Iran’s economy faces prolonged pressure if disruptions in the Strait of Hormuz continue, prompting Tehran to look northward toward Russia for economic cooperation. Iranian Foreign Minister Abbas Araghchi recently met Russian President Vladimir Putin in St. Petersburg, praising Moscow’s support and discussing the Hormuz situation and sanctions. Bilateral trade reached about 4.8 billion dollars in 2024, a 16 percent increase since 2018, mainly involving grain, metals, machinery, and fertilizers, though economists note the relationship remains limited.

The two countries are connected through the International North–South Transport Corridor, linking Russia to Asia via Iran and the Caspian Sea. Experts say this route offers partial relief but cannot replace the scale and speed of maritime trade through Hormuz. Nearly 90 percent of Iran’s trade depends on sea routes, making a full shift to land transport costly and inefficient.

Analysts believe Russia can provide short-term assistance but is unlikely to become a full economic lifeline for Iran due to its own sanctions and war-related pressures.

Prime Minister Tarique Rahman told parliament that the government’s Family Card program is a form of state investment aimed at strengthening local industries and creating employment. Responding to questions from lawmakers, he said the initiative would gradually cover 40 million families, starting with vulnerable groups, and would not cause inflationary pressure. The prime minister emphasized that the program’s spending would circulate within the domestic economy, benefiting rural markets and local manufacturers.

Lawmakers raised concerns about the program’s financial scale, estimating annual costs of up to 1.34 trillion taka including processing expenses, and questioned whether funds would be diverted from existing social safety programs. Rahman replied that the government’s calculations show no major budgetary strain, as overlapping benefits in current welfare schemes would be streamlined.

He added that the Family Card recipients typically purchase essential, locally made goods, ensuring that the funds support domestic production rather than imports. According to him, this approach will help reduce inflation while promoting local industrialization and employment growth.

The government of Bangladesh will provide three months of assistance to farmers in the haor region who have suffered losses due to recent natural disasters and hailstorms. Prime Minister Tarique Rahman announced the decision in the National Parliament on Wednesday afternoon, April 29, 2026.

The announcement followed a proposal made the previous day by Fazlur Rahman, Member of Parliament for Kishoreganj-4, who urged the formation of a separate 'Haor Ministry' covering 35 districts to improve the livelihoods of people in the disaster-affected haor areas. He described the severe hardship faced by farmers whose single annual crop has been destroyed by heavy rain and hail, leaving them dependent on others for food and clothing throughout the year.

The Prime Minister’s statement indicates immediate government attention to the crisis, while the proposal for a dedicated ministry suggests a possible long-term institutional response to recurring natural disasters in the haor region.

International oil prices continued to climb following reports that former U.S. President Donald Trump instructed his aides to extend sanctions on Iranian ports. According to The Wall Street Journal, U.S. officials said the move aims to increase pressure on Iran’s economy and restrict its oil exports by limiting ship movements at the country’s ports.

In global trading, Brent crude for June delivery rose by 52 cents, or 0.47 percent, reaching $111.78 per barrel as of 01:54 GMT. The July contract, which saw higher trading volumes, increased to $104.84 per barrel, up 0.4 percent. West Texas Intermediate (WTI) crude for June delivery gained 57 cents, or 0.57 percent, to $100.50 per barrel after a 3.7 percent rise in the previous session. Prices have now risen in seven of the past eight trading days.

Analysts cited continued Middle East tensions and supply uncertainties as factors likely to sustain the upward trend in global energy markets.

The National Board of Revenue (NBR) of Bangladesh has selected 72,341 income tax returns for audit for the 2023–24 tax year using an automated system based on risk-based criteria. The announcement was published on the NBR website on Tuesday. This marks the first time income tax audits are being chosen through the same automated process previously used for VAT audits, where 600 returns were reviewed earlier in April. NBR stated that the automated selection ensures transparency and fulfills a long-standing demand from civil society.

For years, taxpayers and company officials had accused NBR officers of selecting the same individuals or firms for audits repeatedly, allegedly for harassment or financial gain. In response, NBR Chairman Abdur Rahman Khan had suspended manual audit selections until an automated system was introduced. The new system allocates between 20 and 200 audits per tax circle, depending on the prevalence of tax evasion. A tax lawyer noted that while automation improves transparency, it may still miss cases where individuals underreport income despite large assets.

The automated audit selection is expected to enhance fairness and strengthen revenue collection by reducing human interference in the process.

Shipping through the Panama Canal has increased sharply amid ongoing tensions in the Middle East, particularly surrounding Iran. According to the canal authority’s chief financial officer, Victor Vial, around 300 additional vessels have passed through the canal since October compared with the same period last year. He noted that this trend is expected to continue until the regional situation stabilizes, as reported by Reuters.

The main reason for the surge is the closure of the Strait of Hormuz, prompting commercial ships to use the Panama Canal as an alternative route. In some cases, supply sources have also been shifted to avoid the Iranian coastline. The Associated Press reported that while the average cost of crossing the canal ranges from 300,000 to 400,000 US dollars depending on vessel type, some ships have recently paid up to 425,000 dollars for faster passage.

Analysts believe the increased pressure on this vital trade route is raising both transportation costs and delivery times, potentially affecting the broader global economy.

Implementation of Bangladesh’s Guchchhogram Phase III project, aimed at rehabilitating 20,000 landless and river erosion-affected families on government land, has become uncertain. Despite several meetings, the Planning Commission’s Project Evaluation Committee has not responded, delaying construction and leaving thousands of families in limbo. The project, titled “Climate Victims Rehabilitation Project,” was initially planned for July 2025 to June 2030 with a budget of Tk 776.62 crore, later reduced to Tk 760 crore after cost reviews.

According to the Land Ministry, feasibility studies were completed in April 2024, and the project’s manpower structure was approved in early 2025. However, the revised Development Project Proposal (DPP) faced repeated scrutiny for excessive and unclear expenses, including vehicle costs, allowances, and promotional spending. The Planning Commission has urged further cost rationalization and transparency in expenditure breakdowns.

Officials said the project remains under review but may be presented to the Executive Committee of the National Economic Council soon. If implemented, it would provide housing, utilities, and livelihood support to vulnerable families across 64 districts, contributing to social security and rural resilience.

The closure of the Hormuz Strait has caused a disruption in global oil supply, leading to economic effects in the United States. Although President Donald Trump stated that the US is a net oil exporter and not dependent on oil passing through the strait, the indirect impacts are becoming evident across the economy.

Experts note that reduced oil supply has driven up fuel prices, directly affecting consumers. Americans are paying more for gasoline and everyday goods, as higher diesel costs have increased transportation expenses. This has led to a general rise in living costs, contradicting earlier assurances from Trump that such inflation would not occur.

The ongoing price increases have reportedly fueled public dissatisfaction, and analysts suggest the situation could influence the upcoming midterm elections in November, potentially affecting Trump and the Republican Party’s political standing.

Pakistan has announced the opening of six trade corridors for Iran under the 'Transit of Goods Through Territory of Pakistan Order 2026'. The move allows Iran to use Pakistan’s Karachi and Gwadar ports for imports and exports to third countries. The decision comes as Iran faces severe trade disruptions due to ongoing conflict since February 28 and U.S. sanctions blocking access to its own ports in the Strait of Hormuz.

According to Pakistan’s Ministry of Commerce, the new order aims to facilitate transit trade and strengthen regional connectivity. Commerce Minister Jam Kamal said the initiative will enhance Pakistan’s strategic importance as a logistics hub. Analysts view the decision as a sign of growing trust between Islamabad and Tehran, noting that Iran requested the corridor amid wartime shortages of essential goods. Former trade officials and economists said the arrangement follows international law and should not trigger U.S. sanctions, as it provides transit rather than direct trade.

The first shipment under the new corridor has already traveled from Karachi through Iran to Uzbekistan, signaling Pakistan’s ambition to become a regional trade center and secure alternative routes beyond Afghanistan.

Experts and political scientists have long warned that sanctions rarely achieve their intended goals, often failing to topple governments while increasing hardship for ordinary citizens. Despite these warnings, the United States has continued to expand its sanctions programs. The current geopolitical situation has made the ineffectiveness of such punitive measures more evident.

According to the report, the ongoing Iran-Israel war has further accelerated the weakening of the long-standing impact of U.S. sanctions. The conflict is reshaping both regional and global political dynamics. Countries facing sanctions are now reducing their dependence on the U.S. dollar and turning toward alternative currencies for trade. In addition, barter systems and informal money transfer networks such as hundi are becoming more common.

As a result, the United States’ traditional sanctions regime is losing its effectiveness against Iran and its trading partners, contributing to a broader restructuring of global economic patterns.

European governments are expressing deep concern over potential fuel shortages as the ongoing war involving Iran disrupts global oil supplies. Several European countries fear severe energy deficits in the coming months. Sweden’s Minister for Economic Affairs voiced particular worry about the nation’s jet fuel reserves, describing them as a major cause for concern.

The Swedish government had earlier stated that the Middle East conflict was shifting from having a limited to a significant impact on its economy. Authorities have prepared contingency plans, including possible fuel rationing, to manage the situation. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies are set to hold a key meeting in Vienna, Austria, tomorrow.

The meeting is expected to be the last attended by the United Arab Emirates, which has announced its withdrawal from the alliance effective May 1. The crisis has been worsened by a blockade in the Strait of Hormuz, driving up global oil prices and intensifying pressure on major markets such as Europe and India.

The ongoing Middle East tensions are placing immense pressure on the global economy, with analysts estimating that the crisis could add nearly $1 trillion in extra costs. While the world faces rising economic burdens, major oil and gas companies are reporting soaring profits. The situation has intensified concerns that U.S.-Israel attacks on Iran are worsening global inequality, poverty, and hunger in a world still heavily dependent on fossil fuels.

According to climate group 350.org, based on International Monetary Fund data, even if the Strait of Hormuz returns to normal, high oil and gas prices could generate $600 billion in additional expenses. Continued supply disruptions could push losses beyond $1 trillion. Experts warn that this estimate likely understates the full impact, excluding long-term inflation, food and fertilizer price hikes, slower economic activity, and rising unemployment.

350.org has called for an emergency windfall tax on excess corporate profits to fund social protection and renewable energy investments. The demand was echoed at an international conference in Santa Marta, where over 50 countries discussed reducing fossil fuel dependence amid protests and warnings from developing nations about severe economic strain.

Heavy rainfall in Kutubdia upazila of Cox’s Bazar submerged around 4,000 acres of salt fields on Tuesday afternoon, causing an estimated loss of about 10 crore taka to local farmers. The downpour lasted for about an hour and flooded salt-producing areas across six unions, according to a survey by the local BSCIC office.

Local farmer and former union member Nur Mohammad said the heavy rain destroyed their salt fields, leaving them unable to recover production costs. He added that with the current market price of 170 taka per maund, farmers would still face losses if prices do not rise. Salt trader Abdu Rahim noted that many farmers had taken advance payments from traders, and with the fields now flooded, they may struggle to repay those advances.

The sudden flooding has created uncertainty about the continuation of salt cultivation in the affected areas, raising concerns about the financial stability of local producers and traders.

Bangladesh Bank has eased the rules governing incentive bonuses for bank employees, according to a circular issued on Tuesday. Under the new guidelines, banks may now offer incentive bonuses if they achieve operating profits, do not increase capital shortfalls compared to the previous year, and refrain from taking new deferred facilities from the central bank’s security deposits. The decision aims to encourage employee motivation and maintain competitiveness in the banking sector.

Previously, banks were prohibited from granting bonuses if they failed to post net profits, had capital or security deposit shortfalls, or received deferred facilities from the central bank. The new circular allows banks to provide up to one month’s basic salary as a special bonus for significant achievements, even if earlier conditions are not fully met, provided the new three criteria are satisfied.

A central bank official said the relaxation is intended to help retain skilled officers, as weaker banks often lose staff to stronger institutions. The move is expected to enhance employee engagement and sustain a competitive environment across the sector.

A new book titled “From Cash to Code” was officially launched at a hotel in Dhaka, marking a significant event for Bangladesh’s digital finance and fintech sectors. The book, authored by Md. Mahmudul Hasan, Digital Banking and Fintech Strategist at Al-Arafah Islami Bank PLC, explores how a large portion of Bangladesh’s digital economy remains outside the formal financial system, posing challenges to achieving full financial inclusion.

The launch event was attended by Al-Arafah Islami Bank Chairman Khaja Shahriar as chief guest and Managing Director Md. Rafat Ullah Khan as special guest, along with senior executives and professionals from banking, fintech, and digital finance industries. Hasan emphasized that true financial inclusion requires integrating people’s daily economic activities into formal digital systems, suggesting that Bangladesh’s next major transformation will occur when informal economic activities become part of the mainstream.

The book introduces a new framework for discussing digital finance in Bangladesh and is expected to serve as a key reference for policymakers, the banking sector, and the fintech industry.