Cabinet committee formed to guard economy

The government has formed a high-level cabinet committee to assess the possible impact of the ongoing conflict involving Iran on Bangladesh’s economy and to develop measures aimed at maintaining economic stability.

A notification issued by the Cabinet Division on Tuesday confirmed the formation of the committee, which will be chaired by Finance Minister Amir Khasru Mahmud Chowdhury.

The initiative comes amid concerns that the conflict could affect global energy markets and have broader implications for the international economy.

According to the notification, the committee will include the ministers for local government, rural development and cooperatives; home affairs; power, energy and mineral resources; commerce; expatriates’ welfare and overseas employment; and food.

The committee has been tasked with monitoring global developments related to the conflict and assessing their potential consequences for Bangladesh’s economy.

It will also prepare a comprehensive strategy to help manage possible economic challenges and support macroeconomic stability if global conditions deteriorate.

Bangladesh previously experienced economic pressures following the global repercussions of the Russia–Ukraine war, which contributed to higher fuel and commodity prices worldwide.

The increase in import costs at the time placed strain on the country’s foreign exchange reserves, while domestic inflation rose to nearly 12 per cent before gradually easing. Inflation, however, remains above 9 per cent.

Officials say the newly formed committee will review international developments and recommend appropriate measures to reduce potential economic risks.

The committee will have the authority to include additional members if required and will convene meetings as necessary.

The Finance Division will act as the secretariat for the committee.