The Bangladesh Bank purchased $743 million from commercial banks through auctions during the first 20 days of January, as part of its ongoing efforts to stabilise the exchange rate.

Confirming the matter, BB Executive Director and Spokesperson Arif Hossain Khan said the central bank bought $45 million from two commercial banks today (20 January) alone.

With the latest purchase, Bangladesh Bank's total dollar buying from commercial banks through auctions in the current fiscal year 2025-2026 has reached $3.88 billion.

Speaking to reporters at a seminar yesterday, BB Governor Ahsan H Mansur said commercial banks are voluntarily selling dollars to the central bank, which has increased liquidity in the market.

He added that the rise in dollar inflows has been a key factor behind the growth in bank deposits.

The governor also noted that higher dollar inflows have helped turn Bangladesh's balance of payments financial account into a surplus. As foreign currency supply increases, deposit growth in the banking sector is also expected to accelerate, he said.

The central bank began purchasing dollars through auctions from July last year as part of its foreign exchange market intervention strategy. Under the market-based exchange rate regime, the central bank aims to maintain balance in the foreign exchange market – allowing the dollar price to fall when supply exceeds demand, while letting it rise when demand increases.

Bankers say the recent decline in dollar demand is driven by several factors. The government's large external payment obligations have eased, reducing pressure on foreign currency demand.

At the same time, sluggish business activity and weak investment have led to lower imports of capital machinery, further easing demand for dollars, they said.

In its continued effort to stabilize the foreign exchange market and build up national reserves, Bangladesh Bank (BB) purchased an additional $45 million from two commercial banks on Tuesday (January 20).

The dollars were bought at a fixed exchange rate of Tk 122.30, with the cut-off rate also set at Tk 122.30, according to a press release issued by the central bank.

This latest transaction follows a series of significant dollar purchases by the central bank this month.

On January 12, purchased $81 million from 10 commercial banks.

On January 8, purchased $206 million from 15 commercial banks.

On January 6, purchased $223.5 million from 14 commercial banks.

All these transactions were conducted at the uniform rate of Tk 122.30 per dollar. With the latest purchase on Tuesday, the total dollar procurement for the month of January 2026 alone has reached $743 million.

Arif Hossain Khan, Executive Director and Spokesperson of Bangladesh Bank, confirmed the details of Tuesday’s transaction.

He noted that the aggressive buying strategy has significantly bolstered the country’s holdings during the current fiscal year.

Data reveals that during the first six months and twenty days of FY 2025-26 (from July 1 to January 20), the central bank has purchased a total of $3.87 billion (3,878.50 million) from the interbank market.

Market analysts suggest that the central bank is taking advantage of increased dollar inflows—likely from remittances and export earnings—to replenish the foreign exchange reserves, which had faced pressure in previous years. By maintaining a steady “cut-off” rate of Tk 122.30, the regulator is also signaling a desire for exchange rate stability, preventing abrupt fluctuations that could impact inflation and import costs.

Bangladesh Bank (BB) has allowed a special loan rescheduling and restructuring facility for distressed export-oriented and domestic shipbuilding companies in a bid to keep the sector operational and improve loan recovery by banks.

As per a BB circular issued yesterday, borrowers will have to make a 3 percent down payment on their outstanding loan balance to qualify for the facility. They must pay 1.5 percent at the time of application and the rest within the next six months.

Defaulters will be able to reschedule or restructure their loans for up to 10 years, including a maximum two-year grace period, depending on the borrower’s repayment capacity and business prospects.

During the grace period, interest must be paid on a monthly or quarterly basis. Blocked interest will have to be repaid in instalments after the grace period ends without additional interest.

Borrowers must submit applications to their banks by June 30, 2026, along with the required down payment. On the other hand, banks have been instructed to decide on applications within 60 days of receipt.

BB has also instructed all scheduled banks to consider case-by-case applications from genuinely affected shipbuilders for special rescheduling of their classified loans as of December 31, 2025.

For loans which were rescheduled under an earlier 2023 circular, banks may grant an additional two-year extension, subject to a further 2 percent down payment.

The central bank said the move became necessary due to disruptions in global supply chains, geopolitical instability in Europe, and a global economic slowdown that hurt the cash flows of shipbuilders beyond their control.

Firms found guilty of fraud, willful default, or loan manipulation will not be eligible for the facility, BB clarified. Before approving any rescheduling, banks must conduct a special inspection to verify whether the borrower was genuinely affected by circumstances beyond their control. Islamic banks have been asked to apply the same policy in line with Shariah principles.

The circular takes immediate effect under Section 45 of the Bank Company Act, 1991.

Bankers say the move could provide breathing space to the struggling shipbuilding sector, which has significant export potential but has faced financial stress in recent years due to global market volatility.

At the end of 2024, total outstanding loans in the shipbuilding and ship-breaking industry stood at Tk 20,506 crore, of which Tk 8,031 crore had become defaulted, according to BB data.

The Dhaka Stock Exchange extended its bullish momentum for a second consecutive session yesterday (19 January) as renewed buying interest across sectors lifted the benchmark index sharply, reflecting a significant recovery in investor sentiment after a prolonged period of market sluggishness.

The benchmark DSEX index jumped 56 points, or 1.12%, to close at 5,091, bringing the cumulative gain over the last two trading days to 133 points. This rally bolstered the market capitalisation by approximately Tk9,000 crore, highlighting the broad-based nature of the day's gains.

The blue-chip index, DS30, also posted a strong performance, rising by 25 points, or 1.33%, to settle at 1,964. Market breadth remained decisively positive, with 268 issues advancing against 72 decliners, while 54 stocks closed unchanged, indicating widespread participation in the rally.

Turnover, a key indicator of market activity, surged by 25% to Tk593 crore, marking a two-month high. The volume was close to the recent peak of Tk636 crore recorded on 25 November 2025, suggesting that both institutional and retail investors are returning to the market with increased confidence.

A managing director of a brokerage firm said the market often witnesses a rally from mid-January each year, largely driven by institutional investors stepping up their participation after year-end adjustments.

He noted that the current market levels remain attractive following a prolonged subdued phase, during which many fundamentally strong stocks traded at discounted prices. As a result, both institutional and retail investors are actively positioning themselves on the buy side.

He further added that the upcoming national election has also sent a positive signal to the market, helping to reduce uncertainty and improve overall investor confidence.

Trading activity was concentrated in several heavyweight and actively traded stocks, with Square Pharmaceuticals, Prime Bank, City Bank, BRAC Bank, and Orion Infusion featuring among the top turnover contributors for the day. These stocks played a key role in pulling the indices higher.

All major large-cap sectors closed in positive territory, reinforcing the strength of the rally. The non-bank financial institution sector led the gains with a jump of over 2%, followed by strong performances from the food and allied, pharmaceutical, and engineering sectors. Fuel and power, telecommunication, and banking stocks also posted modest but positive returns, indicating a balanced sectoral recovery rather than a narrow rally.

The upbeat trend was mirrored at the Chittagong Stock Exchange as well. The CSCX index rose by 65 points to close at 8,791, while the broader CASPI advanced 111 points to settle at 14,198. Turnover at the port city bourse stood at Tk12.33 crore, reflecting improved trading activity there too.

The Bangladesh Bank (BB) is going to unveil its monetary policy statement for January to June of the current fiscal year on January 29, at a time when inflation remains elevated despite a high policy rate.

The central bank monetary policy committee is scheduled to meet this week to finalise the policy stance for the six-month period. The proposal will then be placed before the board of directors of the banking regulator for approval on January 25.

BB Governor Ahsan H Mansur will announce the policy at a press conference at the central bank headquarters.

The monetary authority, tasked with managing currency, money supply, and interest rates to maintain price stability, will unveil the policy amid renewed price pressures.

In December, Inflation rose to 8.49 percent from 8.29 percent a month earlier, according to the Bangladesh Bureau of Statistics (BBS).

Industry insiders said inflation is showing signs of heating up again despite the central bank’s tight monetary stance, pointing to supply-side constraints rather than excess demand as the primary driver of rising prices.

The central bank has kept the policy rate unchanged at 10 percent since October 2024, resisting calls from business groups for a rate cut.

Zahid Hussain, a former lead economist at the World Bank’s Dhaka office, said the central bank has little room to ease policy while inflation is high.

Cutting the policy rate at this stage could add to inflationary pressures rather than stabilise prices, he said, adding that the central bank is likely to keep the rate at 10 percent in the near term.

“Inflation is not being driven only by excess demand; supply-side bottlenecks and global supply chain disruptions are also playing a major role in keeping prices elevated,” said the economist.

On exchange rate management, Hussain said Bangladesh Bank is prioritising stability rather than allowing the taka to strengthen against the US dollar.

“Despite steady remittance inflows and improved dollar availability, the central bank is avoiding taka appreciation. While a stronger taka could have reduced import costs, it could also hurt exporters’ earnings and discourage remittance inflows, prompting the central bank to keep the exchange rate stable,” he added.

Private sector credit growth remains subdued, while short-term foreign borrowing has declined, he said. Although lower interest rates could support investment, persistently high inflation limits the scope for such moves.

“Meanwhile, Bangladesh Bank’s dollar purchases have injected liquidity into the banking system, but sluggish credit demand has contained inflationary risks for now,” he noted.

Md Ezazul Islam, director general of the Bangladesh Institute of Bank Management (BIBM), said the central bank should maintain its tight monetary stance for at least the next six months, or at least three months, to rein in inflation.

With an election schedule approaching, demand for credit is likely to rise, he said, commenting that any rate cut at this stage could add to inflationary pressure.

The National Board of Revenue (NBR) posted a 14 percent growth in revenue collection in the first half of the current fiscal year (FY), yet missed the target for the period by a staggering Tk 46,000 crore or nearly 10 percent.

The development raises questions whether the board would be able to meet its hiked target for the year as experts and officials point out the latest growth is not remarkable, rather a recovery from last year’s turbulence amid a more stable political and business climate.

The revenue board has failed to meet its annual target for at least a decade as of last year.

In the July-December period of FY2025-26, NBR logged Tk 185,229 crore, according to the board’s provisional data.

All three main revenue streams contributed to the rise. Local level value-added tax (VAT) collection reached Tk 70,493 crore, up from Tk 58,759 crore a year earlier, marking around a 20 percent increase.

Income and travel taxes rose to Tk 61,875 crore, a 14.67 percent rise on the same period last year. Customs duties from international trade increased by 6.81 percent to Tk 52,860 crore, due to higher imports following the easing of restrictions.

However, speaking on condition of anonymity, an NBR official said the half-yearly growth was “usual”, largely reflecting a low base caused by last year’s political turbulence.

He also blamed the subdued government development spending and weak private investment for missing the target.

“Slow public-sector projects have weighed on VAT and customs revenue, while cautious investment has constrained corporate tax growth,” the official said, adding that revenue gains are likely to remain modest until economic activity strengthens further.

Experts also caution that the growth is not enough to celebrate.

“A 14 percent growth sounds encouraging, but in reality, it is not a major achievement. It largely reflects a shift from negative to positive territory,” said Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD).

She said the recovery is welcome, but warned against overstating it, pointing out that last year’s revenue collection had been depressed for a prolonged period due to political unrest and broader instability.

Khatun added that the growth rate is not particularly high when compared with earlier periods of sustained positive expansion. “It shows that collections can improve with effort, but it is not something to celebrate excessively.”

Going against the usual practice and history, the interim government raised the revenue collection target for the fiscal year by 5 percent, taking the goal to Tk 588,000 crore from the original Tk 564,000 crore.

The upward adjustment followed stronger-than-expected performance in the July-September period, when revenue rose by 17.6 percent, far higher than the 4.94 percent recorded in the same period a year ago.

On the higher target, Khatun said setting ambitious goals without matching capacity has become a recurring pattern.

“This has turned into a tradition – setting ambitious targets and then failing to meet them. Repeating this only exposes institutional weaknesses,” she said.

“If the capacity to collect does not align with the target, it points to gaps in manpower, institutional strength and systems,” she added.

While revenue mobilisation must increase and the tax-to-GDP ratio improve, Khatun said achieving that would require deeper reforms, including stronger institutions, improved human resources and technological upgrades. “Without these reforms, revenue shortfalls will persist.”

A recent study by the Office of the United Nations High Commissioner for Human Rights said Bangladesh could collect taxes equal to 14 percent of its GDP, almost double the present rate of 6.6 percent.

Instead, the tax-to-GDP ratio has fallen, reflecting the country’s heavy dependence on indirect taxes and limiting funds for essential services such as education and healthcare.

Dhaka stocks extended their gains for a third consecutive session yesterday (20 January), as cautious investors remained active on both the buying and selling sides amid political uncertainty.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) gained 17 points to close at 5,109. The blue-chip DS30 index rose by 6 points to 1,970, while the Shariah-based DSES index added 7 points to finish at 1,031.

Turnover increased by 12.98% to Tk670 crore, up from Tk593 crore in the previous session. Of the 388 issues traded, 210 advanced, 109 declined and 69 remained unchanged.

According to market insiders, the stock market had become oversold after several months of decline, largely driven by political uncertainty. However, as the election draws closer, some of that uncertainty has begun to ease, encouraging a return of fresh investment.

They also noted that the market often shows a positive trend around mid-January, which has further supported investor activity. As a result, trading has picked up on both sides of the market.

Over the past year, political uncertainty and several decisions taken by the market regulator were not positively received by investors. Many investors left the market, while a large number of institutional and high-net-worth investors became largely inactive.

This prolonged weakness pushed down the prices of even fundamentally strong stocks.

Analysts said political uncertainty remains the most important factor shaping investor sentiment. As this uncertainty gradually eases, they expect the market to move in a more positive direction.

However, they added that since the situation has not fully stabilised, institutional and large investors are still staying on the sidelines, keeping trading volume below its potential level.

They believe that if policy stability is ensured and investor confidence returns, the capital market has strong potential to recover in the coming period.

Large-cap sectors showed mixed performance during the session. The telecommunication sector posted the highest gain, rising by 1.41%, followed by engineering, which advanced 0.87%. The fuel and power sector gained 0.40%, while pharmaceuticals rose by 0.39%.

On the downside, the non-bank financial institutions (NBFI) sector slipped by 0.02%, banking fell by 0.13%, and the food and allied sector recorded the biggest loss among large-cap sectors, declining by 0.45%. Block trades accounted for 4.8% of the day's total turnover.

The Chittagong Stock Exchange also closed higher. The CSCX index rose by 28 points to 8,819, while the CASPI index gained 44 points to close at 14,243, reflecting a positive mood across both major bourses.

Square Pharmaceuticals' Chairman Samuel S Chowdhury has announced that he will buy 20 lakh shares of the company at the prevailing market price, according to a disclosure filed with the Dhaka Stock Exchange (DSE) today (20 January).

Under the plan, the shares, worth Tk43 crore with each costing Tk215.20, will be acquired from both the public market and through block transactions on the DSE within the next 30 working days.

Samuel Chowdhury already holds a significant stake in the company – 8.42 shares until June 2025 – and this latest planned purchase underscores the continued confidence of senior leadership in Square Pharma's long-term prospects.

Earlier this month, in a separate disclosures, Square Pharmaceuticals Managing Director Tapan Chowdhury, and Director Ratna Patra also announced plans to buy a total 30 lakh shares – with Tapan purchasing 20 lakh shares and Ratna 10 lakh – of the company at the market price within the next 30 working days.

Until June 2025, Tapan held 8.55 crore shares and Ratna 7.95 crore shares of Square Pharmaceuticals.

Industry data shows that sponsor-directors of Square Pharmaceuticals have been steadily increasing their holdings, a trend often viewed by market observers as a sign of confidence in the company's future performance.

Square Pharmaceuticals is currently the second-largest listed company on the DSE by market capitalisation, valued at around Tk18,500 crore, which represents roughly 5.6% of the total market capitalisation of the bourse.

According to the company's December shareholding statement, sponsors and directors jointly hold a combined 43.59% of the company's shares, institutional investors own 14.54%, foreign investors 14.52%, and general investors account for the remaining 27.35%.

In the first half of the current 2025-26 fiscal year – from July to December – revenue collection by the National Board of Revenue (NBR) increased by 14% compared with the same period of the previous fiscal year.

However, collection fell Tk68,995 crore short of the target. In the same period last fiscal year, the shortfall stood at Tk57,891 crore. NBR officials and experts attribute the large deficit primarily to the ambitious targets set for the current year. They also cite the lack of the expected momentum in the economy and insufficient enthusiasm among field-level officials to boost revenue by preventing evasion.

According to the latest data released by the NBR, revenue collection in December rose by just over 10% compared with the same month of the previous fiscal year. Growth rates in earlier months had been higher. In December alone, the shortfall against the target amounted to Tk12,536 crore.

Statistics show that against a target of Tk2,31,205 crore for the first six months, actual revenue collection stood at Tk162,210 crore. During this period, collection increased by over 14% compared with the same period last fiscal year.

However, to meet the overall target set for the NBR, revenue collection would need to grow by 53% compared with last year.

Experts say there is no precedent in Bangladesh's history for revenue growth at such a high rate.

Towfiqul Islam Khan, additional research director at the Centre for Policy Dialogue (CPD), told The Business Standard, "At the time of the last budget, we had already said that this target was unattainable. Later, another Tk55,000 crore was added to the target. As a result, the total target has become quite ambitious."

"As a result, there could be a large shortfall at the end of the year," he said.

He added, "There is no explanation as to what basis the government added an additional Tk55,000 crore to the NBR's target. It may have been done to align with IMF targets, but this is nothing more than 'eye-wash'."

Md Farid Uddin, a former member of the NBR, said, "There is no likelihood of such momentum in the economy over the next six months that would make it possible to achieve such a large target. This means the institution is heading towards a massive shortfall compared with the target."

He said that since the 2016–17 fiscal year, the government has been presenting large expenditure budgets, which led to correspondingly high revenue targets, resulting in deficits every year.

However, he noted that given the size of Bangladesh's economy, achieving this level of revenue collection is not impossible. But the necessary reforms have not been undertaken. As a result, it will not be possible to formalise the largely informal economy – accounting for more than half of economic activity – and revenue will not be collected in line with the targets.

A tax zone commissioner at the NBR, speaking on condition of anonymity, said that even the target set at the beginning of the year would have been difficult to achieve under the current circumstances. With the target later increased further, achieving it has become practically impossible.

At the start of the fiscal year, the NBR's revenue target was set at Tk4,99,000 crore. Last month, it was raised to Tk5,54,000 crore.

The official added that with an election scheduled for February, there are no signs of a sudden acceleration in the economy thereafter. Even if momentum does pick up, revenue collection will not increase at such a high rate in practical terms.

According to NBR data, in the first half of the fiscal year, income tax collection increased by 14.67%, VAT by nearly 20%, and import tax growth remained below 7%.

With a view to future expansion of operations, Olympic Industries, a listed company in the food and allied sector, has decided to purchase 19.25 decimals of land at an agreed price of Tk57.75 lakh in Narayanganj.

The company has also decided to invest Tk20 lakh in Tripti Industries as a sponsor shareholder in the name of Olympic Industries.

The board approved an investment decision in land and subscription of ordinary shares in Tripti Industries on 19 January, which was disclosed through the stock exchanges on Tuesday.

Land investment

Olympic Industries said its board approved the purchase of 19.25 decimal land under the mouza Madanpur-6 in Narayanganj district to undertake construction to accommodate future expansion of operations.

The purchaser, Olympic Industries, shall also bear the total registration costs, inclusive of value-added tax, taxes and other charges, the disclosure said.

Investment in Tripti Industries

The board of Olympic Industries has approved an investment of Tk20 lakh in Tripti Industries, divided into 2 lakh ordinary shares worth Tk10 each, as a sponsor shareholder in the name of Olympic Industries.

The proposed authorised capital of Tripti Industries will be Tk50 crore, divided into 5 crore ordinary shares of Tk10 each, while the paid-up capital will be Tk50 lakh, divided into 5 lakh ordinary shares of Tk10 each.

Previously, there was a listed company named Tripti Industries under the common management of Olympic Industries. In 2008, Olympic Industries and Tripti Industries merged, after which the business has been operating under the name Olympic Industries.

Regarding the investment in Tripti Industries, Mintu Kumar Das, company secretary of Olympic Industries, told The Business Standard: "The board has taken the decision to invest in Tripti Industries. The nature and business line will be decided after the completion of all formalities."

In FY25, Olympic Industries posted Tk2,772 crore revenue with a 6.91% growth year-on-year, and posted a profit of Tk201 crore, which was Tk183.40 crore in the previous fiscal year.

It had paid 30% cash dividend to its shareholders.

On Tuesday, its share price closed at Tk174.70 each at the Dhaka Stock Exchange (DSE).

Foreign portfolio investors today (20 January) identified capital gain tax complexities and a limited pool of quality listed companies and a sense of insecurity as major structural barriers holding back Bangladesh's capital market, urging policy reforms, mandatory listings and political stability to unlock long-term growth.

The concerns were raised at a discussion titled "Post-Election 2026 Horizon: Economy, Politics, Capital Market," organised by BRAC EPL Stock Brokerage Limited in Dhaka, where global fund managers, policymakers, bankers and political leaders exchanged views on the future of the economy and financial markets.

Matthias Martinez, a foreign investor from Sweden-based Tundra Fonder, said capital gains tax remains one of the major deterrents for foreign investors in Bangladesh, not because of the rate alone, but due to the administrative complexity involved.

"Capital gains tax creates a significant administrative hurdle for foreign investors," he said, citing Vietnam as an example of a smarter and more investor-friendly approach. "Vietnam deducts tax at the transaction level, which simplifies compliance enormously. Bangladesh needs to think along similar lines."

Martinez also pointed out that Bangladesh suffers from a poor number of investable listed companies compared to its peer economies.

Gordon Fraser from global asset manager BlackRock echoed similar concerns, stressing that easy market access and robust valuation methodologies are essential to attract large institutional funds. "Funds need clarity, liquidity and reliable valuation frameworks. Without these, it is difficult to deploy meaningful capital."

In the keynote presentation, MA Razzaque, chairman of Research and Policy Integration for Development, said Bangladesh's economic trajectory is closely linked to both political and macroeconomic transitions. "The growth prospects for the medium term remain quite strong," he noted, citing International Monetary Fund projections that place Bangladesh's growth at around 6.3% by 2030, provided political transition remains favourable.

Razzaque highlighted the challenges and opportunities arising from Bangladesh's graduation from Least Developed Country status. While the country enjoys strong global competitiveness in the garments sector due to low-cost production, he warned that post-graduation realities would require broader market access and free trade agreements.

"Poor infrastructure, complex regulations, labour rights compliance and environmental standards are not easy challenges to overcome in the short term," he said, adding that Bangladesh must carefully decide whether to delay graduation to better prepare for these structural shifts.

He emphasised that a politically mandated government is crucial to drive difficult reforms, calling the next election "extremely important" for restoring confidence and policy momentum.

Saifuddin Ahmed, commissioner of the Bangladesh Securities and Exchange Commission, said the capital market is designed to provide long-term funding and must focus on quality capital and stronger disclosure standards.

He said reforms are underway in capital issuance, mutual funds and margin rules to ensure transparency and accountability.

"We are also evolving market infrastructure through the redesign of the Dhaka and Chittagong stock exchanges following demutualisation," he added.

Amir Khasru Mahmud Chowdhury, a member of the BNP standing committee, said many of Bangladesh's economic problems stem from a lack of accountability. Expressing hope for a free, fair and transparent election, he said an elected government is essential to restore investor confidence.

"If the capital market becomes fully functional, the government can raise funds domestically instead of relying on external borrowing," he said.

Referring to Bangladesh's IMF loan, which came with stringent conditions, Khasru said, "If the country has a vibrant capital market, the government might not go to the outside for the funds to complete the development projects."

Speakers argued that reform should focus on deregulation rather than further tightening.

Despite these challenges, they maintained that Bangladesh remains relatively well-positioned compared to peer countries, provided reforms are implemented and political legitimacy is restored. "Without an elected government, investors will not gain confidence," one panellist said, adding that accountability is the foundation of market trust.

The discussion also underscored the need for an independent and capable regulator.

Mashrur Arefin, managing director of City Bank and president of the Association of Bankers, Bangladesh, said reforms in the banking sector are ongoing but have sometimes created unintended consequences, such as investor losses from recent bank mergers.

Inflow of remittances witnessed a year-on-year growth of 69 percent reaching US$2,040 million in the first 18 days of January, according to the latest data of Bangladesh Bank (BB) issued on Monday.

Last year, during the same period, the country’s remittance inflow was $1,207million.

During the July to January 18, 2026 of the current fiscal year, expatriates sent remittances of $18,305 million, which was $14,983 million during the same period of the previous fiscal year.

The dollar fell on Monday as investors unnerved by ​US President Donald Trump's latest tariff threats against Europe over Greenland piled into the safe-haven yen and Swiss franc, ‌in a broad risk-averse move across markets.

Trump said over the weekend he would impose an additional 10 percent import tariff from February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, until the United States is allowed to buy Greenland.

Major European Union nations decried the Greenland tariff threats as blackmail on Sunday, with France proposing to respond with a range of previously untested economic countermeasures.

In the foreign exchange market, the knee-jerk reaction in ‌early Asia trade was to sell the euro and sterling , pushing the currencies to a seven-week low of $1.1572 ​and a one-month trough of $1.3321, respectively.

As the trading day got underway, both bounced from their lows, however, with the dollar coming under pressure as investors assessed the longer-term implications of Trump's latest move on the greenback.
That helped the euro reverse its losses, gaining 0.3 percent to trade ‍at $1.1634, while the British pound similarly recovered 0.16 percent to $1.3397.

"Typically you would think tariffs being threatened would lead to a weaker euro," said Khoon Goh, head of Asia research at ANZ.

"But, as we've seen last year as well, when the 'Liberation Day' tariffs were getting put in place, the impact in FX markets actually has ⁠been more towards dollar weakness every time there is heightened policy uncertainty emanating from the United States."

Investors had dumped the dollar after Trump ‍unveiled sweeping tariffs on the world last April, triggering a crisis of confidence in US assets.

A similar trend played out on Monday, as the greenback slid ‌0.45 percent against ‌the safe-haven Swiss franc to 0.7985, and was down 0.21 percent at 157.77 yen.

Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur on Monday expressed strong optimism regarding the country’s macroeconomic stability, projecting that foreign currency reserves are on track to meet and surpass US$35 billion by the end of the current fiscal year 2025-26 (FY26).

“Reaching the $35 billion mark would establish a very comfortable level for the economy,” he said while speaking at a seminar on “Systematic Efforts to Understand Economic Pulse: Importance of Purchasing Managers’ Index (PMI)” at Metropolitan Chamber of Commerce and Industry (MCCI) office in the city.

MCCI and Policy Exchange Bangladesh (PEB) jointly organised the seminar.

In his speech, Ahsan H. Mansur clarified that this target is expected to be met without relying on IMF money, stating that any additional external funding would simply be icing on the cake rather than a necessity for hitting the target.

The governor highlighted significant progress in the balance of payments and the external sector.

While acknowledging that the export sector is currently facing headwinds and remains a weak point, the governor pointed to favourable developments in global import prices.

He noted that the country has achieved terms of trade gains due to significantly reduced energy prices and generally stable or declining commodity prices.

“If you look at petroleum price for example the price average decline is about 30%,” the Governor stated, adding that this reduction represents a direct gain for the economy.

Consequently, while import payments have increased by approximately 5% to 6% this year, the actual volume of imports has risen much more significantly, he added.

He said this growth in volume is corroborated by data from the Chittagong port, which indicates strong increases in both tonnage and container numbers.

The governor addressed the very difficult liquidity situation the banking sector previously faced, which began with a shortage of foreign exchange.

He revealed that the central bank had to settle accumulated arrears totalling approximately $3.5 billion.

The Governor explained that a prior drop in reserves from $48 billion to $20 billion had caused a massive contraction in the money supply, with trillions of taka leaving the country.

This led to a severe deceleration in deposit growth, which stood at only 6.4% as of December 2024, creating a scarcity of funds for private sector financing, he added.Import financing solutions

The Governor cited recent data showing that deposit growth has rebounded to 11%.

“With total deposits now standing at approximately 20 trillion taka, this growth rate translates to an influx of roughly 2.2 trillion taka into the system,” he added.

Emphasizing the importance of real-time analytics, the Governor remarked that policymakers do not have a crystal ball and must rely on high-frequency data—such as daily exchange rates, interbank interest rates, and remittance flows—to make decisions.

He shared positive news regarding remittances, noting that daily collection had recently topped $170 million, and monthly figures were tracking at roughly 70% of the previous month’s total at the time of the speech.

The governor also welcomed the introduction of the Purchasing Managers’ Index (PMI) as a new kid in town, thanking the MCCI and Policy Exchange for the initiative, noting that the addition of such indicators aids in the art of policymaking.

Deputy High Commissioner and Development Director, British High Commission to Bangladesh James Goldman attended the seminar as the special guest while MCCI President Kamran T. Rahman delivered the welcome speech.

PEB Chairman and CEO Dr. M. Masrur Reaz delivered the keynote presentation while Head of Prosperity and Economic Growth, FCDO Issam Mosaddeq delivered the Contextual Background on PMI.

The government has decided to sell properties owned by Nassa Group to clear outstanding wages and service benefits for its workers, Labour and Employment Adviser M Sakhawat Hussain said on Sunday.

A sale of assets will be carried out in accordance with court directives, the adviser said at an Advisory Council Committee meeting on reviewing conditions of industrial units in Beximco Industrial Park, held at the Secretariat.

Nassa Group has so far paid Tk 76 crore to workers by selling company shares through a court-appointed administrator, a ministry press release quoted him as saying.

The group has also made down payments to eight banks under instructions from the Bangladesh Bank.

Remaining payments to another 15 banks and the settlement of outstanding worker arrears will be addressed through the sale of Nassa Group assets via open and competitive processes, following court guidance.

The group, which employed more than 30,000 workers in textile and garment operations and also has stakes in banking and real estate, faced financial turmoil after its chairman, Nazrul Islam Mazumder, was arrested in October 2024 over a murder case linked to the July uprising.

Media reports indicate that most of Nassa’s operations have remained paralysed since the change of government in August 2024, with factories shuttered and unpaid bank loans mounting to several thousand crore taka.

Earlier, the Bangladesh Financial Intelligence Unit alleged Mazumder’s involvement in trade-based money laundering worth about Tk 16,000 crore, including Tk 4,717 crore reportedly siphoned from EXIM Bank through 18 shell companies during his tenure as chairman from 2007 to August 2024.

The dollar fell on Monday as investors unnerved by US President Donald Trump's latest tariff threats against Europe over Greenland piled into the safe-haven yen and Swiss franc, in a broad risk-averse move across markets.

Trump said over the weekend he would impose an additional 10% import tariff from 1 February on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, until the United States is allowed to buy Greenland.

Major European Union states decried the tariff threats over Greenland as blackmail on Sunday, with France proposing to respond with a range of previously untested economic countermeasures.

In the foreign exchange market, the initial knee-jerk reaction in early Asia trade was to sell the euro and sterling, in a move that pushed them to a seven-week low and one-month trough of $1.1572 and $1.3321, respectively.

However, the two currencies bounced from their lows and it was the dollar that came under pressure as the trading day got underway, as investors assessed the longer-term implications of Trump's latest move on the greenback's standing.

That helped the euro reverse its losses as it gained 0.21% to trade at $1.1623, while the British pound similarly recovered 0.11% to $1.3390.

"Typically you would think tariffs being threatened would lead to a weaker euro, but as we've seen last year as well, when the Liberation Day tariffs were getting put in place, the impact in FX markets actually has been more towards dollar weakness every time there is heightened policy uncertainty emanating from the US," said Khoon Goh, head of Asia research at ANZ.

Investors had dumped the dollar in the wake of last April's "Liberation Day" announcement when Trump unveiled sweeping tariffs on the world, triggering a crisis of confidence in US assets.

A similar trend played out on Monday, as the greenback slid 0.36% against the safe-haven Swiss franc to 0.7993, and was down 0.24% to 157.74 yen.

The dollar index eased slightly to 99.18.

"While you would argue that the tariffs threaten Europe, in fact, it's actually the dollar that is bearing the brunt of it, because I think markets are pricing in increased political risk premia on the US dollar," said Goh.

Cryptocurrencies, which are often used as a gauge of risk sentiment, were also sold off heavily.

Bitcoin was down more than 3% to $92,477.54, while ether sank roughly 4% to $3,203.13.

In Asia, data on Monday showed China's economy grew 4.5% in the fourth quarter from a year earlier, a touch above analysts' expectations and bang in line with the government's annual growth target.

The onshore yuan was little changed at 6.9647 per dollar following the release, while its offshore counterpart was a touch stronger at 6.9608 per dollar.

The Australian dollar, which is often used as a liquid proxy for the yuan, similarly did not budge on the data. It was last down 0.09% at $0.6685, as it remained under pressure from the broad risk-off move.

The New Zealand dollar was up 0.25% at $0.5766.

Bangladesh Lamps Limited (BD Lamps), a listed electric bulb manufacturer, returned to profit in the second quarter of the current financial year, although it still ended the first half in the red after a loss in the July-September period.

According to its quarterly financial statements, the electric bulb maker posted a profit of Tk10 lakh in the October-December quarter of FY26, with earnings per share (EPS) of Tk0.10.

However, because of a loss of Tk1.24 crore in the first quarter, the company reported a net loss of Tk1.14 crore for the July-December period. Even so, the half-year loss narrowed sharply compared with the same period of the previous financial year.

In the first half of FY25, BD Lamps had posted a net loss of Tk5.85 crore, with a loss per share of Tk5.56, the company's filings showed.

Explaining the change in EPS, the company said performance improved compared with the corresponding period a year earlier, supported by revenue growth of 14.1% and a 1.97% rise in gross profit.

In the July-December period of FY26, revenue rose to Tk102.63 crore, from Tk89.91 crore in the same period of the previous year. In the second quarter alone, revenue increased to Tk53.84 crore, up from Tk47.74 crore in the same quarter of FY25.

The company reported net operating cash flow per share of Tk16.30, compared with negative Tk19.41 in the same period a year earlier.

It said operating cash flow improved mainly because of higher customer collections of Tk18.86 crore and lower payments to suppliers amounting to Tk19.96 crore.

Net asset value per share declined to Tk43.39 as of December, from Tk44.99 in December 2024.

In the last financial year, BD Lamps posted a loss of Tk6.55 crore, with a loss per share of Tk6.22. Despite the losses, the company paid a 10% cash dividend to its shareholders.

Yesterday, BD Lamps shares closed at Tk141.30 each on the Dhaka Stock Exchange (DSE), down 2.89% from the previous trading session.

The Dhaka Stock Exchange extended its bullish momentum for a second consecutive session yesterday (19 January) as renewed buying interest across sectors lifted the benchmark index sharply, reflecting a significant recovery in investor sentiment after a prolonged period of market sluggishness.

The benchmark DSEX index jumped 56 points, or 1.12%, to close at 5,091, bringing the cumulative gain over the last two trading days to 133 points. This rally bolstered the market capitalisation by approximately Tk9,000 crore, highlighting the broad-based nature of the day's gains.

The blue-chip index, DS30, also posted a strong performance, rising by 25 points, or 1.33%, to settle at 1,964. Market breadth remained decisively positive, with 268 issues advancing against 72 decliners, while 54 stocks closed unchanged, indicating widespread participation in the rally.

Turnover, a key indicator of market activity, surged by 25% to Tk593 crore, marking a two-month high. The volume was close to the recent peak of Tk636 crore recorded on 25 November 2025, suggesting that both institutional and retail investors are returning to the market with increased confidence.

A managing director of a brokerage firm said the market often witnesses a rally from mid-January each year, largely driven by institutional investors stepping up their participation after year-end adjustments.

He noted that the current market levels remain attractive following a prolonged subdued phase, during which many fundamentally strong stocks traded at discounted prices. As a result, both institutional and retail investors are actively positioning themselves on the buy side.

He further added that the upcoming national election has also sent a positive signal to the market, helping to reduce uncertainty and improve overall investor confidence.

Trading activity was concentrated in several heavyweight and actively traded stocks, with Square Pharmaceuticals, Prime Bank, City Bank, BRAC Bank, and Orion Infusion featuring among the top turnover contributors for the day. These stocks played a key role in pulling the indices higher.

All major large-cap sectors closed in positive territory, reinforcing the strength of the rally. The non-bank financial institution sector led the gains with a jump of over 2%, followed by strong performances from the food and allied, pharmaceutical, and engineering sectors. Fuel and power, telecommunication, and banking stocks also posted modest but positive returns, indicating a balanced sectoral recovery rather than a narrow rally.

The upbeat trend was mirrored at the Chittagong Stock Exchange as well. The CSCX index rose by 65 points to close at 8,791, while the broader CASPI advanced 111 points to settle at 14,198. Turnover at the port city bourse stood at Tk12.33 crore, reflecting improved trading activity there too.

Everyone must perform their duties responsibly from their respective positions in the interest of the country, the national economy and the capital market, Bangladesh Securities and Exchange Commission Chairman Khondker Rashed Maqsood said today (19 January).

He said the BSEC remains proactive in ensuring the welfare and development of the capital market and will provide all necessary support to stakeholders in this regard, reads a press release.

The BSEC chairman made the remarks during a courtesy meeting and exchange of views with the newly elected executive committee of the Bangladesh Association of Publicly Listed Companies at the BSEC building in Agargaon, Dhaka.

During the meeting, he said BAPLC is one of the key stakeholders of the capital market and plays a particularly important role in its development and reform. He emphasised the need to ensure institutional good governance, transparency and accountability in listed companies, as well as protecting the interests of shareholders and investors.

In the press release, the BSEC said the commission congratulated the newly elected executive committee of BAPLC and called for joint efforts to work together in the interest of the country's capital market and investors.

The meeting, which began at 10am in the commission meeting room, was also attended by BSEC commissioners Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh and Md Saifuddin, as well as BSEC executive directors, directors and other concerned officials.

Representing BAPLC at the meeting were its president and Managing Director of National Polymer Industries PLC Riyad Mahmud; Managing Director and CEO of Energypac Power Humayun Rashid; Managing Director and CEO of Asia Insurance Md Imam Shaheen; Managing Director of Provati Insurance Md Zahidul Islam; Chief Executive Officer of Eastern Insurance Hasan Tarek; Managing Director of GQ Ball Pen Industries Ujjal Kumar Saha; Director of Robi Axiata Sharif Shah Jamal Raj; Managing Director and CEO of National Housing Finance Mohammad Shamsul Islam; Managing Director of Summit Power Major General (retd) Dr Monirul Islam Akhond; Director of Chartered Life Insurance Md Sharif Hasan; Director of Delta Life Insurance Ziad Rahman; and BAPLC Secretary General Md Amjad Hossain.

Gold prices in Bangladesh have soared to a new all-time high, with the price of 22-carat gold set at Tk238,879 per bhori (11.664 grams), following the latest adjustment by the Bangladesh Jewellers Association (Bajus).

In a notification issued late Monday night (19 January), Bajus announced a price hike of Tk4,199 per bhori, pushing gold prices to a record level.

The new rates will come into effect from Tuesday morning.

Under the revised prices, 21-carat gold will cost Tk228,031 per bhori, 18-carat gold Tk195,430 per bhori, while gold under the traditional method has been fixed at Tk160,147 per bhori.

Bajus said the price adjustment was made in view of an increase in the local market price of tejabi gold (pure gold), considering the overall market situation.

The association also noted that a mandatory 5% value-added tax (VAT) imposed by the government and a minimum 6% making charge set by Bajus must be added to the selling price of gold jewellery. However, making charges may vary depending on design and quality.

The last price revision took place on 14 January, when Bajus raised the price of 22-carat gold by Tk2,625 per bhori to Tk234,680, which had been the highest price in the country's history until now.

With the latest adjustment, gold prices have been revised eight times so far in 2026, with six increases and two reductions. In 2025, gold prices were adjusted a total of 93 times, raised on 64 occasions and reduced 29 times.

Alongside gold, silver prices have also been increased.

The price of 22-carat silver has been raised by Tk291 per bhori to Tk 6,240, the highest level ever recorded in the country.

Under the new rates, 21-carat silver will cost Tk5,949 per bhori, 18-carat silver Tk5,132 per bhori, and silver under the traditional method Tk3,849 per bhori.

So far this year, silver prices have been adjusted five times, with three increases and two reductions.