Gold climbed on Wednesday to hit a record, while silver breached the $90 mark for the first time, as softer-than-expected US inflation readings cemented bets for interest rate cuts amid ongoing geopolitical uncertainty.

Spot gold rose 1 percent to $4,632.03 per ounce as of 0715 GMT, after hitting a record high of $4,639.42 earlier in the session. US gold futures for February delivery rose 0.9 percent to $4,639.50.

Spot silver jumped 3.6 percecnt to $90.11 per ounce, having shot up nearly 27 percent so far this year.

“US Consumer Price Index figures showed that inflation remained relatively contained at 2.6 percent (year-on-year), and risk assets may be hoping for a similarly benign Producer Price Index reading to keep expectations alive for further monetary policy easing,” said Tim Waterer, KCM Trade’s chief market analyst.

The US core CPI rose 0.2 percent month-on-month in December, falling short of analysts’ expectations of a 0.3 percent m/m and 2.7 percent y/y increase. US core PPI data for December is due later in the day.

US President Donald Trump welcomed the inflation figures, reiterating his push for the US Federal Reserve Chair Jerome Powell to cut interest rates “meaningfully.”

Global central bank chiefs and top Wall Street bank CEOs lined up in support of Powell on Tuesday after news of the Trump administration’s decision to investigate him. The government’s move drew condemnation from former Fed chiefs as well.

Analysts say worries around trust in US assets, such as the dollar, and Fed independence added to safe-haven demand.

Investors expect two 25-basis-point rate cuts this year, with the earliest in June.

Low-interest-rate environment and geopolitical or economic uncertainty traditionally favour non-yielding assets like gold.

ANZ expects gold to trade above $5,000/oz in the first half of 2026, the bank said in a note on Wednesday.

For silver, the next big figure will be the $100 mark, and high two-digit percentage gains for the metal seem likely this year, said GoldSilver Central managing director Brian Lan.

The Dhaka Stock Exchange (DSE) saw a moderate rise yesterday (14 January), driven largely by sharp price hikes in several risky and loss-making stocks, raising concerns among market participants about speculative activity overshadowing fundamentals.

The benchmark DSEX advanced 19 points, or 0.40%, to close at 4,966, while the blue-chip DS30 index gained 9 points to settle at 1,908. Despite the positive index movement, overall trading activity weakened, with turnover slipping 4% to Tk369 crore.

Market observers noted that the day's rally was heavily influenced by aggressive buying in financially weak companies, many of which have a history of losses, poor governance, or regulatory challenges.

Shares of FAS Finance and Peoples Leasing topped the gainers' chart after hitting the upper circuit, while Prime Finance and Fareast Finance also posted near double-digit gains. BD Welding and BD Thai Food joined the rally, continuing a recent trend where low-priced and high-risk stocks attract short-term traders seeking quick gains.

Analysts said such price movements are largely detached from company fundamentals and are often fuelled by speculative positioning than by any meaningful improvement in earnings prospects or balance-sheet strength.

Notably, several of the top gainers came from the non-bank financial institution (NBFI) segment, which has been under prolonged pressure due to weak asset quality, liquidity constraints and, in some cases, regulatory action.

Despite these challenges, their share prices surged as retail investors chased momentum amid a lack of clear direction in fundamentally strong stocks.

In contrast, a number of companies faced selling pressure, with Bangladesh Industrial Finance Co Ltd (BIFC) leading the losers after shedding the maximum allowed limit. Shares of Shyampur Sugar, Bay Leasing, HR Textile and Meghna Cement also declined notably.

Turnover concentration remained limited to a handful of stocks, with ACI, Square Pharmaceuticals, City Bank, Orion Infusion, Dominage Steel and Saiham Textile featuring among the most traded issues.

However, traders pointed out that broader market participation remained subdued, as institutional investors stayed largely on the sidelines.

The Chittagong Stock Exchange mirrored the positive sentiment, with its CSCX index rising 21 points to close at 8,612, while the CASPI index added 30 points to finish at 13,915. Turnover at the port city bourse stood at Tk8.59 crore.

Apex Tannery, a listed leather goods manufacturer, has decided to set up an in-house effluent treatment plant (ETP) at a cost of Tk12 crore to meet regulatory requirements and comply with the environmental standards demanded by international buyers.

The company made the decision at a recent board meeting and disclosed it through the Dhaka Stock Exchange (DSE) website.

Although Apex Tannery had earlier obtained approval to establish its own ETP at its factory premises in the Bangladesh Small and Cottage Industries Corporation Savar Leather Industrial Estate, it is now moving forward with the investment.

Currently, there is a central effluent treatment plant (CETP) at the Savar tannery estate, but due to its technical limitations and inability to treat the full volume of liquid waste generated by all factories, some entrepreneurs have taken steps to set up their own ETPs to support business operations.

According to the disclosure, Apex Tannery's in-house ETP will include a chrome recovery plant and a sewerage treatment plant, and will be built on an area of approximately 12,000 to 15,000 square feet. The facility will be designed to treat effluent generated at all stages of production – from wet blue to finished leather.

The decision comes at a time when Apex Tannery has been struggling financially.

According to its latest financial statements, the company has been incurring losses for three consecutive fiscal years since FY23. Due to the continued losses, the company did not declare any dividend for its shareholders.

The company remained in a loss-making position in the first quarter of the current fiscal year as well. During the July-September period, its revenue edged up to Tk13.97 crore from Tk12.91 crore in the same period of the previous fiscal year, but it still incurred a loss of Tk7.59 crore, with a loss per share of Tk4.98.

Today, the company's shares closed at Tk59.90 each on the DSE, up 4.90% from the previous session.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectuses of three closed-end mutual funds, with a combined target size of Tk75 crore, marking a fresh boost for the capital market amid a slowdown in new product launches.

The approval was given at a commission meeting held at the regulator's office yesterday, according to a press release.

The approved funds are Midland Bank Growth Fund, Midland Bank Balanced Fund, and the Shariah-based Sandhani AML SLFL Shariah Fund.

Market participants have welcomed the move, describing it as a positive signal at a time when the introduction of new investment products in the capital market has remained sluggish.

According to the press release, the initial target size of the Midland Bank Growth Fund has been set at Tk25 crore. As the sponsor, Midland Bank PLC has invested Tk2.5 crore in the fund, while the remaining Tk22.5 crore will be raised from general investors. The fund's unit face value has been fixed at Tk10.

Midland Bank Asset Management Company Limited will act as the asset manager of the fund. Sandhani Life Insurance Company Limited will serve as the trustee, while Commercial Bank of Ceylon PLC will act as the custodian.

At the same meeting, the commission also approved the draft prospectus and abridged version of the Midland Bank Balanced Fund. The fund's initial target size has also been set at Tk25 crore. Midland Bank PLC, as the sponsor, will contribute Tk2.5 crore, and the remaining Tk22.5 crore will be offered to general investors. The unit face value of the fund has been fixed at Tk10.

Midland Bank Asset Management Company Limited will serve as the asset manager, while Sandhani Life Insurance Company Limited and Commercial Bank of Ceylon PLC will act as the trustee and custodian, respectively.

In addition, the commission approved the draft prospectus of the Shariah-based closed-end mutual fund Sandhani AML SLFL Shariah Fund. The fund's initial target size has been set at Tk25 crore. The sponsor, Sandhani Life Finance Limited, will invest Tk2.5 crore, while the remaining Tk22.5 crore will be raised from general investors. The unit face value of the fund has also been fixed at Tk10.

Sandhani Asset Management Limited will act as the asset manager of the fund. Bangladesh General Insurance Company PLC will serve as the trustee, and Commercial Bank of Ceylon PLC will act as the custodian.

Market insiders said the approval of three closed-end mutual funds at a single meeting could help channel fresh long-term funds into the capital market. Mutual funds are widely regarded by investors as relatively safer, professionally managed investment vehicles, particularly for long-term investment.

The approval of a Shariah-based fund is also expected to create new opportunities for investors seeking Islamic investment products.

Depositors of five troubled Islamic banks will not receive any profit on their deposits for the years 2024 and 2025, following a decision approved by Bangladesh Bank Governor Ahsan H Mansur.

Bangladesh Bank issued the directive to the concerned banks today (14 January) after the governor's approval.

Confirming the matter to The Business Standard, the governor said that depositors of these troubled banks would not be paid profit for the two years due to the institutions' poor financial condition.

"These banks were merged because of their weak financial health. Under the current circumstances, this decision has been taken," the governor said.

The five banks affected are Social Islami Bank, First Security Islami Bank, EXIM Bank, Union Bank, and Global Islami Bank. Their assets, liabilities, and manpower are being taken over by the newly formed Sammilito Islami Bank PLC. Once the merger process is completed, the five banks will gradually be dissolved, according to the central bank.

In a letter sent by the Bank Resolution Department to the five banks yesterday, Bangladesh Bank said that, to ensure uniform implementation of the Resolution Scheme, all deposit account balances would be recalculated based on their position as of 28 December 2025.

The recalculation will assume no profit on all deposits from 1 January 2024 to 28 December 2025.

The letter further stated that any haircut on deposits would be applied in line with the approved decision, and the final deposit balances would be determined accordingly.

Banks have been instructed to complete the recalculation process as quickly as possible to facilitate the smooth implementation of the Resolution Scheme.

A senior Bangladesh Bank official said audits had found that the five banks did not generate any profit over the past two years, prompting the decision not to pay profit to depositors.

Last year, Bangladesh Bank finalised the Bank Resolution Scheme 2025 for the newly formed Sammilito Islami Bank PLC, created by merging the five crisis-hit Shariah-based banks. The scheme outlines specific steps and timelines for repaying depositors' funds as part of the resolution process.

The interim government has appointed three key officials of the administration to the Board of Directors of Biman Bangladesh Airlines Limited.

The new appointees are National Security Adviser (NSA) Dr Khalilur Rahman, Special Assistant to the Chief Adviser Faiz Ahmad Taiyeb, and Senior Secretary of the Election Commission (EC) Secretariat Akhtar Ahmed.

A gazette notification was issued in this regard by the Ministry of Civil Aviation and Tourism yesterday (15 January). The order, issued by the president's command and signed by the ministry's Senior Assistant Secretary Mst Shakila Pervin, stated that the appointments were made under Section 30(b) of the Bangladesh Biman Act, 2023.

The order comes into effect immediately in the "public interest," according to the notification.

Spending under the Annual Development Programme (ADP) stood at Tk41,876.88 crore during the first six months of the fiscal year 2025–26, from July to December, marking the lowest level in the past eight fiscal years.

The ADP spending in the first half of the current fiscal year was even lower than the same period of the fiscal year 2024–25, when ministries and divisions spent Tk50,002 crore despite political unrest, the fall of the government and administrative instability.

Compared with the first six months of the previous fiscal year, ADP spending in the current fiscal year has declined by Tk8,125 crore.

ADP spending during the first six months of the fiscal year 2023–24 stood at Tk61,739.69 crore.

The information was revealed in a report published today by the Implementation Monitoring and Evaluation Division (IMED).

ADP implementation rate remains weak

According to IMED data, 17.54% of the total ADP allocation for the current fiscal year was spent in the first six months. The rate was 17.97% in the same period of the previous fiscal year.

In the first half of the fiscal years 2023–24 and 2022–23, ADP implementation rates stood at 22.48% and 23.53% respectively, IMED said.

In the current fiscal year, the total ADP allocation, including funds for autonomous bodies, was Tk2,38,695.64 crore.

Contractors yet to return after political transition

Officials of the IMED said that during July–August of the previous fiscal year, the country went through mass student protests that led to the fall of the Awami League government.

They said development activities had almost come to a halt during that period. However, officials said ADP implementation was expected to return to a normal pace this year. In reality, no such momentum has yet been seen.

IMED officials said many contractors who left project sites after the fall of the previous government have not returned, largely due to political reasons. As a result, work on many projects remains stalled.

They also said construction work on several projects was delayed due to the approval process under the new public procurement rules, which has affected overall ADP implementation.

Planning adviser cites structural bottlenecks

After a meeting of the National Economic Council (NEC) on Monday, Planning Adviser Wahiduddin Mahmud explained the slow pace of ADP implementation and the reduction in the size of the revised ADP at a press conference.

He said several structural issues were behind the slowdown. "After the change in government last year, many project directors could not be found, while some stepped aside following corruption allegations. Appointing new project directors also took time," he said.

The planning adviser said many projects had to be revised, which delayed the resumption of work. "Ministries and divisions took time to move forward with tenders under the newly approved government procurement rules," he added.

Due to these factors, project implementation slowed, and demand for allocations under the revised ADP also declined, he said.

Stricter project approval slows implementation

Wahiduddin Mahmud said the interim government has introduced stricter conditions for approving new projects.

"Project authorities are now required to submit progress and quality reports at regular intervals, while large construction projects must undergo mid-term reviews by independent experts," he said.

As a result, he said, the pace of implementation has slowed to some extent.

The planning adviser said several projects have had their development project proposals revised, reducing costs by between Tk1,000 crore and Tk3,000–4,000 crore without affecting project effectiveness.

"A cautious approach has been adopted in some cases. For projects such as Payra Port and the metro rail, it was considered reasonable to move forward in phases after reviewing performance and past experience," he said.

Revised ADP approved earlier than usual

Wahiduddin Mahmud said recent political instability has also affected implementation, while lower demand for funds under the ADP reflected the slower pace of work.

"Meanwhile, due to the decline in ADP implementation in the current fiscal year, the government has moved ahead with revising the ADP earlier than usual," he said.

In a normal fiscal year, revisions to the ADP are finalised in February or March. Considering the situation, the government finalised the revised ADP in January this year, he added.

At a meeting of the National Economic Council (NEC) on Monday, the government approved a revised Annual Development Programme (RADP) for the current fiscal year after cutting the original allocation by 13.04%.

Under the revised plan, the ADP allocation was set at Tk2,00,000 crore, which is Tk30,000 crore less than the original ADP allocation. Including projects funded from the government's own resources, the total size of the revised annual development programme (RADP) now stands at Tk208,935.53 crore.

Smaller ADP, lower spending in taka terms

Former planning secretary Md Mamun-Al-Rashid told The Business Standard that the overall size of the ADP in the current fiscal year is slightly smaller than last year.

"Because the size of the ADP is smaller this year, even if the implementation rate remains similar, the amount of money spent will naturally be lower," he said.

He said development activities tend to slow down in election periods, and the current situation reflects that pattern.

"At the moment, almost everything is election-focused. As a result, development activities have slowed, which is clearly visible," he said. "The biggest negative impact of this slowdown is on employment, as development projects create large-scale job opportunities and have strong multiplier effects on the economy."

He said special measures should be taken in the remaining months of the fiscal year to speed up ADP implementation.

Health, rail, roads among slowest implementers

Meanwhile, an IMED report showed that Tk23,599 crore was spent from government funds in the first six months of the fiscal year, accounting for 16.39% of the allocation.

In the same period of the previous fiscal year, spending from government funds stood at Tk26,130 crore, or 15.84% of the allocation, the report said.

During the July–December period of the current fiscal year, Tk15,981 crore was spent from foreign loans and grants, which accounts for 18.58% of the allocation. In the same period of the previous fiscal year, spending from foreign sources stood at Tk19,609 crore, or 19.61%.

In the first six months of the current fiscal year, Tk2,297 crore was spent from the own funds of implementing agencies. In the same period last year, spending from agencies' own funds amounted to Tk4,264 crore.

In the current fiscal year, 15 ministries and divisions received 74.56% of the total ADP allocation. Overall ADP implementation largely depends on the progress of projects under these ministries and divisions.

Among the ministries and divisions with the highest allocations, ADP implementation remained low in several sectors during the first six months. The implementation rate stood at 2.33% for the Health Education and Family Welfare Division and 6.11% for the Health Services Division.

During the same period, the Railways Ministry spent 9.79% of its allocation. The Roads and Highways Division spent 12%, the Secondary and Higher Education Division 13.22%, the Power Division 16.96%, the Primary and Mass Education Ministry 17.98%, and the Shipping Ministry 18.82%.

Among the top allocation recipients, the Ministry of Science and Technology recorded the highest ADP implementation rate at 35.81%. The Water Resources Ministry implemented 31.17% of its allocation, while the Local Government Division recorded an implementation rate of 30.65%.

Other ministries showed moderate progress, with the Energy and Mineral Resources Ministry implementing 27.69% of its allocation, the Bridges Division 23.13%, the Housing and Public Works Ministry 23%, and the Agriculture Ministry 19.97%.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan indicated that the government may reconsider the current VAT and turnover tax system for the country's jewellery businesses, stressing the need for fair taxation and better sectoral discipline.

"If VAT is properly applied on value addition with full input tax credit, the effective burden should not be excessive," he said at a Meet the Business programme with Bangladesh Jewellery Samity (BAJUS) organised by the NBR today (14 January).

The NBR chairman also said that arbitrary rates discourage compliance and are difficult to enforce.

He invited the sector to propose a rational formula for VAT based on value addition, assuring that the NBR is willing to amend laws accordingly, possibly in the next finance act.

Similar flexibility, he said, could be considered for the existing 1% minimum turnover tax if a transparent and reliable recording mechanism is introduced.

He agreed in principle with traders that imposing VAT on the full sales value of high-value products like gold ornaments is unreasonable, as the real value addition lies mainly in labour or making charges.

The NBR Chairman said restoring discipline in the country's jewellery sector is crucial for ensuring better revenue collection, strengthening rule of law and safeguarding the long-term sustainability of the industry.

"We believe businesses should do business and our responsibility is to make their path easier, provide cooperation and ensure transparency," the NBR chief said.

He said that the jewellery sector though one of the oldest trades in the country has long remained outside a disciplined and formal framework.

He said gold is not just a commodity but is deeply linked to people's emotions, social security and financial safety. "Yet, despite various policy initiatives over the years, the sector has failed to move fully into the formal economy."

Recalling past reforms, the NBR Chairman said Bangladesh had gradually moved from an era of complete restrictions on gold imports to a formal import policy including reduced taxes and fixed duties for passenger-carried and commercial imports.

Official records still show negligible formal gold imports despite the market being well supplied, he said.

"This gap between records and reality is a major obstacle to establishing financial discipline, the rule of law and overall governance," he said.

Smuggling and informal practices harm not only revenue collection but also expose traders to serious financial and legal risks.

Rejecting the argument that Bangladesh needs more time to establish discipline because it is a young country, he pointed to examples like Singapore, which prioritised the rule of law and discipline from the very beginning.

Khan said NBR wants to move towards full, real-time transaction recording to eliminate suspicion on both sides.

"We are ready to develop simple, sector-specific digital software for jewellery traders, especially small shops, so that real transactions are recorded, and the real picture emerges," he said.

Once accounts are transparent and verifiable, the need for presumptive or turnover-based taxes will gradually disappear, allowing income tax to be assessed strictly on actual profits or losses.

On import facilitation, the NBR chairman said greater openness and competition would help restore discipline.

He assured that issues related to import licensing, LC opening and banking procedures could be taken up with Bangladesh Bank and the Ministry of Commerce, urging traders to submit formal proposals.

He also reaffirmed the fundamental principle of duty drawback for exporters, stating that exporters are entitled to refunds of duties paid on imported raw materials used for exports. Any practical bottlenecks in audit or verification, he said, would be reviewed to ensure legitimate exporters are not deprived.

Calling for collective responsibility, the NBR chief said discipline in the jewellery sector is essential not only for revenue but also to protect lives, livelihoods and future generations from the dangers associated with illegal trade.

The Bangladesh Shipping Corporation (BSC) must remain a strong and profitable institution, stressing the need to expand its fleet and further strengthen its financial capacity, Chief Adviser Muhammad Yunus said.

"BSC should maintain the profitable status it has achieved in recent years. Future plans should focus on strengthening the institution through its own income and expanding the fleet by adding new ships," he said while speaking at a cheque handover ceremony at the State Guest House Jamuna today (14 January).

Yunus said the addition of more ships to the BSC fleet would boost morale among sailors and create new employment opportunities.

He also emphasised retaining instructors at marine academies with appropriate honorariums to ensure the production of world-class seafarers.

Plans are underway to acquire several ships, including four new large vessels (mother vessels) from China on a government-to-government (G2G) basis, according to the Chief Adviser's Press Wing.

The BSC earned the highest-ever profit of Tk306.56 crore in the last fiscal year, generating around Tk800 crore in revenue, an unprecedented achievement in its 54-year history.

The Press Wing said that the five ships added to the fleet under the recent project have played a significant role in BSC's continued progress.

Following the chief adviser's directives, BSC has already taken steps to acquire additional vessels.

The first ship, Banglar Pragati, acquired under the corporation's self-financed two bulk carrier project, was delivered and deployed in trade on 28 October 2025 and the second ship, Banglar Navajatra, is scheduled for delivery on 30 January 2026.

Meanwhile, the process of acquiring two MR product oil tankers with government funding and one Ultramax bulk carrier with private funding is ongoing.

At the ceremony, the chief adviser received a cheque amounting to Tk203.47 crore, representing dividends declared for the fiscal year 2024–2025 and instalments payable under the Subsidiary Loan Agreement (SLA) for repayment of loans taken for six ship-purchase projects implemented by BSC under the Ministry of Shipping.

Shipping Adviser M Sakhawat Hossain and BSC Managing Director Commodore Mahmudul Malek handed over the cheque.

Commodore Mahmudul Malek said that a Loan Agreement (LA) was signed on 14 October 2016, between the Government of Bangladesh (Economic Relations Division) and the Government of China (China Exim Bank) for the project titled "Purchase of Six New Ships."

The project included the acquisition of three product oil tankers of approximately 39,000 DWT each and three bulk carriers on a G2G basis for BSC.

The principal loan amount was 1,199,999,070 yuan, equivalent to Tk1,457.68 crore.

Subsequently, a Subsidiary Loan Agreement (SLA) was signed between the Finance Division and BSC on 27 October 2024, to facilitate loan repayment.

Under this agreement, BSC will pay a total of Tk2,425.02 crore to the Government of Bangladesh over a period of 13 years.

As per the SLA, the total interest amount accrued during the grace period stood at Tk475.25 crore, for which a cheque was officially handed over to the chief adviser on 26 November 2024.

After a gap of 27 years without any new ship procurement, six commercial vessels were added to the BSC fleet during the 2018–19 period.

Of these, five vessels, MV Banglar Joyjatra, MV Banglar Arjan, MT Banglar Agrajatra, MT Banglar Agradut, and MT Banglar Agragati, are currently engaged in international commercial cargo operations and proudly flying the national flag of Bangladesh.

An unusually high number of mother vessels carrying food imports has created congestion at Chattogram port’s outer anchorages, causing a severe shortage of lighter vessels and delaying the unloading of cargo.

In recent weeks, the shortage of lighter vessels has worsened. Mother ships carrying commodities such as wheat, lentils, chickpeas, raw sugar, and edible oil are now overstaying at anchorages for 10-20 days.

Big traders in the port city said many businesses rushed to ship in food items this year ahead of Ramadan, taking advantage of relaxed import rules and improved dollar stocks. Seasonal importers without their own storage facilities are either taking longer to move goods into the supply chain or leaving cargo on the lighter vessels for extended periods.

“Most of the Ramadan stocks have already been imported and moved to the supply chain,” said Satyajit Das Barman, head of business (Grains and Logistics) at TK Group, a major Chattogram-based conglomerate.

As of yesterday, over 90 mother vessels were at Chattogram and Kutubdia anchorages, almost double the usual 40-50. More than half are carrying food commodities, while the remainder transport industrial raw materials such as cement clinker, slag, limestone, ball clay, scrap, coal, and fertiliser.

Shipping agents said many ships are receiving fewer lighter vessels than required, with some left without any allocation on certain days.

At its latest berthing meeting on Tuesday, the Bangladesh Water Transport Coordinating Cell (BWTCC) could allocate only 59 lighter vessels to the same number of mother ships, leaving at least 30 large vessels without any unloading support.

Cargo agents usually need three to four lighter vessels to unload one mother ship in a day, but the authorities can now provide only one or none for many ships.

The backlog is already pushing up costs. MV Pacific Jesmin, carrying 58,955 tonnes of raw sugar, arrived at the outer anchorage on December 30. Only 27,000 tonnes had been unloaded by yesterday.

Belayet Hossain, proprietor of the ship’s local agent Litmond Shipping, said, “If enough vessels were allocated, the ship could finish unloading in 10-12 days, but now it may need to stay for another 12 days.”

Another vessel under the same agent, MV Ince Kastamon, carrying 55,000 tonnes of wheat imported by Abul Khair Group, arrived on January 7 but received one lighter vessel for unloading only during Tuesday’s berthing meeting.

Hossain said the ship may take a month to complete unloading, with demurrage adding over $20,000 a day to import costs.

BWTCC Convener Shafiq Ahmed said 631 lighter vessels transporting imported cargo from Chattogram are currently at 50 different destinations across the country. Many, including 143 carrying government-imported fertiliser, were allocated 20-25 days ago and remain stuck. About 300 vessels are still navigating the waterways.

Delays at unloading points are compounded by labour shortages and a lack of storage bags, especially for fertiliser. “The main reason for the crisis is the arrival of a large number of mother vessels at the same time ahead of Ramadan,” Ahmed said.

Previously, BWTCC supervised 1,400 lighter vessels moving imported cargo from the outer anchorage to 59 destinations across the country.

Parvez Ahmed, a leader of the Inland Vessels Owners Association of Chattogram, said over 300 vessels shifted to Mongla, Payra, and Indian coastal routes in the past year due to higher rates and declining trade in Chattogram.

China on Wednesday reported a record trade surplus of nearly $1.2 trillion in 2025, led by booming exports to non-US markets as producers ​looked to build global scale to fend off sustained pressure from the Trump administration.

A push by policymakers for Chinese firms to diversify beyond the world’s top consumer market by shifting ‌focus to Southeast Asia, Africa and Latin America paid dividends, cushioning the economy against US tariffs and intensifying trade, technology and geopolitical frictions since President Donald Trump returned to the White House last year.

“China’s economy remains extraordinarily competitive,” said Fred Neumann, chief Asia economist at HSBC. “While this reflects gains in productivity and the rising technological sophistication of Chinese manufacturers, it is also due to weak domestic demand and attendant excess capacity.”

Heading into 2026, the challenges for Beijing are aplenty, including deflecting concerns from an increasing number of global capitals about China’s trade practices and overcapacity, as well as their overreliance on key Chinese products.

One of the key questions facing policymakers is for how long the $19 trillion economy ‌can continue to counteract a property slump and sluggish domestic demand by shipping ever cheaper goods to other markets.

“Rising Chinese trade surpluses could raise tensions with ​trade partners, especially those reliant on manufacturing exports themselves,” Neumann said.

The manufacturing juggernaut’s full-year trade surplus came in at $1.189 trillion - a figure on par with the GDP of a top-20 economy globally like Saudi Arabia - customs data showed on Wednesday, having broken the trillion-dollar ceiling for the first time in November.

“With more diversified trading partners, (China’s) ability to withstand risks has been significantly enhanced,” Wang Jun, a vice minister at China’s customs administration, said ‍at a press briefing following the data release.

Outbound shipments from the world’s second-biggest economy grew 6.6 percent in value terms year-on-year in December, compared with a 5.9 percent increase in November. Economists polled by Reuters had expected a 3.0 percent increase.

Imports were up 5.7 percent, after a 1.9 percent bump the month earlier and also beat a forecast for a 0.9 percent uptick.

“Strong export growth helps to mitigate the weak domestic demand,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

“Combined with the booming stock market and stable US-China relations, the government is likely to keep the macro policy stance unchanged at least in Q1.”

China’s yuan , held steady following the upbeat data even as equity ‍investors welcomed the forecast-beating numbers. The benchmark Shanghai Composite index and blue-chip CSI300 index both rose more than 1 percent in morning deals.

The Asian powerhouse economy’s monthly trade surpluses exceeded $100 billion seven times last year, partially underpinned by a weakened yuan, up ‌from just ‌once in 2024, underscoring that Trump’s actions have barely dented China’s broader trade with the wider world even if he has curbed US-bound shipments.

Exports to the US slumped 20 percent in dollar terms in 2025, while imports from the world’s top economy were down 14.6 percent. Chinese factories managed to make inroads in other markets, with exports to Africa jumping 25.8 percent and those to the ASEAN bloc of Southeast Asian nations up 13.4 percent. EU-bound shipments grew 8.4 percent.

China’s rare-earth exports in 2025 surged to their highest level since at least 2014, even as Beijing began curbing shipments of several medium to heavy elements from April - a move analysts saw as an effort to showcase its leverage over Washington while negotiators wrangled over soybean purchases, a potential Boeing aircraft deal and the ​fate of TikTok’s US operations.

The world’s top agricultural importer purchased a record volume of soybeans in 2025, buoyed by a sharp increase in shipments from South America, with Chinese buyers holding off from US crops for much of the year as trade tensions lingered.

Economists expect China to continue gaining global market share this year, helped by Chinese firms setting up overseas production hubs that provide lower-tariff access to the United States and the European Union, as well ‍as by strong demand for lower-grade chips and other electronics.

Beijing, however, has shown signs of recognising it must moderate its industrial largesse if it is to sustain its success, and address the image problem outsized exports are causing.

Last week, it scrapped subsidy-like export tax rebates for its solar industry, a long-standing point of friction with EU states.

The Trump challenge to China is not going away in a hurry either, analysts note, even as the US Supreme Court could rule against the president’s tariff hikes later ​on Wednesday.

On Tuesday, Trump said he thinks China can open its markets to American goods, after threatening a day earlier to slap ‍a 25 percent tariff on countries that trade with Iran, risking reopening old wounds with Beijing, Tehran’s biggest trading partner.

“Trump’s threat to impose a 25 percent tariff on countries doing business with Iran underscores the potential for renewed trade tensions between the US and China,” said Zichun ​Huang, China economist at Capital Economics.

The government is planning to import liquefied petroleum gas (LPG) through the state-owned Bangladesh Petroleum Corporation (BPC) to stabilise the domestic market and protect consumers from artificial shortages and price volatility.

The BPC has already sought approval to import LPG on a government-to-government (G2G) basis, sending a letter to the Ministry of Power, Energy and Mineral Resources on 10 January.

Speaking to The Business Standard yesterday, Energy Adviser Muhammad Fouzul Kabir Khan confirmed the plan and said the government would allow the BPC to import LPG under G2G arrangements to reduce the country's heavy dependence on the private sector for meeting domestic demand.

BPC Chairman Md Amin Ul Ahsan said importing LPG from the same international suppliers that provide fuel oil to Bangladesh would help create a more competitive and stable market environment.

Meanwhile, private sector operators have also welcomed the initiative, saying it could help ease supply constraints if BPC imports LPG at lower prices and supplies it to private operators.

Private operators dominate market

Currently, LPG import and distribution in Bangladesh is entirely controlled by the private sector. There is no system for direct LPG imports by the government or the BPC.

As a result, when artificial shortages or supply disruptions occur, the government has limited capacity to intervene effectively and stabilise the market.

Bangladesh's annual LPG demand is around 17 lakh tonnes and is rising every year. Industry insiders estimate that demand could increase to between 25 lakh and 30 lakh tonnes by 2030.

At present, BPC meets only about 1.33% of domestic demand. This small volume is produced as a by-product during crude oil processing at the Eastern Refinery.

The government's move follows a recent intensification of LPG shortages in the domestic market.

Despite holding several meetings with traders, the government was unable to take effective steps to resolve the crisis. Instead, traders placed various demands, including tax relief, before the authorities.

Fouzul Kabir told TBS that BPC would be authorised to import LPG under G2G arrangements if its existing foreign fuel suppliers are willing to supply LPG.

"Through this, the government will be able to play an effective role in stabilising the LPG market and breaking syndicates," he said.

Azam J Chowdhury, former president of the LPG Operators Association of Bangladesh and chairman of East Coast Group, described the proposal as a positive step.

"It would be very good if BPC imports LPG at lower prices under G2G arrangements. The current LPG supply is low," he said.

He noted, however, that BPC does not have LPG storage facilities and suggested that imported LPG should be supplied to private operators after import.

Infrastructure constraints

In its letter to the energy ministry, BPC Chairman Md Amin Ul Ahsan said the corporation lacks the necessary infrastructure for LPG storage and unloading, including jetty-based pipelines, flow meters and storage tanks.

He noted that private LPG operators currently unload LPG from carrier vessels through lighter ships in the deep-sea area of Kutubdia and store it at their own terminals.

BPC, he said, could adopt the same method by using lighter vessels of interested private operators to unload and distribute imported LPG.

He suggested that, in consultation with the LPG Operators Association of Bangladesh, a list of interested operators could be prepared, along with decisions on import volumes, payment methods, and unloading and distribution processes.

Officials at the Energy Division said at a meeting held on 7 January, chaired by the division's secretary, the issue of importing LPG through BPC and supplying it to private companies was reviewed, and a decision was taken to send a proposal to the ministry.

The BPC, in its letter, further noted that in the past it has imported additional fuel oil by seeking quotations from enlisted G2G suppliers when there was a sudden rise in demand or a supply shortage.

"In the same way, since our listed G2G suppliers are large refiners capable of producing and supplying various petroleum products, including LPG, it is possible to assess the feasibility of importing LPG by seeking quotations from them," the corporation said.

BPC also said it would explore other potential sources in the international market before selecting the most suitable option for LPG imports.

As part of broader policy support for LPG imports, Bangladesh Bank issued a circular on 12 January, classifying LPG as an industrial raw material.

Under the new directive, businesses can import LPG on deferred payment terms through suppliers' or buyers' credit for up to 270 days.

The central bank said the move reflects the multiple stages involved in LPG processing, as the fuel is imported in bulk and later bottled for distribution.

Alphabet briefly hit $4 trillion in market valuation on Monday, as the Google parent's sharpened artificial intelligence focus allayed doubts about its strategy and thrust it back to the forefront of the high-stakes race.

In the latest sign that its efforts were paying off, Alphabet said the next generation of Apple's AI models will be based on Google's Gemini under a multi-year deal.

The company's class-A shares rose as much as 1.7% to $334.04 to hit a record high before giving up those gains.

A Reuters report earlier this year said that Samsung Electronics plans to double this year the number of its mobile devices with AI features powered by Gemini.

Alphabet last week surpassed Apple in market capitalization for the first time since 2019, becoming the second most valuable company in the world.

The milestones mark a remarkable change in investor sentiment for Alphabet, with its stock surging about 65% in 2025, outperforming its peers on Wall Street's elite group of stocks, the so-called Magnificent Seven.

The shift was fueled by the company quelling concerns that it let an early AI advantage slip by turning a once-overlooked cloud unit into a major growth engine and drawing a rare tech investment from Warren Buffett's Berkshire Hathaway.

"Of the Magnificent 7 stocks, it's the one name that has surprised us all over the last 12 months and they're making inroads beyond their traditional model," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

"What I would give the company credit for is innovation, that's what they've done to separate them from a lot of other firms in recent days and you're seeing it in earnings data."

The new Gemini 3 model has drawn strong reviews, intensifying pressure on OpenAI after GPT-5 left some users underwhelmed.

Google Cloud's revenue jumped 34% in the third quarter, with a backlog of non-recognized sales contracts rising to $155 billion.

Renting out Google's self-developed AI chips that were reserved for internal use to outside customers has also enabled the unit's breakneck pace of growth.

Indicating the rising demand, The Information reported that Meta Platforms was in talks to spend billions of dollars on Alphabet's chips for use in its data centers starting from 2027.

Meanwhile, Alphabet's dominant revenue generator – the advertising business – has largely held steady in the face of economic uncertainty and intense competition.

Alphabet is the fourth company to hit the $4 trillion milestone after Nvidia, Microsoft and Apple.

The stock has also benefited after a US judge in September ruled against breaking up the company and allowing it to retain control of its Chrome browser and Android mobile operating system.

The yen fell ​to its lowest against the dollar since July 2024 on Tuesday as traders braced for a Japanese election and also ‌hit lows against European currencies, with the dollar pressured by worries about the Federal Reserve’s independence.

Those fears, after the Trump administration opened a criminal investigation into Chair Jerome Powell, remain the most important factor for markets in the long term, analysts said.

Still, with the administration’s move drawing criticism from key members of Trump’s Republican Party, it had less of an impact on daily price moves. Instead, the Japanese yen was the main mover, briefly sliding to the weak side ‌of 159 per dollar for the first time since July 2024.

That followed news from Kyodo that Japanese Prime Minister ​Sanae Takaichi had conveyed to a ruling party executive her intention to dissolve parliament’s lower house at the outset of its regular session scheduled to start on January 23.

The dollar was last up 0.5 percent on the yen at 158.9 yen.

Takaichi is ahead in ‍the polls, and, should she achieve a decisive electoral victory, investors may further buy into the “Takaichi trade” -- a view that the premier’s desire for more fiscal stimulus would push stocks higher, while sending bond yields higher and the yen lower.

Advertisement ·

That was certainly Tuesday’s trade with the Nikkei share index hitting a new record high, and yields ⁠on 30 year Japanese government bonds surging 12 bps.

The yen sank to record lows against the euro and the Swiss franc , while also hitting ‍its weakest level against the British pound since August 2008.

Taiwan has reached a "general consensus" with the United States on a trade deal, the democratic island's negotiators said Tuesday, after months of talks.

Taiwan and the United States began negotiations in April to hash out a trade deal after US President Donald Trump slapped a 32 percent tariff on Taiwanese exports, which was later lowered to 20 percent, as part of his sweep of measures against dozens of trade partners.

Taiwanese President Lai Ching-te has pledged to boost investment in the United States and increase defence spending as his government tries to further reduce the levy on its shipments, as well as avoid a toll on its semiconductor chip exports.

"The goal of the US-Taiwan tariff negotiations has always been to seek reciprocal tariff reductions without stacking tariffs, and to obtain preferential treatment under Section 232 for semiconductors, semiconductor derivatives, and other items," the Office of Trade Negotiations said in a statement, adding there was a "general consensus" on these issues.

Section 232 refers to part of the US Trade Expansion Act that allows tariffs to be imposed when national security is found to be at risk.

"Both sides are currently discussing the schedule for a concluding meeting, and an announcement will be made once it is confirmed," the statement said.

Taiwan's trade officials also vowed to provide "a complete explanation of the negotiations and the agreement" to the opposition-controlled parliament and the public.

Taiwan is a powerhouse in the manufacturing of semiconductor chips, which are the lifeblood of the global economy, as well as other electronics.

Trump has previously accused Taiwan of stealing the US chip industry and his administration had made clear it wants more of the critical technology made on American soil.

The US government launched investigations under Section 232 into semiconductors and chip-making equipment last year.

Taiwan's trade surplus with the United States was the seventh highest of any country in 2024, reaching US$73.9 billion.

More than half of its exports to the United States are information and communications technology products, including semiconductors.

Lai has been at pains to find favour with Trump, vowing to raise defence spending to more than three percent of GDP this year and five percent by 2030.

But the opposition-controlled parliament has stymied his government's budget for 2026 and an additional $40 billion defence spending.

TSMC, the world's largest contract chipmaker, has also pledged to invest an additional US$100 billion in the United States.

But Taiwanese Deputy Foreign Minister Francois Chih-chung Wu told AFP recently that Taiwan planned to keep making the "most advanced" chips on home soil.

Bangladesh's turmoil-tossed economy shows significant signs of recovery with the July-September fiscal quarter showing a liftoff from a miasma over the last couple of years, analysts say, based on latest statistics.

The economy got a boost with the gross domestic product (GDP) having grown at a rate of 4.50 per cent in the first quarter (July-September) of the current fiscal (FY) 2025-26, according to Bangladesh Bureau of Statistics (BBS) data released Tuesday.

This marks a notable improvement from the sluggish 1.81-percent growth during the same period in the previous fiscal year (FY2024-25) -- the time of a political turmoil that toppled the reigning regime.

Also, it has almost doubled over the immediate-previous quarter or Q4 of the last FY when the GDP growth was projected at 2.47 per cent,

A senior BBS official told The Financial Express that the economic growth during July 2025-September 2025 (Q1) of the current FY2026 gained momentum as the country's all three broad sectors -- agriculture, industry, and services -- performed better.

"The BBS data indicate that the nation is gradually overcoming the economic stagnation caused by the political and social transitions of the preceding year," he says.

The industrial sector boasted a big jump as the GDP expanded there at 6.97 per cent in Q1 of the current fiscal year compared to 3.59 per cent in the same period of FY2025.

Similarly, the largest job-absorbing agriculture sector also rebounded with a 2.30-percent growth in the first quarter this fiscal from a minus 0.60-percent rate in the same period last FY2025, BBS data show.

Meanwhile, another broad contributor -- services sector -- grew by 3.67 per cent rate, up from 2.96 per cent in the corresponding quarter.

The provisional estimates show a mixed performance across different sectors and subsectors of the economy -- in the wake of domestic and external adversities.

The construction sector emerged as a major driver of growth, surging to 12.41 per cent in Q1 FY2026.

This marks a "dramatic turnaround" from the 1.90-percent growth recorded in Q1 FY2025, signaling a revival in infrastructure projects and private real-estate investment.

Wholesale and retail trade grew by 4.59 per cent and the financial and insurance activities saw a modest growth of 0.55 per cent, the BBS statistics showed Tuesday.

In contrast to the overall recovery, utilities sectors like electricity, gas, and water supply faced a significant slump, contracting by 10.70 per cent. This follows a period of volatility in the energy sector besides supply-chain challenges.

Analysts say the 4.50-percent growth rate suggests that the "stuttered" economy of 2024 is regaining its footing.

They point out that the base effect -- following the extremely low growth of 1.81 per cent in 2024 -- helped boost this year's percentage, but the double-digit growth in construction indicates a genuine return of industrial activity.

The BBS has published quarterly GDP data since the 2023-24 fiscal year to provide policymakers with real-time insights into the country's economic health.

This latest report will be a key benchmark for the government as it prepares for the remainder of the fiscal year, with a focus on stabilising inflation and boosting foreign direct investment.

State-owned Sonali Bank has urged the government to issue bonds against unpaid loans to the Bangladesh Sugar and Food Industries Corporation (BSFIC) to address the lender’s capital shortfall.

The state-owned corporation, which manages 15 sugar mills, owes the bank Tk 6,600 crore.

Another state-owned agency, the Investment Corporation of Bangladesh (ICB), owes Sonali Bank Tk 1,700 crore. The bank is also awaiting receivable commissions of around Tk 5,500 crore tied to the Rooppur Nuclear Power Project.

“We have been able to reduce our capital shortfall over the past few years, and we will have no shortfall if these loans are recovered,” Sonali Bank Managing Director Md Shawkat Ali Khan said at a press briefing at the bank’s Dhaka headquarters yesterday.

At the end of September 2025, the bank’s capital shortfall stood at Tk 2,174 crore, down from Tk 5,949 crore in December 2024, according to figures presented by Md Iqbal Hossain, the bank’s chief finance officer.

Provision shortfalls also fell to Tk 1,801 crore from Tk 4,632 crore over the same period.

Sonali Bank must maintain provisions of Tk 3,000 crore against dues from BSFIC, and Tk 1,300 crore for ICB investments.

Officials said these shortfalls are the main driver of the bank’s capital gap.

Other factors cited include loans to Orion Infrastructure, delayed government compensation, and unrecovered commissions of Tk 5,500 crore against letters of credit totalling Tk 94,246 crore issued for the Rooppur project.

At the conference, Khan highlighted the bank’s improved financial structure, crediting reforms, targeted planning, and strengthened loan recovery efforts.

He said, “Public confidence in Sonali Bank is very high. It is because of this trust that people deposit more funds.”

“Sonali Bank is now much more careful in selecting borrowers. Our depositors are a blessing for us,” Khan said, noting that no incidents similar to the Hallmark scandal have occurred since.

Operating profit rose 41 percent year-on-year in 2025 to Tk 8,017 crore. Audited net profit is expected to fall between Tk 1,100 crore and Tk 1,700 crore. The bank’s non-performing loan ratio fell to 16 percent at the end of the year, with plans to reduce it below 9 percent by 2026.

Md Shawkat Ali Khan claimed that no such incident has occurred at Sonali Bank since the Hallmark scandal – a massive loan scandal involving more than Tk 3,500 crore

“Sonali Bank is now much more careful in selecting borrowers. Our depositors are a blessing for us,” he said.

The bank’s operating profit rose 41 percent year-on-year in 2025 to Tk 8,017 crore. Audited net profit is expected to fall between Tk 1,100 crore and Tk 1,700 crore.

Khan also said the bank’s non-performing loan ratio fell to 16 percent at the end of the year, with plans to reduce it below 9 percent by 2026.

Gold prices were largely steady near its all-time peak on Tuesday, ‌supported by ongoing geopolitical tensions, while investor caution ahead of key inflation data limited upside momentum.

Spot gold traded 0.1 percent lower at $4,588.43 per ounce as of 0947 GMT, following a record high of $4,629.94 in the previous session. US gold futures for February delivery slipped 0.4 percent to $4,597.50.

“A ‌modest recovery in the US dollar, driven by hawkish comments from a ​senior Fed official, and investors’ focus on the release of US CPI data later in the session acts as a headwind (for gold),” said ActivTrades analyst Ricardo ‍Evangelista.

Federal Reserve Bank of New York President John Williams said on Monday that the central bank does not face any near-term pressure to change the stance of monetary policy.

Investors are ⁠currently anticipating two interest rate cuts this year, with today’s Consumer Price ‍Index data expected to provide further clues on monetary policy going forward.

On the geopolitical ‌front, ‌Russian forces launched the year’s most intense wave of missile attacks on Ukraine early on Tuesday, killing four people and injuring several others.

Meanwhile, US President Trump said on Monday any country that does business with Iran will face ⁠a 25 percent tariff on trade ⁠with the United ​States.

Non-yielding assets tend to do well in a low-interest-rate environment and when geopolitical or economic risks spike.

“With (gold) prices consolidating above the $4,500 level, supported by a bearish outlook for ‍the dollar and ongoing geopolitical uncertainty, the $5,000 mark appears increasingly within reach and could be tested in the first half of the year,” Evangelista added.

A group of Bangladeshis living abroad has expressed strong interest in contributing to the country's economic development, strengthening governance and institutional capacity, and promoting skilled workforce and youth development by leveraging their experience, global exposure, and technical expertise.

They said that following the mass uprising and the upcoming national election, the economy is expected to rebound through fresh investment and job creation, particularly at a time when the growing use of artificial intelligence has made skilled human capital increasingly important.

In this context, expatriates can play a crucial role by channelling remittances and investments and engaging more actively in the country's economic development, they added.

The views were shared at a policy dialogue held in Dhaka on Sunday night (11 January) by the Global Bangladeshi Alliance (GBA), a US-based, non-partisan, research-driven organisation.

The dialogue focused on ensuring democratic governance and institutional reform, economic development through trade and investment, ICT innovation and job creation, youth empowerment and skill development, diaspora engagement, international advocacy, and the revitalisation of the Bangladesh caucus.

Veteran politician and BNP standing committee member Dr Abdul Moyeen Khan attended the programme as the chief guest, while renowned political figure Mahidur Rahman presided over the event.

Policymakers, academicians, business leaders, and civil society representatives were present as special guests.

Welcoming the diaspora, Abdul Moyeen Khan said expatriates had returned to the country with the intention of contributing to national development. He noted that several projects and policy issues were presented during the dialogue and said that the country would benefit if those initiatives were implemented.

"You have focused on job creation and other important issues for our economy. Bangladeshi youths are very close to realising the vision of economic development, and we must nurture this potential with the support of expatriates," he said.

He also said that former prime-minister Begum Khaleda Zia, with a visionary outlook, had established the information and communication technology ministry, which paved the way for technology adoption in the country.

Referring to recent political developments, he expressed hope that the upcoming election would restore democratic governance and said diaspora engagement would be essential to boosting the economy.

GBA co-chair Kawsar Chowdhury stressed the need to diversify the export basket by strengthening the SME sector and other emerging industries, alongside creating more jobs and expanding manpower exports to new destinations.

Conference president Mahidur Rahman said that members of the diaspora had previously been unable to return to the country or speak openly. "After the uprising, we returned to contribute to the economy. At present, we are supporting the economy mainly through remittances," he said.

He added that future political leaders must consider how expatriate Bangladeshis can play a more active and structured role in the country's economic development.

Amidst the stand-off between traders and the government over the implementation of the National Equipment Identity Register (NEIR), the government has reduced import taxes on handsets by approximately 30% to lower the price of imported devices.

The National Board of Revenue (NBR) said the move aimed at keeping devices affordable while supporting the local manufacturing industry.

In two separate notifications issued today (13 January), the NBR reduced the overall import tax on finished mobile phone handsets from about 62% to 43.43%. At the same time, import taxes on components used by local handset manufacturers were lowered from around 17% to nearly 12%.

According to a NBR press release, the revised duty structure is expected to reduce the price of each imported finished mobile phone priced above Tk30,000 by around Tk5,500.

Under the new orders, import duty on handsets has been cut from 25% to 10%, while duty on components for local manufacturers has been reduced from 10% to 5%.

The revenue authority said the decision was made to ensure mobile phones remain affordable for the general public and to facilitate wider access to digital services.

It added that the dual measures were designed to strike a balance between consumer interests and the sustainability of the domestic mobile phone assembling industry.

The NBR reaffirmed that the government's efforts to keep mobile phone prices within consumers' reach would continue as part of its broader goal of promoting digital inclusion and expanding access to technology nationwide.

The tax cuts come amid the rollout of the NEIR, a regulatory initiative introduced under the supervision of the Bangladesh Telecommunication Regulatory Commission (BTRC) to curb the use and trade of illegal, counterfeit, and unregistered mobile phones.

Under NEIR, every mobile handset must be registered using its unique International Mobile Equipment Identity (IMEI) number before it can access cellular networks. Authorities say the platform will help block stolen or smuggled devices, reduce grey market imports, improve network security, and ensure a level playing field for compliant importers and manufacturers.

However, the implementation of NEIR has sparked protests by mobile phone traders across the country, particularly small and medium retailers. Protesters argue that the system could disrupt business and impose additional financial and administrative burdens.

Traders demanded a longer transition period, clearer guidelines, amnesty for existing stock, and stronger public awareness campaigns before full enforcement of the system.