Bangladesh Bank’s Human Resources Department has replaced Salah Uddin, the administrator of Social Islami Bank Limited (SIBL), and his associate Rashedul Islam, despite the bank being under a merger process. Executive Director Abul Basar has been appointed as the new administrator. According to regulations, the appointment and removal of administrators fall under the jurisdiction of the Bank Resolution Department (BRD), not the HR department. The move has reportedly sparked strong reactions among central bank officials.

Salah Uddin was appointed as SIBL’s administrator by the BRD in November of the previous year, along with four associates. Officials allege that the replacement occurred without cause and under the direction of a deputy governor and an executive director. The Bank Resolution Act 2026 stipulates that all activities of a troubled bank under resolution must be overseen by the BRD, which holds exclusive authority over administrator appointments and removals.

Some officials argue that bypassing the BRD undermines the legal framework and could jeopardize the ongoing merger process. However, Bangladesh Bank spokesperson Arif Hossain Khan stated that the transfer was part of a routine internal process under the governor’s authority.

Finance Minister Amir Khosru Mahmud Chowdhury announced that the government has adopted a plan to allocate 5 percent of Bangladesh’s GDP to the health and education sectors within the next five years. He made the statement on Monday in Dhaka’s Banani area while speaking as the chief guest at a discussion titled “Bangladesh’s Economic Future Amid Global Instability.” The minister said the increased allocation aims to strengthen human resource development and build a skilled workforce.

He noted that the country’s tax-to-GDP ratio, once above 11 to 12 percent, has now fallen below 7 percent, making it difficult to implement development projects and ensure social protection. To address this, a new committee has been formed to make the National Board of Revenue’s reform process more effective and modernize the revenue structure.

The minister added that most remittance inflows come from unskilled workers and that improving their skills could raise remittances above 50 billion dollars. He also said the government is working to ensure internationally recognized training and create new employment opportunities within two years.

Bangladesh’s Minister of Power, Energy and Mineral Resources, Iqbal Hasan Mahmud, announced that the government plans to produce 5,000 megawatts of electricity from solar energy within the next five years. He made the statement at a seminar marking the 78th founding anniversary of the Institution of Engineers, Bangladesh (IEB) in Dhaka. The minister said Prime Minister Tarique Rahman raised the issue of solar power in his second cabinet meeting and sought a detailed plan to expand generation.

Mahmud criticized the previous government for keeping the power sector import-dependent, which left a financial burden of Tk 56,000 crore. He outlined plans to install rooftop solar panels across Dhaka and other areas through private investment, suggesting tax exemptions and incentives to encourage participation. He also proposed using unused government land for solar installations.

At the seminar, BUET professor Dr. Md. Ziaur Rahman Khan presented a roadmap targeting 30 percent renewable energy by 2030, emphasizing the need for strong grid systems, tariff reforms, and policy support. The paper highlighted challenges such as land scarcity, high import duties, and bureaucratic delays that hinder solar expansion.

India’s financial markets faced a sharp downturn on Monday after Prime Minister Narendra Modi urged citizens to reduce energy consumption, limit non-essential imports, and cut gold purchases. Following his remarks, the rupee fell steeply against the US dollar, reaching 95.31 per dollar, one of its largest single-day declines. The NSE Nifty-50 index dropped 1.5 percent to 23,815 points, while the BSE Sensex lost 1,276 points to close at 76,015.

Analysts attributed the pressure to rising global crude oil prices, which have strained India’s foreign exchange reserves. Brent crude climbed to 104 dollars per barrel after US President Donald Trump rejected a peace proposal from Iran. Market analyst Arun Kejriwal said Modi’s comments triggered immediate investor concern, warning that sustained high oil prices could prolong market stress.

Most sectors saw losses, particularly small- and mid-cap stocks. Shares of state-run oil firms and major companies like Reliance Industries fell sharply, while travel, hospitality, and jewelry sectors also declined. However, Hyundai Motor India and agrochemical firm UPL recorded gains amid the broader slump.

Saudi Aramco Chief Executive Amin Nasser has warned that the global energy market could face a severe crisis if the current disruption in the Strait of Hormuz continues for several more weeks. In an interview with Reuters, Nasser said it might take until next year for the situation to return to normal.

According to Aramco officials, ship traffic through the vital waterway has dropped dramatically—from about 70 vessels per day to only 2 to 5. Nasser stated that if the situation persists, the global market could lose around 100 million barrels of oil each week, potentially causing major instability in energy supply and prices.

Aramco’s Chief Financial Officer Ziad Al-Murshid added that the company holds strong reserves equivalent to about 250 billion barrels and is prepared to meet global energy demand despite the ongoing disruption.

Bangladesh Bank has introduced a new policy enabling customers to obtain digital or e-loans of up to Tk 50,000 at a 9 percent interest rate for a maximum period of 12 months. The central bank issued the policy on Monday, allowing customers to apply and repay loans entirely through digital channels without visiting a bank branch.

According to the policy, any regular customer can apply for the loan using digital platforms such as internet banking, mobile apps, e-wallets, or mobile financial services. Defaulters will not be eligible. Banks must verify a customer’s credit information from other financial institutions before approval but cannot charge any fee for this verification. The entire process, from application to repayment, will be conducted digitally using biometric identification, OTP, and multi-factor authentication to ensure security. All customer data must be stored in data warehouses located in Bangladesh.

Before commercial rollout, banks are required to conduct at least six months of pilot testing. Upon successful completion and board approval, they may launch the service. Banks have also been instructed to take steps to enhance customers’ financial literacy.

Authorities in Chapainawabganj have decided not to impose any fixed schedule for mango harvesting this year. Farmers will be allowed to pick and market mangoes once they are fully mature. The decision was made at a meeting held on Monday afternoon at the district administration conference room, focusing on the mango calendar and the safe, chemical-free production, marketing, transport, and sale of mangoes. Officials warned that strict action would be taken against anyone found marketing immature mangoes.

The meeting was chaired by District Commissioner Abu Saleh Md Musa Jangir and attended by officials from the Department of Agricultural Extension, the Regional Horticulture Research Center, and local mango growers and traders. According to the agriculture department, mango orchards cover 37,487 hectares in the district this season, with a production target of 458,012 metric tons.

The decision aims to ensure quality mango production and maintain the district’s reputation as a leading mango-producing region in Bangladesh.

The Bangladesh Association of Banks (BAB) has expressed concern over a clause in the amended Bank Resolution Act that allows former bank owners to return to the sector. Following a meeting with Bangladesh Bank Governor Mostakur Rahman on Monday, BAB President and Dhaka Bank Chairman Abdul Hai Sarker told reporters that the provision could enable individuals previously involved in irregularities and misappropriation to re-enter the banking industry, potentially causing new instability.

Sarker warned that public confidence in the banking sector could further erode if those who had taken money from banks are allowed to return. He urged the government to reconsider the clause carefully to prevent renewed crises. The meeting was attended by several prominent bank chairmen and directors, including A K Azad, Sharif Zahir, Manjurur Rahman, and Romo Rouf Chowdhury.

According to Sarker, the central bank governor assured them that the return of former owners would not be permitted without fulfilling all conditions under section 18(a) of the amended law. He also confirmed that the ongoing merger process of five banks would continue as planned.

The government of Bangladesh is moving forward with plans to construct a second Padma Bridge, according to Road Transport and Bridges Minister Sheikh Robiul Alam. Speaking at the Secretariat on Monday after a meeting on ensuring safe travel during the upcoming Eid-ul-Azha, the minister said the feasibility study for the project has already been completed. He added that discussions are ongoing regarding financing and other preparatory work.

The minister explained that one of the three proposals for the new bridge involves building it at the Daulatdia-Paturia point, which he said would help reduce road accidents. He also discussed measures for managing Eid travel, noting that garment factories will grant holidays in phases this year to avoid the chaos experienced during the previous Eid when all factories closed simultaneously.

To improve road discipline during Eid travel, the government plans to operate 69 mobile courts. These steps are part of broader efforts to ensure safer and more organized travel during the holiday period.

Prolonged rainfall and waterlogging have submerged vast areas of Boro paddy fields in Sunamganj’s haor region, leaving farmers burdened with debt. According to the agriculture department, around 20,000 hectares of Boro crops have been damaged, with small and marginal farmers suffering the most. Many had taken loans from NGOs, banks, and local lenders to cover the costs of seeds, fertilizers, pesticides, irrigation, and labor, but the crops were destroyed before harvest.

Farmers described their distress as they struggle to repay debts. Abdul Kaiyum from Dekhar Haor said he borrowed about two lakh taka for his 12-kiar land but lost all his paddy. Aibun Begum from Shangai Haor reported that rain prevented drying the harvested paddy, causing further losses. Another farmer, Nur Uddin, said lenders are pressuring for repayment while he faces mounting debt.

Mohammad Omar Faruk, deputy director of the Department of Agricultural Extension in Sunamganj, stated that a list of affected farmers is being prepared. Two government ministers have already launched a three-month assistance program, and all affected farmers will gradually receive support.

Bangladesh Bank has issued a circular permitting the transfer of visa bond or security deposit funds abroad through local banks. The directive, released on Monday, aims to simplify the process for Bangladeshi citizens who must deposit refundable security amounts as part of foreign visa applications. Under the new rules, banks can send the required funds on behalf of applicants when such deposits are mandatory for visa issuance.

The central bank stated that the initiative is intended to reduce difficulties faced by applicants and make the visa application process more convenient. Banks are now authorized to issue international or virtual cards preloaded with the necessary funds, while existing international cardholders can reload their cards within the travel quota. The funds, however, may only be used for visa bond or related security deposit payments.

According to industry observers cited in the circular, the new policy will make visa procedures faster and easier for Bangladeshi applicants, particularly in countries that require financial guarantees or refundable deposits.

Road Transport and Bridges Minister Sheikh Robiul Alam said the current government is operating under the pressure of massive foreign debt, money laundering, and incomplete mega projects. He made the remarks on Monday afternoon after inaugurating a tree plantation program and laying the foundation stone for the Padma Bridge Museum at the Jajira end in Shariatpur.

The minister stated that around Tk 30 lakh crore had been laundered abroad and more than Tk 20 lakh crore in foreign debt had been left behind. He added that despite huge spending on 16 mega projects, many remain unfinished, with some contractors abandoning work and some projects halted, creating complications in implementing development activities.

Sheikh Robiul Alam also mentioned that long-standing corruption and irregularities have caused a trust deficit among international donor agencies. Organizations that previously supported large projects are now showing reluctance to cooperate, he said.

A coordination meeting chaired by Naogaon Deputy Commissioner Mohammad Saiful Islam announced that mango harvesting in the district will start on May 22. The meeting, held on Sunday afternoon, decided that all types of early local mango varieties can be collected from that date. Among the improved varieties, Gopalbhog will be harvested from May 30, Khirsapat or Himsagar from June 2, Nak Fazli from June 5, Langra and Haribhanga from June 10, Fazli, Amrapali, and Banana Mango from June 25, and Ashwina, Bari-4, Gaurmoti, and Katina from July 5.

According to the meeting, mango orchards in Naogaon cover 30,310 hectares this year, with a production target of 387,235 metric tons. The district expects mango sales worth around Tk 4,000 crore this season. The Deputy Commissioner emphasized that no immature or chemically treated mangoes may be harvested or marketed before the designated dates, and awareness campaigns will be conducted across the district to ensure compliance.

Indian Prime Minister Narendra Modi has called on citizens to resume working from home, citing the deepening impact of the Iran war on India’s economy. Speaking at a public rally in Telangana on Sunday, Modi said the conflict has disrupted global supply chains and increased prices of essential imports such as petroleum and cooking oil. He urged people to reduce petrol and diesel consumption and use less edible oil in cooking to help conserve foreign currency reserves.

Modi highlighted that India lacks large domestic oil reserves and depends heavily on imports of petroleum, diesel, gas, edible oil, gold, copper, and chemical fertilizers. The rising international prices of these commodities have strained India’s foreign exchange reserves. To mitigate the pressure, Modi advised citizens to avoid foreign travel and refrain from buying gold jewelry for the next year.

He also appealed to farmers to cut their use of chemical fertilizers by half, emphasizing the need for national restraint in consumption to safeguard economic stability during the ongoing global crisis.

Indian Prime Minister Narendra Modi has urged citizens to refrain from organizing wedding ceremonies abroad and to conserve fuel in response to the crisis triggered by the Iran war. Speaking at a public rally on Sunday, Modi emphasized the need to reduce petrol and diesel consumption and encouraged people in cities with metro lines to use public transport.

He further called for saving foreign currency by avoiding the purchase of gold jewelry and postponing foreign travel and destination weddings for at least one year. Modi noted that a growing culture of overseas weddings and vacations among the middle class should be reconsidered in the current situation.

India, with a population exceeding 1.4 billion, depends heavily on oil and gas imports from the Middle East. The ongoing tensions in the Strait of Hormuz have made India one of the countries most affected by the regional instability.