The Premier Bank PLC held its 27th Annual General Meeting (AGM) on Tuesday morning at Golf Garden in Dhaka through a hybrid format. The meeting was chaired by the bank’s founder shareholder and chairman, Dr. Arifur Rahman, and attended by directors, senior executives, shareholders, and officials. Company Secretary Mohammad Akram Hossain presented the meeting notice, while the chairman welcomed shareholders and outlined the bank’s overall performance, achievements, and future plans.

Dr. Arifur Rahman stated that the bank is moving forward with honesty and transparency after overcoming past irregularities, aiming to position Premier Bank among the country’s top five banks through restructuring and good governance. Managing Director Md. Monzur Mofiz emphasized that the institution is advancing toward a strong and sustainable future by maintaining depositor confidence and protecting long-term shareholder interests.

The meeting also presented the audited financial statements, the board of directors’ report, and other agenda items for approval. Shareholders shared their opinions and participated in a question-and-answer session.

Saudi Arabia’s Ministry of Human Resources and Social Development has announced an extension for expatriate workers facing work permit issues. The ministry said the deadline to regularize their status has been extended until the end of the current year, according to a report published on Tuesday by Gulf News.

The decision applies to expatriates whose work permits expired more than a year ago or who have not received a permit within six months of joining a company. The ministry stated that the move aims to ensure strict enforcement of labor laws, protect the rights of all contractual parties, and allow both employers and employees additional time to complete necessary legal and regulatory procedures.

Authorities have warned that failure to issue or renew work permits within the extended period will result in strict legal action. Additionally, the government has limited the number of immediate work visas available to new companies to a maximum of five.

Bangladesh Bank Governor Mostakur Rahman announced that Islami Bank has so far received Tk 13,000 crore in liquidity support. He disclosed this information on Tuesday during the presentation of the monetary policy for the first half of the 2026–27 fiscal year.

According to the governor, banks received Tk 17,000 crore in liquidity support during the Awami League government and Tk 51,000 crore during the interim government. He added that no funds were provided in the first four months after the current administration took office, but the liquidity assistance was extended to Islami Bank due to its financial crisis.

The announcement highlights the central bank’s intervention to stabilize Islami Bank’s liquidity position as part of broader monetary management efforts for the new fiscal year.

Bangladesh Bank has announced the monetary policy for the first half of the 2026–27 fiscal year, setting the private sector credit growth target at 6.8 percent through December. The policy was published on the central bank’s website on Tuesday afternoon, outlining the revised target as part of its updated monetary framework.

According to the information released, private sector credit growth stood at 5 percent in May of the previous fiscal year, while the full-year target for 2025–26 had been set at 8.5 percent. The new target represents a reduction compared to that earlier goal. Meanwhile, the target for domestic credit growth has been fixed at 10.5 percent.

The announcement reflects Bangladesh Bank’s continued efforts to manage credit expansion and align monetary policy with current economic conditions for the upcoming fiscal period.

Bangladesh Bank has announced the monetary policy for the first half of the next fiscal year (July–December 2026), keeping the policy interest rates unchanged due to inflation not yet reaching the desired level. The announcement was made on Tuesday at the central bank’s headquarters by Deputy Governor Habibur Rahman, in the presence of Governor Mostakur Rahman, Deputy Governor Nurun Nahar, and other senior officials.

According to the new policy, the central bank has maintained the repo rate at 10 percent, which is the rate at which banks borrow short-term funds from the central bank against government securities. The Standing Lending Facility (SLF) rate remains at 11.50 percent, while the Standing Deposit Facility (SDF) rate stays at 7.50 percent, applicable when banks deposit funds with the central bank.

The monetary policy statement projects that inflation will decline to 7.5 percent in the upcoming fiscal year, reflecting the central bank’s expectation of gradual price stabilization.

Iranian Parliament Speaker Bagher Ghalibaf announced that Tehran has begun to see results from its recently signed memorandum of understanding with the United States. He stated that in less than two weeks since the lifting of sanctions, Iran exported 40 million barrels of oil. Ghalibaf shared this information in an interview with state media, describing the development as a sign of the agreement’s effectiveness.

According to Ghalibaf, under the memorandum’s fourth clause, the United States was required to begin lifting sanctions immediately after signing and complete the process within 30 days. However, the sanctions were removed well before the deadline, which he described as a diplomatic success for Iran. He characterized the outcome as proof of both Iran’s military and diplomatic strength.

Ghalibaf also emphasized that Iran considers the Strait of Hormuz a key strategic asset and will not retreat from its sovereign rights over the waterway. He clarified that the memorandum only temporarily exempts the United States from paying maritime service fees in the strait, without altering Iran’s sovereignty stance.

All scheduled banks across Bangladesh will suspend customer-level transactions on Wednesday, July 1, in observance of the annual bank holiday. The suspension also extends to trading activities at the country’s stock exchanges. However, the head offices of Bangladesh Bank and other scheduled banks, along with a few key branches, will remain open on a limited scale to handle administrative and accounting tasks only.

According to Bangladesh Bank regulations, July 1 and December 31 are designated as bank holidays each year. On these days, banks halt customer transactions to complete internal accounting, financial reporting, and administrative work. The observance ensures that institutions can finalize their mid-year and year-end financial statements without disruption from regular operations.

The temporary closure is a routine measure and part of the banking sector’s annual schedule, aimed at maintaining financial transparency and operational efficiency across the system.

Bangladesh Bank has maintained its contractionary monetary stance for the first half of fiscal year 2026–27, keeping the policy rate unchanged at 10 percent due to inflation remaining above target. The central bank reduced the private sector credit growth target to 6.8 percent and announced a 600 billion taka stimulus package to revive economic activity. The new policy was unveiled by Governor Mostakur Rahman at the bank’s headquarters, with senior officials in attendance.

The statement noted that inflationary pressure rose again in the second half of 2025–26 due to fuel price adjustments, flood-related agricultural losses, and higher global commodity prices linked to the Iran conflict. Bangladesh Bank forecasted 6.1 percent GDP growth for the coming fiscal year, while the government set a 6.5 percent target. Real GDP growth in 2025–26 was 4.14 percent, showing modest recovery but still weak momentum.

The bank also introduced an 18‑month plan to reduce non‑performing loans, proposed new financial laws for faster case resolution, and capped the interest rate spread at four percent to improve banking discipline and competitiveness.

The Bangladesh Parliament on Tuesday passed the national budget for the 2026–27 fiscal year, amounting to Tk 9.38 trillion. The passage was completed through approval of the Appropriation Bill 2026, presented by Finance Minister Amir Khosru Mahmud Chowdhury. The budget takes effect from July 1, following presidential consent and gazette publication. The session, chaired by Speaker Hafiz Uddin Ahmed, approved the budget by voice vote after ministers defended expenditure proposals for 59 ministries.

The new budget, titled “Journey Toward a Democratic, Humane, and Inclusive Economy,” is the country’s 55th and the finance minister’s first. It is 18.73% larger than the previous year’s budget and targets 7.5% inflation and 6.5% GDP growth. The budget sets a deficit of Tk 2.43 trillion, to be financed through domestic and foreign borrowing. Revenue collection is targeted at Tk 6.95 trillion, with an Annual Development Programme of Tk 3 trillion.

Opposition lawmakers raised 1,343 cut motions and called for greater transparency and accountability in project implementation. They also demanded efficient use of funds and reduction of waste, while the government incorporated 64 amendments, including higher tax-free income limits and revised VAT measures.

The Bangladesh National Parliament has passed a budget of Tk 9.38 trillion for the 2026–2027 fiscal year. The new budget is Tk 1.48 trillion larger than the current fiscal year’s Tk 7.90 trillion budget. Finance Minister Amir Khasru Mahmud Chowdhury presented the proposal during Tuesday’s parliamentary session, which was approved by voice vote under the chairmanship of Speaker Hafiz Uddin Ahmed Bir Bikrom.

Before the budget’s passage, 59 expenditure demands from various ministries and divisions were presented, and 1,344 cut motions were submitted by members of parliament. These motions were discussed and resolved through voice votes. The Finance Bill, which includes raising the tax-free income limit to Tk 400,000, was also passed.

The budget, originally proposed on June 11, 2026, follows extensive discussions among ruling, opposition, and independent lawmakers. It will take effect on July 1, 2026.

The government of Bangladesh has decided to keep the prices of diesel, kerosene, octane, and petrol unchanged for July 2026. However, the price of furnace oil used in power plants has been reduced by 4.44 taka per liter, from 113.54 to 109.10 taka. The Energy Division and Bangladesh Energy Regulatory Commission (BERC) announced the new rates in separate notices, effective from July 1 to July 31.

According to the Energy Division, the unchanged retail prices are 115 taka per liter for diesel, 145 taka for octane, 140 taka for petrol, and 135 taka for kerosene. The adjustment follows a decline in global oil prices after an Iran–United States memorandum of understanding to end the war, which had earlier driven prices up by over 40 dollars per barrel. Officials explained that domestic pricing is based on a three-month average of international rates, and the benefits of the recent global decline may take a few months to reach consumers.

BERC stated that the furnace oil price revision considered changes in crude oil costs and exchange rates for May and June, with the new rate effective from midnight on June 30.

Bangladesh Bank has maintained a policy interest rate of 10 percent for over a year and a half, yet inflation has not fallen to its 7 percent target. The central bank’s 2025–26 monetary policy review states that despite various government and central bank measures, inflation remained high through June 2026. Weak market structures, supply chain disruptions, and global energy and commodity price pressures were cited as key reasons. Inflation fell from 10.89 percent in December 2025 to 8.49 percent but rose again to 9.42 percent in May 2026.

The review notes that inflation has persisted for more than three years, driven by global supply disruptions, the Russia-Ukraine war, and energy price shocks. Food, transport, and housing-energy sectors contributed most to rising prices, with transport inflation climbing to 9.86 percent and housing-energy inflation to 9.26 percent. Reduced fuel subsidies and higher gas and oil prices further increased production and transport costs.

Bangladesh Bank expects inflation to ease gradually in fiscal year 2026–27 if monetary tightening continues, supply conditions improve, and global price pressures subside. The new monetary policy, to be announced today, is expected to retain a cautious, contractionary stance with the policy rate unchanged at 10 percent.

Fortune Group has officially closed its Anan Shoes factory in Gazipur’s Sripur area, citing continuous financial losses and production disruptions. The company announced the shutdown after facing severe economic challenges linked to import-export complications. Over 300 employees were affected, with some reassigned to other Fortune Group units in Barishal and Dhaka. The company began operations in 2012 with 472 workers and expanded into a group of multiple shoe factories across Bangladesh.

Unnamed sources alleged that despite earning large profits, many employees had not received salaries for months, and the company’s chairman, Mizanur Rahman, allegedly laundered significant sums abroad while residing in Canada. However, a company official denied the money laundering claim, attributing the crisis to liquidity problems at Islami Bank that disrupted trade operations. Mizanur Rahman, who also holds political positions, declined to comment when contacted.

The closure has left many employees struggling financially, with several months of unpaid wages. The company has expressed hope that the situation will improve once financial constraints ease.

The Bangladesh Jewellers Association (BAJUS) has again reduced gold prices in the domestic market within 24 hours. In a notice issued on Tuesday morning, BAJUS announced that the price of 22-carat gold, including VAT, has been lowered by Tk 3,324 per bhori to Tk 221,966. The new rates took effect from 10 a.m. the same day. The association said the adjustment followed a decline in the price of pure gold in the local market.

According to the new pricing, 21-carat gold now costs Tk 211,993 per bhori, 18-carat gold Tk 182,075, and traditional gold Tk 148,774. BAJUS stated that these prices will remain effective until further notice, with design-based making charges applicable. VAT is included in the selling price, and customers cannot be charged separately. The association also mentioned that silver prices have been reduced by Tk 175 per bhori, setting 22-carat silver at Tk 4,491.

This marks the 84th gold price adjustment in 2026, with 41 increases, 42 decreases, and one VAT revision so far. Silver prices have been adjusted 51 times this year.

U.S. President Donald Trump has demanded that petrol stations and other fuel retailers immediately lower prices following a decline in global oil rates. In a post on Truth Social, Trump warned that retailers could face serious consequences if they fail to reduce prices for consumers. He noted that oil prices had dropped to 68 dollars per barrel and were continuing to fall, yet retail fuel prices remained high.

Trump emphasized that retailers must act quickly to adjust prices and avoid overcharging, which he described as illegal. His warning comes after a period of sharp increases in oil prices triggered by the U.S.-Israel war with Iran, during which Tehran closed the Strait of Hormuz, a key route for global energy supply.

Oil prices have since declined as Washington and Tehran signed a memorandum of understanding and moved toward a potential final agreement, easing market tensions and prompting Trump’s call for lower domestic fuel prices.