finance has become another major challenge as the banking sector continues to struggle with rising non-performing loans (NPLs) and lending irregularities.

“Those businesses that wanted to do business genuinely did not get loans in many instances. The problem began from then,” said Shams Mahmud, managing director of Shasha Denims.

“Business confidence fell to its lowest during the tenure of the interim government. Energy security was not ensured. The financial sector has been under stress, while weak logistics and customs-related complications have persisted. All these factors have hampered industrial production,” he said.The Finance Division, in its Medium-Term Macroeconomic Policy Statement, said industrial activity remained subdued, with several quarters recording growth of less than 1 percent because of energy supply constraints, tight financial conditions and weakness in the ready-made garment (RMG) sector.“In contrast, the services sector has remained comparatively resilient and continues to provide the principal support to aggregate output,” said the Finance Division. Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID), said the slowdown reflected weakness in both external and domestic demand.

“Manufacturing is the dominant component of industry, and the export-oriented garment sector alone accounts for roughly one-third of manufacturing production. With garment exports losing momentum, the principal engine of manufacturing growth has become subdued,” he said.

He said inflation, which has remained close to 10 percent for much of the past four years, has eroded purchasing power and weakened demand for locally manufactured products.

“These industries expanded strongly over the previous decade, supported by rising incomes and a growing domestic consumer market. Persistent inflation may have disrupted that process.”Financing conditions have further worsened the situation, Razzaque said, noting that heavy government borrowing from banks risks crowding out private-sector credit.“In an environment of high interest rates and large NPLs, financially viable banks may find lending to the government both safer and more attractive than financing private investment. This is particularly damaging for smaller and medium-sized manufacturers that have limited access to alternative sources of finance.”

CAN INDUSTRIAL GROWTH REBOUND TO 7%, AND BEYOND

Despite the slowdown, the government has projected industrial growth of 7 percent in fiscal year 2026-27, rising to 7.5 percent in FY28 and 8 percent in FY29.

The Finance Division expects deregulation, higher private investment, stronger exports, improved energy supplies and public infrastructure spending to drive the recovery.

Economists, however, said the target would be difficult to achieve unless major constraints are addressed.

Razzaque said current conditions make a rapid acceleration in industrial growth unlikely, especially amid uncertainty in the global trading environment.

“Industry is being squeezed from both sides: unreliable energy raises the cost of producing, while expensive and scarce credit limits the ability to invest.”

Against that backdrop, he said, the projected acceleration in industrial growth over the next three fiscal years “appears highly ambitious”.

“Such an acceleration would require a strong recovery in exports, domestic demand, private investment, energy availability and credit growth. At present, these conditions are not firmly in place.”

In the July-May period, the country’s exports fell 2.55 percent to $43.79 billion, due to a decline in garment shipments, according to the Export Promotion Bureau.

Razzaque said the new budget provides some benefits to the private sector, but these measures are unlikely, by themselves, to revive the industrial growth engine.

Shams Mahmud said deregulation is a positive initiative, but investors are unlikely to benefit immediately. “Nothing has happened in the last three months that all our problems have been resolved. Energy security has not been ensured. The revenue system has not been automated.”

Nasir shared a similar view. “If we get adequate gas supply, quality electricity and interest rate falls, then growth will pick up,” he commented.

Ashikur Rahman, principal economist at the Policy Research Institute (PRI) of Bangladesh, said achieving industrial growth of 7-8 percent would require lower inflation, exchange-rate stability, adequate foreign currency for imports, reliable energy supplies, and a significant recovery in private and foreign investment.

“The government must also ensure predictable tax and regulatory policies, improve port and customs efficiency, reform the banking sector, and support export diversification and productivity growth,” said the economist.

Without these improvements and stronger global demand, the projections are more aspirational than achievable, he said.

Selim Raihan, executive director of the South Asian Network on Economic Modeling (Sanem), shared a similar assessment.

He said restoring macroeconomic stability, improving access to finance, ensuring uninterrupted energy supplies, attracting more foreign investment and diversifying exports beyond the RMG sector would be critical for sustained industrial expansion.

“Without meaningful progress in these areas, industrial growth is likely to remain below the government’s projected trajectory, making the medium-term targets difficult to achieve,” he added.

Physical crude oil cargoes are selling at discounts across the globe, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from US sanctions.

The steep drop in prices follows the 60-day interim deal between the US and Iran to end the war that started on February 28, allowing some shipping to resume in the Strait of Hormuz which used to see a fifth of the global oil and liquefied natural gas shipments before the war.
Tehran is also ramping up oil exports, seeking sales beyond China, after Washington temporarily lifted sanctions as part of the deal. The release of cargoes stranded inside the Gulf and a wave of crude offers from Abu Dhabi National Oil Co, Kuwait Petroleum Corp and Iraq's SOMO have also boosted prompt supply and depressed Middle East benchmarks Dubai, Oman and Murban to discounts. Asian refiners, which typically buy crude two months in advance, have already booked cargoes for delivery up to August.

"Refineries in the East have already been well supplied for the next two months and have no need for the incremental barrels, leading to a very weak market and Dubai spreads in contango," said June Goh, a senior oil market analyst at Sparta Commodities.

MIDDLE EASTERN BENCHMARKS IN DISCOUNTS

Cash Dubai slipped to a discount of 27 cents a barrel on Tuesday, after peaking at more than $60 in March, while discounts for Oman and Murban widened to 96 cents and 67 cents, respectively, Reuters data showed.Prompt cargoes trade at a discount to later-dated ones in a contango market, indicating ample supplies. ADNOC sold at least 48 million barrels of spot crude so far this month for June-August loading, boosting regional supply. The collapse in Middle Eastern crude prices has made Gulf oil cheaper against Brent, enabling energy majors Exxon Mobil, Eni and TotalEnergies to send supertankers of crude such as Abu Dhabi's Murban and Upper Zakum to Europe, traders said.On the other hand, weak Middle East prices have shut the arbitrage window for Atlantic Basin crude to Asia, traders said. Spot differential for US West Texas Intermediate Midland crude has flipped from a premium a week ago to a discount of about 45 cents."We're expecting US crude export premiums to Asia to erode and AB (Atlantic Basin) differentials to soften as the weeks progress," Rystad analyst Janiv Shah said.US crude exports to Asia are set to ease in the third quarter after hitting a record high of 2.634 million barrels per day in May, ship tracking data from Kpler showed.

EUROPE, WEST AFRICA DISCOUNTS WIDEN

Discounts for European and West African grades have also widened this week with the increase in Middle East supply. North Sea Forties crude, one of the six grades that can set the value of the dated Brent benchmark, traded on Monday at a discount of $1 a barrel to dated Brent, the lowest since November and sharply down from a record premium of $21.50 a barrel in April, according to LSEG data.

"Europe is becoming the clearing point for crude that either lost its eastern outlet or now screens cheap enough to travel west," analysts at Kpler said in a note.

For West African grades, Eni has sold Angolan Nemba crude for August loading to Glencore at $7.95 a barrel below dated Brent while ExxonMobil offered a cargo of Angolan Hungo for loading on August 6-7 at a discount of $4.05 per barrel to dated Brent, traders said.

Pricing agency S&P Global Energy Platts assessed on Tuesday that Congolese crude Djeno was at a discount of $10.80 per barrel to dated Brent, the lowest in a record dating back to 2013. Angola's Nemba was priced at a six-year low discount of $8 per barrel, it added.

The government on Tuesday launched the Online Pension Tracking and Management System, initially piloting it at the Ministry of Public Administration before a planned rollout across all ministries, attached departments and field offices.

The system allows government employees to submit pension applications online, track files in real time and complete pre-pension processes without repeated office visits, according to a press statement.

It draws service records and financial data from iBAS++, reducing manual entry and processing errors, and sends SMS notifications to employees around 11 months before post-retirement leave begins, added the statement.

Md Abdul Bari, state minister for public administration and food, who inaugurated a workshop on the system at the Secretariat, said it would remove long-standing difficulties faced by pensioners and strengthen transparency in public service delivery.

“If service seekers can receive services online without physically visiting government offices, it becomes a strong tool for reducing corruption,” he said.

Md Khairuzzaman Mozumder, secretary at the Finance Division, said the system would boost pensioners’ confidence through hassle-free service delivery.

He also called for a “One Rank One Pension” policy to reduce financial disparities among retirees.

The SME Foundation has called for a unified tax regime for micro, small and medium enterprises (MSMEs), saying that several government policies providing tax exemptions and incentives for the sector are not being adequately implemented.

This call came at a discussion on proposed budgetary measures for FY27 organised by the SME Foundation with the support of the Economic Reporters’ Forum (ERF) in Dhaka.

Khandakar Abdul Muktadir, minister for commerce, industries, textiles and jute, said that the government is prioritising the revitalisation of the SME sector to boost employment and accelerate economic growth.

To achieve this, the government aims to reduce the time required for business processes -- from starting a business to importing or exporting products -- from 355 days to just 14 days, while ensuring uninterrupted electricity supply to business establishments, he said.

In a presentation, Mohammad Jahangir Hossain, general manager of SME Foundation, said various government policies such as the National Industrial Policy 2022, National SME Policy 2026 (draft), National Tariff Policy 2023, and Export Policy 2024–2027 mention tax incentives to promote SMEs sector.

However, in practice, these policy benefits are not being properly implemented by the National Board of Revenue (NBR). Therefore, it is essential to ensure the effective provision of tax and duty benefits in line with these policies, he said.

He urged the NBR to consolidate tax incentives for SMEs mentioned in the policies along with the existing benefits under an integrated framework titled ‘Preferential Tax Regime for MSMEs’ under a rule.

“This would enable genuine small entrepreneurs to operate under a transparent, simple and long-term tax regime,” he said.

To support the development of the MSME sector, the foundation proposed increasing the Tk 2,000 crore allocation earmarked for fiscal year 2026-27 under a refinance scheme through which concessional loans are disbursed by three government agencies, including the SME Foundation.

As part of the government’s “One Village, One Product” initiative, an initial allocation of Tk 300 crore has been proposed for the development of the creative economy sector in fiscal year 2026-27.

The SME Foundation recommended that at least Tk 100 crore from this allocation be earmarked for the foundation.

It also suggested allocating at least Tk 5,000 crore specifically for the foundation.

The Bangladesh Bank has instructed all scheduled banks to maintain uninterrupted savings certificate services following complaints from customers about difficulties in purchasing the instruments through banks.

In a circular issued yesterday, the central bank reminded banks of their responsibilities as authorised issuing offices under the Savings Certificate Rules, 1977, saying some branches were not providing adequate support to investors.

The directive follows concerns that some branches were not providing the required level of support to investors seeking to buy savings certificates.

Banks have been asked to strengthen customer service, ensure eligible investors can access the instruments without unnecessary obstacles, and regularly monitor their savings certificate operations to resolve complaints promptly.

The central bank also directed branches to display complaint submission procedures prominently so customers can easily seek assistance.

Savings certificates are among the most widely used savings instruments in Bangladesh.

The move is expected to improve customer access to savings certificates and reinforce confidence in the savings instruments.

The Bangladesh Bank today (24 June) issued a strict directive to all scheduled commercial banks, warning them to immediately cease discouraging customers from investing in national savings certificates (Sanchayapatra).

The central bank instructed all banks to continue the sale of savings certificates seamlessly and ensure fully hassle-free services for retail investors.

The Debt Management Department (DMD) of the central bank issued a circular in this regard, dispatching it to the managing directors and chief executive officers of all scheduled banks across the country.

According to the circular, the central bank has recently received numerous complaints from public investors alleging that several banks, despite being authorised agents, are employing various tactics to discourage customers from purchasing national savings instruments.

According to the circular, the central bank has recently received numerous complaints from public investors alleging that despite being authorised agents, several banks are employing various tactics to discourage customers from buying national savings instruments.

Taking the matter seriously, the central bank ordered all commercial banks to strictly perform their designated roles as authorized "issuing offices" under Section 3 of the Savings Certificates Rules, 1977. It ordered banks to extend full cooperation to investors and upgrade their overall standard of service.

Furthermore, the central bank mandated that commercial bank headquarters must regularly monitor savings certificate operations at the branch level.

Banks have also been directed to distinctively set up complaint boxes or notice boards in visible areas across all branches, so customers can easily report issues. Branches must take swift corrective measures upon receiving any grievances.

The directive, signed by BB's DMD Director Istekmal Hossain, emphasised that all scheduled banks must take immediate, necessary measures to guarantee that the sale of savings certificates and related customer support runs smoothly without interruption.

Beximco Pharmaceuticals, one of the country's leading drug makers, reported a robust net profit of Tk704 crore for the first nine months of fiscal 2025-2026, representing a 34% year-on-year surge driven by robust revenue growth, lower financing costs, and higher interest income.

According to the latest financial statements released today (24 June) with special approval from the Bangladesh Securities and Exchange Commission, revenue for the July-March period increased by 13% to Tk4,142 crore. This nine-month profit figure has already exceeded the company's total earnings for the entire previous fiscal year.

According to the financial statements, while Beximco Pharma, a concern of Beximco Group, maintained strong cash flow, Beximco Ltd, another group concern, has been grappling with a cash flow crisis that has halted its operations and impaired its ability to service debt.

As a result, the company is on the verge of defaulting on its outstanding Sukuk obligations and bank loans.

Regarding its business growth, Beximco Pharma, in its financial report, said the increase in net revenue compared with the corresponding prior period, together with improved gross margin, contributed positively to overall performance.

It said, "Finance costs declined due to stronger cash inflows, while other income increased, primarily due to interest income generated from the short-term investment of surplus cash. As a result, earnings per share (EPS) recorded a notable improvement during the reporting period.

"Additionally, reduced cash outflows associated with working capital supported an improvement in net operating cash flows per share."

Beximco Pharma's special approval from the BSEC helped it avert potential delisting from the London Stock Exchange.

In addition to its current fiscal year's financial statements, the company also published its annual financial statements for FY25 and the third-quarter financials for that year.

In a board of directors meeting held on Tuesday, Beximco Pharma published its last five quarters or 15-month overdue financials.

The regulator has permitted the Beximco Group to hold the meeting, mitigating the looming risk of a delisting from the London Stock Exchange.

Following the ousting of the Awami League-led government in August 2024, Salman F Rahman, the vice chairman of Beximco Pharmaceuticals, was arrested in connection with several cases.

Later, amidst leadership changes at the regulatory body during the interim government, the BSEC appointed nine independent directors to the board of Beximco Pharma, as well as to two other listed group entities- Beximco Ltd and Shinepukur Ceramics.

Beximco Pharma legally challenged the regulator's decision by filing a writ petition, which remains pending in court.

Citing the matter as sub-judice, the company has not allowed the BSEC-appointed independent directors to take their seats on the board.

Beximco Pharma recommended a 47.5% cash dividend to its shareholders for FY25.

During the fiscal year, its consolidated net profit stood at Tk699.88 crore, which was Tk586.67 crore a year ago.

To approve the audited financial statement and the dividend, the company will set the annual general meeting time and venue following the High Court order. It also set the record date for 2 August.

The Bangladesh Bank has provided more than Tk75,903 crore in emergency liquidity support to banks facing cash shortages to help ensure depositors can withdraw their funds, Finance Minister Amir Khasru Mahmud Chowdhury told parliament today (24 June).

The minister disclosed the information in response to a written question from reserved-seat lawmaker Mosammat Sharmin Akter during the question-and-answer session in parliament.

In her question, the lawmaker asked whether the government had taken any measures to ensure depositors could recover their savings from banks and financial institutions struggling to repay customers due to liquidity shortages.

In his written reply, the finance minister said Bangladesh Bank had extended emergency liquidity assistance to banks facing difficulties in meeting customer withdrawal demands.

As of 15 June 2026, the total amount of such support stood at Tk75,903.11 crore, he said.

However, the minister noted that no liquidity assistance had been provided to non-bank financial institutions experiencing financial distress.

Amir Khasru also informed parliament that the government has enacted the Bank Resolution Act, 2026 to determine appropriate measures for dealing with banks and financial institutions facing severe liquidity and solvency challenges.

Under the law, authorities can undertake restructuring, mergers and other resolution measures to address problems in troubled institutions, he said.

Over the past year and a half, several Shariah-based and private commercial banks have experienced acute liquidity shortages. Among the banks that came under pressure were Islami Bank Bangladesh, First Security Islami Bank, Global Islami Bank, Union Bank and Social Islami Bank.

Many customers complained of being unable to withdraw large sums at once and facing lengthy delays in accessing their deposits.

Economists have attributed the crisis to a combination of banking-sector irregularities, weak regulatory oversight, rising non-performing loans and controversial lending practices.

Following the political transition and the formation of the interim government, efforts to reform the banking sector, restructure weak banks and restore depositor confidence were intensified.

As part of those efforts, Bangladesh Bank has continued to support troubled banks through emergency liquidity facilities, interbank funding arrangements and regulatory policy support to ensure uninterrupted access to depositors' funds.

Diplomacy between the US and Iran has translated into relief at the pump for Americans, data showed on Monday, with gasoline prices falling for a sixth straight week and marking a 15 percent drop from their May peak. The national average price of gasoline fell 14.1 cents a gallon over the last week to $3.85 per gallon on Monday, according to price-tracking service GasBuddy.

Prices declined in most states. Gasoline dropped 25 cents per gallon in Colorado over the past week, 22 cents in Arizona and 21 cents in Ohio, GasBuddy data showed.

SUPPLY RISKS PERSIST

Two smaller crude tankers sailed through the Strait of Hormuz on Monday although Iran said it had again closed the waterway over the weekend. However, transits through the strait remain well below levels seen before the conflict started in late February. Gasoline prices are not at significant risk of a spike, as some vessels continue to move through the strait, said Patrick De Haan, head of petroleum analysis at GasBuddy.

But if relations between the US and Iran deteriorate, that could quickly change, he added. Tightening supplies from refinery outages and the approaching Atlantic hurricane season could also reverse recent price declines. TotalEnergies’ shut down its 238,000 barrel-per-day refinery in Port Arthur, Texas, last week when a lightning strike knocked out power. A full restart is expected to complete within seven days.

On Sunday, a fire broke out at Marathon Petroleum’s 631,000-barrel-per-day Galveston Bay Refinery in Texas City, Texas.

Gold prices fell more than 2 percent on Tuesday, pressured by a firmer US dollar on expectations of Federal Reserve interest rate hikes this year, while investors assessed US-Iran peace talks. Stocks across the globe declined amid concerns over AI-related share valuations and as higher interest rates loomed. Crude fell 1 percent while the dollar held near a one-year high, making gold less affordable for buyers holding other currencies.

Spot gold was down 2.2 percent at $4,099.84 per ounce, as of 0753 GMT. US gold futures for August delivery fell 2 percent to $4,117.70. Spot silver slumped 5 percent to $61.90 per ounce, platinum lost 3 percent to $1,628.55, and palladium was down 2.9 percent at $1,229.28.

“Gold had received some relief from lower oil prices this week, but it is getting no such favours from the US dollar, which continues to push higher on expectations of Fed rate hikes,” said Tim Waterer, chief market analyst at KCM Trade.

Traders now see an 88 percent chance of a rate hike in December, up from 61 percent before the Fed meeting last week, according to the CME FedWatch Tool, as investors price in hawkish monetary policy under new Chair Kevin Warsh.

Chicago Fed President Austan Goolsbee said that with the labour market stable, he is focused on figuring out whether too-high inflation will stay that way or recede, as the effects of high tariffs fade, and if the conflict in the Middle East gets resolved.

The US has waived sanctions on Iran for 60 days after the first talks under a nascent peace deal, while officials reported a sustained lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region. US Vice President JD Vance said talks with Iranian officials in Switzerland had laid a good foundation for a final peace deal, although Iran denied that it had begun discussions of its nuclear programme.

Investors await US Personal Consumption Expenditures data, the Fed’s preferred inflation gauge, due on Thursday, for further cues on monetary policy.

The central bank injected Tk21.68 lakh crore liquidity support into the country's banking system last year as the sector faced mounting pressure from rising default loans, capital shortages, a crisis in Islamic banks, weak financial institutions, and declining investor confidence.

Bangladesh Bank's recently released Financial Stability Report stated that the support was extended in 2025 to maintain the stability and functioning of the banking system amid increasing financial strain.

A record Tk30.29 lakh crore in loans and liquidity support was also provided during the fiscal 2023-24 to maintain stability, which was up 131% from the previous year's Tk13.08 lakh crore.

The 2025 support was extended through various facilities, including repo operations, Assured Liquidity Support (ALS), the Islamic Banks Liquidity Facility (IBLF), and Special Liquidity Support (SLS), according to the report.

Conventional banks and financial institutions received Tk19.75 lakh crore through regular liquidity instruments. Of the total, 59.11% came through repo operations, 36.67% through ALS and 4.22% through the standing liquidity facility (SLF).

Repo is a mechanism through which banks receive short-term loans from the central bank against treasury bills and bonds. Banks can borrow through repo operations, usually for overnight, seven-day, 14-day and 28-day periods.

Through ALS, only primary dealer (PD) banks can borrow funds for up to 90 days. PD banks receive the facility when they are required to purchase government treasury bills and bonds due to insufficient demand at auctions.

During the year, banks deposited Tk5.11 lakh crore with Bangladesh Bank under the standing deposit facility (SDF).

Mutual Trust Bank Managing Director Syed Mahbubur Rahman said the weak interbank market had forced banks to depend on central bank support.

"Our interbank market is not very strong. So banks take repo facilities from the central bank against treasury bills and bonds. However, these funds are returned by banks within a very limited period," he said.

Banking sector experts said liquidity support could help maintain financial stability in the short term but was not a permanent solution.

They warned that prolonged dependence on such facilities could create a "moral hazard" among banks. In other words, the banks may assume that despite weak management, the central bank will ultimately step in to bail them out.

They said the immediate priorities should be restructuring weak banks, recovering default loans, ensuring professionalism in management and strengthening independent supervision by the central bank.

Islamic banking faces deeper stress

During the year, Islamic banks received Tk1.74 lakh crore in liquidity support from Bangladesh Bank through the IBLF, Mudarabah Liquidity Support (MLS) and SLS.

IBLF accounted for the largest share at 89.93%, while SLS accounted for 9.88%. The contribution of MLS was negligible. Conventional banks were the main users of regular liquidity instruments, accounting for 91.89% of the support, while Islamic banks accounted for 8.11%.

In addition, 11 banks received emergency liquidity assistance (ELA) from Bangladesh Bank in 2025, amounting to Tk18,333 crore.

According to the report, high interest rates, global uncertainty, import costs and slower investment growth had put pressure on the economy, while the banking sector faced a serious capital shortage.

The banking sector's capital-to-risk-weighted assets ratio (CRAR) fell from 3.08% in 2024 to negative 2.64% in 2025, indicating that many banks were unable to maintain sufficient capital to absorb risks. The capital conservation buffer also fell to zero.

State-owned banks, specialised banks and several private and Islamic banks were identified as the main contributors to the capital weakness. The banking sector's leverage ratio also turned negative, falling to 3.10%. Returns on assets (ROA) and returns on equity (ROE) declined significantly.

The report expressed the greatest concern over Islamic banking. The combined CRAR of Islamic banks fell to negative 43.18%, while default loans increased by 56.15%.

Although the CRAR stood at 7.71% excluding five banks undergoing restructuring, the overall situation remained concerning. Deposit growth slowed, investment growth declined and shareholders' equity turned negative.

The report also said several Islamic banks failed to maintain mandatory liquidity indicators, including the liquidity coverage ratio (LCR), net stable funding ratio (NSFR) and investment-deposit ratio (IDR).

As Islamic banks hold a significant share of Bangladesh's banking system, the central bank warned that problems in the sector could put the entire financial system at risk.

Default loans remain biggest challenge

Non-performing loans remained the biggest challenge for the banking sector, the central bank report further noted.

Stress tests showed that a further rise in default loans could severely affect banks' capital positions. The risk of large borrowers becoming defaulters also remained high.

Corporate lending was highlighted as a major risk, with around 46% of total loans concentrated in the corporate sector and 67% of risk-weighted assets linked to it.

Non-bank financial institutions also faced difficulties. By the end of 2025, their default loan ratio had risen to 33.32%. Capital adequacy fell to negative 23.19%, deposits declined by 7.03% and profits turned negative due to higher provisioning requirements.

Despite the challenges, the report noted some positive developments, including increased remittance inflows, stable export earnings and improved current account conditions due to controlled import costs.

At the end of 2025, Bangladesh's foreign exchange reserves stood at $33.19 billion. Under the IMF's BPM6 calculation method, reserves stood at $28.59 billion.

Digital financial services also expanded, with increased use of NPSB, BEFTN, internet banking, payment cards, BD-RTGS and agent banking. Bangla QR and TakaPay also grew during the period.

Bangladesh Bank said the financial system remained stable overall but warned that risks could not be ignored.

Experts called for stronger action to recover default loans, restructure weak banks, improve governance, address capital shortages and strengthen regulatory oversight.

The report showed that domestic credit through the banking system reached Tk22.84 lakh crore at the end of 2025, rising 7.98% from 2024. Private sector credit increased by 6.49% to Tk17.47 lakh crore, while public sector credit rose by 13.15% to Tk5.36 lakh crore.

After declining between 2018 and 2023, the ratio of private and public sector credit increased slightly to 3.46% at the end of 2024 before falling to 3.26% by the end of 2025. The ratio declined further to 3% in the first half of 2026.

A slew of 457 industrial units have faced permanent closure during last two years mainly because of shrinking work orders, owners'
financial crisis, labour unrest and energy crisis, sources say.The latest fall was on Tuesday of twin factories in Gazipur-Unique Designers Ltd and Unique Washing and Dyeing Ltd. Their permanent closure was announced after lying temporarily shut since June 16, citing financial crisis.Personal finance tips

The industrial nemesis results in job loss of some 1800 workers, sources in law- enforcing agencies say.Majority or 398 factories were located in Gazipur, Ashulia and Chattogram industrial belts.

Out of the total closed units, 287 are non-RMG (readymade garment) factories while the rest are affiliated with Bangladesh Garment Manufacturers and Exporters Association, numbering 108, Bangladesh Knitwear Manufacturers and Exporters Association, 35, Bangladesh Textile Mills Association, 08, and Bangladesh Export Processing Zones Authority-affiliated 19, according to data.

Statistics show a total of 79 factories terminated as many as 7,784 workers in the last five months until May 31 amid a fall in production and work orders owing to sluggish global demand and a loss of competitiveness.

Industry insiders also assign a number of factors -- local and global -- behind the closure that include decline in global demand, bankruptcy of global buyers, political reasons, complexities related toBangladesh economic report

banks, factory relocation, shortage of raw materials, impact of wars, geopolitical issues.

They, however, say the elected new

government has taken few measures to reopen closed factories, including announcement of financial supports.

Bangladesh Bank through two separate circulars has announced Tk 200 billion worth of pre-finance scheme to revive large industrial and services-sector enterprises that have either shut down or are operating below full capacity for a shortage of working capital.

Another scheme is worth of Tk 50 billion for cottage, micro, small and medium enterprises (CMSMEs).

The central bank, meantime, has asked apparel trade bodies to provide information on closed and partially closed factories.

In this connection, BGMEA organised a discussion meeting with its member-factories on June 14 where many of them raised concerns over some requirements binding the central-bank packages, saying that they, mostly the small and medium ones, could not avail the facilities because of the tags.Politics

When asked, Bangladesh Garment Manufacturers and Exporters Association President Mahmud Hasan Khan said, "All of the closed factories could not be reopened as they don't have the capacity while their CIB (credit information bureau) reports are not 'good'."

Explaining the reasons behind the closure, he cites, among others, global demand fall, shortage of work orders, inefficiencies of some factories and bankruptcy of some buyers as well as political reasons, failure to make timely shipment due to political or other natural calamities.

Talking to the FE, BGMEA vice-president Shehab Udduza Chowdhury said some 200 closed and 123 partially closed factories expressed their willingness to get the government-announced financial packages.

"The units that cannot use full capacity should get priority as employment generation and export earnings both can be increased within the shortest possible time once they get working capital," he says, adding that most of the SMES which need the financial support can't avail it because of the condition of collateral security.Personal finance tips

He urges the government to provide loan at 7.0-percent interest for CMSMEs and allow loan-rescheduling facility with minimum down payment.

The BGMEA president, however, says two audit companies will visit the interested factories and submit their reports to the trade body.

The export industry's apex body will recommend to the central bank accordingly, based on reports, for factories suggested by the audit firms.

Beximco Pharmaceuticals recommended a 47.5% cash dividend to its shareholders for the fiscal year 2024-25 ended 30 June.

The company declared the dividend at a board meeting held today (23 June), according to the company source.

During the fiscal year, its consolidated net profit stood at Tk699.88 crore, which was Tk586.67 crore.

To approve the audited financial statement and the dividend the company will set the annual general meeting time and venue following the High Court order. It also set the record date for 2 August.

Besides, the company reported that its consolidated net profit stood at Tk704 crore in the first nine months of FY26.

Earlier, the regulator had permitted the Beximco Pharma to hold a special board meeting to approve and publish its five overdue quarterly financial statements, mitigating the looming risk of a delisting from the London Stock Exchange (LSE).

The trading of Beximco Pharma remained temporarily suspended on London's Alternative Investment Market (AIM) from 2 January 2026, as it failed to publish its annual financial results within the stipulated time frame.

Amid rising concerns raised by foreign institutional investors to the Bangladesh Securities and Exchange Commission (BSEC), the regulator has permitted Beximco Pharmaceuticals to hold a board of directors meeting.

During the interim government, the BSEC appointed nine independent directors to the board of Beximco Pharma, as well as to two other listed group entities: Beximco Ltd and Shinepukur Ceramics.

Beximco Pharma legally challenged the regulator's decision by filing a writ petition, which remains pending in court. Citing the matter as sub-judice, the company has not allowed the BSEC-appointed independent directors to take their seats on the board.

The Bangladesh Bank has introduced a new banking facility for expatriate Bangladeshis, allowing them to open Non-Resident Convertible Taka Accounts (NRCTA), aiming to encourage remittance inflows through formal channels, boost investment and expand offshore banking activities.

In a circular issued today (23 June), the central bank said expatriates would be able to deposit remitted funds in their accounts and freely repatriate both the principal amount and any interest or investment income earned.

The central bank has also allowed funds held in these accounts to be used for a range of domestic transactions, including investments and lending to certain foreign-owned industrial enterprises operating in Bangladesh's specialised economic zones.

A senior central bank official told The Business Standard that expatriates will be able to open non-resident convertible current, savings or fixed deposit accounts through offshore banking units using funds remitted through banking channels.

"The accounts may also receive transfers from other non-resident accounts, interest or profit income, investment earnings, refunds from share subscriptions and other approved foreign exchange-related receipts," the official added.

According to the circular, the initiative has been taken in response to growing remittance inflows and to create new opportunities for expatriates to participate in the country's economy.

Both the deposited funds and accrued interest or profits will remain fully repatriable.

In addition, account holders will be allowed to use the funds for local payments, conversion into foreign currency accounts, foreign direct investment (FDI), and portfolio investments in Bangladesh.

The funds can also be used to provide taka-denominated loans to Type-A industrial enterprises operating in specialised economic zones, which are fully foreign-owned entities.

However, such loans may only be used for approved operating expenses, including salaries, wages and utility bills. Repayment must be made from the export earnings of the borrowing companies.

The central bank has also permitted banks' domestic banking units to provide loans against deposits held in these accounts to expatriates or their nominated beneficiaries.

These loans may be used for personal or business purposes, although investments in agriculture, forestry and housing sectors will not be permitted.

The circular further allows account holders to make non-repatriable investments in Bangladesh and purchase residential property for personal use.

Another central bank official said the new account framework would strengthen the financial intermediation of remittances, enhance offshore banking activities and create a structured platform for expatriate Bangladeshis to invest in the country's economy.

The official added that the facility would also help improve liquidity support for foreign-owned export-oriented industries through the newly permitted lending mechanism.

The list of strategic mistakes that led to British Prime Minister Keir Starmer’s resignation on Monday will fill many a book. Yet most stemmed from the belief that an economy felled in 2023 by the war in Ukraine was set for a big rebound, enabling both rapid growth and easy fiscal consolidation. It didn’t. Now, as the war in Iran ebbs, his successor may face a similar test — and will need to ensure the government appears firmly in control.

The path is clear for Andy Burnham to succeed Starmer. The former Manchester mayor favours tighter state control of utilities and higher taxes on property, wealth and investment income. But he has pledged to honour Starmer’s fiscal guardrails like balancing day-to-day spending and putting debt-to-GDP on a falling path. Since those rules are judged against official forecasts rather than actual revenues and spending, the Office for Budget Responsibility (OBR), the UK’s independent fiscal watchdog, will retain its role as the ultimate arbiter of fiscal credibility.

The OBR’s projections have recently held outsized sway, with a downgrade to productivity causing havoc to last year’s autumn budget. What has attracted less attention is whether Starmer’s promises were built on forecasts that turned out to be too rosy. Chief among them was ruling out increases in income and value-added taxes. This left officials constantly scrambling to make ends meet. One solution was raising employer National Insurance, angering businesses and contributing to higher inflation and interest rates in 2025.

In 2024, however, expecting a strong recovery made sense. The departure of Brexit-friendly Conservative governments held the promise of renewed foreign investment. Inflation had fallen back to target, consumption was poised to boom and OBR forecasts suggested GDP growth would rise from 0.3 percent in 2023 to 2 percent in 2025, bringing workers out of welfare. Instead, households remained cautious, disability spending rose and a combination of food inflation and a new energy shock in the Middle East dimmed prospects and kept interest rates elevated. By March, the OBR expected growth of only 1.1 percent this year. Admittedly, no government can escape bad luck and Starmer’s government did much that appeals to its base, such as taxing businesses to maintain benefits, expanding workers’ rights, building renewable-energy capacity and curbing migration. But it was an error to choose economic variables wholly outside of its control as a yardstick for success.

A similar trap may now await Burnham: if the US peace deal with Iran holds, the data could suddenly look more flattering in 2027, and a business‑friendly pick for Treasury chief, such as former Health Secretary Wes Streeting, would calm bond markets. But tweaking taxes and handouts won’t win Burnham an election in 2029. For that, he needs the type of obvious win that made him popular in Manchester. A bold overhaul of social housing could be one. Regardless, he needs to chart his own course: relying on macroeconomic tides has a way of steering ships straight into the rocks.

Country’s foreign aid commitments suffered a decline of around 23 per cent compared with the corresponding period of the previous fiscal year, according to provisional data from the Economic Relations Division (ERD).
FE

The latest Foreign Assistance Monthly Report of the ERD shows that total foreign assistance commitments stood at US$4.22 billion during July 2025-May 2026, down from US$5.48 billion recorded in the same period of FY2024-25.

The decline was primarily driven by a reduction in project assistance commitments, reports UNB.

During the reporting period, project aid commitments amounted to US$4.06 billion in loans and US$158.78 million in grants, compared with US$5.108 billion in loans and US$380.98 million in grants during the corresponding period a year earlier.

No commitments were recorded under food assistance in either fiscal year.

Despite the fall in fresh commitments, foreign aid disbursements remained substantial.

Total disbursements reached US$4.57 billion during July-May of FY2025-26, compared with US$5.60 billion in the same period of FY2024-25.

Project assistance accounted for the bulk of disbursements, amounting to US$4.53 billion, including US$4.14 billion in loans and US$393.81 million in grants.

Food assistance disbursements totalled US$40 million during the period, slightly higher than the US$35 million received in the corresponding period of the previous fiscal year.

Meanwhile, Bangladesh’s debt servicing obligations continued to rise.

According to the ERD data, the country paid US$4.13 billion in principal and interest on foreign loans during the July-May period of FY2025-26, up from US$3.78 billion in the same period of FY2024-25.

Of the total debt servicing payment, US$2.68 billion was repayment of principal and US$1.44 billion was interest.

In local currency terms, total external debt servicing reached Tk 505.16 billion (Tk 50,515.86 crore) during the period, compared with Tk 456.76 billion (Tk 45,676.08 crore) in the corresponding period of the previous fiscal year.

The increase in debt repayments reflects Bangladesh’s growing external debt obligations as several large infrastructure and development projects financed through foreign loans enter the repayment phase.