Prime Minister Tarique Rahman has instructed officials to ensure that all decisions regarding any agreement on the New Mooring Container Terminal (NCT) at Chattogram Port be taken in a manner that protects national interests.

He gave the directive while presiding over a meeting at the Secretariat today (24 February), Bangladesh Investment Development Authority (Bida) Executive Chairman Chowdhury Ashik Mahmud Bin Harun told reporters after the meeting.

Responding to a question on the current government's stance to this end, given that the interim government had been in favour of the agreement on NCT's lease to foreign operator, Ashik Chowdhury said the previous administration's position is no longer relevant.

"If it is possible to sign the agreement while protecting national interest, only then will the government proceed," he said.

Describing the discussion as preliminary, the Bida chief said it was the first day's meeting and it would not be appropriate to reach a quick conclusion.

Asked about the prime minister's specific instructions, Ashik said, "Today we briefed him; he did not brief us. He listened and gave some preliminary directives."

His remarks come following protests and debate over leasing out the New Mooring Container Terminal at the Chattogram Port.

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.

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 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.

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.

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.

Extortion surged by up to 50 percent following the fall of the Awami League government in the 2024 mass uprising, while corruption in public offices persisted throughout the 18-month tenure of the subsequent interim government, claimed the Dhaka Chamber of Commerce and Industry (DCCI).

Businesses were being forced to pay the same level of extortion as before the fall of the Awami League government, and in many cases up to 50 percent more, said DCCI President Taskeen Ahmed.

“If extortion is not stopped, we will have to shut down our businesses,” he told reporters at a press conference titled “Expectations from the New Government to Address the Current Economic Situation” held at the chamber’s auditorium in Motijheel yesterday.

Ahmed urged the new government to tackle both extortion and corruption. Otherwise, he said, the government will not be able to achieve its goal of creating 1 crore new jobs.

The DCCI president said corruption at public offices had not decreased during the interim administration. “Not for a single day has corruption in public offices declined,” he said.

When asked who was responsible for extortion, Ahmed pointed to individuals linked to the ruling party, the police, and revenue authorities.

He said those demanding money often claimed to represent the party in power. “They come and say they are from the government party. Whoever is in office, they say they are from that party, and we have to pay. They demand money for events, for neighbourhood events.”

Calling extortion and corruption “embedded in our blood,” he said, “If extortion does not stop, we will have to close our businesses and leave.”

The DCCI president said payments were demanded to enter factories, offices, and even on the streets. He urged the new government to send a strong message against such practices.

Reviving the economy, he said, would require energising the private sector. He outlined four priorities.

Those are improving law and order to stop extortion, eliminating corruption to restore investor confidence, allowing non-wilful loan defaulters to return to business with support if needed, and reducing bank lending rates to a reasonable level.

He said that the BNP government has assumed office amid deep structural weaknesses and growing economic pressures.

Private sector credit growth fell to 6.49 percent in fiscal year 2024-25, the lowest in 22 years, he said.

According to the president of the chamber, private investment declined to 22.48 percent of gross domestic product, while credit growth slipped further to 6.10 percent in December 2025. Export growth slowed to roughly 0.5 percent during the same month.

“These challenges are caused by structural weaknesses, including stress in the banking sector, rising import costs, energy shortages, and an unstable law and order situation,” he said.

Turning to monetary policy, the business leader argued that holding the policy rate at 10 percent had failed to tame inflation and instead driven lending rates above 16 percent.

“As a result, bank borrowing has become costly and unviable for businesses,” he said, urging authorities to cut the policy rate or provide subsidised credit lines for productive sectors.

He said non-performing loans (NPLs) have climbed to nearly Tk 6.5 lakh crore, and added that not all classified loans reflect wilful default.

“A large number of SMEs became classified due to working capital shortages caused by Covid-19, global conflicts, around 41 percent currency depreciation over two years, and high interest rates,” he said.

The trade leader called for a clear distinction between large wilful defaulters and firms affected by external shocks, and for targeted support to viable businesses.

He also suggested reducing dependence on banks by strengthening the capital market and listing large state-owned enterprises on the stock exchange.

Turning to energy and revenue issues, the DCCI president said the country faces a daily gas shortfall of around 30 percent, disrupting industrial production. Gas prices for new industries are set at Tk 40 per unit and Tk 42 for captive power plants, adding pressure on manufacturers.

Although installed generation capacity stands at 27,000 megawatts, actual output is much lower, leading to high-capacity payments. Ahmed called for a modern and integrated energy policy, noting that the last comprehensive update was in 1996.

He recommended differential pricing to encourage off-peak electricity use.

On tax policy, he welcomed the BNP government’s plan to raise the tax-to-GDP ratio to 8 percent but said full automation of the National Board of Revenue (NBR) is essential.

“The tax administration system is still partly manual, which leads to inefficiency and corruption. Automation is now necessary,” he said, adding that the turnover tax should fall from 1 percent to 0.6 percent, as businesses continue to recover from prolonged economic shocks.

Ahmed criticised a 41 percent average tariff increase by the Chittagong Port Authority, despite its surplus in fiscal year 2024.

With roughly 88 percent of trade passing through Chattogram Port, he said that the hike would raise costs and called for an immediate review. He also pressed for full implementation of the Bangladesh Single Window system to simplify trade procedures and cut time and costs.

The chamber’s president welcomed the decision to defer Bangladesh’s graduation from least developed country status by three years to allow better preparation. He also advised careful evaluation of a recent US trade agreement.

“If necessary, the agreement should be renegotiated to ensure a win-win outcome,” he said.

Dhaka Stocks has lost momentum after an initial post-election rally, as institutional investors adopted a cautious stance amid growing expectations of a leadership change at the capital market regulator – a long-standing demand of retail investors.

The newly formed government has already begun searching for a new Bangladesh Securities and Exchange Commission (BSEC) chairman, as the existing commission, formed during the interim administration and headed by Khondoker Rashed Maqsood, failed to restore investor confidence.

The regulator is also likely to undergo restructuring, according to officials familiar with discussions at the finance ministry, as policymakers seek broader structural reforms in a market that has underperformed relative to the country's economic growth, frustrating both local and foreign investors.

Finance ministry sources said several private-sector professionals, along with a professor from the University of Dhaka, have shown interest in leading the commission. However, capital market stakeholders said they favour market-oriented leadership from the private sector due to bitter past experience.

The benchmark DSEX index climbed nearly 200 points to a five-month high on 15 February – the first trading session after the BNP's landslide victory in the 13th national election – reflecting initial investor optimism over the new government.

The upward trend, however, proved short-lived. The market turned negative from the very next session amid uncertainty over whether the existing commission would remain in place.

Finance Minister Amir Khosru Mahmud Chowdhury also hinted at restructuring the regulator in a recent comment, saying the current upward trend may reflect expectations of a democratic government, but stressing that only sustainable, structural reforms can ensure long-term stability.

Speaking to journalists at his residence in Mehedibag, Chattogram, on Friday – during his first visit to the port city after taking the oath as a minister in the new government – Khosru said temporary gains driven by sentiment would not bring fundamental change to the capital market.

The minister said the government planned comprehensive reforms, including amendments to laws and regulatory frameworks, while strengthening the role of the BSEC. He stressed the need to improve regulatory effectiveness, enhance transparency and adopt a zero-tolerance stance against irregularities.

Khosru also said efforts would be made to bring fundamentally strong and profitable companies to the stock market and attract both domestic and foreign investment funds to improve liquidity and rebuild investor confidence.

Investors seek market-friendly leadership

A senior banker at a private commercial bank told The Business Standard that the sharp rise on the first trading day after the election reflected investor confidence, particularly as shares linked to BNP-aligned business groups recorded notable gains.

Wishing not to be named, the banker said investors are expecting a restructuring of the commission, as the current chairman is seen as not market-friendly and has been unpopular from the outset due to creating distance from stakeholders.

"The government should appoint someone market-oriented to lead the regulatory body, either from market participants or from academia, like a finance professor," the official said.

Former banker Khondoker Rashed Maqsood assumed office as BSEC chairman following the regime change on 5 August 2024. During his roughly one-and-a-half-year tenure, he faced repeated protests from investors who accused the regulator of failing to revive market performance.

Stakeholders said trading activity weakened as key market players distanced themselves from the regulator, resulting in persistently low turnover. Moreover, no new initial public offerings (IPOs) entered the market under his leadership, further straining merchant banks.

Maqsood's commission also imposed what many described as unrealistic fines totalling nearly Tk1,000 crore on various companies and individuals over past corruption and market manipulation, creating negative sentiment among investors.

Longstanding governance concerns

While Asian frontier markets have grown rapidly, Bangladesh has lagged behind over the past 15 years under the leadership of former BSEC chairmen M Khairul Hossain and Shibli Rubayat Ul Islam, who critics say failed to establish proper governance in the market.

Both were finance professors at Dhaka University and faced allegations of corruption and collusion in market manipulation with certain stakeholders.

Shibli Rubayat, who resigned in August last year following the regime change, was arrested in February in a corruption case filed by the Anti-Corruption Commission (ACC).

He was also permanently barred by the BSEC from all capital market activities over his involvement in a share price manipulation scheme linked to Padma Printers and Colour.

Khairul Hossain, who led the regulator from 2011 to early 2020, was criticised for approving numerous financially weak companies for IPOs, often at inflated prices, which analysts say eroded investor confidence despite strong macroeconomic growth at the time.

His successor, Shibli, who took charge in 2020, was accused of shifting focus away from strengthening the primary market and instead fostering alleged collusive ties with certain market players and insider traders, prioritising short-term gains in the secondary market over long-term stability.

Following what stakeholders describe as unsuccessful leadership by academic appointees, market participants are urging the government to choose a chairman with both technical market knowledge and public policy understanding.

A merchant banker, speaking on condition of anonymity, said investor distrust in the existing commission was evident in market performance during the interim government period.

He added that while university professors may have theoretical expertise, they often lack the practical experience of private sector players. He suggested the new commission should include a mix of academics and private sector professionals to help restore investor confidence.

The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 am EST (0501 GMT) on Tuesday, more than three days after the US Supreme Court declared the duties illegal.

CBP said in a message to shippers on its Cargo Systems Messaging Service that it will de-activate all tariff codes associated with President Donald Trump's prior IEEPA-related orders as of Tuesday.

The IEEPA tariff collection halt coincides with Trump's imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by the Supreme Court on Friday.

China is making a "full assessment" of the US Supreme Court's tariff ruling and urged Washington to lift "relevant unilateral tariff measures" on its trading partners, the Chinese commerce ministry said in a statement on Monday.

The comments came days after the highest US court dealt President Donald Trump a stinging defeat by striking down many of the tariffs he has used in a global trade war, including some against rival China.

Within hours of the ruling, Trump said he would impose a new 10% duty on US imports from all countries starting on Tuesday, which he raised to 15% on Saturday.

"US unilateral tariffs ... violate international trade rules and US domestic law, and are not in the interests of any party," the Chinese ministry added.

The ministry said it noticed the US planned to maintain tariffs on trading partners through alternative means including trade investigations.

"China will continue to pay close attention to this and firmly safeguard its interests," the ministry said.

Trump will travel to China from 31 March to 2 April for a highly anticipated meeting between the leaders of the world's two biggest economies.

Bangladesh’s agent banking sector is defying conventional trends, recording strong deposit growth even as the number of agents and service outlets declines.

According to the latest report from Bangladesh Bank, total deposits in agent banking reached Tk 49,356 crore at the end of 2025, up 18 percent from Tk 41,785 crore in December 2024. This represents a net increase of Tk 7,571 crore.

The growth comes amid a contraction in the sector’s physical infrastructure.

Agent banking outlets fell from 21,248 in 2024 to 20,501 in 2025, a reduction of 747 service points. Active agents also declined from 16,019 to 15,328 over the same period.

Experts attribute the drop in outlets largely to Agrani Bank’s suspension of certain agent banking operations.

“While the closure of some networks impacted the numbers, the surge in deposits is a positive sign,” said Arfan Ali, a veteran banker and former Managing Director, highlighting renewed public confidence in the formal banking system.

Key Performance Indicators (2025 vs 2024):

Deposits: Tk 49,356 crore, up 18%
Loan Disbursement: Tk 11,755 crore, up 16%
Active Accounts: ~2.5 crore
Transaction Volume: 2.62 crore in Oct-Dec 2025, down 3% from 2.70 crore
Top Banks by Agent Banking Deposits:

Islami Bank Bangladesh PLC: Tk 21,530 crore (Market Leader)
Dutch-Bangla Bank: Tk 6,887 crore
Bank Asia: Tk 6,515 crore
Al-Arafah Islami Bank: Tk 3,869 crore
BRAC Bank: Tk 2,897 crore
Agent banking remains a low-cost avenue for banks to reach rural markets, allowing them to mobilize small savings and channel funds into corporate loans.

Around 30 public and private banks currently offer services including cash deposits, loan processing, utility bill payments, and remittance disbursement.

Despite a slight decline in transaction numbers, the sector’s loan accounts grew to over 2.39 lakh, signalling its rising importance as a source of credit for small-scale borrowers and rural entrepreneurs.

Dhaka Chamber of Commerce and Industry (DCCI) has called on the newly elected government to implement a zero-tolerance policy against widespread extortion and public sector corruption to revive the country's "ailing economy".

Presenting the chamber's annual action plan today (23 February), titled "Road to Revival", DCCI President Taskeen Ahmed revealed that extortion at factory levels and within supply chains has increased by 20% to 50% in some areas following the ouster of the Awami League government through 2024 July Uprising.

Addressing a press conference at the DCCI auditorium, he warned that economic progress would remain a "dream" unless these criminal activities are suppressed "overnight with a heavy hand".

He also took aim at a trade deal regarding the reciprocal tariffs signed by the interim government with the United States under a Non-Disclosure Agreement (NDA).

Terming the deal a threat to economic sovereignty, the DCCI chief claimed it binds Bangladesh to purchase $15 billion worth of LNG from the US over 15 years and restricts its ability to offer subsidies.

"Our RMG sector contributes 13% to the GDP, and trade with the US is less than 2% of our GDP. To secure a 1% tariff reduction, we cannot compromise our broader economic interests or our relationships with other major trading partners," he stated, urging the incumbent government to strategically renegotiate the agreement.

On the logistics and energy fronts, the DCCI demanded an immediate reversal of the 41% hike in Chattogram Port service tariffs and called for offshore gas exploration to bridge a daily gas supply gap of 925 MMSCFD.

While the chamber welcomed the government's target to raise the tax-to-GDP ratio to 8%, it insisted on 100% automation of the National Board of Revenue (NBR) to prevent harassment.

The DCCI also lauded the government's recent formal request to the United Nations to defer Bangladesh's LDC graduation by at least three years, citing the economic setbacks from the pandemic and recent political transitions.

Expressing deep concern over the financial sector, Taskeen noted that private sector credit growth plummeted to a 22-year low of 6.49% in FY2024-25.

He also criticised the central bank for shortening the loan classification grace period from nine months to three months. He argued that the move artificially inflated non-performing loans (NPLs) to Tk6.44 trillion, representing 36% of total loans.

With lending rates soaring to 16-17%, the DCCI chief called for a reduction in the policy rate and the introduction of subsidised credit lines for genuine businesses.

He argued that the move is penalising genuine businesses that are suffering from working capital shortages due to massive currency devaluation and high borrowing costs.

"While wilful defaulters must face strict punishment, genuine SMEs and businesses need breathing room. We urge the government to reconsider the loan classification rules, reduce the policy rate, and introduce subsidised credit lines to lower borrowing costs," Taskeen said.

Gold climbed to a three-week high on Monday as uncertainty stoked by the US Supreme Court's decision to strike down a vast swathe of President Donald Trump's tariffs pressured the dollar and pushed investors to the safety of bullion.

Spot gold climbed 1.1 percent to $5,158.29 per ounce by 0558 GMT, having earlier hit its highest since January 30. US gold futures for April delivery were up 2 percent at $5,180.40.

"The court's tariff ruling has, aside from earning the ire of the US president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play," said Tim Waterer, chief market analyst at KCM Trade.

The US Supreme Court struck down Trump's sweeping tariffs that he pursued under a law meant for use in national emergencies, handing the Republican president a stinging defeat in a landmark ruling on Friday with major implications for the global economy.

After the court ruling, Trump said he would raise a temporary tariff from 10 percent to 15 percent on US imports from all countries.

"Whether gold can claw its way back above $5,400 in the near-term may rest on how long tariff uncertainty lingers and whether the US engages in military action against Iran," Waterer said.

Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.

Meanwhile, data on Friday showed that underlying US inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won't cut interest rates before June.

Goldman Sachs raised its Brent and West Texas Intermediate crude forecasts for the fourth quarter of 2026 by $6 to $60 and $56 respectively, citing lower OECD stocks, even as it continued to assume no Iran-related supply disruption and maintained its view of a surplus this year.

For the year, it now expects Brent to average $64 a barrel, up from $56 previously, and WTI to average $60, up from $52.

Oil prices fell about 1 percent on Monday as the US and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict.

Brent crude futures were trading around $71 a barrel at 0641 GMT, while US WTI crude futures were at $65.75 a barrel.

In a note dated Sunday, Goldman said its $60 Brent price forecast reflected a gradual fading of a $6 risk premium estimate assuming that geopolitical tensions ease and a $5 decline in the fair value price on rising stocks in the Organisation for Economic Co-operation and Development (OECD).

The bank maintained its 2026 surplus forecast of 2.3 million barrels per day (bpd), assuming no major supply disruption and no Russia-Ukraine peace.

The bank said its 2026 surplus reflects offsetting 0.2 million bpd downgrades to supply and demand on slightly softer growth in Asia.

The bank downgraded its 2026 supply outlook for Kazakhstan, Venezuela, Iran, and Iraq due to realized production misses, while it upgraded supply expectations for the Americas and in core Opec countries with spare capacity.

The bank said it expects Opec+ to begin gradually increasing production in the second quarter of 2026, given that OECD inventories have not built up.

Goldman, however, expects downside risks of $5 for Brent and $8 for WTI for the fourth quarter of 2026 if potential sanctions relief for Iran or Russia accelerates landed stock builds and unlocks higher supply in the longer term.

It expects Brent and WTI to average $65 and $61, respectively, in 2027 and to rise to $70 and $66 by December 2027 on the back of solid demand and slowing supply growth.

The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday, more than three days after the US Supreme Court declared the duties illegal.

The agency said in a message to shippers on its Cargo Systems Messaging Service (CSMS) that it will de-activate all tariff codes associated with President Donald Trump’s prior IEEPA-related orders as of Tuesday.

The IEEPA tariff collection halt coincides with Trump’s imposition of a new, 15 percent global tariff under a different legal authority to replace the ones struck down by the Supreme Court on Friday.

CBP gave no reason why it was continuing to collect the tariffs at ports of entry days after the Supreme Court’s ruling, and its message offered no information about possible refunds for importers.

The message noted that the collection halt does not affect any other tariffs imposed by Trump, including those under the Section 232 national security statute and the Section 301 unfair trade practices statute.

“CBP will provide additional guidance to the trade community through CSMS messages as appropriate,” the agency said.

Reuters reported on Friday that the Supreme Court decision made more than $175 billion in US Treasury revenue generated by the IEEPA tariffs subject to potential refunds, based on an estimate by Penn-Wharton Budget Model economists. Their estimate from a ground-up forecasting model showed that IEEPA-based tariffs were generating more than $500 million per day in gross revenue.

Revenue collection in January grew by only 3.2% year-on-year – the weakest in recent months – signalling stress in trade flows and slowing economic activity.

With customs revenue remaining volatile and domestic demand softening, the slowdown threatens to complicate the new government's fiscal management in the months ahead.

The January figure marks a sharp deceleration from the robust growth recorded earlier in the fiscal year, when monthly collections expanded by 18% to 25% between July and September. Although revenue growth remained in double digits through much of the first half, January's modest increase indicates that the initial rebound in imports and domestic activity is losing momentum.

In January alone, revenue collection fell short of the target by Tk15,000 crore.

According to updated data released by the National Board of Revenue (NBR) today (23 February), revenue collection during the first seven months (July–January) of the current fiscal year fell short of the target by more than Tk60,000 crore.

Although revenue growth during the July–January period stood at around 13%, actual collection reached Tk2.63 lakh crore against a target of Tk2.83 lakh crore.

Breaking with convention after the last budget, the government revised the annual revenue target upward by Tk54,000 crore midway through the fiscal year, raising it to Tk5.54 lakh crore.

NBR data show that over the past seven months, average monthly revenue collection stood at slightly below Tk32,000 crore. To meet the revised target, however, the revenue authority would need to collect more than Tk66,000 crore per month on average for the remaining months of the fiscal year.

Experts say this is not realistically achievable.

Dr Fahmida Khatun, Executive Director of the Centre for Policy Dialogue (CPD), told The Business Standard, "The economy has not gained the kind of momentum that would allow the NBR to collect revenue at such a high rate. As a result, the government is heading towards another large shortfall this fiscal year."

She added that the new government under Tarique Rahman has incorporated additional spending commitments in its election manifesto, including family cards and agricultural loan waivers. If expected revenue is not realised, fiscal pressure on the new administration will intensify.

While revenue growth exceeded 15% in six of the seven months of the fiscal year, officials were unable to explain the sudden drop in January. When contacted, a senior NBR official said he could not specify the reason behind the sharp slowdown.

Data analysis shows that import tax collection in January actually declined by 1.31% compared to the same month last year. Value-added tax (VAT) collection grew by only 2.57%, while income tax recorded relatively better growth at 7%, though still modest.

Nearly 90% of import tax is collected through Chattogram Custom House. When contacted, Mohammad Shafi Uddin, Commissioner of Custom House Chattogram, said the customs house recorded 15% growth in January. Why overall growth remained weak despite this remains unclear.

Explaining the underperformance in revenue collection, Fahmida Khatun cited slow investment and sluggish economic growth as major factors. She also pointed to institutional capacity constraints within the NBR, saying the tax net is not expanding and tax evasion is not being effectively curbed.

"Necessary reforms to boost revenue collection have largely not been implemented," she said. "As a result, prospects for stronger revenue performance in the coming months also appear limited."