The United States’ Strategic Petroleum Reserve (SPR) has dropped to its lowest level in 43 years as the government continues releasing oil to offset the effects of the ongoing war with Iran. According to official data released Monday, an additional 8.9 million barrels were withdrawn last week, reducing the reserve to 340.3 million barrels. This marks the lowest level since July 1983, surpassing the previous record low set in July 2023 during the Biden administration.

The Trump administration is using the SPR to cushion consumers, businesses, and the economy from high fuel prices. Energy analyst Andy Lipow noted that coordinated releases by the US and other countries, along with reduced Chinese exports, have prevented oil prices from reaching $150 per barrel. Since the war with Iran began in late February, the SPR has fallen by about 75 million barrels, or 18 percent, leaving it less than half full.

American Petroleum Reserve CEO Mike Sommers warned that at least 20 percent of the reserve must remain for effective emergency response, calling the current situation alarming. Analysts also cautioned that a major Gulf of Mexico hurricane could eliminate the remaining safety buffer.

The Bangladesh Parliament has passed a supplementary budget of Tk 56,117 crore for the 2025–26 fiscal year. Finance Minister Amir Khosru Mahmud Chowdhury presented the Appropriation (Supplementary) Bill, 2026, which was approved by voice vote. The supplementary budget was introduced to authorize expenditures exceeding the original allocations for ministries, divisions, and agencies. Before passage, 25 grant demands were voted on, and 304 cut motions were submitted by 20 members, all of which were rejected.

The original budget allocated Tk 7.9 trillion across 62 ministries and divisions. In the revised budget, allocations for 27 ministries increased by Tk 56,117 crore, while 35 saw reductions totaling Tk 59,348 crore, resulting in an overall decrease of Tk 2,000 crore. The Finance Division received the highest supplementary allocation of Tk 28,655 crore, followed by the Planning Division, Science and Technology Ministry, and Water Resources Ministry.

Opposition lawmakers criticized the practice of approving expenditures after spending, citing concerns over fiscal transparency, debt management, and delayed budget submission. The Speaker acknowledged that prior parliamentary approval could strengthen fiscal oversight, while the Finance Minister stated that the revised budget deficit stands at Tk 2 trillion, or 3.3% of GDP.

Islami Bank has announced that customers who closed or broke their term and savings-based accounts during recent instability can now reactivate them with all previous benefits intact. According to an internal directive issued on Monday, customers have seven working days to reopen their closed Mudaraba Term Deposit (MTDR), Mudaraba Monthly Profit Deposit Scheme (MMPDS), Mudaraba Special Savings Scheme (MSS), and Mudaraba Savings Bond (MSB) accounts. The reactivated accounts will retain the original profit rates and other conditions.

The bank stated that many customers had withdrawn deposits out of fear during recent uncertainty surrounding the institution. To assist those clients, all zones, branches, and sub-branches have been instructed to take necessary steps, prepare lists of closed accounts, and contact affected customers by phone and address.

Officials believe the initiative will help restore depositor confidence and improve liquidity. The unrest followed the appointment of a new chairman, which led to heavy withdrawals. The reactivation offer aims to stabilize deposits and bring withdrawn funds back into the bank.

State Minister for Textiles and Jute Md. Shariful Alam stated that prices of essential commodities in Dhaka markets have remained stable following the announcement of the proposed national budget for the 2026–27 fiscal year. He made the remarks on Monday after an unannounced inspection at Karwan Bazar, where he spoke with wholesalers, retailers, and consumers about supply and marketing conditions.

According to the minister, most daily essentials are being sold at stable prices and the overall supply situation is satisfactory. He noted that the Tk 9.38 trillion budget is designed to be people-friendly, with increased allocations for social protection and education, as well as tax exemptions on certain essential goods to ease inflationary pressure. He added that, unlike previous years, no post-budget price hikes have been observed this time.

Shariful Alam credited coordinated monitoring by the Ministry of Commerce, the Directorate of National Consumer Rights Protection, and local administrations for maintaining normal supply. He warned that any attempt to raise prices without justification would face action.

Bangladesh Bank has introduced new measures to make it easier for Bangladeshi exporters to enter international e-commerce markets. A circular issued on Monday allows exporters to list and display their products on internationally recognized online marketplaces and digital platforms, enabling direct sales to consumers worldwide. The new policy simplifies business-to-consumer export operations and introduces several key regulatory changes.

Under the circular, exporters can now ship small-value goods worth up to 5,000 US dollars per transaction on a cost and freight basis. The requirement to submit an EXP form has been waived for shipments up to 1,000 US dollars, provided full payment is received in advance through banking or approved digital payment channels. Exporters may also issue shipping documents directly in the name of foreign buyers, and provisions have been made for product returns or refunds in case of quality issues.

The policy also permits remittance payments for subscriptions, registrations, memberships, and service fees required to operate on international online marketplaces. Business and export sector representatives believe the initiative will significantly expand cross-border e-commerce activities and allow exporters to reach global consumers directly.

Residents of Thakurgaon district have submitted a memorandum to the Deputy Commissioner demanding Geographical Indication (GI) recognition for the traditional Surjapuri mango. The application was filed on behalf of local citizens by environmentalist Advocate Md. Zahid Iqbal, social worker Md. Mamunur Rashid, Advocate Jiten Chandra Pal, and Advocate Ashiqur Rahman Rizvi. They highlighted that the Surjapuri mango, widely cultivated in Baliadangi upazila, is known for its unique taste, aroma, and thin seed, making it a long-standing part of the district’s agricultural heritage.

The petition noted that a nearly 200-year-old Surjapuri mango tree in Mandumala village, near the Harinmari border of Baliadangi, is recognized as one of Asia’s largest mango trees and attracts numerous visitors. The applicants explained that GI recognition is granted to products distinguished by regional characteristics and traditions. They argued that Thakurgaon’s soil, climate, and farming methods have given the Surjapuri mango distinctive qualities.

According to the applicants, GI recognition would ensure fair prices for local growers, protect the mango’s identity, and enhance Thakurgaon’s reputation nationally and internationally while strengthening the local agricultural economy.

The Association of Bankers, Bangladesh (ABB) has welcomed the central bank’s decision to dissolve the board of Islami Bank. In a statement issued from the office of ABB Chairman and City Bank Managing Director Mashrur Arefin on Monday, the organization described the move as timely and prudent for the banking sector. ABB had earlier expressed deep concern to the Bangladesh Bank governor on June 10 over the situation surrounding Islami Bank, which had taken on political dimensions and posed systemic risks.

According to ABB, the issue had extended beyond a single institution, affecting confidence across the banking industry. The organization had advised dialogue and consensus among stakeholders to resolve the matter. ABB praised the central bank’s recent action, noting that Islami Bank’s stability is crucial for the national economy due to its large customer base, deposits, remittance network, and role in trade finance.

ABB added that recent unrest had raised concerns about governance, liquidity, and depositor confidence. It expects the decision to restore stability, improve governance, and ensure a politically neutral banking environment while urging authorities to treat the issue with utmost importance.

The government of Bangladesh has granted income tax exemption benefits to 11 institutions recognized as public welfare organizations to encourage individual donations for social welfare activities. The Internal Resources Division (Income Tax) of the Ministry of Finance issued a gazette notification to this effect, under Section 76(1) of the Income Tax Act, 2023. According to the notification, any individual taxpayer donating to these approved institutions will be eligible for tax rebate benefits as per the provisions of the law.

The recognized institutions include ASHIC Foundation for Childhood Cancer, Bangladesh Cancer Aid Trust, Al-Markazul Islami, Disabled Child Foundation, Sherpur Diabetic Association, Maona Diabetic Association, Bangladesh Thalassemia Association, Autism Welfare Foundation, BRAC, Ramakrishna Math and Ramakrishna Mission (Dhaka), and Chattogram Maa-O-Shishu Hospital. The notification was signed by Md. Abdur Rahman Khan, FCMA, Secretary of the Internal Resources Division, by order of the President.

The tax exemption will take effect from July 1, 2026, and remain valid until June 30, 2030, providing a four-year window for donors to benefit from the incentive.

Islami Bank has received an additional Tk 2,500 crore in liquidity support from Bangladesh Bank, according to Acting Managing Director Md Altaf Hossain. Speaking at the bank’s head office on Monday, he said the full amount has not yet been used. He noted that customer concerns surrounding the bank have been easing, and expressed hope that depositors who withdrew funds out of fear would soon regain confidence and return.

Hossain reported signs of improving trust, citing data from a major branch showing a 75 percent decline in account closures compared to earlier levels. He said the management is working to maintain normal operations and restore full confidence among clients. Responding to a question, he added that the former chairman’s official car would be retrieved immediately after the removal letter is delivered.

Bangladesh Bank Executive Director Mohammad Zahid Hossain, currently overseeing Islami Bank’s board, urged depositors to continue transactions without hesitation and assured that a neutral five-member board is being formed after careful vetting to ensure efficient management.

Finance Minister Amir Khasru Mahmud Chowdhury has directed that the Family Card program be implemented free from any political influence. He issued the instruction on Monday, June 15, 2026, during the fourth meeting of the Cabinet Committee on Family Card distribution held at the Ministry of Finance conference room. District Commissioners and Upazila Executive Officers will monitor the program, and strict oversight will ensure that funds do not go to male family members.

The minister stated that the government allocated Tk 14,000 crore for the Family Card program in the 2026–27 fiscal year to improve the living standards of poor families. He emphasized that stabilizing the fragile economy and transitioning toward prosperity remain key challenges for the upcoming budget. The government aims to ensure that the benefits of the budget reach every citizen.

During the meeting, the committee reviewed and approved administrative expenses for the program, finalized the “Family Card Piloting Implementation (Amendment) Guideline-2026,” and gave policy approval to the draft “Family Card Implementation Policy-2026.” Several ministers and senior officials from relevant ministries attended the session.

CPD Fellow Dr. Debapriya Bhattacharya stated that while subsidies in the energy sector are necessary, the method of providing them remains unclear. He made the remarks on Monday morning in Dhaka during a discussion titled “National Budget 2026–27: What Is There for the Disadvantaged?” organized by the Citizen Platform.

He emphasized that GDP growth alone cannot be the sole indicator of economic success. Instead, development should be measured by improvements in people’s living standards and the extent to which economic benefits reach the population. Bhattacharya warned that without sufficient job creation in agriculture, small and medium enterprises, the ready-made garment industry, and modern service sectors, the benefits of growth will not reach ordinary citizens.

He also noted that real incomes are declining while living costs are rising. The marginal tax rate will increase by 5 percent for monthly incomes between 31,250 and 37,500 taka, potentially raising the tax burden for some within this income range.

Jagannath University (JnU) has been allocated a revenue budget of Tk 186.6 crore for the 2026–27 fiscal year. The allocation is part of the University Grants Commission’s (UGC) total approved budget of Tk 12,300.04 crore for 58 public universities and the UGC itself. The approval came during the UGC’s 187th full commission meeting held on June 11. Of the total, Tk 12,001.82 crore was designated for public universities and Tk 298.58 crore for the UGC.

According to UGC sources, Tk 7,428.43 crore of the total university budget is for operational expenses and Tk 4,573.39 crore for development projects. Jagannath University’s allocation is comparable to other major institutions such as Islamic University (Tk 188.4 crore), Shahjalal University of Science and Technology (Tk 186.66 crore), and Khulna University (Tk 182.92 crore). Dhaka University received the highest revenue budget of Tk 949.36 crore.

The UGC also unified research budgets of universities and the commission to avoid duplication, transferring Tk 200 crore from universities to the UGC’s research fund, which now totals Tk 226 crore. With an additional Tk 12 crore for foreign scholarships, the total scholarship allocation stands at Tk 238 crore.

Bangladesh Bank has annulled the appointments of Islami Bank’s chairman and all board directors to restore depositor confidence amid a severe liquidity crisis. The central bank appointed its executive director, Mohammad Zahid Hossain, to assume full board responsibilities. The decision was announced on Sunday following a meeting between the central bank and Islami Bank’s top officials, invoking powers under sections 45 and 47(3) of the Bank Company Act, 1991.

Earlier the same day, Bangladesh Bank provided Islami Bank with a special loan of Tk 2,500 crore at 11.5 percent interest for 90 days to ease the liquidity crunch. The crisis began after the appointment of Khurshid Alam as chairman triggered unrest among depositors and shareholders, leading to massive withdrawals. The bank’s current account balance had dropped to Tk 439 crore, halting check settlements and ATM operations.

Despite the emergency support, Islami Bank branches continued facing heavy withdrawal pressure, with customers limited in cash access. The central bank stated it is closely monitoring the situation to ensure financial stability and depositor protection.

Asian-Pacific stock markets recorded significant gains on Monday following news of a peace agreement between the United States and Iran that ends hostilities and allows the resumption of shipping through the Strait of Hormuz. Japan’s Nikkei 225 index rose by more than 5 percent in early trading, while South Korea’s KOSPI jumped 5.7 percent. Taiwan’s TAIEX gained 2.7 percent, and Australia’s ASX200 increased by about 1.5 percent.

US stock futures also climbed in after-hours trading, with the S&P 500 up nearly 1 percent and the tech-heavy Nasdaq Composite rising 1.6 percent. The positive sentiment extended to global markets as investors responded to the easing of geopolitical tensions.

Meanwhile, global oil prices fell sharply after the peace deal announcement. Brent crude, the international benchmark, dropped more than 4 percent to around 83.70 dollars per barrel, reflecting expectations of improved supply stability following the reopening of the key maritime route.

Bangladesh’s first budget under the current BNP government proposes a record allocation of Tk 1,36,606 crore for education, raising the sector’s share to 2 percent of GDP. Finance Minister Amir Khosru Mahmud Chowdhury announced the plan in parliament, emphasizing technical education, research, innovation, and third-language learning to link education with economic growth. The budget also sets a goal to raise education spending to 5 percent of GDP within five years.

Education experts welcomed the increased allocation as a reflection of the government’s election pledges but noted that it still falls short of UNESCO’s 4–6 percent guideline. Several educators and organizations expressed concern that the budget lacks directives to improve teachers’ living standards, salaries, and benefits, particularly for MPO-listed and ibtedayi madrasa teachers. They warned that without addressing teachers’ welfare, the goal of “education with happiness” would remain unfulfilled.

Analysts urged transparent implementation and effective use of funds to ensure quality education and skill development aligned with labor market needs.