The Executive Committee of the National Economic Council (Ecnec) today (19 August) approved 10 projects involving a total cost of Tk9,333.58 crore.

These included six new and four revised projects.

Of the total project cost, Tk8,488.71 crore will come from the government's own funds, while Tk936.36 crore will be financed through project loans.

The approval came at an Ecnec meeting held at the NEC Conference Room at the Planning Commission, with Prime Minister and Ecnec Chairperson Tarique Rahman in the chair.

The approved projects include two under the Ministry of Health and Family Welfare.

These are the replacement and reconstruction of unusable structures at Dhaka Medical College and construction of 19 modern hostel buildings for students of 10 medical colleges.

The Roads and Highways Department's project titled "Capacity Development for Smart Maintenance Technology of Bridges under Roads and Highways Department in Bangladesh" was also approved.

Two projects under the Ministry of Water Resources involve protecting Lalmonirhat Sadar upazila from erosion along the right bank of the Dharla River and strengthening the coastal embankment at Bashbaria ferry ghat in Sitakunda, Chattogram, and the stretch from the ferry ghat to Kumira ghat.

The Ecnec also approved a project for rehabilitation and strengthening of rural roads under the Ministry of Local Government, Rural Development and Cooperatives.

A project for strengthening the capacity of the Department of Livestock Services was approved under the Ministry of Fisheries and Livestock.

Two power sector projects were also approved: construction of a 100 MW solar power plant at Madarganj in Jamalpur and expansion and strengthening of electrical infrastructure in the Desco area of Dhaka.

The Ecnec further approved an infrastructure development project for Ramu Cantonment under the Ministry of Defence.

Meanwhile, the meeting was informed of nine projects costing less than Tk50 crore that have already been approved by the planning minister.

The projects include a feasibility study for establishing a BSL-3 laboratory and enhancing vaccine and biologics research capacity, the Bangladesh Environmental Sustainability and Transformation (BEST) project, and the Sundarbans Protection Project.

Besides, expansion of the south-western transmission grid, construction of a 132/33/11 kV underground grid substation in Gulshan, improvement of the electricity distribution system under DPDC, expansion and strengthening of mosque libraries, optimal use of new media for public service delivery, and improvement of pre-primary and primary education in Cox's Bazar district and Bhahashan Char of Noakhali district

Oil prices hit a three-week high on Wednesday as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions supported the market. Brent crude futures climbed 45 cents, or 0.49 percent, to $91.47 by 0754 GMT, while US West Texas Intermediate crude futures were up 45 cents, or 0.53 percent, to $85.39 a barrel.

Brent crude hit its highest level since July 30 and WTI reached its highest since July 31.

“Confidence in safe passage remains low, with shipping volumes still running well below normal levels. That persistent uncertainty continues to keep a geopolitical risk premium embedded in the oil price,” KCM chief market analyst Tim Waterer said.

US President Donald Trump said on Tuesday no talks were taking place with Iran and that the Strait of Hormuz was open, contradicting Iran, which said the waterway remained shut.

A temporary ceasefire agreement expired on Monday and a senior Iranian official told Reuters that his country was moving to a due to the diplomatic stalemate, though there were no reports of strikes by either side on Tuesday.

SHIPPING UNCERTAINTY PERSISTS IN HORMUZ

The Strait of Hormuz carried about one-fifth of global oil and liquefied natural gas supplies before the US-Israeli war on Iran began at the end of February. Its disruption remains a central concern for energy markets.

“Commercial shipping through Hormuz continues to face near full disruption while disagreements persist over the conditions governing maritime traffic,” said Ahmad Assiri, research strategist at brokerage Pepperstone.

Shipping through Hormuz slowed, data showed on Wednesday, as most shipowners avoided the waterway because of the uncertainty.

Shipping through Hormuz slowed, data showed on Wednesday, as most shipowners avoided the waterway because of the uncertainty

Iraq’s cabinet approved mechanisms for exporting Iraqi crude through specialised international and local companies and via multiple export outlets, the government said on Tuesday.

The contracts under the new mechanism will run for three months starting September 1, according to a statement issued after the cabinet meeting.

Brent’s move above $91 a barrel suggests traders are pricing in a higher risk premium, with prices potentially returning to three-digit levels, Assiri from Pepperstone added.

US crude oil and distillate inventories fell while gasoline stocks rose last week, market sources said, citing data from the American Petroleum Institute.

Official inventory numbers from the US Energy Information Administration are due at 10:30 a.m. ET (1430 GMT). Analysts polled by Reuters expect crude stocks to have fallen by about 600,000 barrels in the week ended August 14.

Gas allocation has kept the public-private Karnaphuli Fertiliser Company Ltd (Kafco) in operation, while state-owned Chittagong Urea Fertiliser Ltd (CUFL) has remained shut for five and a half months, highlighting the contrasting impact of the ongoing gas shortage on the two fertiliser plants located in the same area of Anwara, Chattogram.

Both plants were shut on 4 March amid the gas crisis, but Kafco resumed production about two months later after receiving gas supply. CUFL, meanwhile, has yet to restart, with the state-owned plant incurring an average daily loss of nearly Tk2 crore.

People familiar with the matter said Kafco has been prioritised for gas allocation because of an agreement guaranteeing uninterrupted supply when the plant was established.Engineer Md Rais Uddin Ahmed, general manager (Marketing-South Division) of Karnaphuli Gas Distribution Company Ltd, told The Business Standard that Petrobangla and the Bangladesh Chemical Industries Corporation (BCIC) decide which factories receive gas during shortages. Kafco continues to receive gas in line with Petrobangla's instructions.

Kafco requires around 50 million cubic feet (mmcf) of gas a day, compared with CUFL's requirement of 45 mmcf, he said.

CUFL normally produces 1,000-1,200 tonnes of urea and 800 tonnes of ammonia a day, while Kafco has a daily capacity of around 2,000 tonnes of urea and 1,500 tonnes of ammonia, according to officials.

The ammonia produced by both plants is also supplied to the nearby DAP Fertiliser Company Ltd (DAPFCL), which uses it to produce diammonium phosphate (DAP).

Mizanur Rahman, managing director of CUFL, told TBS that the plant has remained shut since 4 March due to the gas crisis.

"Our plant is ready to resume production. The Karnaphuli Gas authorities have said they will start supplying gas from 2 September. However, we have requested them to bring the date forward to 22-23 August," he said.

Kafco Chief Operating Officer Abdullah Faruk said the plant remained shut for about two months from 4 March and resumed production in May. After operating for 15 days, however, a technical problem forced another shutdown lasting around one and a half months.

"The plant is currently operating. It normally runs at a maximum 116% load, but we have reduced it to 106%. We are currently receiving 48 million cubic feet of gas a day," he said.

Attempts to contact Md Moniruzzaman, director (Commercial, Production and Research) of BCIC, and Abu Saleh Md Mosleh Uddin, managing director and divisional head (Production), were unsuccessful.

CUFL was established in 1987 with technical assistance from Japan. Kafco was registered as an international joint venture in 1981 and began full commercial production in late 1994. Its shareholders include Bangladesh, Denmark, the Netherlands and Japan.

Bangladesh's annual fertiliser demand is around 6.9 million tonnes, with imports meeting about 80% of total demand.

Gold rose as US Treasury yields eased on Wednesday, with investors awaiting minutes of the Federal Reserve’s July meeting for fresh clues on its monetary policy outlook. Spot gold rose 0.6 percent to $4,359.58 per ounce by 0737 GMT, after falling nearly 2 percent in the previous session due to higher Treasury yields, while US gold futures slipped 0.2 percent to $4,413.40.

A global bond selloff on Tuesday saw long-term borrowing costs in major economies edge toward their highest levels in decades, pressuring the non-yielding precious metal.

Reduced expectations for Federal Reserve interest rate hikes and rising fiscal budget concerns are positive factors for gold, said Kelvin Wong, a senior market analyst at OANDA.

The minutes of the Federal Open Market Committee’s July meeting are scheduled for release at 1800 GMT.

Traders are pricing in a 67 percent probability of a Fed hold and a 33 percent chance of a rate hike next month, according to the CME FedWatch Tool. Bets for a hike have declined after a series of soft US economic data.

Lower interest rates reduce the opportunity cost of holding gold.

“A sustained break above $4,390 could open the door (for gold) towards $4,505, while a break below $4,300 could expose $4,200 and $4,150,” said Lukman Otunuga, head of market research at FXTM.

On the geopolitical front, US President Donald Trump said on Tuesday that no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran’s assertion that the critical waterway remained shut to shipping.

Oil prices gained for a fourth straight session.

Among other metals, spot silver slipped 0.1 percent to $63.22 per ounce, platinum gained 0.5 percent to $1,720.43, and palladium held steady at $1,290.55.

TD Securities said silver and platinum group metals were expected to benefit from a supportive macroeconomic backdrop in the second half of 2027, with easing inflation risks, a weaker US dollar and lower carry costs likely to drive a stronger price response than gold.

The Cabinet Committee on Government Purchase has approved the purchase of a cargo of liquefied natural gas (LNG) from Aramco Trading Singapore Pte Ltd at $23.93 per million British thermal units (MMBtu) to maintain gas supply in the country.

Aramco will supply the cargo between 1 and 2 September. It will be Bangladesh's 44th LNG cargo in 2026.

The committee meeting chaired by Finance Minister Amir Khosru Mahmud Chowdhury approved a total of seven proposals from different ministries and divisions.

On the same day, the Cabinet Committee on Economic Affairs gave in-principle approval to procure 14 LNG cargoes, two each from seven companies, through direct procurement.

The names of the seven companies and the total cost of the 14 cargoes were not disclosed in the documents.

Fertiliser, railway and edible oil purchases

The purchase committee also approved the import of 1,15,000 tonnes of muriate of potash (MOP) fertiliser under two agriculture ministry proposals.

Of the total, 80,000 tonnes will be imported through the Canadian Commercial Corporation and 35,000 tonnes through Russia's JSC Foreign Economic Corporation (Prodintorg). The price has been set at $377.63 per tonne in both cases.

The committee also approved the import of urea from Saudi Arabia's SABIC Agri-Nutrients Company for FY27 for Tk213,19,40,000, with the price set at $430 per tonne.

A proposal to appoint a consultant for a feasibility study and conceptual design for multimodal transport hubs at Dhaka Airport and Kamalapur stations under Bangladesh Railway's Green Railway Transport Preparatory Technical Assistance Project was also approved. The work will cost Tk53,66,60,788.

The committee approved the purchase of 20,000 tonnes, or 20 million litres, of refined palm olein through an open tender at Tk184.10 per litre. Shabnam Vegetable Oil Industries will supply the edible oil.

It also approved a proposal to extend technical services from General Contractor MHI, Japan, for another year to ensure uninterrupted production and maintenance at Ghorashal Palash Fertiliser Company. The contract will cost Tk39,52,55,000.

Other economic affairs committee decisions

The Cabinet Committee on Economic Affairs also gave in-principle approval for Bangladesh Chemical Industries Corporation (BCIC) to sign a government-to-government contract with Fertiglobe Distribution Limited of the United Arab Emirates to import urea fertiliser in FY27.

The committee also considered a proposal for final approval of a contract to select private partners to restart Darowani Textile Mill and Magura Textile Mill, both under the Bangladesh Textile Mills Corporation, through public-private partnerships.

It also gave in-principle approval to procure 40 driving simulators for 40 technical training centres under the Bureau of Manpower, Employment and Training (BMET).

The proposal to extend MHI Japan's technical services for another year at Ghorashal Palash Fertiliser PLC was also approved at the meeting.

Qatar will extend all possible support to Bangladesh in ensuring energy security, particularly amid the country's current challenges, the country's Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani has assured.

He made the assurance when Foreign Minister Khalilur Rahman called on him at his office in Doha today (19 August), according to a press release from Bangladesh's Ministry of Foreign Affairs.

During the meeting, Khalilur conveyed Prime Minister (PM) Tarique Rahman's greetings to the Qatari leadership.

The Bangladesh foreign minister also expressed solidarity with Qatar and commended its "constructive and responsible" role in promoting peace, security and stability in the region.

Sheikh Mohammed described Bangladesh as a "brotherly country" and assured Khalilur Rahman of Qatar's support for Bangladesh's energy security.

The two sides also discussed bilateral cooperation and issues of mutual interest.

Sheikh Mohammed congratulated Khalilur Rahman on his election as president of the 81st session of the United Nations General Assembly and reiterated Qatar's commitment to supporting him in carrying out his responsibilities successfully.

Khalilur invited the Qatari prime minister to visit Bangladesh at a mutually convenient time.

Later, the foreign minister met Qatar's Minister of State for Foreign Affairs Sultan bin Saad Al-Muraikhi and discussed issues of mutual interest.

PM's Finance and Planning Adviser Rashed Al Mahmud Titumir, State Minister for Power, Energy and Mineral Resources Aninda Islam Amit, Foreign Affairs Adviser Humaiun Kobir and senior officials from both countries were present during the meetings.

Investor participation on the country's premier bourse fell to a three-month low today (19 August) as the benchmark index extended its losing streak to six consecutive sessions.

Turnover on the Dhaka Stock Exchange (DSE) dropped 27% to Tk732 crore, the lowest since May, as industrial energy shortages and a lack of market-moving catalysts dampened investor appetite.

The benchmark DSEX index slipped 3 points to close at 5,769. While the marginal decline suggests that the pace of the market's fall may be slowing, the index has lost 125 points over the past six sessions.

During the period, the DSE's market capitalisation has declined by approximately Tk7,300 crore.

The blue-chip DS30 index also followed the downward trend, inching down to settle at 2,162. Market breadth remained firmly in favour of the bears, as 198 issues declined compared to 140 that managed to advance, while 61 scrips remained unchanged on the DSE floor.

According to a daily market review by Sheltech Brokerage Limited, the session was characterised by a fierce "tug-of-war" between bargain hunters and profit-takers. The market opened under strong selling pressure, which initially dragged the benchmark index down to an intraday low of 5,737.40 points.

Sentiment was further clouded by a regulatory clarification that denied recent media reports regarding potential widespread action against market manipulation. This clarification, combined with ongoing anxieties over gas supply disruptions affecting listed manufacturing units, initially fueled a sell-off. Although a wave of bargain hunting emerged mid-session, briefly lifting the DSEX to a high of 5,812.15, the recovery lacked sufficient buying conviction to hold. Selling pressure resurfaced in the final hour, erasing most of the intraday gains.

On the sectoral front, the textile sector remained the primary driver of liquidity, accounting for 23.5% of the total turnover, followed by general insurance at 12.8% and the engineering sector at 10.3%.

Sectoral returns were mixed. The ceramic sector led the gainers with a 1.2% rise, followed by miscellaneous and services. On the flip side, the cement sector faced the steepest correction of 1.4%, while mutual funds and textiles also witnessed price dips of 0.8% and 0.6%, respectively.

Individual stock performance featured Regent Textile as the top gainer with a 7.81% price hike, followed by Reliance One Mutual Fund and Runner Automobiles. Conversely, Sharp Industries emerged as the top loser, shedding 8.82% of its value, while GBB Power and Sena Insurance also faced notable corrections.

The bearish sentiment was mirrored at the Chittagong Stock Exchange (CSE), where the broad CASPI index fell by 19 points to finish at 15,494. The Selective Categories' Index (CSCX) also ended 7 points lower at 9,445. Trading activity at the port city bourse saw a catastrophic decline, with turnover plunging by 49% to reach only Tk37 crore.

Remittances channelled through Islamic banks fell 27 percent year-on-year to $448 million in June 2026, according to a Bangladesh Bank (BB) report.

Islamic banks’ share of total remittances received through the banking system stood at 16 percent that month, down from 22 percent a year earlier. In May, the previous month, the share was 19 percent, the BB said in its monthly Islamic Banking and Finance Statistics report for June.

By contrast, conventional banks’ remittance receipts rose 7.25 percent year-on-year to $2.37 billion in June, even as they recorded a month-on-month fall of 15 percent from $2.78 billion in May.

The BB said that despite Islamic banks’ early-year performance, their inability to retain their share of workers’ remittances helped conventional banks’ remittances grow in contrast. “However, recent experience of Islamic banks losing market share highlights an unstable situation in the Islamic banking sector,” it said.

Workers’ remittance receipts play a vital role in building a bank’s foreign currency reserve base, which ultimately helps in settling foreign currency transactions, and Islamic banks may need to pursue reforms with regard to the factors that influence depositors’ confidence in Islamic banks, the report states.

The month-on-month decrease in workers’ remittances in June 2026 may be due to the exceptionally high remittance inflow recorded in May 2026 ahead of Eid-ul-Azha.

Additionally, geopolitical uncertainties in the Middle East, including the Iran crisis, may also have affected remittance inflow patterns, it added.

DEPOSIT, INVESTMENT GROWTH

The BB report said Islamic banks recorded increased deposits in June compared with the same month a year earlier, though deposit growth was much higher at conventional banks in comparison.

As a result, the share of Islamic banks in total banking deposits stood at 21 percent in June 2026, down from over 22 percent a year earlier, while conventional banks’ share increased.

Depositors are gradually shifting towards Islamic banking as they regain confidence, the BB said, following measures taken by the central bank, including increased surveillance in terms of liquidity support, identification of banks’ weaknesses, and recruitment of administrators to improve management capacity.

The share of shariah-based banks in investment remained steady in comparison with conventional banks. At the end of June, conventional banks accounted for three-fourths of total investments, while Islamic banks accounted for the rest.

The report said combined investments by conventional banks stood at Tk 19.25 lakh crore in June this year, registering a 12 percent increase year-on-year.

By contrast, investments by shariah-based banks grew 7 percent year-on-year to Tk 6.12 lakh crore in June 2026.

“The moderate monthly increase reflects a prudent investment strategy, while the year-on-year growth indicates gradual expansion, driven by rising demand for Islamic financing products, particularly profit-and-loss sharing modes,” the BB report said.

The BB said conventional banks were cautious in lending and investment amid macroeconomic challenges, including inflationary pressures, exchange rate volatility, and tighter regulatory oversight in Bangladesh.

According to the BB report, Islamic banks’ share in handling export receipts declined to around 19 percent in June 2026, from 21 percent a year earlier. By contrast, the share of conventional banks in this segment grew, and they accounted for more than 81 percent of export handling.

On the import side, Islamic banks accounted for 15 percent of total import payments processed through the banking system in June 2026, against 85 percent for conventional banks.

Sugar prices in Chattogram's wholesale market have risen by as much as Tk200 per maund in two weeks as traders report tighter supplies amid gas and power shortages.

Sugar that sold for Tk3,600 per maund (37.32kg) two weeks ago is now selling for Tk3,800 in Khatunganj.

Traders fear prices could rise further unless the supply situation improves.

Market insiders questioned the domestic price rise, saying international sugar booking rates have not increased significantly. A section of traders alleged that mills were creating an artificial shortage to push up prices through syndicates as in the past.

Md Mohiuddin, general secretary of the Chaktai-Khatunganj Aratdar General Traders' Welfare Association, however, rejected the syndicate allegation.

"Commodity markets are never stable. Sometimes booking prices rise, while at other times supply falls. Whenever the price of a commodity rises, allegations of syndication emerge, but no such questions are raised when prices fall," he told TBS.

He said commodity prices fluctuate based on demand and supply, adding that there was no scope to raise prices through a syndicate.

Production falls, supply tightens

Traders said gas shortages have cut production at several Chattogram factories, with some suspending operations, tightening supply to the wholesale market.

Many factories are now supplying sugar from existing stocks, traders said. But with fresh production falling, those stocks are being depleted quickly, raising fears that supplies could tighten further.

City Group, one of the country's major sugar refiners, was contacted for comment. Its Director Biswajit Saha did not answer calls or respond to a WhatsApp message despite repeated attempts.

S Alam Group once supplied a significant share of sugar to the Chattogram market, according to traders.

Earlier this month, the group said it had temporarily suspended production at 11 factories in Chattogram, citing restrictions on banking facilities and accounts and difficulties in opening letters of credit, which it said had caused raw material shortages.

Traders said the suspension of S Alam's sugar production is also contributing to the supply shortage in Chattogram.

The market is now mainly receiving sugar from Dhaka-based companies. Traders said the additional cost of transporting sugar from Dhaka is also affecting wholesale prices.

Syndicate concerns resurface

A section of traders said mill owners' control over the market weakened for several months after sugar imports were opened during the interim government.

They alleged that mills later sold sugar at lower prices, causing losses to small and medium importers. After many importers left the market, control again shifted to large mill owners, they claimed.

SM Nazer Hossain, central vice-president of the Consumers Association of Bangladesh (CAB), said the problems in the sugar market were nothing new.

"Only a handful of industrial groups are involved in sugar refining and marketing in the country. The government could bring the market under control by monitoring these companies, but that is not happening," he told TBS.

He said traders were able to move sugar prices as they wished because of weak administrative oversight, which had made them more reckless.

Market monitoring under scrutiny

Consumers complained that authorities have carried out few drives despite rising sugar prices. They called for authorities to examine the reasons behind the increase and regularly monitor supply and prices from mills to the wholesale market.

Mohammad Faiz Ullah, deputy director of the Directorate of National Consumer Rights Protection in Chattogram, said regular market monitoring is continuing.

"We have not yet received information about the rise in sugar prices. Even if wholesale prices have increased, the impact may be felt at the retail level later," he said.

He added that the authority would look into the matter and take action.

Market participants fear the rise in wholesale sugar prices could eventually affect the retail market. If production does not improve amid gas and power shortages, they fear supplies could tighten further, putting more pressure on consumers.

Samsung Electronics has raised prices for some advanced contract chipmaking services by up to 15 percent for new orders, two people familiar with the matter said, as demand for AI chips tightens capacity in a business long dominated by TSMC.

Demand from Chinese customers has been particularly strong, but Samsung has been unable to meet all orders because it must serve US customers and reserve part of its capacity to support its own chip production, said the sources, who spoke on the condition of anonymity because they are discussing sensitive commercial matters.
Chinese customers are among those accepting the steepest price increase, one of the sources said, underscoring how US curbs on exports of advanced chipmaking equipment to China have increased local firms’ reliance on overseas foundries.The price hikes mark a turnaround for Samsung’s foundry business, which has been a loss maker since 2022, according to industry estimates.

The division has struggled to narrow the gap with Taiwan Semiconductor Manufacturing Co, even as Samsung reported record profits, driven by soaring prices for memory chips used in AI systems.

Samsung raised prices in July for chips made using its 4-nanometre process, known as SF4, the sources said.

Prices for SF4 customers in China and the US were increased 10 percent to 15 percent from the previous month, while customers in Taiwan, home to TSMC, saw increases of 5 percent to 10 percent, according to one of the sources.

Prices for wafers produced by its 5-nanometre SF5 process rose by 10 percent to 15 percent, while those for its older 8-nanometre technology rose by nearly 10 percent, according to the source.

Samsung declined to comment as the company does not provide details on operational matters.

Samsung produced 7 percent of global foundry revenue in the first quarter of 2026, compared with more than 70 percent for TSMC, according to research firm Counterpoint.

However, demand for AI chips has booked up much of TSMC’s leading-edge capacity.

Samsung expects advanced processes to account for more than half of foundry revenue this year, while AI and high-performance-computing applications would make up more than 30 percent, up from 15 percent to 20 percent in late 2025.

With TSMC’s production taken up, Samsung has more leverage to raise prices.

“As TSMC faces tight capacity and raises prices, customers are shifting to rivals such as Samsung and Intel, prompting Samsung to raise its prices as well,” said Lee Min-hee, a Seoul-based analyst at BNK Investment & Securities.

“If Samsung raises prices from here, its foundry business could potentially become profitable as early as next year, earlier than previously expected,” Lee said.

Samsung’s SF4 production line at its Pyeongtaek, South Korea, plant has been running at full capacity since late last year, said a person familiar with the company’s operations.

The line produces logic chips for customers including Qualcomm as well as base dies used in Samsung’s own multi-layer high-bandwidth memory (HBM) chips, the person said.

Samsung said in July it expects the foundry unit to return to profit in the near future, helped by higher factory utilization, better production yields and firmer pricing.

It also said then rising sales to major US and Chinese customers, along with demand for HBM base dies, should help lift foundry revenue by more than double-digit percentage points in the second half from a year earlier.

Improvements in production yields have also helped Samsung win customers. Tesla and Apple unveiled chip manufacturing deals with Samsung last year.
Google News LinkFor all latest news, follow The Daily Star's Google News channel.

Samsung also announced an AI chip production deal with Broadcom in July, while Nvidia CEO Jensen Huang said in March that Samsung would manufacture its new AI inference processor.

Google is also in talks with Samsung to manufacture chips using SF4, said one of the two sources familiar with the price increases. Google did not respond to a request for comment.

The United Arab Emirates has said it is suspending all trade and financial dealings with Iran after reporting an Iranian missile attack directed at its ships.

The announcement comes after a period of relative calm in the UAE, with no Iranian missiles aimed at the country since May after it bore the brunt of attacks in the early weeks of the Middle East war.Abu Dhabi has however accused Tehran of repeatedly targeting its tankers at sea in recent weeks.

“In light of regional escalations... all trade, commercial exchanges, and financial transactions with Iran have been halted until further notice," said UAE foreign ministry communications director Afra Al Hameli.

The UAE is home to a sizeable Iranian community and has been a major trading partner for US-sanctioned Iran, at least before the war.

They share deep cultural and historical ties as neighbouring countries across the Gulf, with centuries-old links between coastal communities, trade routes and family networks.

Tuesday's announcement is the latest measure against Iran by the UAE after it recalled its ambassador early in the conflict and shut Iran-linked schools and a hospital.

At the height of the war in March, authorities ordered the closure of an Iranian state-linked hospital in Dubai, three employees at the facility told AFP, with schools and a community centre also ordered closed.

A UAE official told AFP at the time that "certain institutions directly linked to the Iranian regime and IRGC will be closed under targeted measures" after they were found to have violated UAE laws.

Abu Dhabi on Tuesday accused Iran of firing two ballistic missiles towards the country, the first such attack since May.

It later said the salvo was directed at shipping, but Tehran denied firing missiles at the UAE.

“UAE air defences detected two ballistic missiles launched from Iran towards the country, with the first falling outside the country's territorial waters, while the second fell within the territorial waters," the UAE ministry said in a statement posted to social media.

A second statement released later said the missiles "were targeting maritime navigation and fell into the sea".

Iranian foreign ministry spokesman Esmaeil Baqaei "categorically rejected the United Arab Emirates' claim that Iran had launched a missile towards that country", calling it harmful to regional trust and security efforts.

The first UAE statement came nearly two hours after a phone alert that warned residents of a "potential missile threat".

It was the first such alert since a false alarm in June and an alert in July for an attack that ultimately did not enter UAE territory.

Before that, the last missile warning came in early May.

However, tankers belonging to the UAE’s state-owned oil company ADNOC have been repeatedly targeted in the past few weeks.

When the Middle East war began on February 28, the UAE bore the brunt of Iran’s attacks, with nearly 3,000 missiles and drones directed at the country -- more than anywhere else in the region.

After a memorandum of understanding between Iran and the United States came into effect in June, which has since collapsed, the UAE reported no attacks, unlike other Gulf states.

এলএনজি নিয়ে গত দুই সপ্তাহের বেশি সময় ধরে চলমান সংকটে বিদ্যুৎ, শিল্প-কারখানা থেকে শুরু করে আবাসিক খাত ভোগান্তিতে পড়েছে। পাশাপাশি ভাবিয়ে তুলেছে স্থানীয় গ্যাসের উৎপাদন হ্রাস। বিশেষ করে দেশের সবচেয়ে বড় গ্যাস ফিল্ড বিবিয়ানার উৎপাদন কমে যাওয়াকে উদ্বেগের বলে মনে করেন পেট্রোবাংলা ও জ্বালানি খাতসংশ্লিষ্টরা।

জানা গেছে, দেশে উৎপাদনে থাকা সবচেয়ে বড় গ্যাস ফিল্ড বিবিয়ানা। এ ফিল্ড স্থানীয় গ্যাসের ৪৫ শতাংশ জোগান দিচ্ছে। তবে ধারাবাহিকভাবে ফিল্ডটি থেকে গ্যাসের উৎপাদন হ্রাস পাচ্ছে। দেশের অন্য কোনো গ্যাস ফিল্ড থেকে বড় আকারে জোগান বাড়ছে না। তাই বিবিয়ানার উৎপাদন হ্রাস দেশের সামগ্রিক গ্যাস সরবরাহে বড় প্রভাব ফেলছে।

বিবিয়ানা গ্যাস ফিল্ড পরিচালনা করছে মার্কিন বহুজাতিক কোম্পানি শেভরন। তাদের আওতায় মৌলভীবাজার ও জালালাবাদসহ মোট তিনটি গ্যাস ফিল্ড রয়েছে।

পেট্রোবাংলার তথ্য-উপাত্ত থেকে জানা গেছে, বিবিয়ানা ফিল্ডের বর্তমান উৎপাদন দৈনিক ৭৪০ মিলিয়ন ঘনফুট (১৮ আগস্ট হিসাব অনুসারে), যা চলতি বছরের মার্চেও ছিল কম-বেশি ৮২০ মিলিয়ন ঘনফুটের কিছু বেশি। এপ্রিলের অর্ধেক সময়জুড়ে উৎপাদন কম-বেশি ৮০৫-৮১০ মিলিয়ন ঘনফুটের মধ্যে নেমে যায়। গত সাড়ে পাঁচ মাসের ব্যবধানে ফিল্ডটির উৎপাদন হ্রাস পেয়েছে ৮০ মিলিয়ন ঘনফুটের মতো।

দেশে রাষ্ট্রায়ত্ত কোম্পানিগুলোর আওতায় মোট ১৭টি গ্যাস ফিল্ড রয়েছে। এসব গ্যাস ফিল্ডের মধ্যে তিতাস, হবিগঞ্জ, রশিদপুর, শাহবাজপুর বড় আকারে গ্যাস সরবরাহ দিচ্ছে। বাকি ফিল্ডগুলোর উৎপাদন নামমাত্র। কোনোটির উৎপাদন শূন্যতেও নেমে এসেছে।

জ্বালানি বিভাগ ও পেট্রোবাংলার দুজন কর্মকর্তা নাম অপ্রকাশিত রাখার শর্তে বণিক বার্তাকে বলেন, বিবিয়ানা গ্যাস ফিল্ড স্থানীয় গ্যাসের বড় সরবরাহকারী। প্রতি মাসে এ ফিল্ড থেকে গড়ে ১২ থেকে ১৫ মিলিয়ন ঘনফুট গ্যাস কম পাওয়া যাচ্ছে। যেহেতু স্থানীয় তিন-চারটি গ্যাস ফিল্ড ছাড়া বাকিগুলোর উৎপাদন সীমিত, তাই বিবিয়ানার গ্যাস হ্রাস পাওয়া কিছুটা উদ্বেগের।

দেশের গ্যাস খাতে দৈনিক চাহিদা ৩ হাজার ৮০০ মিলিয়ন ঘনফুট। এর মধ্যে স্বাভাবিক সময়ে গ্যাসের সরবরাহ থাকে ২ হাজার ৬৬০ মিলিয়ন ঘনফুটের মতো। যদিও এখন তা কমে ২ হাজার ১৭৫ মিলিয়ন ঘনফুটে নেমেছে (গতকালের হিসাবে)। গ্যাস সরবরাহ কমে যাওয়ায় বিদ্যুৎ কেন্দ্র, শিল্প খাত, সার কারখানা, সিএনজি ও আবাসিক খাত বড় ধরনের সংকটে পড়েছে।

দেশে এলএনজি সরবরাহে দুটি টার্মিনাল রয়েছে। টানা ২৫ দিনের গ্যাস-সংকটের পর গত শনিবার সামিটের টার্মিনাল পুরোদমে এবং এক্সিলারেটের টার্মিনাল আংশিক চালু হলে সরবরাহ বাড়ে। তবে নতুন কার্গো না থাকায় এক্সিলারেটের টার্মিনাল থেকে তিনদিন ধরে সরবরাহ কমছে। গতকাল বেলা ৩টায় এক্সিলারেটের টার্মিনাল থেকে গ্যাস সরবরাহ পুরোপুরি বন্ধ হয়ে গেছে। জানা গেছে, এলএনজি সরবরাহের জন্য কার্গো না থাকায় টার্মিনাল বন্ধ হয়ে গেছে। নতুন কার্গো টার্মিনালে পৌঁছালে পুনরায় এলএনজি সরবরাহ শুরু হবে।

জ্বালানি খাতবিষয়ক থিংক ট্যাংক ইনস্টিটিউট ফর এনার্জি ইকোনমিক্স অ্যান্ড ফাইন্যান্সিয়াল অ্যানালাইসিসের (আইইইএফএ) প্রধান জ্বালানি বিশ্লেষক শফিকুল আলম বণিক বার্তাকে বলেন, ‘দেশের গ্যাস ফিল্ডগুলোর উৎপাদন ডিক্লাইন (হ্রাস) করছে। এটা বড় বাস্তবতা। আমরা গত এক দশকে স্থানীয় গ্যাস খাতে খুব বেশি বিনিয়োগ করিনি। যেখানে এলএনজি কিনতে ২০২৫ সালে ৩ দশমিক ৮৮ বিলিয়ন ডলার ব্যয় করেছি। এখনকার যে পরিস্থিতি তাতে চলতি বছরে এ অর্থের পরিমাণ ৬ বিলিয়ন ডলার ছাড়িয়ে যাবে। এই যে বিপুল পরিমাণ অর্থ এলএনজি আমদানিতে ব্যয় করেছি, তার একটা অংশ অন্তত প্রতি বছর দেশীয় গ্যাস অনুসন্ধানে ব্যয় করা দরকার ছিল। সেটা করলে আজকে এমন পরিস্থিতি তৈরি হতো না। বিশেষ করে বছরের পর বছর গ্যাস সঞ্চালন ও বিতরণে যে পরিমাণ অপচয় ও চুরি হয়েছে, সেখানে জ্বালানি দক্ষতা বাড়ানোর উদ্যোগ নেয়ার সুযোগ ছিল। শিল্প খাতে গ্যাসের পরিবর্তে হিট পাম্প ব্যবহার করা যেত। নেপাল ও ভুটানের মতো যদি হাইড্রো পাওয়ারের পাশাপাশি নিজস্ব নবায়নযোগ্য জ্বালানি উৎপাদন বাড়ানো যেত, তাহলে এলএনজির ওপর অতিনির্ভর হতে হতো না।’

পেট্রোবাংলা সূত্রে জানা গেছে, দেশে সবগুলো গ্যাসভিত্তিক বিদ্যুৎ কেন্দ্র চালাতে দৈনিক ২ হাজার ৫২৪ মিলিয়ন ঘনফুট গ্যাসের প্রয়োজন। সেখানে গ্যাস সরবরাহ দেয়া হচ্ছে ৯৪৫ মিলিয়ন ঘনফুট।

গ্যাস সংকটের কারণে অন্তত সাড়ে ছয় হাজার মেগাওয়াট সক্ষমতার বিদ্যুৎ কেন্দ্র বসিয়ে রাখা হয়েছে। আর চাহিদা অনুযায়ী বিদ্যুৎ উৎপাদন করতে না পারায় মফস্বল এলাকায় তীব্র লোডশেডিং হচ্ছে। এ লোডশেডিংয়ের কারণে স্থানীয় ক্ষুদ্র শিল্প, কৃষিজ খামার, চালের উৎপাদনে বড় ব্যাঘাত ঘটছে। হিমাগার পরিচালনাও কঠিন হয়ে পড়েছে। দেশে গ্যাস সংকটের কারণে সার কারখানাগুলো স্বাভাবিকভাবে চালানো যাচ্ছে না।

দেশে গ্যাসের বড় ব্যবহার রয়েছে ক্যাপটিভে। মূলত বস্ত্র খাতের ব্যবসায়ীরা বিতরণ কোম্পানিগুলোর কাছ থেকে গ্যাস সরবরাহ নিয়ে বিদ্যুৎ উৎপাদন করে কারখানা চালান। এ কারখানাগুলো এখন গ্যাসের তীব্র সংকটে পড়েছে। রেশনিং করে কারখানা চালানো যাচ্ছে না বলে জানান ব্যবসায়ীরা।

বাংলাদেশ চেম্বার অব ইন্ডাস্ট্রিজের (বিসিআই) সভাপতি আনোয়ার-উল আলম চৌধুরী পারভেজ বণিক বার্তাকে বলেন, ‘দিনের বেলায় কোনো গ্যাস পাওয়া যায় না, রাতে কিছুটা আসে। এভাবে রেশনিং করে, বিশেষ করে টেক্সটাইল মিল চালানো যায় না। অথচ বিল আসছে, এ বিল সময়মতো দিতে হবে। কর্মীদের বেতনের সময় আসছে, বেতন দিতে হবে, ব্যাংকের পেমেন্ট করতে হবে। এক-দুই-তিনদিন হলে এক বিষয়, কিন্তু পুরো মাস ধরে এভাবে চললে শিল্প বাঁচানোর কোনো সুযোগ থাকে না। রফতানি শিল্পের ক্রেতারাও এখন জানতে পারছেন, বাংলাদেশে গ্যাস সংকট চলছে। যেসব কারখানায় তারা ফ্যাব্রিক তৈরি বা অন্যান্য কাজ করাচ্ছেন, সেসব শিল্প ডেলিভারি দিতে পারছে না। এ ধরনের অনিশ্চয়তা দীর্ঘ হলে ব্যবসা ফিরিয়ে আনার কোনো সুযোগ থাকবে না।’

দেশে স্থানীয় গ্যাসের উৎপাদন কমতে থাকে ২০১৬ সালের পর। এ পরিস্থিতিতে ২০১৮ সাল থেকে এলএনজি আমদানি শুরু হয়। তবে ব্যয়বহুল এ এলএনজি আমদানি দেশের আর্থিক ও সরবরাহ খাতে কঠিন পরিস্থিতি তৈরি করে। ২০২২ সালে বিগত সরকার ৫০টি কূপ খননের উদ্যোগ নেয়। যেখান থেকে ৬১৮ মিলিয়ন ঘনফুট গ্যাস পাওয়ার প্রত্যাশা করা হয়েছিল। কিন্তু ৩০টি কূপ খনন করেও লক্ষ্যমাত্রা অনুযায়ী গ্যাস মিলছে না। বর্তমান বিএনপি সরকার ক্ষমতায় আসার পর নতুন করে ১০০ কূপ খননের উদ্যোগ নিয়েছে।

দেশে স্থানীয় গ্যাসের উৎপাদন ক্রমান্বয়ে কমে যাওয়ার বিষয়টি স্বীকার করেছেন পেট্রোবাংলার কর্মকর্তারা। জানতে চাইলে পেট্রোবাংলার পরিচালক (অপারেশন অ্যান্ড মাইনস) প্রকৌশলী মো. শোয়েব বণিক বার্তাকে বলেন, ‘গ্যাস উৎপাদন হ্রাসকে বিবেচনায় রেখে ১৫০টি কূপ খনন ও ওয়ার্কওভার কার্যক্রম নেয়া হয়েছে। এর মধ্যে ৩০ কূপ খনন ও ওয়ার্কওভার এরই মধ্যে শেষ হয়েছে। আমাদের লক্ষ্য গ্যাসের সরবরাহ বাড়ানো। বিশেষ করে স্থানীয় উৎপাদন কীভাবে ধরে রাখা যায় সে চেষ্টা করা হচ্ছে।’

Mobile phone users at a public hearing yesterday raised concerns about high call rates, weak network coverage, data expiry and carry-forward facilities, SMS delays and mobile network disruptions during power outages.

The Bangladesh Telecommunication Regulatory Commission (BTRC) held the hearing, titled “Telecommunication Services and Regulatory Agency Activities”, at its headquarters at Agargaon in the capital. A total of 2,990 customers registered online to participate in the hearing. They included 1,047 professionals, 638 students and 172 women.

At the hearing, Rakib Raihan, a customer from Jamalpur, asked whether mobile operators would reduce call rates and whether state-owned operator Teletalk would expand its network in rural areas.

The BTRC said the current tariff for voice calls, set by the commission, ranges from Tk 0.45 to Tk 2. It said the process is underway to reduce the floor price of voice calls.

On Teletalk’s network expansion, Brig Gen Shafiul Azam Parvez, director general of the BTRC’s Engineering and Operations Department, said the state-owned operator is fulfilling its nationwide network rollout obligations through various projects.

From Gazipur, Towhid Hasan complained that customers receive many SMS messages without sender identification, making it difficult to tell whether a message is spam or genuine. He also said foreign OTP messages are sometimes delayed.

The BTRC said work was underway to gradually ensure that all SMS messages clearly identify their senders. It said delays in receiving foreign OTP messages could be caused by technical problems.

Another customer, Fuad Hasan Khan, asked about data carry-forward and radiation from mobile towers.

On radiation, the BTRC’s Engineering and Operations Department said it regularly measures electromagnetic field radiation from mobile towers in different parts of the country. The measurements showed that radiation levels are well below prescribed international and national safety standards.

Therefore, it said, the existing level of radiation is not harmful to the environment or public health.

On data carry-forward, the BTRC’s Systems and Services Department said data packages are not similar to ordinary consumable goods or services covered by warranties or guarantees.

It said data carry-forward is essentially a subscription-based service, with prices depending on the services included in a package. If a customer renews the same data package within the specified period, unused data from the previous package is carried forward to the next validity period.

The BTRC also said operators send customers reminders or notifications before their data validity expires.

Another customer, Anwar Sadat, complained that mobile operators sell separate bandwidth for different platforms. He also said mobile networks often do not remain operational during power outages.

The BTRC said operators offer internet access and access to various OTT platforms through different data packages to meet varying customer needs. To ensure transparency, the commission has already instructed operators to clearly state the facilities, conditions and limitations included in each package.

Regarding network disruptions during power outages, the BTRC said it has developed a platform to monitor the condition of mobile networks across the country.

The platform can identify which mobile towers are operational or not, as well as the location and time of any disruption. The BTRC said it uses the platform to monitor network conditions and issue instructions to mobile operators to keep services running.

The commission said customers can lodge complaints through its call centre on 100, the Grievance Redress System (GRS) and the BTRC’s web box.

Anyone can also submit questions or complaints in writing under the Right to Information Act.

From July 2025 to June 2026, the BTRC received 13,009 complaints. Of these, 11,279 complaints, or 86 percent, were resolved during the period.

The commission said it is not fully satisfied with the current rate of complaint resolution and is working to resolve 100 percent of customer complaints quickly and effectively.

The BTRC said it has issued guidelines on quality of service and its methodology. Besides, the commission has developed a benchmark in line with international telecommunications guidelines. It would publish monthly quality of service data on its website soon.

The hearing was chaired by Mahmud Hossain, commissioner of the BTRC’s Spectrum Division, while Brig Gen Shahzad Pervez Mohiuddin, director general of the Systems and Services Department, moderated the session.

Brig Gen Mohiuddin said customers have raised 1,756 questions, opinions and complaints at the 2025 public hearing on service quality, high prices, weak network coverage, transparency and SIM management, among other issues. The highest number of complaints concerned tariffs, data validity, data carry-forward, network coverage, SIM registration, the National Equipment Identity Register (NEIR), licensing and service quality.

HSBC Bangladesh has launched the 10th edition of its Export Excellence Awards, highlighting the need to diversify the country's export basket and scale up businesses in emerging sectors beyond garments and textiles.

Speaking at the launch at Pan Pacific Sonargaon Dhaka today (18 August), HSBC Bangladesh CEO Md Mahbub ur Rahman said exports have a "multiplier impact" on the economy by generating employment and foreign exchange while attracting investment.

"Export diversification has been talked about for a long time, and rightfully so," he said, warning that excessive dependence on a single sector makes the economy vulnerable and increases economic volatility.

Mahbub said Bangladesh should build on the competitive advantage developed by the garments and textile industry while identifying other sectors where the country has, or can develop, a competitive edge.

The awards have recognised 40 companies over the past nine years, including 20 from garments and textiles and 20 from other industries. Mahbub said the experience shows export excellence exists beyond RMG, but these businesses need to scale up.

"Other than garments and textile, maybe hardly one or two sectors have reached the billion-dollar mark. And then, it's a huge gap," he said.

Exporters can nominate themselves for the 2026 awards in four categories: RMG companies with annual export revenue of at least $100 million; RMG backward-linkage companies with at least $50 million; non-traditional and emerging manufacturing sectors with at least $10 million; and non-traditional and emerging services sectors with at least $5 million.

The programme is open to all enterprises operating in Bangladesh, regardless of whether they are HSBC customers, and carries no entry fee.

Mahbub said the awards aim to showcase Bangladeshi businesses succeeding in global markets and highlight practices that policymakers can replicate across the economy.

He said export growth can also drive investment, citing the RMG sector, where exports helped spur investment in backward-linkage industries such as fabric and yarn.

Past winners highlighted technology, skilled manpower, branding and market adaptation as key to export growth. PRAN-RFL Group Chairman and CEO Ahsan Khan Chowdhury stressed value addition and global branding, while Urmi Group Director and CEO Asif Ashraf said the company is using AI and robotic process automation to improve efficiency and sustainability.

Ulkasemi CEO Enayetur Rahman highlighted Bangladesh's potential in semiconductor design, citing its skilled workforce, but identified power and internet infrastructure and data security as challenges.

The awards are being organised with support from the Ministry of Commerce and the British High Commission Dhaka, with Ernst & Young as technical partner.

The nomination deadline is 20 September 2026. Nomination forms and further details are available at www.business.hsbc.com.bd/EEA2026

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.