Bangladesh Services Limited (BSL), the owner of InterContinental Dhaka, has reported a 24% year-on-year reduction in losses in the first half of the current fiscal year, though the state-run hospitality firm continues to struggle with heavy debt and accumulated losses.

According to its disclosure, it incurred a loss of Tk38 crore with the loss per share of Tk3.95 in the July to December period of 2025-26. It had incurred Tk50.85 crore loss with per share loss of Tk5.20 in H1 of 2024-25.

In the second quarter during October–December, the company incurred a loss of Tk12.61 crore, with a loss per share of Tk1.29. In the corresponding quarter of the previous fiscal year (FY25), it had posted a higher loss of Tk18 crore, with a per share loss of Tk1.85.

Its net asset value per share at the end of December increased to Tk2.58, which was Tk1.97 for the July-December of 2024. While its net asset value per share stood at Tk215.79 as of December 2025, which is lower from Tk219.74 as of 30 June 2025, it data showed.

Despite the improvement in half-year performance, Bangladesh Services Limited remains under significant financial strain.

The travel and leisure sector-listed firm has been incurring losses for years amid a business slowdown and the burden of substantial loans taken for renovation. Its long-term loans and borrowings swelled to over Tk800 crore by June 2025, according to its latest annual report.

As of June 2025, accumulated losses stood at Tk706 crore, including an additional Tk87.38 crore loss in FY25. The company has failed to declare dividends for years due to continuous losses.

Its auditor said its accumulated losses for FY25 stood at Tk706 and a current assets deficit of Tk308 crore.

In addition, the company has loans of Tk908 crore and debt equity ratio of 0.42. These matters indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, the auditor said.

Within hours of ousting Ahsan H Mansur and appointing a new governor, the Bangladesh Bank (BB) transferred five officials and reinstated three previously transferred officials back to their posts.

The five transferred officials are Md Zabdul Islam, Md Shahid Reza, Md Bayazid Sarker, Gazi Md Mahfuzul Islam -- all holding director posts -- and Md Kamrul Islam, an additional director. Their transfers were ordered yesterday through a notice issued by the central bank’s human resources department.

On Tuesday, three central bank officials were transferred. They were Nawshad Mustafa, general secretary of the pro-Awami League ‘Nil Dal’ at BB and director of the SME Special Programmes Department; AKM Masum Billah, president of the Bangladesh Bank Officers’ Welfare Council elected from Nil Dal; and Golam Mostafa Shraban, general secretary of the council.

However, an amendment was issued by the same department yesterday, reinstating them to their previous posts.

Earlier on Monday, they were served show-cause notices for holding a press conference in violation of staff rules and commenting on policy decisions. The order for their transfer came a week after a section of BB officials, under the banner of the Bangladesh Bank Officers’ Welfare Council, held a press conference on the BB premises.

At the press briefing, called suddenly on February 16, officials described Ahsan H Mansur’s position as “autocratic” on several issues, including the merger of weaker banks with EXIM Bank and Social Islami Bank and the initiative to grant digital bank licences.

Bangladesh expanded its footprint in the United States apparel market to 10.53 percent in 2025, up from 9.26 percent a year earlier, as American buyers shifted orders away from China, according to official data.

US retailers and brands imported garments worth $77.88 billion from across the world last year, according to the Office of Textiles and Apparel (OTEXA) under the US Department of Commerce.

Of that total, Bangladesh supplied $8.20 billion, strengthening its position as the third-largest apparel exporter to the US market.

In 2025, Vietnam emerged as the largest garment exporter to the American market, overtaking China. It shipped readymade garment items worth $16.74 billion, capturing a 21.50 percent market share.

China, which led the market in 2024 with a 20.83 percent share, saw its position weaken abruptly. Its share fell to 13.66 percent in 2025, with exports totalling $10.64 billion, according to OTEXA data.

China’s decline is largely linked to punishing tariffs imposed by US President Donald Trump last year.

The United States is the largest single-nation export market for Bangladeshi apparel items. Bangladesh’s performance in the American market marks a steady recovery and gradual expansion over the past few years.

Its market share stood at 9.37 percent in 2023 and 9.74 percent in 2022. The figure dropped to 8.76 percent in 2021 as exports were hit by the severe fallout from the Covid-19 pandemic.

The latest gain signals growing demand for Bangladeshi garments in the US market at a time of shifting sourcing strategies among global brands.

Industry leaders expect further growth if trade conditions remain favourable. The Trump administration has lowered the reciprocal tariff to 10 percent after a US court ruling, a move that could ease cost pressures in the US market.

“The lowering of the tariff will reduce the prices of commodities in the American markets, and the buyers will purchase more commodities such as garment items and ultimately the supply of locally made garments to the American market will grow in future,” said Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the US and Iran that could disrupt supply continued to worry investors as talks between the parties are set for Thursday.

Brent futures were up 43 cents, or 0.6 percent, at $71.20 per barrel at 0400 GMT. WTI futures rose 38 cents, or 0.6 percent, to $66.01.

Gold prices rose on Wednesday, lifted by a softer dollar and heightened safe-haven demand amid uncertainty over US tariffs and rising friction between Washington and Tehran.

Spot gold rose 0.8 percent to $5,190.99 per ounce, as of 0841 GMT. US gold futures for April delivery were up 0.7 percent at $5,210.40.

The US dollar index shed 0.1 percent, making greenback-priced bullion cheaper for other currency holders.

“Spot gold is being supported above the $5,000 level by the softer US dollar, a muddied outlook on US trade policy, and persistent geopolitical tensions,” said Han Tan, chief market analyst at Bybit.

“As long as these fundamental drivers remain intact, bullion bulls will be eager for a return towards record highs.”

Gold, a traditional safe-haven, does well during times of geopolitical and economic uncertainty.

US President Donald Trump said in his State of the Union speech that “almost all” countries and corporations want to stick to tariff and investment agreements previously made with Washington.

The country began collecting a temporary 10 percent global import tariff on Tuesday, but Washington was working to raise it to 15 percent, a White House official said.

Meanwhile, US envoys Steve Witkoff and Jared Kushner are slated to meet with an Iranian delegation for a third round of nuclear talks on Thursday in Geneva.

Iran is close to a deal with China to purchase anti-ship cruise missiles, according to Reuters sources, which could target the US naval forces that have assembled near the Iranian coast.

Elsewhere, spot silver climbed 4.2 percent to $90.96 per ounce, a three-week high.

“The path ahead (for silver) will be shaped by a more complex mix of monetary policy, inflation expectations, and US dollar dynamics,” said Rania Gule, Senior Market Analyst at XS.com.

JP Morgan on Wednesday said demand from central banks and investors this year could push gold prices to $6,300 an ounce by end-2026. It also raised its long-term price forecast for gold to $4,500 per ounce.

In an abrupt shakeup in the central bank's top echelon, the new government Wednesday appointed accountant-businessman Md. Mostaqur Rahman as new governor of the Bangladesh Bank (BB).

Dr Ahsan H. Mansur made an unceremonious exit as the government terminated his job contract as governor, amid protest by a section of central bank's officers outside.

A group of the demonstrating BB officials, meanwhile, forced Ahsan Ullah, adviser to Governor Mansur, out of the central bank's premises.

With the latest appointment given by the Ministry of Finance, the country gets a businessman as the central bank governor for the first time in its history.

Amid briefings by the protesting BB officers and the governor, the ministry issued two notifications. One notification says the remaining tenure of Dr. Ahsan H. Mansur as governor has been cancelled "in public interest", with the order taking immediate effect.

Another notification announced the appointment of Mostaqur Rahman as governor for a term of four years from the date of his joining.

The order requires him to relinquish all professional affiliations with other institutions and organisations before assuming office -- and it takes effect immediately.

Mostaqur Rahman is a cost and management accountant (FCMA) and a businessman by profession. He is the managing director of Hera Sweaters located in Narayanganj.

Born in Dhaka in 1966, Mr. Rahman completed his undergraduate and master's degrees in accounting from University of Dhaka. He later obtained the FCMA qualification from the Institute of Cost and Management Accountants of Bangladesh.

An entrepreneur with more than 30 years of experience, the newly appointed governor has been involved with corporate finance, exports, institutional governance, and financial management. In addition to the ready-made garment sector, he also has business interests in real estate.

Mr. Rahman is a member of several trade bodies, including Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Real Estate and Housing Association of Bangladesh (REHAB), Association of Travel Agents of Bangladesh (ATAB) and Dhaka Chamber of Commerce and Industry (DCCI).

He has served on various committees of these organisations and has prior experience working with Chittagong Stock Exchange Limited.

Following the July-August uprising in 2024 that toppled the Sheikh Hasina's governing regime, the interim government appointed Dr. Ahsan H. Mansur as the central bank governor to replace the then governor, Abdur Rouf Talukder, who did not attend office after the mass uprising, on 14 August 2024.

Nine days after the Bangladesh Nationalist Party (BNP)-led government came to power, Dr. Ahsan H. Mansur's appointment was cancelled, in the wake of large-scale administrative reshuffle.

Of the previous 13 governors, eight were bureaucrats, two economists, two commercial bankers and one academic.

Asked on what grounds the governor was changed, Finance and Planning Minister Amir Khasru Mahmud Chowdhury said there was nothing to be taken into consideration in this case.

"A new government has come. The new government has priorities. Naturally, the changes are taking place, not only in central bank, changes are also coming in many places and that will continue," he said.

Chowdhury makes it clear that changes will be made "wherever necessary to implement the new government's programmes, preferences, and ideas".

The outgoing governor of the central bank, Dr Ahsan H Mansur, said the government could have followed a different path to remove him from the post instead of creating the "mobocracy-like" situation.

"It could have been otherwise, but it's okay," he told the Financial Express on Wednesday night over the phone.

He said: "Whatever Allah does He does it for the welfare of the creatures. I wish both the government and the new governor success."

Contacted, Dr Zahid Hussain, a former lead economist at the World Bank's Dhaka office, said he didn't have any idea about the newly appointed governor and there is no public record about him to make a comment at this stage.

"The government should consider appointing right person in the right job," he said, so that no mismatch is created.

Dr. Hussain notes that competence of a person and conflicts of interest should be taken into consideration by the government before making new appointments in key positions.

"No compromise should be made in these two basic areas for appointment of a person who will lead an organisation."

On condition of not being quoted by name, a former managing director of a private commercial bank says Dr Mansur came into the central bank leadership when the economy was in a disastrous situation with fast-depleting forex reserves.

From such unpleasant scenario, he recounts, the policies taken by the Mr. Mansur helps reshape the economy increasing foreign-exchange reserves to $35 billion from less than $19 billion after clearing mounting accumulated unpaid bills.

"He not only stabilised the forex market but also made stable the local currency, which gives us some sort of comfort. His exit could have been done in a better way," he remarks.

About the newly appointed governor, the seasoned banker said he is a gentleman and lived close to his house. "But he lacks element of running central bank. But I wish him all the best."

Seeking anonymity, the managing director and chief executive officer of a private commercial bank said the way the outgoing governor left "is unfortunate and unexpected".

About the new governor, he said: "It's hard to believe that a businessman becomes a governor."

bdnews24.com adds: Newly appointed Bangladesh Bank Governor Md Mostaqur Rahman has signalled that "restoring trust" in the banking sector will be his top priority, alongside efforts to lower interest rates.

The garment industry entrepreneur assumed office on Wednesday, appointed by the BNP-led government, succeeding Ahsan H Mansur, who had served during the caretaker government.

Commenting on his vision for the central bank, Mostaqur said: "As you know, the economy and the banking sector face challenges. Taking on this responsibility at this time is a challenge.

"God willing, I will first sit in the bank, consult with everyone, and with cooperation, focus on the primary task-trust-building in banking, restoring discipline. Of course, the previous governor achieved a lot, and we aim to continue that work."

He added, "Another main focus will be driving growth. Credit growth is slowing, as you know, so we will work to lower interest rates and stimulate lending."

China and Germany want to deepen cooperation, German Chancellor Friedrich Merz and Chinese Premier Li Qiang said in Beijing on Wednesday, as Merz began a visit aimed at resetting ties against the backdrop of a widening trade imbalance.

Merz told Li that Germany attached great importance to maintaining and deepening its intensive economic exchanges with China, its largest trading partner last year, while emphasising the need to ensure fair cooperation and open communication.

"We have very specific concerns regarding our cooperation, which we want to improve and make fair," said Merz, who faces a tough balancing act of redefining an economic relationship that is increasingly unfavourable to German interests.

Li called on both sides to work together to safeguard multilateralism and free trade, in reference to US President Donald Trump's trade war, which has upended the global trading system.

"China and Germany, as two of the world's largest economies and major countries with important influence, should strengthen our confidence in cooperation, jointly safeguard multilateralism and free trade, and strive to build a more just and fair global governance system," Li said.

China is seeking to pitch itself as a reliable economic partner, in contrast to the United States, as Europe struggles to address vulnerabilities in its supply chains and worries about growing dependence on China.

Europe is witnessing an acceleration of concerning trends in China, Europe's Trade Commissioner Maroš Šefčovič told the European Parliament on Tuesday, citing China's growing dominance in key manufacturing sectors, a rising imbalance in bilateral trade, and falling market share of EU companies in China.

Merz, on his first visit to China, becomes the latest European leader seeking to reset ties with China after Britain's Starmer and Canada's Carney earlier this year, while Beijing touts the benefits of engaging with its massive consumer market and advanced manufacturing base.

Engagement between Europe's largest economy and China could set the stage for EU-China relations this year.

Merz, accompanied by a delegation of 30 firms including top carmakers such as Volkswagen and BMW (BMWG.DE), opens a new tab which are acutely feeling the strain of Chinese competition - contributing to a growing trade imbalance that has sparked concern in Berlin and led to calls for protectionist policies.

Germany's heavily manufacturing-based economy has been particularly hard hit by competition from China's manufacturers, Rhodium Group's China analyst Noah Barkin said in a recent research note.

The face of China's market, once coveted by foreign businesses for its wide consumer base and rising spending power, has changed in the last several years, with a slowing economy capping consumer demand and manufacturing overcapacity increasingly pushing domestic firms to look for opportunities abroad.

In editorials ahead of the visit, Chinese state media emphasised the potential for EU-China cooperation to become a stabilising force while US tariff policies upend global trade.

Xinhua, in an editorial published early on Wednesday, cited a German chamber of commerce survey finding that innovation gains in China are feeding back into German headquarters.

State-backed newspaper the Global Times said concerns about competition with China would be outweighed by the lure of China's massive market.

"Rhetoric such as 'systemic rival' and 'de-risking' has at times complicated Germany's China policy," it said in an early Wednesday editorial.

"Yet the enthusiasm and actions of the German business community speak louder than political slogans."

Bangladesh Bank (BB) purchased $1.53 billion from commercial banks in February this year, BB spokesperson Arief Hossain Khan told journalists today (24 February).

He added that the central bank bought $87 million from eight banks today at a rate of Tk122.30 per dollar.

So far, Bangladesh Bank has purchased $5.47 billion in the current fiscal year 2025-26.

The increased supply of dollars is mainly driven by a rise in remittance inflows through banking channels, prompting banks to sell dollars to the central bank.

A senior Bangladesh Bank official told The Business Standard that banks are willing to sell dollars, while the central bank is increasing reserves through these purchases.

Arief also confirmed today that Bangladesh's foreign exchange reserves currently stand at $30.30 billion.

The reserve level is rising primarily through dollar purchases from commercial banks via auctions, supported by strong growth in remittance inflows through formal banking channels.

In January 2026, remittances reached $3.17 billion, the third highest on record, which is 45.41% higher than the same month in 2025. In January last year, remittance inflows were $2.18 billion.

Previously, the highest remittance inflow was recorded in March 2025 at $3.29 billion, followed by the second highest in December of the same year at $3.22 billion.

A senior Bangladesh Bank official told TBS that the central bank is buying dollars mainly to support exporters, sustain remittance flows, and prevent a decline in the dollar's exchange rate.

Bangladesh Bank began purchasing dollars through auctions in July of the current fiscal year.

The United States imposed an additional tariff from Tuesday (24 February) of 10% on all goods not covered by exemptions, a notice issued by US Customs and Border Protection said, the rate initially announced by President Donald Trump on Friday rather than the 15% he promised a day later.

Reacting to the Supreme Court ruling that threw out his tariffs that had been justified on grounds of an emergency, Trump initially announced a new temporary global tariff of 10%. He said on Saturday he would increase it to 15%.

In a notice described as intended to "provide guidance regarding the February 20, 2026 Presidential Proclamation," CBP said that, aside from products specified as subject to exemptions, imports would "be subject to an additional ad valorem rate of 10%".

The move added to confusion surrounding US trade policy, with no explanation offered for why the lower rate had been used. The Financial Times quoted a White House official saying the increase up to 15% would come later. Reuters could not immediately confirm this.

Collection of the new tariffs began at midnight, while the collection of the tariffs annulled by the Supreme Court was halted. They had ranged from 10% to as much as 50%.

The Section 122 law allows the president to impose the new duties for up to 150 days on any and all countries to address "large and serious" balance-of-payments deficits and "fundamental international payments problems."

Trump's tariff order argued that a serious balance of payments deficit existed in the form of a $1.2 trillion annual US goods trade deficit and a current account deficit of 4% of GDP and a reversal of the US primary income surplus.

On Monday Trump warned countries against backing away from recently negotiated trade deals with the US, saying that if they did, he would hit them with much higher duties under different trade laws.

Japan said on Tuesday it had asked the United States to ensure its treatment under a new tariff regime would be as favourable as in an existing agreement. Both the European Union and Britain have indicated they want to stick to deals already agreed.

Three officials of the Bangladesh Bank (BB) were transferred a day after being served show-cause notices for holding a press conference in violation of staff rules and commenting on policy decisions.

BB’s human resources department issued a notice ordering the transfer yesterday.

The transferred officials are Nawshad Mustafa, general secretary of the ‘Nil Dal’ at Bangladesh Bank and director of the SME Special Programmes Department; AKM Masum Billah, president of the Bangladesh Bank Officers’ Welfare Council elected from Nil Dal; and Golam Mostafa Shraban, general secretary of the council.

The central bank issued show-cause notices to the three officials on Monday
Nawshad Mustafa has been transferred from the head office of Bangladesh Bank to its Barishal office, Masum Billah to Rangpur, and Golam Mostafa Shraban to the Bogura office.

The central bank issued show-cause notices to the three officials on Monday, asking the officials to provide explanations within 10 days.

This development comes a week after a section of BB officials, under the banner of the Bangladesh Bank Officers’ Welfare Council, held a press conference on the BB premises.

At the press briefing, called suddenly on February 16, officials described the central bank governor’s position as “autocratic” on several issues, including the merger of weaker banks with EXIM Bank and Social Islami Bank and the initiative to grant digital bank licences.

Gold prices fell more than 1 percent on Tuesday, easing from a three-week high hit earlier in the session, as a stronger dollar and profit taking weighed on prices while investors awaited clarity on US President Donald Trump’s tariff plans.

Spot gold dropped 1.1 percent to $5,172.11 per ounce by 0827 GMT, snapping a four-session winning streak. US gold futures for April delivery were down 0.6 percent at $5,191.50.

The US dollar rose 0.2 percent, making greenback-priced bullion more expensive for holders of other currencies.

“There was some profit taking as prices spiked to highs of around $5,249/oz,” said Zain Vawda, analyst at MarketPulse by OANDA. “The other factor was likely the announcement of a new tariff by the Trump administration which has provided some near-term clarity on the tariff question.”

Gold, a traditional safe-haven asset, tends to benefit in times of geopolitical and economic uncertainty.

The US Supreme Court ruled on Friday that Trump’s use of a 1977 emergency law to impose tariffs exceeded his authority, but hours later Trump invoked a different law and imposed a temporary tariff of 15 percent on US imports.

Trump on Monday warned countries against backing away from recently negotiated trade deals, saying that he would hit them with much higher duties under different trade laws.

Meanwhile, Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi said on Sunday.

“The broader narrative (for gold) remains skewed to the upside. If we see further dollar weakness or an escalation in Middle East (tensions), a reversal toward the $5,210 level and potentially fresh highs above the $5,249 handle is well within reach,” Vawda said.

The EU executive has again delayed presenting a fiercely contested plan to favour European companies over foreign rivals in key sectors, pushing it back to March 4 to give more time for talks, officials said Monday.

The proposal was expected Thursday but there has been strong pushback from some EU states and senior officials inside the European Commission over the plans.

The cabinet of EU industry chief Stephane Sejourne, who will present the proposal, said it hoped “this additional week of internal discussions will allow to make the proposal even more rock-solid”.

This is the third time the presentation of the plans known as the “Industrial Accelerator Act” to facilitate “Made in Europe” production has been delayed.

It was initially expected in December, then it was postponed to January before it was again delayed to February. The EU executive’s plans would tell companies that if they want to access public money, a certain percentage of the components for their goods like cars must be made in the 27-country bloc.

The new rules are expected to cover a limited number of strategic sectors, such as green technology, cars, chemicals and steel.

France has strongly defended the proposal, in a bid to protect its national electric car battery industry.

Germany has pushed back, with Chancellor Friedrich Merz saying this month it should be a “last resort”.

Several countries including Sweden and the Netherlands -- supporters of free trade -- have warned against veering into protectionism.

There have been tense debates inside the commission over whether the EU’s partners, such as Japan, should be included and the latest draft seen by AFP included a reference to “trusted partners” to address such concerns.

EU chief Ursula von der Leyen has supported the plans, arguing they would help “strategic sectors” and support scaling-up European production capabilities.

Costs of 65 projects have been ramped up by Tk 798.34 billion in apparent prodigal reappraisals of the development schemes by the just-gone interim government during its one-and-a-half-year tenure, sources say.

The projects, originally undertaken at a combined cost of Tk 2.24 trillion, were revised to Tk 3.04 trillion, marking an overall cost escalation of 35.67 per cent.

The information emerges from a review of the minutes of 19 meetings of the Executive Committee of the National Economic Council (Ecnec) during the tenure of the stopgap administration installed after the July-August 2024 uprising.

Further analysis by the FE shows that the Ecnec revised a total of 87 ongoing projects -- an average of 4.58 projects per meeting. Of the revised schemes, the cost of seven was reduced by Tk 9.50 billion, or 2.45 per cent of their original combined estimate of Tk 387.50 billion.

The cost of another 15 projects remained unchanged, although their implementation period was extended.

Economists have observed that despite high expectations that the interim government would enhance investment efficiency and ensure optimum use of public funds by rigorously scrutinising projects under the Annual Development Programme (ADP), the repeated upward revision of project costs fell short of that expectation.

A review shows that although the interim government assumed office on August 8, 2024 following the fall of the Awami League government, the first Ecnec meeting was held on September 18 that year after the reconstitution of the NEC and Ecnec.

At that meeting, four projects were approved, two of which were revised proposals. Among them, the ongoing "Bakhrabad-Meghnaghat-Haripur Gas Transmission Pipeline Construction" project saw its cost revised upward to Tk 15.71 billion from the original Tk 13.05 billion.

The cost of another project, titled "Tathya Apa: Empowering Women through ICT towards Building Digital Bangladesh (2nd Phase)", was also increased by Tk 1.63 billion.

In the final phase of its tenure, the interim government headed by Prof Muhammad Yunus approved the first revision by the Executive Committee of the National Economic Council (Ecnec) raising the cost of the Rooppur Nuclear Power Plant construction project to Tk 1.39 trillion.

The highly debated project was originally approved in 2016 with a cost of Tk 1.13 trillion, reflecting an increase of Tk 255.93 billion, or 22.63 per cent, following the revision.

The Ecnec also approved the third-phase revision of the Saidabad Water Treatment Plant Phase-III, aimed at increasing potable water supply to the capital city, Dhaka, from the Meghna River, with a revised project cost of Tk 160.15 billion.

The Dhaka Water Supply and Sewerage Authority initiated the project in 2015 with an initial cost of Tk 45.97 billion, which later increased by Tk 114.17 billion, or 248.35 per cent.

The cost of SASEC Road Connectivity Project-2: Elenga-Hatikamrul-Rangpur Highway Four-laning increased by Tk 71.55 billion, while the Matarbari Port Development Project saw a rise by Tk 66.04 billion.

The government also approved an additional allocation of Tk 14.10 billion for the Chattogram City Sewerage System Installation Project (Phase I) and Tk 13.24 billion for the Emergency Multi-Sector Rohingya Crisis Response Project.

The cost of the controversial Upazila Mini Stadium Construction Project (Phase II) also increased by 48 per cent, rising from Tk 16.49 billion to Tk 28.55 billion.

The Dhaka Mass Rapid Transit Development Project (Line-6) was the only megaproject whose cost was cut, declining by 2.53 per cent from Tk 334.72 billion to Tk 327.18 billion, generating savings of Tk 7.54 billion.

The savings were achieved by rationalising components worth over Tk 15 billion, mainly related to station-plaza development and land acquisition.

The major decisions of the first Ecnec meeting of the interim government focused on improving project efficiency and strengthening the monitoring of development schemes approved earlier.

The meeting also emphasised faster preliminary screening of projects, especially foreign-aided ones, prioritising small and high-impact projects, reducing dependence on land acquisition, and simplifying the project approval and implementation process to enhance public-investment efficiency.

Bangladesh's gross foreign- exchange reserves surpassed the $35-billion mark on Tuesday, supported by sustained US dollar purchases by the central bank amid stronger remittance inflows ahead of Eid-ul-Fitr.

Officials said the interventions are aimed at stabilising the dollar-taka exchange rate while gradually rebuilding reserve buffers to meet global adequacy standards.

Reserves rose to $35.04 billion on Tuesday, up from $34.86 billion the previous day, according to the latest traditional calculation by Bangladesh Bank.

"We are working to increase the reserves to $36.50 billion after settling the Asian Clearing Union (ACU) payment obligation," a senior central banker told The Financial Express in response to a query.

He explained that reserves at $36.50 billion would allow the country to cover around six months of import payments, broadly in line with international benchmarks.

Over the past seven months, the central bank has purchased nearly $5.50 billion from banks to help maintain exchange rate stability and encourage exporters and remitters.

As part of its ongoing intervention, the banking regulator bought a further $87 million from eight banks through an interbank spot market auction on Tuesday.

The amount was purchased under the Multiple Price Auction method at a cut-off rate of Tk 122.30 per dollar, officials said.

Earlier, on 22 February, the central bank had bought $123 million from eight banks in a similar auction.

Latest data show the central bank has purchased a total of $5.47 billion directly from banks since 13 July last year under the prevailing free-floating exchange rate arrangement.

"We are purchasing US dollars from banks to absorb higher remittance inflows ahead of Eid," another senior official said, explaining the market dynamics.

Inward remittances rose by nearly 24 per cent to $2.57 billion during February 1-23this year, compared with $2.08 billion in the same period last year.

Officials said such interventions have helped keep the dollar-taka exchange rate stable, thereby supporting export competitiveness and encouraging remittance inflows.

The continued purchases have also contributed to a gradual strengthening of the country's foreign exchange reserves.

Meanwhile, yields on long-term treasury bonds declined on Tuesday as banks channelled surplus liquidity into government securities amid subdued private sector credit demand.

The cut-off yield on 15-year Bangladesh Government Treasury Bonds (BGTBs) fell to 10.34 per cent from 10.55 per cent, while the yield on 20-year BGTBs dropped to 10.44 per cent from 10.67 per cent, according to auction results.

The government raised Tk 20 billion through the issuance of BGTBs to partially finance its budget deficit.

"Most banks are showing interest in investing excess liquidity in government securities, as private sector credit demand remains weak following the just-concluded national election," a central banker said.

Currently, five government bonds, with maturities of two, five, 10, 15 and 20 years, are traded in the market.

In addition, four treasury bills are auctioned to manage government borrowing from the banking system, with maturities of 14, 91, 182 and 364 days.

The National Board of Revenue (NBR) has taken steps to facilitate tax return filing by Bangladeshis staying abroad.

In a statement released yesterday, the tax authority said it has introduced a special registration system for Bangladeshi taxpayers abroad so they can submit e-returns by receiving one-time passwords (OTP) through their email instead of mobile phones.

The NBR said taxpayers who have signed up for electronic tax return filing through biometrically registered phones but are currently abroad -- and therefore cannot reset their passwords using mobile OTP -- can now complete verification through their email.

To do so, taxpayers abroad are required to apply to the NBR from their own email address by providing copies of their passport, national identity card, and visa page, along with their foreign address, overseas phone number, and the date of their last departure from Bangladesh. The application must be sent to ereturn@etaxnbr.gov.bd for email verification.

After examining the application and verifying the information and email address, the NBR will send an OTP to the verified email, allowing taxpayers to reset their password and complete registration and e-return submission.

The tax administration’s move comes as the deadline for filing returns for the 2025-26 tax year is set to expire this month.

So far, nearly 39 lakh individual taxpayers have filed their income tax returns electronically.

Stocks edged lower today (24 February) as cautious investor selling pressure dragged the benchmark index into negative territory, despite sustained participation across sectors at the Dhaka bourse.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), shed 10 points to close at 5,542. In contrast, the blue-chip DS30 index managed to post a modest gain of 6 points to settle at 2,143, indicating selective buying in large-cap stocks.

Of the total issues traded, 119 advanced, 221 declined and 57 remained unchanged.

Turnover rose 15% from the previous session to Tk825 crore, reflecting active trading despite the market's downward drift.

According to EBL Securities in its daily market review, the capital market witnessed a modest pullback following the previous session's recovery momentum, as cautious selling resurfaced on the trading floor. However, the brokerage noted that sustained investor participation signalled underlying resilience in the broader market trend.

From the outset, the session was marked by range-bound trading, with the index failing to cross the 5,600 level as investors remained active on both sides. Selling pressure intensified in the final hour of trading, ultimately pushing the benchmark index into the red by the close.

Major index draggers included Islami Bank, Olympic Industries and Grameenphone, whose price corrections weighed heavily on the market.

Sector-wise, banking stocks accounted for the highest turnover at 26%, followed by pharmaceuticals at 11.5% and textiles at 9.5%. Most sectors posted negative returns, with paper declining 2.1%, ceramic falling 1.4% and general insurance losing 1.3%.

Meanwhile, IT gained 1.1%, services edged up 0.4% and tannery rose 0.2%.

Several loss-making companies led the gainers' chart. Ring Shine Textile rose 10%, Intech Limited gained 9.93% and Aziz Pipes advanced 9.71%. On the losing side, Miracle Industries fell 5.15%, GBB Power declined 4.76% and Saif Powertec dropped 4.54%.

TakaPay card, the first-ever national debit card, has failed to secure a significant foothold in the two years since its launch by the central bank, aimed at reducing dependency on global payment networks such as Visa and Mastercard.

Data from the Bangladesh Bank (BB) showed a recent uptick in issuance and transactions through the TakaPay card. However, the number of cards, transactions and the amount of transactions still remain very low.

In December last year, Bangladesh recorded Tk 50,281 crore in transactions through local and foreign currency cards, the highest in six months. Of that, transactions through TakaPay were Tk 189 crore, which was less than half a percent of the total card-based transactions during the month.

Initiated by the central bank, the TakaPay card was launched in early November 2023 by the deposed prime minister, Sheikh Hasina, to save foreign currencies
The month before, transactions using the TakaPay card were Tk 157 crore, which was 0.33 percent of total transactions of Tk 47,536 crore through local and foreign currency cards.

Initiated by the central bank, the TakaPay card was launched in early November 2023 by the deposed prime minister, Sheikh Hasina, to save foreign currencies, at a time when the country was struggling to contain the fall of forex reserves. On October 31, 2023, Bangladesh’s readily usable forex reserves were below $20 billion.

The initiative also came in line with other countries that have already issued their own currency cards. For example, Sri Lanka uses ‘Lankapay’, Pakistan has ‘Pakpay’, India employs ‘RuPay’ cards, and Saudi Arabia has ‘Mada’.

Initially, three banks -- BRAC Bank, City Bank PLC and Sonali Bank PLC -- joined the foray to issue the TakaPay card, which can be used for cash withdrawals from ATMs and point of sale machines, and e-commerce transactions.

Later, 14 more banks joined. Yet, progress in the adoption of the card has been slow, mainly due to low awareness of the card among people, lack of push from banks, limited usability, and lack of benefits or incentives offered by the authorities to encourage users.

“Responses from customers have been slow. Not all banks are issuing the card,” said Md Shafquat Hossain, deputy managing director and head of retail banking at Mutual Trust Bank PLC.

MTB PLC encourages customers to opt for the TakaPay card during the opening of accounts through its agent banking outlets. “Its annual fee is lower than that of cards issued by global payment gateways,” he said.

A senior official of another private bank said the TakaPay card cannot be used for international transactions. So, customers who travel abroad or purchase from foreign markets will not take the card, he said. Besides, ATMs of all the banks are not configured to allow transactions through the TakaPay card.

“Not all the ATMs accept the card. This limits the usage of the TakaPay card,” he said. “To make the card lucrative, the authority should add some unique features to the card and motivate banks,” he said.

Md Mahiul Islam, deputy managing director and head of retail banking at BRAC Bank, said his bank is also issuing the card through its agent banking network in suburban areas.

“We are offering the card to those who do not want to do foreign transactions,” he said.

A senior official of the BB said the main rollout of the TakaPay card started in mid-2024. The progress slowed for six months after the political changeover in August of the same year. “We have been registering some progress for the last six months,” he said.

While e-commerce transactions cannot be done through the Takapay card yet, the BB wants to introduce this feature in the second half of this year, the official said.

“Once it is done, we expect a good impact,” he said. “We shall encourage banks to issue the card then.”

“As transactions through the Takapay card take place through the National Payment Switch of Bangladesh (NPSB), banks do not need to spend extra to facilitate payments,” the official said, adding that with increased usage of this card, the cost for banks will decline.

The United States imposed a new tariff from Tuesday of 10 percent on all goods not covered by exemptions, the US Customs and Border Protection said, the rate first announced by President Donald Trump on Friday rather than the 15 percent he promised a day later.

Reacting to the US Supreme Court ruling that threw out tariffs it deemed were illegally justified on grounds of an emergency, Trump initially announced a new temporary global tariff of 10 percent. He said on Saturday he would increase it to 15 percent.

But in a notice described as intended to "provide guidance regarding the February 20, 2026 Presidential Proclamation," CBP said that, aside from products covered by exemptions, imports would "be subject to an additional ad valorem rate of 10 percent."

Unclear why lower rate is imposed

The move added to confusion surrounding US trade policy, with no explanation offered in the notice for why the lower rate had been used. The Financial Times quoted a White House official as saying the increase up to 15 percent would come later. Reuters could not immediately confirm this.

"Remember that Trump is delivering the State of the Union address tonight, so it's possible we might get a better sense of the next steps on tariffs," Deutsche Bank said in a note.

"Net-net we still think the effective tariff rate will fall this year and that the world post-SCOTUS will see lower tariffs than the pre-SCOTUS world," its analysts said, using the acronym for the Supreme Court of the US.

Despite the fact that a 10 percent tariff is less punitive than had been expected, traders cited uncertainty about the trade outlook as one reason why European shares opened lower on Tuesday, although the pan-European STOXX 600 index was later trading flat.

The new tariffs took effect at midnight, while collection of the tariffs annulled by the Supreme Court was halted. They had ranged from 10 percent to as much as 50 percent.

It remains unclear whether and how companies will be refunded for tariff payments made under the regime annulled by the Supreme Court.

The Section 122 law allows the president to impose the new duties for up to 150 days to address "large and serious" balance-of-payments deficits and "fundamental international payments problems."

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Trump's tariff order argued that a serious balance-of-payments deficit existed in the form of a $1.2 trillion annual US goods trade deficit, a current account deficit of 4 percent of GDP and a reversal of the US primary income surplus.

Trump warns against reneging on trade deals

On Monday Trump warned countries against backing away from any previously negotiated trade deals with the US, warning he would hit them with much higher duties under different laws.

Japan said it had asked the United States to ensure its treatment under a new tariff regime would be as favourable as in an existing agreement. The European Union, Britain and Taiwan all indicated a preference to stick to their deals too.

Carsten Brzeski, global head of macro at ING, noted that even with the 150-day limit of the current set of measures, the trade uncertainty was unlikely to go away soon.

"Because the next thing that he (Trump) could do is always, with the interruption of one day, theoretically endlessly extend by 150 days," he said.

China meanwhile urged Washington to abandon its "unilateral tariffs", indicating it was willing to hold another round of trade talks with the world's largest economy, the country's commerce ministry said in a statement on Tuesday.

The Bangladesh Securities and Exchange Commission (BSEC) has removed LR Global Bangladesh Asset Management Company Limited from its position as asset manager of six mutual funds.

The decision was taken after allegations of violations of securities laws and mutual fund regulations, failure to perform fiduciary duties, and serious harm to the interests of unit holders were proven, according to regulatory sources.

The decision was made during a BSEC board meeting earlier this month. The funds managed by LR Global Bangladesh Asset Management Company Limited include DBH First Mutual Fund, Green Delta Mutual Fund, AIBL First Islamic Mutual Fund, LR Global Bangladesh Mutual Fund-1, NCCBL Mutual Fund-1, and MBL First Mutual Fund.

BSEC stated that the decision was taken to protect public interest and investors' money. Trustees of the respective funds have been instructed to take the necessary follow-up actions. The company's registration cancellation process is also ongoing.

Regarding the matter, BSEC Director and spokesperson Md Abul Kalam told TBS, "The asset manager, LR Global Bangladesh, has failed in its duties, violated securities laws and mutual fund regulations, engaged in money laundering, and seriously harmed unit holders' interests. Therefore, the appointment of LR Global Bangladesh as asset manager of the six funds has been cancelled. The company's registration cancellation process is also ongoing."

He added that trustees of the funds will be instructed via letters to take necessary legal action. The trustees will implement the actions accordingly. However, it is not yet confirmed which company will be assigned to manage these six funds. Sources say that the trustees are looking for a new asset manager, but no final decision has been made yet, as the funds need to be audited before they can be transferred to a new manager.

BSEC's review found that LR Global Bangladesh Asset Management Company Limited invested in 51% of Padma Printers & Colors Limited (later renamed Quest BDC Limited) from the six managed funds, buying each share at Tk289.48 for a total of about Tk23.6 crore. An additional Tk4,50,19,800 was invested as share money deposit, which was later converted into 2 crore 83 lakh and 50 thousand ordinary shares.

The commission noted that the investment was made without proper financial analysis, violating Mutual Fund Rules, 2001 (Rule 56), and securities laws, resulting in significant financial losses to unit holders.

BSEC further stated that although Quest BDC Limited was approved to issue shares at Tk10.60, LR Global purchased them at Tk15.88. Meanwhile, its sister concern LRG Venture Limited purchased the same shares at Tk10. The dividends from LRG Venture would go to LR Global, meaning unit holders of the six funds would not receive any profit. According to the commission, this is a clear case of conflict of interest and dual practice, violating mutual fund regulations.

Moreover, despite BSEC's instructions, more than 15% of a single company's paid-up capital was purchased from a single fund, causing financial losses to unit holders. Additionally, Brigadier General Sharif Ahsan was appointed as director and managing director of Quest BDC Limited from AIBL First Islamic Mutual Fund, with a monthly salary of Tk3 lakh while simultaneously serving as MD/CEO of Sonali Securities Limited. BSEC stated that this violated mutual fund regulations. The company also did not obtain trustee or commission approval for the appointment.

Regarding audits, LR Global cited a court status quo, but BSEC clarified that the order was valid only until December 3, 2025, and there was no legal barrier to auditing. Since 2022, investments in Quest BDC have yielded no profit, and being in the OTC market, share disposal opportunities are limited. As these funds are closed-end, selling the shares at maturity may face complications. BSEC noted that such investments demonstrate negligence in the responsibilities of the asset manager.

Overall, BSEC concluded that LR Global's mismanagement and regulatory violations failed to protect unit holders' interests, questioning the company's competence, efficiency, and accountability. Trustees are now looking for a new asset manager.

Earlier, on October 21, 2025, Quest BDC directors, LR Global's Chief Investment Officer Riaz Islam, and former BSEC Chairman Professor Shibli Rubayat-Ul-Islam were permanently banned from capital market activities. Riaz Islam and other officials were fined a total of Tk109 crore, and money laundering allegations were forwarded to the Anti-Corruption Commission.

A high-level delegation from the International Monetary Fund is due in Dhaka next month for talks with Prime Minister Tarique Rahman, as Bangladesh hopes to keep its multi-billion-dollar loan programme on track and unlock a delayed $1.30 billion disbursement.

A three-member IMF team will visit on 9-10 March and will be led by Krishna Srinivasan, director of the Fund's Asia and Pacific Department, according to finance ministry officials.

The IMF withheld a tranche last December during the interim administration, saying further disbursements will follow discussions with an elected government.

Officials at the ministry believe that if discussions with the IMF prove fruitful and the BNP government commits to implementing agreed conditions, Bangladesh will receive $1.30 billion by June, combining the pending December tranche with the next scheduled instalment.

They said the funds would help address the government's budget deficit at a time when revenue collection growth has slowed.

Following receipt of a formal letter from the IMF, the Economic Relations Division (ERD) has written to Principal Secretary ABM Abdus Sattar requesting that a one-hour meeting slot be allocated for the prime minister on either 9 or 10 March.

In a letter dated 23 February, the ERD said the IMF intends to meet with the prime minister to discuss and review the progress of reforms undertaken under its programme, assess their successful completion, and reaffirm continued cooperation with the new government.

A senior finance ministry official, speaking on condition of anonymity, said key IMF conditions – including revenue mobilisation targets – have not yet been met.

Other pending issues include the restructuring of the National Board of Revenue (NBR), ensuring greater independence for the Bangladesh Bank, and fully adopting a market-based exchange rate.

However, the official noted that the BNP, both in its election manifesto and after forming the government, has pledged to advance economic reforms, establish an Economic Reform Commission, abolish the Financial Institutions Division to strengthen Bangladesh Bank, and continue financial sector reforms.

One of the IMF's major conditions is reducing subsidies while expanding social safety nets. The new finance minister, Amir Khosru Mahmud Chowdhury, has already instructed officials to explore ways to rationalise subsidies, the official said.

The government has also prioritised expanding social protection coverage, beginning with the distribution of family cards. Recently, the finance minister also assured the central bank governor that ongoing banking sector reforms will continue.

"If the BNP implements its manifesto commitments, many IMF conditions will be fulfilled. On that basis, the government is waiting with a positive outlook to keep the IMF programme on track," the official said.

The IMF loan programme

Bangladesh signed a $4.7 billion loan agreement with the IMF on 30 January 2023, amid economic strain triggered by the Covid pandemic and the Russia-Ukraine war.

The programme included conditions such as revenue reform, banking sector restructuring, and subsidy reduction. The IMF later extended the programme by six months in June last year and added $800m, bringing the total package to $5.5 billion.

So far, Bangladesh has received $3.64 billion under five tranches: $476.3 million in February 2023, $681 million in December 2023, $1.15 billion in June 2024, and $1.33 billion in June 2025. That leaves $1.86 billion yet to be disbursed.

The IMF had been due to release another tranche last December but withheld it pending discussions with an elected government.

At the IMF-World Bank annual meetings in Washington last October, the lender informed then finance adviser Salehuddin Ahmed and Bangladesh Bank Governor Ahsan H Mansur that the next disbursement would follow talks with the elected administration.

After the IMF decided not to release a loan tranche, Salehuddin said in November that the Fund would also discuss how much loan support the elected government intends to seek.

What economists think about the visit

Zahid Hussain, former lead economist at the World Bank's Dhaka office, told TBS that the visit reflects the IMF's earlier position that future decisions would follow talks with an elected government.

He noted that the interim administration did not reissue the Bangladesh Bank Order and that the NBR split remains incomplete.

"Although Bangladesh Bank has said the exchange rate is market-based, the IMF has raised questions about the way it is purchasing dollars from the market. This is inconsistent with a contractionary monetary policy and has injected Tk65,000 crore into the market," he said.

The IMF may emphasise these issues during discussions, he added, and the government will need to demonstrate commitment to reform.

Towfiqul Islam Khan, additional director (research) at the Centre for Policy Dialogue (CPD), said most IMF reform demands align with the BNP's election manifesto.

However, he noted that the IMF had raised concerns in January over Bangladesh's debt sustainability, an issue not detailed in the party's manifesto.

He described banking sector reform as the government's biggest challenge under IMF conditions. While the BNP has pledged to return funds to depositors of troubled banks, it has not clarified whether repayments would cover only individual customers or institutional clients as well.

The IMF has also sought greater independence for the Bangladesh Bank. The new finance minister's proposal to abolish the Financial Institutions Division and strengthen the central bank could address that demand.

Subsidy management will remain another major challenge, economists say, given its links to gas and electricity pricing as well as export incentives.

"The IMF does not provide very large sums per tranche," Towfiqul said. "But other development partners' budget support is often linked to an active IMF programme. If the programme continues, others are more willing to lend."

He added that while many IMF-backed reforms align with domestic policy priorities, the government should seek technical support from the Fund and implement reforms in line with Bangladesh's own context.