Bangladesh Bank has directed 37 banks not to classify City Group as a loan defaulter until September 30, 2026, following requests from the company and the Association of Bankers Bangladesh (ABB). The decision aims to provide temporary relief to one of the country’s largest industrial conglomerates, which owes over Tk 24,000 crore to 47 domestic and foreign banks and financial institutions. City Group cited severe financial pressure caused by global and domestic crises, currency depreciation, and rising interest rates as reasons for seeking policy support.

In its appeal, City Group stated that it has never defaulted in its 50-year history but is now struggling due to increased production costs, foreign exchange losses, and delayed gas connections at its Hosendi Economic Zone factories. The group requested seven forms of policy assistance, including loan reclassification suspension, extended working capital, and relaxed single borrower limits. ABB supported the request, warning that disruption to City Group’s operations could affect national food supply.

Senior bankers and Bangladesh Bank officials noted that the relief is temporary and that sustainable recovery will depend on restoring production and restructuring loans. A committee of lending banks is currently working on a recovery plan.

Russia has started importing petrol from India by sea to ease a worsening fuel shortage triggered by ongoing Ukrainian attacks on its energy infrastructure. Two industry sources confirmed the move on Wednesday, noting that at least 60,000 metric tons of petrol have already been shipped in two tankers carrying 30,000 to 40,000 tons each. Fuel rationing, long queues, and record-high prices have been reported across Russia’s 11 time zones.

The Kremlin said on Tuesday that Russia is in talks with several countries to secure fuel imports at acceptable prices, though neither the Russian Energy Ministry nor India’s Oil Ministry commented. A third source indicated Russia plans to import about 400,000 tons of petrol monthly from multiple countries, including Belarus, which has already increased its rail shipments. President Vladimir Putin acknowledged that Ukrainian drone strikes on refineries have caused regional shortages but insisted the situation is under control.

Russia’s parliament recently approved tax amendments to subsidize fuel imports in line with Indian supply costs. Meanwhile, data from LSEG and Kpler showed India’s crude oil imports from Russia hit record highs in June.

Iran’s Deputy Foreign Minister Kazem Gharibabadi said the country will use its frozen funds held in Qatar to purchase essential goods. The move follows an agreement between Iran and the United States aimed at halting hostilities, under which Washington has agreed to allow Tehran access to its previously seized or restricted assets. This step is described as part of the broader implementation of that understanding.

In an interview with Iran’s state news agency IRNA, Gharibabadi explained that discussions were held with Qatari officials, including the central bank, on how to spend an initial portion of six billion dollars. He stated that the funds will be used to buy goods according to Iran’s domestic needs, which will then be delivered to the country.

However, the exact mechanism and timeline for releasing and utilizing the funds remain unclear, as no details have been provided on when the process will take effect.

A community-based safe water supply project under the Department of Public Health Engineering in Madhupur, Tangail, remains incomplete after four years, amid allegations of corruption and irregularities. The project, launched in the 2021–22 fiscal year to install submersible pumps, deep tube wells, and pipelines across nine unions and one municipality, received an allocation of about 14.8 million taka. Despite this, contractors were paid 60 percent of the bill before completing the work and have since gone missing.

Field visits revealed that only partial work was done, with many deep tube wells lying unused and several pumps and tanks either broken or never installed. In some areas, water connections were diverted to mosques and shrines instead of households. Locals reported paying money and submitting documents years ago but still lack access to clean water. Officials admitted that political influence and contractor negligence hindered progress, though letters were sent urging completion.

The project’s stagnation has left residents frustrated and raised concerns about the misuse of nearly 15 million taka in public funds.

Bangladesh is prioritizing Malaysia’s experience to expand its halal industry and tap into the global halal market. During Prime Minister Tarique Rahman’s recent visit to Malaysia, and earlier by interim government adviser Muhammad Yunus, bilateral cooperation on halal industry development was a key topic. Experts estimate the global halal market at around 3 trillion dollars, but Bangladesh faces major challenges due to the absence of international-standard laboratories and unified certification.

Malaysia is considered a global model in halal certification, having built a transparent and internationally recognized system since the 1970s. Its halal market is projected to reach 113 billion dollars by 2030, with food and beverages accounting for 85 billion. Malaysia’s JAKIM agency oversees certification, while the Halal Development Council works to strengthen the sector.

Bangladesh currently exports about 850 million dollars in halal products, mostly agricultural goods. Officials and business groups believe that improving certification and laboratory capacity, and establishing a dedicated halal economic zone, could enable Bangladesh to expand exports significantly. The Bangladesh Investment Development Authority has begun working with Malaysia’s HDC to address these issues.

Global oil prices fell to their lowest level in four months as positive comments from US leaders about relations with Iran eased market concerns. According to Reuters, the international benchmark Brent crude dropped by $1.38, or 1.89 percent, to $71.57 per barrel, while US West Texas Intermediate (WTI) crude declined by $0.92, or 1.32 percent, to $68.58 per barrel. Both benchmarks closed at their lowest levels since March.

Market analysts attributed the decline to recent remarks by US President Donald Trump and Vice President JD Vance, who described ongoing discussions between Washington and Tehran as progressing well. Their statements signaled a reduction in geopolitical tensions between the two countries, which directly influenced global oil trading.

The easing of supply concerns among investors following these diplomatic signals led to a rapid downward shift in oil prices, reflecting renewed optimism about stability in the global energy market.

Bangladesh Bank has given three months to four non-bank financial institutions to recover from their financial distress. The institutions—Prime Finance and Investment Limited, GSP Finance Company (Bangladesh) Limited, Bangladesh Industrial Finance Company Limited, and Premier Leasing and Finance Limited—must raise new capital, ensure liquidity, and make visible progress in repaying depositors within this period. Failure to meet these conditions will trigger resolution or liquidation proceedings under the Bank Resolution Act, 2026.

According to a central bank press release, the decision was made under Section 15 of the Bank Resolution Act, 2026, based on the board’s commitment to take corrective measures. The institutions are required to sell assets, recover overdue loans, and restructure classified loans to reduce default rates. Bangladesh Bank emphasized that depositors’ interests must be prioritized throughout the restructuring process.

The central bank has also approved a coordinated action plan for nine distressed financial institutions, dividing them into two groups. The most troubled five will enter the resolution process, and a special fund will be created to repay depositors after mandatory forensic audits identify irregularities and responsible individuals.

Prime Minister Tarique Rahman has expressed optimism that construction of the third terminal at Hazrat Shahjalal International Airport will be completed within the scheduled time, aiming for inauguration by mid-December this year. He made the remarks during a meeting at the Prime Minister’s Office in Dhaka with a Japanese delegation led by Japan’s Parliamentary Vice Minister for Foreign Affairs Shimada Tomaki, which included the President of the Japan International Cooperation Agency (JICA).

The meeting discussed progress on several JICA-funded development projects in Bangladesh, including the Matarbari deep seaport, MRT lines, and the airport’s third terminal. Japan responded positively to increasing its energy assistance to Bangladesh from 312 million to 500 million US dollars. Both sides reaffirmed their commitment to advancing the Bangladesh–Japan Economic Partnership Agreement (EPA).

During the talks, Japan also informed that it would provide five patrol boats to the Bangladesh Navy. The two sides discussed the Rohingya crisis, with the Prime Minister seeking Japan’s continued support for safe and sustainable repatriation. The Japanese delegation invited the Prime Minister to visit Japan, and he expressed hope to do so at a convenient time.

The United States and Iran have reached a preliminary understanding on the release of $3 billion during indirect talks held in Doha, Qatar, according to a report by Saudi-based outlet Al Arabiya citing sources on Wednesday. The discussions were mediated by Qatar and Pakistan, with each side communicating through their respective intermediaries. The Iranian delegation, comprising officials from the foreign ministry, central bank, and agriculture ministry, also attended a tripartite meeting with Qatar’s prime minister.

Sources indicated that Iran conditioned the phased release of the funds on progress achieved in the negotiations. The talks also addressed the situation in the Strait of Hormuz, based on a new proposal from Oman. Iranian Deputy Foreign Minister Kazem Gharibabadi said the main goal of the Doha meeting was to review progress in implementing an interim Tehran-Washington agreement.

A senior Iranian official told Reuters that the discussions, which began Tuesday night, focused primarily on the release of Iran’s frozen assets and regional maritime security. A diplomatic source told AFP that the Doha talks were proceeding under a memorandum of understanding and followed up on progress made at the Lake Lucerne conference in Switzerland.

Bangladesh Bank announced that the country received a record USD 35.56 billion in remittances during the 2025–26 fiscal year, marking the highest annual inflow in its history. The total remittance through formal channels from July to June stood at USD 3,556.20 crore, up from USD 3,032.90 crore in the previous year—an increase of USD 523.30 crore or 17.3 percent.

Officials attributed the growth to the government’s strict measures against informal money transfers, cash incentives for legal remittance channels, improved banking accessibility, and faster digital transfer options. These factors encouraged more expatriates to use official systems for sending money home.

Although June saw a slight decline with USD 280.06 crore—the lowest in seven months—Bangladesh Bank noted that data from 11 banks were not yet included, suggesting the final figure may rise. The strong remittance and export earnings have also bolstered the country’s foreign exchange reserves, which now stand at USD 37.56 billion gross and USD 32.90 billion in net usable reserves under IMF’s BPM-6 method.

Turkey has increased transit fees for ships passing through the Bosphorus and Dardanelles straits by about 15 percent, effective July 1, 2026. The country’s Ministry of Transport and Infrastructure confirmed the adjustment to Russian news agency RIA Novosti, stating that the new rate will be 6.70 US dollars per ton, up from the previous 5.83 dollars set in 2022. The revision is part of the ministry’s annual review process.

The Bosphorus and Dardanelles are among the world’s busiest and most strategically important maritime routes. This latest increase continues a trend of fee adjustments that began in 2022, after nearly four decades of unchanged rates at 80 cents per ton since 1983. In 2022, Turkey raised the fee more than fivefold to 4.8 dollars per ton as part of a policy shift.

According to preliminary estimates by Transport and Infrastructure Minister Abdulkadir Uraloğlu, Turkey expects to earn about 254 million US dollars from ship transits between July 2025 and June 2026, roughly 31 million dollars more than the previous fiscal year.

The house rent allowance for teachers employed in MPO-listed private educational institutions has been raised by 15 percent of their basic salary, effective from Wednesday, July 1, 2026. According to the Directorate of Secondary and Higher Education (DSHE), the issue of increasing the allowance has been finalized, and teachers and staff will receive the enhanced benefit from July.

Earlier, on October 21, 2025, the Ministry of Finance approved a 15 percent increase in the house rent allowance for MPO-listed teachers and employees of private institutions. The ministry’s approval letter stated that, considering the government’s budget limitations, the allowance would be implemented in two phases: 7.5 percent from November 1, 2025, and an additional 7.5 percent from July 1, 2026, making a total of 15 percent of the basic salary, with a minimum of 2,000 taka.

The DSHE confirmed that the finance ministry’s directive has now come into effect, ensuring that eligible teachers and staff will receive the revised allowance starting this month.

Bakshiganj Municipality in Jamalpur has announced a proposed budget of Tk 30 crore 5 lakh 39 thousand 942 for the 2026–27 fiscal year. The announcement was made on Tuesday afternoon at the municipal office conference room, where municipal administrator and Upazila Assistant Commissioner (Land) Asma Ul Husna presented the budget.

According to the proposal, total income is estimated at Tk 30 crore 5 lakh 39 thousand 942, while total expenditure is set at Tk 28 crore 58 lakh 88 thousand 119. The projected revenue income for the fiscal year stands at Tk 5 crore 77 lakh 75 thousand 823, with revenue expenditure estimated at Tk 4 crore 31 lakh 24 thousand. The revised budget for 2025–26 showed revenue income of Tk 9 crore 33 lakh 6 thousand 666 and expenditure of Tk 7 crore 33 lakh 79 thousand 490.

The budget announcement event was attended by local political leaders, municipal officials, social service officers, journalists, and other dignitaries, reflecting broad community participation in the fiscal planning process.

State Minister for Planning Zunaid Saki emphasized strengthening the institutional capacity of the Bangladesh Public Procurement Authority (BPPA), modernizing the electronic government procurement (e-GP) system, and updating procurement laws and regulations to make public procurement more transparent, competitive, and technology-driven. He made these remarks on Tuesday at a stakeholder consultation workshop titled “e-GP System Development, Mandatory Implementation of e-GP, and Capacity Building of BPPA,” held at the BPPA conference room in the Planning Commission premises.

The workshop was chaired by BPPA Chief Executive Officer S. M. Moin Uddin Ahmed, with IMED Secretary Sirajun Noor Chowdhury as special guest. Participants included representatives from government agencies, business organizations, academia, and the media. Presentations highlighted BPPA’s progress, challenges, and future plans for procurement reform. Discussions also covered the proposed 110-member staffing structure, which participants deemed insufficient for BPPA’s expanding regulatory and training responsibilities.

Officials underscored the need for effective integration of the e-GP platform with other government digital systems and for expanding training to enhance officials’ skills in procurement laws and procedures.

The Dhaka Chamber of Commerce and Industry (DCCI) has expressed concern that Bangladesh’s newly announced contractionary monetary policy could undermine the positive effects of the national budget’s tax and tariff incentives aimed at boosting investment, industrialization, and private sector growth. The business body issued its reaction shortly after Bangladesh Bank unveiled the monetary policy for the next six months.

According to DCCI, private sector credit growth has already slowed to 5 percent, while the policy interest rate remains unchanged at 10 percent, discouraging new investment. Despite four years of tight monetary policy, inflation rose to 9.42 percent in May, the highest in South Asia. The organization also noted that government borrowing from banks has surged by about 26 percent, squeezing liquidity and making credit access harder for private entrepreneurs.

DCCI welcomed the central bank’s Tk 60,000 crore stimulus fund as a positive step but stressed the need for transparent and efficient implementation. It urged better coordination between fiscal and monetary policies to ensure sustainable, private sector–driven growth and effective delivery of incentives to struggling entrepreneurs.