সে হিসাবে পাঁচ বছরের ব্যবধানে টাকার অবমূল্যায়ন হয়েছে প্রায় ৪৫ শতাংশ। আর এ সময় বৈদেশিক মুদ্রাবাজারে সবচেয়ে বড় আর্থিক সুবিধাভোগী হয়ে উঠেছে দেশের কেন্দ্রীয় ব্যাংক।

বাংলাদেশ ব্যাংকের তথ্য অনুযায়ী, ২০২০-২১ থেকে ২০২৪-২৫ অর্থবছর পর্যন্ত পাঁচ বছরে কেন্দ্রীয় ব্যাংক বাজার থেকে প্রায় ১২ দশমিক ৩৪ বিলিয়ন বা ১ হাজার ২৩৪ কোটি ডলার কিনেছে। বিপরীতে একই সময়ে বাজারে ৩৫ দশমিক ৩৫ বিলিয়ন ডলারের বেশি বিক্রি করেছে। সে হিসাবে পাঁচ বছরে রিজার্ভ থেকে কেন্দ্রীয় ব্যাংকের নিট ডলার বিক্রি হয় প্রায় ২৩ বিলিয়ন। বাংলাদেশ ব্যাংক থেকে গত বৃহস্পতিবার প্রকাশিত‌“‘ফরেক্স মার্কেট অ্যান্ড রিজার্ভ ম্যানেজমেন্ট রিপোর্ট ফর ফিসক্যাল ইয়ার ২০২৪-২৫’ শীর্ষক প্রতিবেদনে এ তথ্য প্রকাশ করা হয়।

বাংলাদেশ ব্যাংক, আর্থিক গোয়েন্দা সংস্থা বাংলাদেশ ফাইন্যান্সিয়াল ইন্টেলিজেন্স ইউনিট (বিএফআইইউ) এবং অন্যান্য গোয়েন্দা সংস্থার অনুসন্ধানে অবশ্য উঠে আসে, দেশ থেকে সর্বাধিক অর্থ পাচার হয় কভিড-পরবর্তী সময়ে। আর সেটি হয়েছে ব্যাংক খাত ব্যবহার করেই। ২০২১-২২ অর্থবছরে দেশের ইতিহাসে সর্বোচ্চ ৮৯ বিলিয়ন ডলারের পণ্য আমদানি দেখানো হয়। ডলারের তীব্র সংকটের পেছনে এ রেকর্ড পরিমাণ আমদানিকেই দায়ী করা হয়।

তবে সংশ্লিষ্ট সংস্থাগুলোর তথ্য বলছে, ওই সময় আমদানির আড়ালে মূলত বিপুল পরিমাণ অর্থ পাচার করা হয়েছে বিদেশে। ইসলামী ব্যাংকসহ শরিয়াহভিত্তিক ব্যাংকগুলো সবচেয়ে বেশি লুণ্ঠনের শিকার হয়। রাষ্ট্রায়ত্ত জনতাসহ অন্য ব্যাংকগুলো ব্যবহার করেও পাচার হয়েছে অর্থ। কেন্দ্রীয় ব্যাংকের রিজার্ভ থেকে বিক্রি করা ডলারের বড় একটি অংশ বিদেশে পাচার হয়েছে বলে মনে করেন সংশ্লিষ্টরা।

কেন্দ্রীয় ব্যাংক থেকে প্রকাশিত প্রতিবেদনের তথ্য বলছে, গত পাঁচ অর্থবছরে বাংলাদেশ ব্যাংক মোট ১ লাখ ৫৮ হাজার ১০৯ কোটি টাকার নিট মুনাফা করেছে। এর বৃহৎ অংশই এসেছে ডলার বেচাকেনার মাধ্যমে। ব্যাংকগুলো থেকে কম দামে কেনা ডলার পরবর্তী সময়ে বেশি দামে বিক্রি করেছে বাংলাদেশ ব্যাংক। আবার বিনিময় হার বেড়ে যাওয়ায় ডলারের অসমন্বিত (অবিক্রীত) দরও প্রায় ৪৫ শতাংশ বেড়েছে। আর এ প্রক্রিয়াই নিয়ন্ত্রক সংস্থাটির মুনাফা বাড়ার অন্যতম বড় কারণ বলে সংশ্লিষ্টরা জানিয়েছেন।

বিষয়টিকে অবশ্য কেবল ‘লাভ’ দিয়ে বিচার করলে পুরো বাস্তবতা ধরা পড়ে না বলে জানিয়েছেন অর্থনীতির বিশ্লেষকরা। তারা বলছেন, কেন্দ্রীয় ব্যাংক মূলত বৈদেশিক মুদ্রাবাজার স্থিতিশীল রাখা, রিজার্ভ ব্যবস্থাপনা এবং আমদানি দায় মেটানোর জন্য ডলার কেনাবেচা করে। কিন্তু যখন দীর্ঘ সময় ধরে টাকার অবমূল্যায়ন হয় এবং সে প্রক্রিয়ায় কেন্দ্রীয় ব্যাংকের বিপুল হিসাবভিত্তিক মুনাফা তৈরি হয়, তখন জনগণের মধ্যে সন্দেহ তৈরি হয়—নীতিসিদ্ধান্তগুলো কতটা বাজার বাস্তবতার জন্য, আর কতটা আর্থিক সুবিধার কারণে। কেননা বাংলাদেশ ব্যাংকের এ মুনাফার বিপরীতে ব্যবসাপ্রতিষ্ঠান ও সাধারণ মানুষকে উচ্চ মূল্যস্ফীতি, জ্বালানি ও খাদ্যদ্রব্যের বাড়তি দামের চাপ বহন করতে হয়েছে।

ঢাকা বিশ্ববিদ্যালয়ের অর্থনীতি বিভাগের অধ্যাপক ও সাউথ এশিয়ান নেটওয়ার্ক ফর ইকোনমিক মডেলিংয়ের (সানেম) নির্বাহী পরিচালক ড. সেলিম রায়হান বণিক বার্তাকে বলেন, ‘টাকার অবমূল্যায়নের সরাসরি আর্থিক সুবিধাভোগীদের মধ্যে বাংলাদেশ ব্যাংক অবশ্যই অন্যতম। তবে এটিকে একমাত্র বা উদ্দেশ্যমূলক সুবিধাভোগী বলা অতিসরলীকরণ হবে। বাস্তবে সরকারও বেশি টাকায় রেমিট্যান্স ও রফতানি আয়ের সুবিধা পেয়েছে, রফতানিকারকরা প্রতিযোগিতামূলক সুবিধা পেয়েছেন। আবার একই সঙ্গে আমদানিনির্ভর শিল্প ও সাধারণ মানুষ ক্ষতিগ্রস্ত হয়েছে।’

সেলিম রায়হান আরো বলেন, ‘মূল প্রশ্ন হওয়া উচিত—এ অবমূল্যায়ন অর্থনীতির সামগ্রিক স্থিতিশীলতা ও জনগণের কল্যাণে কতটা কার্যকর ছিল এবং কেন্দ্রীয় ব্যাংকের মুনাফা থেকে জনগণ শেষ পর্যন্ত কী উপকার পেয়েছে। সবশেষে কেন্দ্রীয় ব্যাংকের মুনাফা যদি জনগণের অর্থনৈতিক কষ্ট কমাতে, বাজার স্থিতিশীল করতে এবং আর্থিক খাতে স্বচ্ছতা বাড়াতে কার্যকরভাবে ব্যবহৃত না হয়, তাহলে এটি সাধারণ মানুষের কাছে ইতিবাচক সাফল্য হিসেবে নয়, বরং টাকার ক্রয়ক্ষমতা হারানোর প্রতীক হিসেবেই দেখা হবে।’

বাংলাদেশ ব্যাংকের তথ্য বলছে, ২০২০-২১ অর্থবছরে কেন্দ্রীয় ব্যাংক বাজার থেকে ৭৯৩ কোটি ৭০ লাখ ডলার কিনেছিল। ওই সময় বিক্রি করা হয়েছিল মাত্র ২৩ কোটি ৫০ লাখ ডলার। তখন প্রতি ডলারের বিনিময় হার ছিল ৮৪ টাকা ৮১ পয়সা। ওই বছর কেন্দ্রীয় ব্যাংকের মুনাফা হয়েছিল ৫ হাজার ৯১০ কোটি টাকা। তবে পরিস্থিতি পাল্টাতে শুরু করে ২০২১-২২ অর্থবছর থেকে। কভিড-পরবর্তী বৈশ্বিক অস্থিরতা, আমদানি ব্যয় বৃদ্ধি, ব্যাংক খাতের দুর্বলতা ও ডলার সংকটের মধ্যে বাজারে ব্যাপক হস্তক্ষেপ শুরু করে বাংলাদেশ ব্যাংক। ওই অর্থবছরে নিয়ন্ত্রক সংস্থাটি বিক্রি করে ৭৬২ কোটি ১৭ লাখ ডলার। বিপরীতে কেনে মাত্র ২১ কোটি ডলার। একই সময় ডলারের বিনিময় হার বেড়ে দাঁড়ায় ৯৩ টাকা ৪৫ পয়সায়। আর কেন্দ্রীয় ব্যাংকের মুনাফা বেড়ে হয় ২৯ হাজার ৩২৭ কোটি টাকা।

বাংলাদেশ ব্যাংকের সাবেক কর্তাব্যক্তিদের মতে, ২০২১ সালের আগে কেন্দ্রীয় ব্যাংক ধারাবাহিকভাবে তুলনামূলক কম দামে ডলার কিনে রিজার্ভ করেছিল। কিন্তু পরবর্তী সময়ে সেই ডলারই অনেক বেশি দামে বাজারে বিক্রি করে। ফলে বৈদেশিক মুদ্রা লেনদেন থেকেই বড় অংকের মুনাফা তৈরি হয়েছে। তাদের ভাষ্য, এ মুনাফা কোনো উৎপাদনশীল অর্থনৈতিক কার্যক্রম থেকে আসেনি, বরং এসেছে বিনিময় হার পরিবর্তন ও সংকট পরিস্থিতি থেকে।

বাজারে সংকট থাকায় ২০২২-২৩ অর্থবছরে ডলার বিক্রি আরো বাড়িয়ে ১ হাজার ৩৫৭ কোটি ৮২ লাখ ডলারে উন্নীত করে কেন্দ্রীয় ব্যাংক। ওই সময়ে প্রতি ডলারের বিনিময় হার বেড়ে ১০৬ টাকায় পৌঁছে। একই অর্থবছরে বাংলাদেশ ব্যাংকের মুনাফা দাঁড়ায় ৪৭ হাজার ৩৪৪ কোটি টাকায়, যা ইতিহাসের সর্বোচ্চ।

পরের অর্থবছরেও বৈদেশিক মুদ্রাবাজারে বড় বিক্রেতা হিসেবেই অবস্থান করে কেন্দ্রীয় ব্যাংক। বিক্রি করা হয় ১ হাজার ২৭৯ কোটি ৮৮ লাখ ডলার। বিপরীতে ৩৩৮ কোটি ২৯ লাখ ডলার কেনা হয়। ২০২৩-২৪ অর্থবছরের ওই সময়ে বিনিময় হার বেড়ে দাঁড়ায় ১১৮ টাকা। আর কেন্দ্রীয় ব্যাংকের মুনাফা হয় ৪০ হাজার ৫৬৬ কোটি টাকা।

সর্বশেষ ২০২৪-২৫ অর্থবছরে কেন্দ্রীয় ব্যাংকের ডলার বিক্রি কমে ১১১ কোটি ৮৬ লাখ ডলারে নেমে আসে। একই সময়ে কেনা হয় ৬১ কোটি ৫২ লাখ ডলার। তবে বিনিময় হার আরো বেড়ে ১২২ টাকা ৭৮ পয়সায় উন্নীত হয়। ওই অর্থবছরেও কেন্দ্রীয় ব্যাংকের মুনাফা দাঁড়ায় ৩৪ হাজার ৯৬২ কোটি টাকায়। এ মুনাফা থেকে গত পাঁচ বছরে সরকারি কোষাগারে প্রায় ৫৩ হাজার কোটি টাকা জমা দেয়া হয়েছে বলে বাংলাদেশ ব্যাংক সূত্র নিশ্চিত করেছে।

ব্যাংক খাতসংশ্লিষ্টদের মতে, ডলার বিক্রির মাধ্যমে কেন্দ্রীয় ব্যাংক একদিকে বিপুল পরিমাণ টাকা বাজার থেকে তুলে নিয়েছে, অন্যদিকে একই সময়ে ব্যাংকগুলোকে উচ্চসুদে তারল্য সহায়তা দিয়েছে। এতে নিয়ন্ত্রক সংস্থার সুদ আয়ও বেড়েছে। তাদের ভাষায়, এক হাতে ডলার বিক্রি করে টাকা তুলে নেয়া হয়েছে, আরেক হাতে সে টাকাই আবার ধার দেয়া হয়েছে ব্যাংকগুলোকে।

এ বিষয়ে জানতে চাইলে মিউচুয়াল ট্রাস্ট ব্যাংকের ব্যবস্থাপনা পরিচালক সৈয়দ মাহবুবুর রহমান বণিক বার্তাকে বলেন, ‘ডলারের বিনিময় হারে অস্থিরতা তৈরি হলে ২০২৩ সালে বেশকিছু বাণিজ্যিক ব্যাংককে জরিমানা করা হয়েছিল। বেশি দামে ডলার বেচাকেনার অভিযোগেই ওই সময় জরিমানা করে বাংলাদেশ ব্যাংক। আসলে ২০১৭-১৮ সালের দিকেই বিনিময় হার ধীরে ধীরে বাজারের ওপর ছেড়ে দিলে অর্থনীতি উপকৃত হতে পারত। তখন বাজারের সঙ্গে সামঞ্জস্য রেখে ডলারের দরে সমন্বয় হতো। কিন্তু জোর করে অনেক দিন ডলারের বিনিময় হার চাপিয়ে রাখার কারণেই ২০২২ সালে এসে এতটা অস্থিতিশীল পরিস্থিতি তৈরি হয়। এক্ষেত্রে দেশ থেকে টাকা পাচার বেড়ে যাওয়ার বিরূপ প্রভাবও ছিল।’

সৈয়দ মাহবুবুর রহমান বলেন, ‘মধ্যপ্রাচ্য যুদ্ধ পরিস্থিতি সত্ত্বেও সাম্প্রতিক সময়ে আমাদের বিনিময় হার স্থিতিশীল রয়েছে। এটি দেশের অর্থনীতির জন্য ভালো সংবাদ। তবে রফতানি আয় ও রেমিট্যান্স ইতিবাচক ধারায় না থাকলে বিনিময় হারের স্থিতিশীলতা ধরে রাখা কঠিন। কারণ বিশ্ববাজারে জ্বালানি তেলসহ ভোগ্যপণ্যের দাম বাড়ায় আমাদের আমদানি ব্যয় বেড়েছে। আবার এ মুহূর্তে দেশের অর্থনীতিও নানা সংকটে ঘুরপাক খাচ্ছে। পরিস্থিতি উত্তরণে সরকার ও কেন্দ্রীয় ব্যাংককে সময়োপযোগী সিদ্ধান্ত নিতে হবে।’

অবশ্য ব্যবসার উদ্দেশ্যে নয়, বরং নিজের দায়িত্ব পালন করতে গিয়েই কেন্দ্রীয় ব্যাংক এত পরিমাণ মুনাফা করেছে বলে মনে করেন বাংলাদেশ ব্যাংকের মুখপাত্র আরিফ হোসেন খান। বণিক বার্তাকে তিনি বলেন, ‘নিয়ন্ত্রক সংস্থা হিসেবে বাংলাদেশ ব্যাংক ব্যবসার উদ্দেশ্যে কোনো কার্যক্রম পরিচালনা করে না। দেশের সামষ্টিক অর্থনীতির স্বার্থেই আমরা বিভিন্ন ধরনের পদক্ষেপ নিই। ডলারের বিনিময় হার স্থিতিশীল রাখতে গত পাঁচ বছরে কেন্দ্রীয় ব্যাংক নানা ধরনের পদক্ষেপ নিয়েছে। আমরা বাজার থেকে প্রয়োজন অনুযায়ী ডলার কিনেছি, আবার বাজারের প্রয়োজনে বিক্রিও করেছি। আর এর মধ্য দিয়েই কেন্দ্রীয় ব্যাংকের মুনাফা অর্জিত হয়েছে। গত প্রায় দেড় বছর ধরে আমরা ডলার কিনছি। আগামীতে প্রয়োজন হলে আবার বিক্রিও করতে হতে পারে। এগুলো কেন্দ্রীয় ব্যাংকের দায়িত্ব ও কাজেরই অংশ।’

Robi Axiata PLC has reported a stellar start to 2026, with its net profit after tax skyrocketing by 85% year-on-year to reach Tk232.3 crore in the first quarter ended 31 March.

The country's second-largest mobile operator attributed this significant bottom-line growth to a combination of AI-driven personalised service offerings, a robust surge in data consumption, and a highly disciplined approach to cost management, according to a press release.

According to the company's financial disclosure, Robi's revenue for the January-March period rose by 8% year-on-year to Tk2,531.2 crore. This top-line growth, coupled with operational efficiencies, pushed the earnings per share (EPS) to Tk0.44, up from the Tk0.24 recorded in the same quarter of the previous year.

The company's net asset value (NAV) per share stood at Tk13.78, while the net operating cash flow per share was recorded at Tk0.97 for the quarter.
A major driver of this performance was the continued expansion of Robi's digital footprint. By the end of March, the operator's active subscriber base reached 5.74 crore, with data users accounting for 4.45 crore of that total.

Crucially, the 4G subscriber base climbed to 4.03 crore, reflecting the success of the company's sustained investment in high-speed network infrastructure. On average, each data user consumed 8.95 GB of data per month during the quarter, marking a 15% increase compared to the same period last year.

The company's focus on efficiency was reflected in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which reached Tk1,350.3 crore with a healthy margin of 53.3%. This represents a 21.6% year-on-year growth in EBITDA, suggesting that the company's cost-optimisation strategies are yielding high returns.

Robi's Managing Director and CEO Ziad Shatara said the growth was achieved under adverse socio-economic conditions, further intensified by geopolitical tensions in West Asia.

He added that the company's shift toward AI-driven personalised products and services, supported by consistent network improvements, has been pivotal in navigating these challenges.

Shatara expressed optimism that the company would sustain this momentum as the national economic climate continues to brighten.

Robi also remained a significant contributor to the national exchequer, paying Tk2,073.6 crore in various taxes and fees during the first three months of 2026 alone. This amount represented a staggering 82% of the company's total revenue for the quarter.

Robi shares closed at Tk29.60 on Thursday at the Dhaka Stock Exchange.

Currently, the Malaysian telecom giant Axiata Group Berhad holds a 61.82% majority stake in the company, while Bharti Airtel holds 28.18% and the general public owns the remaining 10%.

The government wants to increase sugar production by reopening some of the nine state-owned mills that are currently idle, Commerce Minister Khandakar Abdul Muktadir said yesterday.

The country has 15 state-owned sugar mills, of which six are currently operating, he told a group of journalists after visiting Panchagarh Sugar Mills Limited, where he exchanged views with sugarcane farmers.

The minister, who also oversees the industries and textiles and jute ministries, said initiatives have also been taken to revive several other state-owned industrial enterprises.

He said the government will revive the closed sugar mills while keeping in mind the interests of sugarcane farmers, workers, and the long-term profitable operation of the mills.

“These mills are assets of the people of Bangladesh. Therefore, ensuring their honest and effective utilisation is the responsibility of the government,” the minister added.

“We want the closed industrial establishments to resume production, create employment opportunities, and bring new momentum to the local economy.”

He also observed that while several sugar mills are currently closed, many operating mills face multiple operational constraints.

Most of the mills are 50 to 70 years old. Therefore, many of these mills cannot be revived without modernisation, renovation, and new technology, he said.

However, in every case, the interests of sugarcane farmers, workers’ employment, and profitable management will be ensured, the minister stressed.

He further stated that when an industrial establishment remains operational, it not only provides direct employment but also creates many additional employment opportunities through various related economic activities.

Therefore, reopening the closed mills is highly important for the country’s economic growth and poverty reduction.

The minister further said that, as it remained shut for a long time, the infrastructure and machinery of Panchagarh Sugar Mill require extensive renovation.

Expert opinions are being sought, and all possible options are being reviewed, he said.

The Bangladesh Bank (BB) has extended the deadline for distressed borrowers to apply for policy support by six months, to June 30, 2026.

The previous deadline was the end of December last year.

A BB circular issued yesterday said banks may provide special restructuring facilities for unclassified loans until the new deadline. Loans classified as substandard, doubtful, and bad/loss as of March 31, 2026, will also be eligible for special rescheduling benefits.

However, borrowers who have already received policy support under the earlier circular or through the restructuring selection committee will not be eligible for reconsideration.

The central bank issued the fresh instructions to reinforce the implementation of earlier policy support guidelines.

BB also instructed banks to dispose of applications within three months of receipt. Applications will become effective only after the encashment of down payments made in favour of banks.

The directive came into immediate effect under Section 49(1)(d) of the Bank Company Act, 1991.

In January last year, the central bank formed a five-member committee to provide necessary policy support for restructuring corporate borrowers that had defaulted on loans due to factors beyond their control.In September last year, the BB also issued a unified special loan rescheduling policy to maintain economic growth and support borrowers who had defaulted due to circumstances beyond their control.

Under the policy support, distressed businesses will be able to get up to 15 years for repayment, with down payments as low as 1 percent to 2 percent and grace periods of up to three years.

A Tk 3.0-trillion Annual Development Programme (ADP) for the next fiscal year is getting final consideration today with several-fold increases in education and health allocations with the focus on human-capital development, officials say.

However, the highest development-budget sanction goes for the fund-guzzling Local Government Division and the Road Transport and Highways Division.

The proposed ADP, which is 50 per cent higher than the revised Annual Development Programme (RADP) of Tk 2.0 trillion for the outgoing fiscal year, is set to be placed at today's extended meeting of the Planning Commission.

Planning Minister Amir Khasru Mahmud Chowdhury is scheduled preside over the meet. Sources say Zonayed Abdur Rahim Saki, State Minister for Planning, S M Shakil Akhter and other senior officials of the ministry will attend the meeting.

Subject to approval at the meeting, the final ADP proposal will be placed before the National Economic Council (NEC) at a meeting scheduled for next week, the sources add.Economic Forecast Service

They say Tk 1.9 trillion, equivalent to 63.33 per cent of the total outlay, is set to be financed from the government exchequer while the remaining Tk 1.1 trillion is expected to be managed from external sources, mainly in the form of project loans and grants.

For the current fiscal year, the government had initially approved an ADP of Tk 2.3 trillion, which was later revised down to Tk 2.0 trillion, comprising Tk 1.28 trillion from domestic resources and Tk 0.72 trillion from external financing.

The proposed allocation for the next fiscal year represents an increase of 48.44 per cent in domestic financing and 52.78 per cent in external financing.

In the proposed ADP for the next fiscal year, the Local Government Division (LGD) is set to receive the highest allocation of Tk 366.20 billion, followed by the Road Transport and Highways Division (RTHD) with Tk 329.03 billion.

Health Services Division is likely to see a significant leap in allocation to Tk 206.08 billion, more than six folds compared to its revised allocation of Tk 31.28 billion in the current fiscal, elevating its position to third from the 15th.

Among other sectors, Primary and Mass Education is set to receive Tk 213.48 billion, 2.65-fold higher than the revised allocation of the current fiscal year at Tk 80.54 billion.

The Secondary and Higher Education Division is likely to get Tk 208.35 billion, 3.37-fold higher than the current revised allocation of Tk 61.90 billion.

Power Division is expected to receive the fourth-highest allocation at Tk 192.85 billion, followed by the Ministry of Science and Technology with Tk 173.66 billion.

In a significant move toward long-term economic resilience, the government is set to boost human-capital development by increasing budgetary allocations for education and health in the upcoming budget for the FY2026-27, officials say.

According to preliminary estimates from the Ministry of Finance (MoF), the government plans to raise education spending to 2.0 per cent of GDP or gross domestic product and health-sector allocation to 1.0 per cent of GDP.

Officials say this shift signals a departure from Bangladesh's historical trend of social-sector neglect as the country prepares for its post-LDC-graduation challenges.Bangladesh Economic Report

For decades, health and education have remained underfunded, with education spending stubbornly staying below 2.0-percent mark and health receiving less than 1.0 per cent of the GDP.

In the current FY2025-26 national budget, the allocation for education is Tk 956.44 billion, which accounts for 1.53 per cent of the GDP, while for health Tk 419.08 billion, or 0.67 per cent of the GDP.

Experts have long argued that these figures fall far short of the UNESCO recommendation of 4.0-6.0 per cent for education and the 5.0-percent target often cited for a functional healthcare system.

A senior MoF official says, "We have decided to enhance the budgetary allocation in the educational and health sectors for building a better human capital to weather the impact of the LDC graduation as well as build the country."

He adds: "We have to boost our economy into a trillion-dollar one, and that's why the human-resources development is a top priority of the government."

The government is going to allocate extended funds in the development budget for the health and education sectors so that the country could reap benefit from the quality development of its human capital, the ministry official says.

Dr Rashel Mahmud Al Titumir, Advisor to the Prime Minister, at a discussion meeting Thursday said their government would increase the budgetary allocation to 5.0 per cent of GDP in the field of health and education.

Another MoF official told the FE that the proposed hike is part of a broader "investment-driven model" intended to build a technology-driven, employment-oriented workforce.Corporate Finance Workshops

The targeted allocation at 2.0 per cent of GDP will be to improve primary education quality and expand vocational training along with the tertiary and higher education in Bangladesh.

"Finance secretary has recently instructed the health and education ministries and other implementing agencies who are involved with human-capital development to spend money for quality development," the MoF official adds.

Fund-allocation target of 1.0 per cent of GDP in the upcoming national budget would mainly be utilized to strengthen preventive healthcare and reduce out-of-pocket expenses, which currently account for over 70 per cent of total health costs.

The overall national budget for FY2026-27 is expected to be Tk 9.30 trillion.

The finance official says while infrastructure remains a priority, the focus is shifting toward "people over physical structures" to ensure sustainable 6.2-percent GDP growth in the medium term.

While the planned increases are a welcome step, economists from the Centre for Policy Dialogue (CPD) caution that the narrow tax-to-GDP ratio-currently around 6.8 per cent-remains a major barrier to realizing these ambitions.

"Increasing the allocation is only half the battle," says a senior researcher at the CPD. "The real challenge lies in improving the implementation capacity of the ministries, which often struggle to fully utilize even their current modest budgets."

The government is expected to officially table the budget proposal in the Jatiya Sangsad early next month, where further details on sectoral reforms and funding sources will be rolled out.

The country's return on foreign exchange reserve investments reached a six-year high in fiscal year 2025 supported by mainly rising global yields, according to a report released by the central bank.

The Bangladesh Bank says income from reserve investments stood at US$639.53 million during the fiscal year while the country's gross foreign -exchange reserves amounted to $31.8 billion as of June 30, 2025.

The Forex Market and Reserve Management Report for FY 2025, released last week, has projected that reserves would continue to rise in the coming months on the back of a favourable balance-of-payments outlook supported by strong remittance inflows, improved exchange-rate alignment and contained import demand.

According to the central bank, the country's foreign-exchange reserves could reach $36.84 billion by the end of next June.

The report also says a gradual recovery in exports, inflows of multilateral financing and the rollover of trade credits would further strengthen the country's external liquidity position.

The BB notes that prudent management of foreign -exchange reserves remains crucial due to frequent volatility on the international financial market.Personal Finance Consulting

"Despite global uncertainty, strategic portfolio management and timely intervention helped stabilise the local currency, taka, and enabled the country to meet all external obligations smoothly," the regulator claims.

The report mentions the reserves as a vital buffer against external shocks, although management systems in Bangladesh during the period.

The central bank is now focusing on strengthening reserve management further with "improved technology, enhanced risk-management frameworks and adaptive long-term strategies".

According to the report, the central bank mainly invests reserve assets in highly rated fixed-income instruments in the global arena.

The reserve portfolio is dominated by the US dollar, accounting for 82 per cent, followed by the Euro.

The report says safety remains foremost priority in reserve-investment decisions.

The reserves are invested in secure and high-quality assets, including US Treasury securities, sovereign bonds and deposits with top-rated international banks.Stock Market Data

The report also says that around 12 per cent of reserves are maintained in cash or near-cash instruments to ensure immediate liquidity support when required.

Investment in fixed-income securities continues to remain a key component of reserve management due to their stability and liquidity advantages.

"These (fixed-income instruments) are selected because they are very safe, liquid and carry strong credit ratings," the report explains the modus operandi of the sovereign investment.

The central bank also invests part of the reserves in gold to protect asset value during periods of inflation, currency depreciation and global uncertainty.

It suggests that gold holdings should account for around 5.0 per cent of total foreign -exchange reserves.

In addition, Bangladesh maintains a part with Special Drawing Rights (SDRs), the International Monetary Fund's reserve asset, arguing that it is part of its reserve-diversification strategy.

"For Bangladesh, SDR serves as a strategic tool to diversify its foreign-exchange reserves," the report mentions.Bangladesh Economic Report

The central bank in its report emphasises that foreign -exchange reserves play a pivotal role in maintaining macroeconomic stability and strengthening resilience in the external sector.

The reserves provide the financial capacity to meet essential external obligations, including import payments, external debt servicing and other current-account requirements.

The central bank says its key objective is to secure reasonable returns on reserve investments without taking excessive risks.

It also manages market risks through diversification of reserve assets in line with international reserve-management guidelines.

The central bank also manages several special funds, including the Export Development Fund (EDF), Green Transformation Fund (GTF) and Long-Term Financing Facility (LTFF) -- which play role in economic development in the country.

In South Asia, Bangladesh's reserves have grown steadily over the years, peaking at around $46 billion in 2021.

India continues to maintain the region's largest reserves, while Nepal and Bhutan recorded stable growth.

In contrast, Pakistan and Sri Lanka experienced significant volatility, often relying on external financing and IMF support.

Sonali Bank, which had been suffering from a massive capital deficit for years, recorded its highest net profit of Tk1,313 crore in 2025, more than 33% higher than the previous year.

The country's largest state-owned lender posted this staggering profit in a year when its core banking businesses, including interest income and loan disbursement, fell significantly.

The magic behind the artificial profit was massive loan rescheduling under a relaxed policy offered by the central bank in September 2025. It helped Sonali Bank to cut default loans by 22.32% in just three months.

The sharp decline in default loans reduced provision maintenance costs significantly, helping the lender post the record profit despite negative business growth.

The bank's net interest income saw a sharp decline, falling 77% to Tk337 crore during the year. The drop was attributed to reduced interest earnings from borrowers and higher interest payments to depositors, according to its audited financial statement.

The bank, which had a capital deficit of nearly Tk6,000 crore in 2024, is no longer in deficit. Instead, it posted a capital surplus of Tk1,325 crore in 2025.

Bankers and economists said that although the financial indicators show a massive improvement in performance, the so-called gains carry serious risks as banks deferred interest payments for two years by locking bad loans under a long-term rescheduling policy spanning 10 years, including a two-year grace period.

They added that the grace period gives borrowers temporary relief from paying principal and interest, easing the immediate burden of defaults on banks. However, it significantly impacts the sector by delaying the recognition of bad loans and disrupting cash inflows.

Bangladesh Bank data show that default loans in the country's banking sector declined by Tk87,298 crore during the final three months of 2025, primarily driven by a massive debt rescheduling campaign under relaxed central bank policies.

This massive reduction of default loans through rescheduling is not sustainable for the banking sector, observes Zahid Hussain, former lead economist at the World Bank's Dhaka office.

In many cases, he said, such facilities had been granted on political considerations or ahead of elections to keep businesspeople off the defaulters' list.

The World Bank, in its latest Bangladesh Development Update 2025, said: "BA recent relaxation of loan rescheduling and restructuring rules, along with continued regulatory forbearance, risk delaying full recognition of banks' asset quality problems and slowing balance-sheet repair."

Sonali's 200% unaudited profit

Sonali Bank, in its unaudited financial report released in January this year, reported a 200% year-on-year jump in net profit to Tk2,650 crore in 2025. However, the audited financial statement published this month showed net profit falling to Tk1,313 crore, following higher provisioning requirements imposed by the central bank against the lender's large stock of bad assets, according to central bank sources.

A deputy managing director of Sonali Bank told The Business Standard, requesting anonymity, said, "One of the main reasons that the figure was revised was because some exposures had to be reclassified as fresh non-performing loans under instructions from the Bangladesh Bank."

He added that the bank's profits increased largely because of the large-scale rescheduling of default loans, which reduced provisioning requirements. At the same time, interest income from regularised loans could be booked in income statements.

Other banks take opportunity

Bangladesh Bank data shows state-owned banks and troubled private commercial banks mostly availed the entire benefits of relaxed loan rescheduling policy by cutting down default loans significantly in just three months from October to December.

For instance, Agrani Bank under the relaxed policy rescheduled loans of Tk8,368 crore, more than six times higher than the previous year, according to its statement. The massive rescheduling helped the bank cut default loans by 15.59%, or Tk5,285 crore, in the last three months of 2025.

Among troubled private commercial banks, AB Bank rescheduled more than Tk1,300 crore, helping it reduce defaults by nearly Tk12,000 crore. The bank's default loan ratio declined to 50.88% at the end of December from 84% in September, according to central bank data.

Islami Bank Bangladesh, the country's largest private commercial bank, reduced default loans by more than Tk14,000 crore in just three months through rescheduling, while National Bank Limited cut default loans by nearly Tk10,000 crore during the same period.

'Banking sector stress pushed into future'

Arfan Ali, former managing director of Bank Asia, said banking sector stress has effectively been pushed into the future through repeated deferment and rescheduling over the past decade.

"In many cases, loans are shown as regular by recovering only a nominal amount. Even disciplined borrowers are increasingly incentivised to delay repayment and seek similar concessions," he said.

He warned that the sector must move away from this long-standing practice. "We are seeing that many of those becoming newly classified as defaulters are old borrowers who had long remained non-performing in substance but were kept outside default classification through repeated facilities. Once such support is withdrawn, they quickly fall back into default, weakening asset quality further."

Rescheduling sends misleading signals to depositors'

Explaining the future consequences, a managing director of a private commercial bank, who wished not to be named, said such a loan rescheduling facility sends misleading signals to depositors, as they would see cleaner balance sheets and lower default loans and be encouraged to place more funds.

"However, after two years, when these loans turn default again, it will erode capital and depositors will lose money, similar to what happened in some merged banks," he added.

He said several private commercial banks are already in a severe but undisclosed financial crisis, and rescheduling allows them to present artificial balance sheets.

Moreover, when banks engage in foreign business, institutions such as IFC, ADB, Standard Chartered and other international lenders analyse balance sheets by treating rescheduled loans as distressed assets. As a result, they either restrict credit lines or charge higher rates, raising costs for exporters and importers, which are ultimately passed on to consumers, said the banker.

"When a customer becomes a defaulter, our job is to find the root cause and take corrective measures to make that company viable," he said.

When the Bangladesh Bank introduced the policy, all defaulting companies approached for 10-year rescheduling with a two-year grace period, he said. "Most of these firms are facing severe cash flow crises, with factories shut and significant financial gaps."

He argued that such extensions are unlikely to revive them, as the policy merely postponed payments for two years, reducing reported default loans in the industry.

"Strong banks didn't fully adopt the policy as it doesn't restore viability, while loss-making banks saw it as an advantage. It helped them reduce provisioning, show profits and declare dividends," he said.

He added that these banks are fully aware that many borrowers are likely to default again within months. "That is why they offered a two-year grace period with no repayment or interest. Loans originally structured for six months have now been extended to 10 years, along with additional working capital."

As a result, default loans decline on paper without actual recovery, provisioning requirements fall and profits increase. He warned that while balance sheets may appear clean for the next two years, they could suffer a sharp deterioration in the third year.

He also said that although cash flow is reduced, the benefit from lower provisioning is far greater than the annual income loss. "For instance, a Tk100 crore loan that turns bad requires full provisioning of Tk100 crore. Rescheduling eliminates that requirement, while annual interest income of Tk12 crore, assuming a 12% rate, is moved to a suspended account. In effect, banks trade recognised income for immediate provisioning relief, which violates accounting standards."

How loan rescheduling will squeeze lending capacity

A managing director of another private commercial bank said the two-year grace period will squeeze lending capacity as banks will not get repayment during the period. Moreover, banks cannot take interest incurred against rescheduled loans in their income statement which will impact profit in next two years.

He said that when banks receive neither repayments nor interest from rescheduled loans, while continuing to service depositors, cash flows come under pressure, constraining lending capacity.

He added that financial statements have been "engineered" over the past 15 years by underreporting defaults. "Now, with defaults suddenly rising to around 30%, banks are facing a sharp increase in provisioning requirements."

Previously, banks maintained provisions against 5% to 10% of classified loans, but this has now increased five- to six-fold, creating a severe provisioning gap.

He said that had proper governance been enforced over the past decade, banks would have built adequate buffers. "Instead, many distributed profits as dividends without making sufficient provisions."

In this situation, he said, banks are being forced to rely on the relaxed policy for survival. "However, the central bank should've allowed partial interest payments rather than a full grace period."

He warned that while balance sheets may appear cleaner, most banks will have limited capacity for fresh lending in the coming years, which could significantly affect private sector credit growth.

Plummeting credit growth

The country's private sector credit growth plummeted to an all-time low of 6.03% in January, as prolonged political instability and a high-interest-rate regime forced businesses to stall expansion plans and prompted banks to adopt a highly cautious lending stance.

According to the latest Bangladesh Bank data, credit growth edged down from 6.1% in December, continuing a sharp decline from 10.13% recorded in July 2024.

The data also show total default loans stood at Tk5.57 lakh crore at the end of December 2025, accounting for 30.60% of total outstanding loans, down from Tk6.44 lakh crore, or 35.73%, at the end of September.

Two reasons why rescheduling is unsustainable

According to Zahid Hussain, there are two main reasons why the practice is unsustainable.

Firstly, loan rescheduling directly hurts banks' balance sheets and erodes capital. He compared it to "continuous bleeding" in the human body, which gradually weakens a financial institution over time.

Second, it creates "moral hazard" in society. When borrowers see that repeated concessions are available despite failing to repay loans, they become more inclined to spend borrowed money on luxury consumption – such as expensive cars or foreign travel – instead of investing in productive sectors.

"As a result, honest borrowers become discouraged, while wilful defaulters are further emboldened. Overall, he said, the trend is undermining discipline in the banking system and weakening the sector's long-term sustainability," added the economist.

Returning the five merged Islamic banks to their former shareholders might prove difficult for the government as major development partners dislike the reversion move, officials says.
FE

The new government last month passed the Bank Resolution Act 2026 amending the Bank Resolution Ordinance 2025 under which the post-uprising interim government had taken step for merging five troubled shariah-based banks.

However, while passing the act in parliament, the Ministry of Finance interpolated a provision which paved the way for the former owners to regain control of the five banks by paying the money injected by the government on very easy terms.

The government action drew strong criticism from cross section of people, including economists and academia.

The revised act allows the former shareholders to initially pay only 7.5 per cent of the government-injected funds for the takeover. The rest 92.5 per cent has to be paid over the next two years where 10-percent simple interest will be added.

Finance Ministry officials say the interim government had proclaimed the Bank Resolution Ordinance 2025 under prescription of development partners like the International Monetary Fund (IMF) and the World Bank as part of financial-sector reforms.

Especially, the IMF played a significant role in preparation of the ordinance to give the trouble banks a lifeline.

The new government's move to give back the troubled banks to the former owners, who allegedly looted billions from the banks, has seriously irked the IMF and the World Bank, according to officials.

They say one of the reasons for the IMF move to delay the releases of two tranches under a US$5.5-billion credit package, amounting to $1.3 billion, is the government steps to return the banks to the former owners.

According to a finance official, the government recently sought some $500 million as a budget- support credit from the World Bank to fund the financial deficit created due to buying fuel oils and gas at higher prices amid prolonged crises in the Middle East.

In response, the World Bank put forward a number of conditions for the deficit bankrolling, including repealing the Section 18(A) of the Bank Resolution Act 2026 which provides for the former ownership restoration.

A senior finance division official told The Financial Express the development partners are not happy with the new government's attitude towards financial-sector reforms.

"Especially, the amendment of Bank Resolution Ordinance 2025 has angered the IMF and the World Bank," he says.

"Thus, the major development partners' response in providing budget-support credits even at this crisis moment is very unfriendly," the official adds.

He says the World Bank in its response also has asked for faster process for bifurcation of the National Board of Revenue, enhancing revenue collection, introducing single rate in value-added tax, and lowering corporate tax, among others.

Another senior finance official says they have discussed the World Bank's conditions against the budget credit as logical but will soon place the matter to the finance minister for a decision.

"We are in severe need of budget-support credits. In exchange for the supports, the development partners want our serious commitment in conducting reforms,' he notes.

After the government had passed the Bank Resolution Act 2026 by incorporating the Section 18(A), the Transparency International Bangladesh (TIB) said by including the provision the government took an initiative to rehabilitate "identified looters".

"As a result, the banking sector is likely to once again turn into a haven for corruption and plunder, which would be self-defeating," it said in a statement.

The TIB further said instead of addressing the longstanding mismanagement, irregularities, and governance deficits in the banking sector, this move perpetuates the previous authoritarian culture of impunity and lack of accountability.

The Bangladesh Securities and Exchange Commission (BSEC) has issued a directive setting out how existing closed-end mutual funds can be converted into open-end ones.

The move follows years of debate over the future of closed-end funds. In 2018, amid heavy criticism from market analysts, the BSEC allowed several funds to extend their tenure without seeking approval from unitholders.

Closed-end mutual funds raise a fixed pool of money from investors, usually for 10 years, and invest it in shares, bonds and other assets. Their units are listed and traded on the stock exchange.

Open-end funds, by contrast, are not listed. Investors buy units directly from the fund manager at the prevailing net asset value and can redeem them at any time at a price based on that value.

After the Awami League was ousted from power in August 2024, a taskforce appointed by the interim government recommended that all closed-end funds should be redeemed at maturity and that no extensions should be permitted.

Subsequently, the BSEC amended the mutual fund rules to bar any extension of tenure for existing closed-end schemes.

Under the revised regulations, fund managers must call a special general meeting within 30 days if the six-month average market price of a fund’s units remains at least 25 percent below the six-month average net asset value.

If at least 75 percent of unitholders vote in favour, the fund will be converted into an open-end mutual fund. The amended regulations complete six months in force this week.

An analysis of Dhaka Stock Exchange data shows that most closed-end funds are already trading at a discount of more than 25 percent to their six-month average net asset value. This means many could now face a vote on conversion.

Abul Kalam, spokesperson for the BSEC, also said that under the rules, funds may face conversion or winding up.

If the decision comes in the meeting to convert them into open-ended funds, it will ensure the interest of investors as they will be able to get back their funds at NAV any time, he said.

In winding up, Kalam said there is a tax issue, and investors will get only the fund that the fund manager gets by selling their holdings.

In an order issued on May 7, the regulator outlined the conversion process.

According to the order, an asset manager may also initiate a proposal for voluntary conversion. However, the board of trustees must approve the plan after ensuring that unitholders’ interests are protected.

Trustees must take a decision on any voluntary conversion proposal at least 150 days before the fund’s maturity.

They are also required to publish notices as price-sensitive information in at least two national newspapers, one in Bangla and one in English, as well as on an online news portal and on the websites of the stock exchanges, trustees and asset managers.

The notice must include the record date, the date from which trading will be suspended, the effective date of conversion and the date of the special general meeting.

Only unitholders whose names appear in the depository or unitholders’ register on the record date will be eligible to vote in the meeting.

Under the order, trading in the units of the relevant fund will remain suspended from the record date to preserve the integrity of the voting and conversion process.

The BSEC also stipulated that any conversion proposal must be approved by at least three-quarters of unitholders, calculated on the basis of units held.

If the proposal fails, trading the fund’s units will resume on the next trading day. The trustee will hand over all assets to the custodian, while management will remain with the existing asset manager.

The order further said that if conversion is approved, the newly selected asset manager will bear the costs of holding meetings and the trustee fees related to the process. If the proposal is rejected, the existing asset manager will pay those expenses.

The commission has capped trustee fees for a single conversion scheme at Tk 10 lakh.

April 2026 inflation data sends a clear warning signal. According to the latest data from the Bangladesh Bureau of Statistics, general point-to-point inflation rose to 9.04% in April, up from 8.71% in March. This means that the expectation of a steady decline in inflation has not yet materialised. Rather, the April figures show that price pressures have increased again.

Food inflation also rose from 8.24% in March to 8.39% in April. At the same time, non-food inflation increased from 9.09% to 9.57%. This suggests that the pressure is not confined to rice, lentils, edible oil, fish, meat, or vegetables. Costs have risen across almost all areas of daily life, including house rent, healthcare, education, transport, clothing, and energy-related expenses.

Both rural and urban areas are experiencing an upward trend in overall inflation. In rural areas, general point-to-point inflation increased from 8.72% in March to 9.05% in April. In urban areas, general inflation also rose from 8.68% in March to 9.02% in April. Numerically, the difference between rural and urban inflation is not very large, but rural inflation is slightly higher. This difference has important social implications. Rural low-income households, small farmers, agricultural labourers, day labourers, and informal workers often have uncertain incomes and very limited savings. As a result, they find it harder to absorb the shock of rising prices.

The internal composition of rural inflation is even more concerning. Rural food inflation rose from 8.02% in March to 8.23% in April. Rural non-food inflation increased from 9.38% to 9.81%. This means that rural households are facing pressure not only from food prices but also from non-food expenses. When the costs of healthcare, education, transport, agricultural inputs, electricity, house repairs, and everyday services rise, the real purchasing power of rural households declines quickly. We often assume that because rural people are connected to food production, they are less affected by food inflation. The reality is different. A large share of rural people are net food buyers. They buy rice, lentils, edible oil, fish, eggs, and vegetables from the market. Therefore, food inflation directly affects them.

Urban inflation is also a serious concern. In urban areas, general inflation increased from 8.68% in March to 9.02% in April. The expenditure pattern of urban households is different from that of rural households. In cities, house rent, transport, education, healthcare, gas and electricity, water, childcare and market-dependent food purchases occupy a large share of household budgets. Urban low-middle-income and working-class people have to buy almost everything from the market. They have little scope for own production or family-based support. Therefore, even a modest rise in food prices, combined with higher rent and service costs, can quickly disrupt the monthly budget. Fixed-salary workers, garment workers, small service-sector workers, rickshaw pullers, shop employees and informal workers are particularly exposed to this pressure. Urban inflation is therefore not only a matter of market prices; it also reflects the growing insecurity of urban life.

In this situation, inflation cannot be treated only as a monetary policy issue. Interest rates, credit growth and money supply management are important, but a large part of Bangladesh's current inflation is linked to supply chains, import costs, the exchange rate, energy prices, market management and inflation expectations. Therefore, a coordinated policy response is needed. The food supply chain must be strengthened. Competition in markets has to be improved. Effective monitoring is required against hoarding and abnormal price hikes. Import decisions must also be timely, so that signals of shortage do not emerge in the market. At the same time, inefficiencies in agricultural production, storage, transport, and wholesale market systems must be reduced.

The highest priority should be protecting low-income people. Rural and urban poor households, lower-middle-income groups, fixed-income earners, and informal workers are the main victims of inflation. Social protection programmes need to be made more targeted. Food support, subsidised essential goods, cash transfers and employment-based assistance should be expanded in line with actual needs. In urban areas, subsidised food distribution, support for the urban poor facing rental pressure, and special protection programmes for low-income workers are also needed. Wage growth must also be monitored so that it does not remain below inflation. In the end, inflation is not merely a statistic. It means eating less, postponing healthcare, cutting children's education expenses and accepting a lower quality of life.

Dr Selim Raihan is a professor of Economics at Dhaka University and executive director of the South Asian Network on Economic Modelling (Sanem).

Inflation surged to 9.04% in April, driven by rising costs of both food and non-food items amid oil shocks stemming from the US-Israeli war on Iran.

The rate was 8.71% in March, according to the latest data released by the Bangladesh Bureau of Statistics (BBS) today (6 May). In April last year, inflation was 9.17%.

Non-food inflation increased significantly to 9.57% and food inflation reached 8.39% in April, with food prices hitting urban consumers harder than those in villages. Rural households spent more on non-food items compared to those in urban areas.

Overall, inflationary pressures were more intense in rural areas than in towns.

Zahid Hussain, former lead economist at the World Bank Dhaka Office, said the impact of the war in the Middle East has already started affecting inflation in Bangladesh.

According to him, inflation increased in both food and non-food sectors, but the rise in non-food inflation was the sharpest, driven mainly by fuel and transport costs.

He explained that higher transport costs were reflected in the market very quickly, even before any official increase in fuel prices. As a result, inflationary pressure in the transport sector appeared earlier.

On the other hand, since government-administered fuel prices are used in official statistics, the actual impact has not yet been fully reflected in the Consumer Price Index (CPI).

"Part of the real inflation has still not appeared in official statistics because of delayed price adjustments, which may be described as 'repressed inflation'," Zahid Hussain said.

That means consumers are already paying higher prices than what is fully reflected in the official data.

"April's nearly 9% inflation rate does not fully capture the real picture, as the delayed price adjustments are likely to be reflected more clearly in the coming months, especially in May data," he added.

Zahid Hussain observed similar trends in both urban and rural areas, where higher transport costs were the main source of inflation, followed by the impact of fuel prices.

He said the main cause of the rising trend in inflation was soaring global commodity prices.

Not only fuel, but the prices of almost all imported goods have increased due to higher shipping costs, rising insurance premiums and global supply disruptions.

As a result, higher production and supply chain costs have accelerated inflation further.

Wage growth trails behind inflation

According to BBS data, the national wage growth rate increased to 8.16% in April from 8.09% in March.

Although wages increased, they remained below the inflation rate for the 50th consecutive month.

Mustafa K Mujeri, executive director of the Institute for Inclusive Finance and Development, said the Middle East-centred conflict is affecting inflation in Bangladesh.

"At the same time, the country's production sector has not yet fully regained momentum."

Instead, he explained, higher production costs, transport expenses and import costs have put pressure on the supply system, with increased fuel prices intensifying the pressure.

Mujeri warned high inflation might continue in the coming months as the current economic trend was not favourable for reducing inflation.

According to him, global markets remain unstable, making a quick fall in inflation unlikely.

Natural disasters, especially possible floods, could also disrupt agricultural production and create supply shortages, he added.

The pressure is more intense on low-income people, as wage growth remains below inflation, reducing their real income and purchasing power.

In this context, Mujeri stressed the need to strengthen social safety net programmes, increase food and cash assistance, create jobs, raise investment and reopen closed factories.

He also called for ensuring food security for poor people in the budget.

The Dhaka Stock Exchange (DSE) is set to launch a dedicated web-based order collection system enabling the creation and redemption of open-end mutual fund units— an initiative currently absent in Bangladesh.

With the platform integrated into the alternative trading board, investors will be able to directly place buy and sell orders, subject to approval by brokerage houses.

Nuzhat Anwar, managing director of the DSE, said, "We are expecting to launch the Mutual Fund Platform by 30 June 2026. We believe this will help retail investors under a collective investment plan as per international best practice. We will arrange investor awareness programs for the product close to our launch date. We expect to launch the platform by June this year."

In a letter to the stock market regulator, seeking permission in August last year, the DSE said the initiative aims to modernise and streamline critical aspects of the capital market ecosystem in line with international best practices, reduce operational inefficiencies, mitigate systemic risk, and improve the overall investor experience.
After securing the regulator's approval, the premier bourse has moved to set up the platform, floating a tender to procure and develop a web-based order collection system for the creation (buy) and redemption (sell) of units of open-end mutual funds on the alternative trading board (ATB).

The DSE has invited professional software development companies, system integrators, and solution providers to develop, supply, implement, integrate, and provide long-term support for the system.

The bourse said the platform will enable retail and institutional investors to conveniently buy and sell open-end mutual fund units through desktop terminals and mobile applications via stock brokers (TREC holders/panel brokers).

The solution must ensure seamless integration with the DSE, TREC holders, Central Depository Bangladesh Limited (CDBL), asset management companies (AMCs), custodians, and other stakeholders, it said.

The DSE has asked interested bidders to submit separate technical and financial proposals – either in sealed envelopes or as per updated submission guidelines – by 12 May.

According to a letter from the DSE, currently no dedicated exchange platform exists for the online creation and redemption system of open-end mutual fund units. Neighbouring countries operate web-based open-end mutual fund platforms for creation and redemption."

The letter also said that stakeholders' feedback indicates a strong consensus that the platform will enhance retail participation, increase daily turnover and simplify the redemption process.

For that, the bourse sought a regulatory amendment required to issue an order mandating that all open-end mutual funds be enlisted and traded through stock exchanges within a stipulated timeline.

Nuzhat Anwar said, after securing the regulatory approval, we have already begun to implement the platform as tender floated.

As per the data of the Bangladesh Securities and Exchange Commission (BSEC), currently, in the country, there are 140 mutual funds approved by the commission.

Of the funds, 36 mutual funds are closed-end with a market value of Tk4,481.26 crore and all the closed-end mutual funds are listed on the bourses.

A closed-end fund is an investment vehicle that raises capital by issuing a fixed number of shares at its inception and then invests that capital in financial assets such as stocks and bonds.

Also, there are 104 open-end mutual funds with an accumulated value of Tk8,593.5 crore.

Open-ended funds allow continuous buying/selling at net asset value (NAV) with no fixed share count, offering high liquidity and direct transactions with the fund manager.

Stocks leapt, oil prices sank and the dollar dropped in the Asian morning on Wednesday after US President Donald Trump touted "great progress" towards a "final agreement" with Tehran, while momentum in AI-driven trades accelerated.

Trump said he would briefly pause an operation escorting ships through the Strait of Hormuz, which carries about a fifth of global oil and has been blockaded by Iran since late February, triggering a global energy crisis.

The news sent Brent crude tumbling 1.2% to $108.51 per barrel, while S&P 500 e-mini futures were up 0.3%.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 2.3% to a fresh record, led by a 5.1% surge in South Korea's Kospi, clearing the 7,000 mark for the first time.

"Markets embraced a sense of calm and stability overnight, with the risk of escalation in the Middle East conflict viewed as having diminished after US Defence Secretary Pete Hegseth ensured the ceasefire was still in place, despite the US and Iran trading blows yesterday," analysts from Westpac wrote in a research note.

"This put some wind in the sails for risk sentiment, supporting a rebound in equities across the US and Europe at the same time as crude oil prices partially unwound yesterday's climb."

Stocks on Wall Street hit fresh records on Tuesday as the S&P 500 rose 0.8% and the Nasdaq Composite gained 1%.

"Investors bought and continue to add to positioning in the 2026 winners," said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne. "There has been some buying in S&P 500 materials stocks, but it's tech that continues to attract the bulk of flows, notably in Apple and the memory plays."

As the Seoul market reopened after a holiday, Samsung Electronics jumped 12%, topping a $1 trillion market value, overtaking Berkshire Hathaway and closing in on Walmart.

"Due to the capex spend we are seeing from hyperscalers in the US, the earnings growth trajectory for sectors such as semiconductors, tech hardware, industrials and materials in Asia exceeds anything I have seen in a long-time," said Rushil Khanna, head of equity investments for Asia at Ostrum, an affiliate of Natixis Investment Managers.

"This capex is leading to material value creation in Asia as the provider of the picks and shovels to the AI ecosystem," he said.

Shares in Advanced Micro Devices jumped 16.5% in extended trading as the company forecast second-quarter revenue above Wall Street expectations on Tuesday, helped by keen demand for its dead-centre chips as cloud-computing companies accelerate spending on AI infrastructure.

In the foreign exchange markets, the US dollar index, which measures the greenback's strength against a basket of six currencies, snapped a three-day winning streak, nudging down 0.1% to 98.236.

The euro stood at $1.1724 and sterling was at $1.3577, both up around 0.3% so far on the day.

The Australian dollar fetched $0.7227, rising about 0.6% to the highest since June 2022, buoyed by improved risk appetite and underpinned by a third straight interest-rate hike a day earlier.

The yield on the US 10-year Treasury bond was flat at 4.424%.

Gold was 1.2% higher at $4,609.59. In cryptocurrencies, bitcoin was down 0.9% at $80,881.12, while ether was off 1% at $2,358.09.

The Asian Development Bank (ADB) has projected that oil prices will average $96 per barrel in 2026 -- well above the pre-war average of $69 -- as key infrastructure has been damaged and, despite the ceasefire in the Middle East, transit through the Strait of Hormuz has not resumed.

Prices may moderate to $80 on average in 2027, according to an updated ADB analysis on the impact of the Middle East conflict on Asia and the Pacific, released yesterday.

Fertiliser prices -- especially those of urea, a key crop nutrient -- have also shot up, fuelling inflationary expectations and increasing fiscal pressure on nations, particularly energy- and fertiliser-importing ones like Bangladesh.

The multilateral lender has lowered its 2026 growth projections for developing Asia and the Pacific, saying the conflict has proved far more disruptive than its early stabilisation scenarios suggested.

Regional GDP growth is now forecast at 4.7 percent, a 0.4 percentage-point drop, while the inflation estimate has been raised by 1.6 percentage points to 5.2 percent.

“Transit through the Strait of Hormuz remains severely impaired despite the April ceasefire. Physical damage to energy facilities across the Gulf will prolong supply disruptions beyond the end of the conflict -- with some repairs expected to take three to five years,” said ADB Chief Economist Albert Park.

“A new reference scenario incorporating persistent supply constraints points to materially slower growth and higher inflation; a severe downside scenario implies substantially larger impacts,” he said at a media briefing on the sidelines of the ADB Annual Meeting in Samarkand, Uzbekistan.

The four-day event concluded yesterday with ADB President Masato Kanda terming the conference a success at the closing ceremony.

Park said impacts depend on imported energy dependency, fertiliser import exposure, and other economy-specific factors. Across subregions, the largest 2026 growth downgrades have occurred in South Asia, the Pacific, and developing Southeast Asia.

The Manila-based agency now projects a 5.7 percent growth in South Asia in 2026, down from an earlier forecast of 6.3 percent. Inflation in the subregion is projected to rise to 7.6 percent, up 2.6 percentage points from the previous estimate.

“Markets price in persistently tighter conditions, not a quick reversal.”

The ADB said supply disruptions have exerted upward pressure on the prices of non-oil commodities, particularly fertilisers.

“Prices are surging,” Park said, adding that urea marked the largest non-energy price shock and that it has a direct impact on food costs.

South Asia sources 35 percent of its fertiliser from the Middle East. Bangladesh is a major importer of fertiliser from the Gulf nations.

“Food prices typically follow within one quarter,” he added.

Responding to a question on Bangladesh’s economic growth, he said the country-specific numbers for Bangladesh based on the reduced growth forecast will be released by the end of this month.

“So, the regional one is an indicator; I think Bangladesh’s growth will probably be a bit lower. They would have more headwinds, in effect, than the rest of the South Asia average,” he said.

“But I think you should wait; our next Asian Development Outlook will have a much more thorough assessment of Bangladesh, and that report will be coming out in July or early August,” he said.

To tackle the challenges, the ADB suggested avoiding blanket fuel subsidies and excise tax cuts.

High-income households consume more energy, and subsidies are fiscally very costly if prices stay elevated, he said.

“Policymakers should target support to vulnerable households, maintain monetary credibility, and accelerate investment in energy resilience,” he said.

Park suggested targeted cash transfers to protect vulnerable households and ensure fiscal space. A data-dependent monetary policy is needed.

“This is a supply shock, not a demand shock. Monitor inflation expectations and second-round effects before tightening; avoid choking growth unnecessarily,” he added.

Bangladesh’s top garment exporters association has offered to help the United States define the rules governing a zero-tariff benefit tied to the use of US cotton and man-made fibre (MMF).

The offer was made as US officials are yet to clarify how the facilities -- stated in the bilateral trade deal signed in February amid reciprocal tariff pressure -- will work in practice.

Members of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) made the proposal at a meeting in Dhaka yesterday with a delegation from the United States Trade Representative’s (USTR) office, led by Assistant USTR for South and Central Asia Brendan Lynch.

The delegation arrived on May 5 and is holding meetings through May 7.

Under Article 5.3 of the Agreement on Reciprocal Trade (ART), the US committed to a mechanism allowing certain Bangladeshi textile and apparel goods to enter the American market at a zero reciprocal tariff rate, provided they are made from imported US cotton or MMF.

“We sought clarity on the whole issue of using American cotton and its benefits from the USTR officials at the meeting,” said Faisal Samad, a BGMEA director who attended the meeting.

According to industry insiders, two interpretations are currently circulating among exporters.

One holds that the zero tariff would apply only to the portion of a garment’s value attributable to US-sourced inputs. Since fabric and fibre typically account for 70 to 80 percent of a finished garment’s cost, that would mean the remaining tariff -- either the 10 percent universal rate or the 19 percent reciprocal rate set for Bangladesh -- would apply only to the rest.

The other reading is that duty-free access would cover the entire garment if US cotton or MMF were used in production.

Exporters also raised questions about traceability -- how authorities would verify that a garment was made using US inputs -- and about whether tariff treatment would differ depending on whether raw cotton or processed fibre and fabric were sourced from the US.

The USTR delegation said they are working on the modalities and will share updates, Samad said. BGMEA offered to cooperate in developing those rules.

Around 40 percent of Bangladeshi garment exporters currently use US upland cotton, primarily for high value-added products.

After a separate meeting with the USTR team yesterday, Rashed Al Mahmud Titumir, the prime minister’s finance and planning adviser, said Bangladesh’s priority is expanding its market concentration in the US and developing new export categories beyond garments.

He noted Bangladesh wants further consultation meetings with the US on the agreement.

Stating that currently, Bangladeshi garment items are dominating in the US market, he said, “Commercial, health and education and humanity issues may also be discussed with the US when the bilateral discussions take place between the two countries.”

Bangladesh also wants expansion of strategic assistance from the US in agricultural cooperation and science research, he added.

Earlier on Tuesday, speaking after a meeting with the USTR team, Commerce Minister Khandaker Abdul Muktadir said the government intends to make full use of the agreement.

“It is a reality, and we want to make the best use of it to expand the country’s trade and investment,” he said.

US goods trade with Bangladesh totalled an estimated $11.8 billion in 2025.

American imports from Bangladesh reached $9.5 billion -- up 13.3 percent from 2024 -- while US exports to Bangladesh were $2.3 billion.

The resulting trade deficit stood at $7.1 billion, a 17.9 percent increase from the previous year. Garments account for 86 percent of Bangladesh’s exports to the US.

The liquidation of six troubled non-bank financial institutions, a decision taken by the interim government on the central bank's recommendation, will not proceed this fiscal year as the current government has been unable to allocate the Tk5,600 crore set aside to reimburse depositors, officials said.

The delay has driven those depositors onto the streets. Today (6 May), more than a hundred of them gathered in silent protest outside the Bangladesh Bank headquarters, their faces covered with black cloth.

Their demand was straightforward: an immediate, realistic, and actionable roadmap for returning their money, in line with the July 2026 deadline cited by former governor Ahsan H Mansur.

"A clear timeline was given. We are holding them to it," one protester said.

Responding to queries, central bank spokesperson Arief Hossain Khan said the liquidation decision had been made during the interim administration, when assurances were given that necessary funds would be provided to reimburse depositors. "Based on that assurance, the former governor announced the liquidation."

According to him, the current government is prioritising spending on its political programmes, including social support initiatives like Family Card, Farmer's Card, etc, leaving insufficient fiscal space to finance the liquidation process at present.

"If the government is given some time and funding is secured, the liquidation process will begin, and depositors will then receive their money," he said.

The spokesperson noted that the financial condition of the six to seven institutions was so weak that revival was no longer feasible, prompting the decision to proceed directly with liquidation rather than merger.

The central bank board had approved the liquidation of six institutions on 27 January. The entities are FAS Finance, Premier Leasing, Fareast Finance, Aviva Finance, People's Leasing and International Leasing, all of which have non-performing loan ratios ranging from 75% to 99%.

A senior official from the central bank's Bank Resolution Department said preparations for liquidation are complete, but implementation hinges entirely on government funding.

He added that discussions have been held with the governor, who indicated that while all six institutions may not be liquidated simultaneously, the process will move forward gradually. However, no assurance has been given that it will be completed within the current fiscal year.

An official from the Department of Financial Institutions and Markets, speaking on condition of anonymity, said the government should clearly communicate its decision, as depositors continue to seek answers without receiving any definitive timeline.

He described cases of severe hardship, including one depositor who had sought assistance while undergoing medical treatment but later died due to a lack of funds.

Depositors demand urgent action

An alliance representing more than 12,000 depositors of the six institutions has formally urged the central bank to take immediate steps to facilitate the return of their long-stuck funds.

In a memorandum submitted to the governor, the platform said depositors have been facing acute financial hardship, mental distress and a humanitarian crisis as their savings have remained locked for nearly seven years.

"Many depositors are being deprived of treatment for critical illnesses such as cancer, kidney disease and heart conditions due to a lack of funds," the memorandum said, adding that several have died without receiving necessary medical care.

The alliance called on the central bank, as the regulator, to take urgent action and ensure a clear roadmap for repayment within the previously announced timeframe.

Protesters said many had invested retirement benefits and proceeds from the sale of land in these institutions to support household expenses, but have been unable to access their savings for years.

"After waiting for seven years, we still have not received our money. Our patience has run out, which is why we have taken to the streets," one depositor said.

Sector under strain

The broader non-bank financial sector remains under significant stress, with the central bank identifying 20 out of 35 institutions as distressed.

These troubled institutions collectively hold loans worth Tk25,808 crore, of which Tk21,462 crore are classified as non-performing, representing 83.16%. Against this, the value of collateral stands at Tk6,899 crore.

In contrast, the remaining 15 relatively stable institutions reported a non-performing loan ratio of 7.31%, generating profits of Tk1,465 crore last year and maintaining a capital surplus of Tk6,189 crore.

Deposits in the 20 distressed institutions amount to Tk22,127 crore, including approximately Tk4,971 crore in individual deposits. Central bank officials believe that this amount may be required initially to support liquidation and restructuring efforts.

The regulator has also assured that employees of the affected institutions will receive all benefits in accordance with service rules following liquidation.

Bangladesh needs to move up the global value chain (GVC), with fresh policy measures aiming to support this by promoting diversification and higher value-added activities, according to a new Asian Development Bank (ADB) study.

The study on GVCs, growth, and inequality was released yesterday.

From a trade and GVC perspective, Bangladesh has become heavily dependent on readymade garment (RMG) exports, with apparel making up over 80 percent of total exports, while the share of textiles has declined.

The country’s participation in the textiles and textile products GVC is also concentrated in low-value downstream work, mainly assembling and finishing imported materials.

According to ADB data, compared with other major textile exporters in developing Asia and the Pacific, Bangladesh has a relatively low ratio of forward to backward GVC linkages.

This shows a strong dependence on imported fabrics, yarns, dyes and other inputs, with limited involvement in higher-value stages of production.

Strong specialisation in textiles and textile products has helped Bangladesh absorb labour and boost exports, but it has also limited structural upgrading. As a result, the country has joined GVCs but has not moved up within them.

This is reflected in weak forward linkages and limited knowledge transfer from global lead firms, which restrict improvements in processes, products and functions.

GVC participation rates are also below the global average, showing less integration across different stages of production compared with peer exporters.

In addition, the industrial base outside textiles and textile products remains narrow, limiting value-added diversification and the development of local suppliers.

The report also said Bangladesh faces challenges in its GVC participation. Although exports and production in the RMG sector continue to grow, this expansion is not translating into stronger employment growth.

Wages have also started to rise since Bangladesh was reclassified as a lower-middle-income country in 2015. This has raised concerns about a possible “middle-income trap,” where economies struggle to move from middle- to high-income status.

Preferential market access, such as the European Union’s Everything but Arms (EBA) scheme, has supported the growth and integration of the RMG sector. However, recent changes in rules of origin are limiting opportunities to upgrade in certain product areas, including knitwear.

Participation in GVCs, especially in the apparel sector, has been central to Bangladesh’s export-led growth. It has also supported inclusive development by creating jobs -- particularly for women -- and reducing poverty.

The sector now accounts for most export earnings and employs around 4.5 million people, more than half of them women. Despite this progress, concerns remain about continued reliance on low wages and poor working conditions.

Efforts have been made to improve safety and sustainability in the industry, including the Accord on Fire and Building Safety in Bangladesh and the Alliance for Bangladesh Worker Safety.

These were introduced after the Rana Plaza collapse in 2013, which killed more than 1,100 people in a building housing five garment factories. However, the report said these efforts are still not complete.

“Bangladesh has done very well in garments, but that is a very labour-intensive activity with little upgrading to higher value-added work,” said ADB Chief Economist Albert Park, speaking at a media briefing on the sidelines of the 59th Annual Meeting of the Board of Governors of ADB in Samarkand, Uzbekistan, which concluded yesterday.

He added that Bangladesh should look for opportunities to move up within GVCs.

“And also, for Bangladesh, there is such a concentration in this one export sector that it is very risky for the economy if something unexpected occurs that really affects that sector, as we have seen in the past,” Park said.

He added that Bangladesh should diversify into other sectors and allow easier import of inputs without tariffs.

“The same kind of treatment that readymade garments get should be extended to other sectors to expand opportunities,” he said. “And meanwhile, really think about opportunities to upgrade.”

Neil Foster-McGregor, principal economist at ADB, presenting the main findings of the report, said production processes are becoming increasingly capital-intensive.

He added that geopolitics and rising sustainability demands will reshape GVCs.

He said future competitiveness will depend on resilience, sustainability and firm capabilities, not just low labour costs.

Bangladesh's trade balance deteriorated significantly during the July-March period of the current fiscal year, driven by a decline in merchandise exports, according to central bank data.
FE

The Bangladesh Bank, which compiles the balance-of-payments (BoP) data, reported that the trade deficit stood at US$19.2 billion during the period under review.

Export earnings fell by 4.4 per cent year-on-year to $32.3 billion, while import payments rose by 4.6 per cent to $51.6 billion, the data showed.

Imports of fuel and fertiliser increased sharply.

Petroleum imports surged by 54.1 per cent and fertiliser imports by 40 per cent, partly reflecting price pressures linked to tensions and attacks involving Iran, the US and Israel in the Middle East, although a ceasefire is now in place.

Meanwhile, the current account deficit (CAD) narrowed on the back of strong remittance inflows during the period. The deficit stood at $397 million during July-March, compared with a deficit of $878 million in the same period a year earlier.

Remittances grew by 20.3 per cent to $26.2 billion, providing support to the external balance.

The financial account, another component of the BoP, recorded a surplus of $3.8 billion during the period, largely due to trade credit inflows.

Trade credit posted a surplus of $3.2 billion, compared with a deficit of $1.6 billion a year earlier.

Economists said the improvement in the current account position was mainly driven by robust remittance growth, while the financial account surplus reflected increased reliance on trade credit.

Dr Zahid Hussain, an independent economist, told The Financial Express that import payments rose partly due to trade credit arrangements, contributing to positive financial inflows.

According to him, some export proceeds were repatriated during the period, further supporting the balance of payments.

"Overall, the balance of payments situation remains favourable for the country at this moment," he said.

The overall balance of payments recorded a surplus of $3.7 billion during the period under review, compared with a deficit of $1.1 billion a year earlier.

Summit Alliance Port Limited, one of the country's leading inland container terminals and logistics operators, reported a 26% decline in export freight earnings in the July-March period of FY26, weighed down by weaker export container handling and a challenging global trade environment.

In its unaudited financial statement for the first nine months of the fiscal year, the company said export freight income fell to Tk310.64 crore. The downturn in exports dragged overall performance, with consolidated revenue – covering both export and import container freight and handling – falling 18% to Tk499.88 crore.

Net profit declined sharply by 31% to Tk38.27 crore, while consolidated earnings per share dropped to Tk1.62 at the end of March 2026, compared to Tk2.34 in the same period of the previous fiscal year.

The company attributed the weaker performance largely to its subsidiary Container Transportation Services Limited (CTSL), which faced lower cargo volumes, higher operating costs, and pressure from geopolitical tensions in the Middle East.

It also cited subdued export activity and heightened competition in the freight forwarding segment, which compressed margins despite efforts to expand services.

The trend aligns with broader export weakness, as Export Promotion Bureau data showed national export earnings fell nearly 5% to $35.39 billion in the same period.

CTSL remains the group's main revenue driver, leaving overall performance highly sensitive to export volumes and global trade conditions.

In January 2025, the company entered a strategic partnership with Germany's Hellmann Worldwide, which subscribed to 3.33 lakh CTSL shares at Tk66.50 each to strengthen regional logistics capacity. However, the benefits have yet to offset weaker demand and lower freight rates.

Yesterday, Summit Alliance Port shares fell 1.75% to Tk50.40 on the Dhaka Stock Exchange.

People pay through their nose as the persistent Gulf turmoil impacts Bangladesh's consumer-price indices with overall inflation having hit a near-double-digit high at 9.04 per cent in latest official count.
FE

Official data released Wednesday for the past month shows the most significant pressure comes from transport sub-sector, where inflation jumped to 9.31 per cent in April in a sharp rise from the 7.47-percent rate recorded in March.

This 1.84-percentage-point surge in the major livelihood parameter is largely fuelled by higher costs for imported fuels amid the Mideast mayhem, as evident from the Bangladesh Bureau of Statistics (BBS) statistics.

The government last month increased prices of all types of fuel oils and gas for the domestic market, which heated up the inflation, analysts say.

Meanwhile, the overall inflation rate in April increased by 0.33-percentage points to 9.04 per cent from 8.71 per cent in March this year, the official data show.

In the same period last year (April 2025), the inflation rate was reported 9.17 per cent, before a little downturn.

Since the consumer price index (CPI) in transportation sub-sector has risen significantly, the rate of inflation in the non-food sector climbed to 9.57 per cent in April from 9.09 per cent in March.

On the other hand, the inflation on food account also increased slightly to 8.39 per cent last month from 8.24 per cent in the previous month of March, according to the BBS data.

Inflation rates both in rural and urban areas marked rise in the past month of April.

In villages, the rate increased by 0.33-percentage points to 9.05 per cent in April from 8.72 per cent in March.

In the urban areas also the rate increased by 0.34-percentage points to 9.02 per cent last month from 8.68 per cent recorded in March.

Despite the monthly point-to-point increase, the 12-month moving average inflation showed a slight downtrend, settling at 8.59 per cent for the period of May 2025 to April 2026, compared to 10.21 per cent for the same period a year earlier.

This suggests that while recent shocks are pushing prices up, the long-term average has been cooling compared to the previous year.

The latest data from the BBS reveal a widening gap between the cost of living and worker earnings.

The national inflation of 9.04 per cent in April outweighs Wage Rate Index (WRI) growth at 8.16 per cent. This suggests that, on average, the purchasing power of low-paid skilled and unskilled labourers is being eroded as price increases (especially in transport and non-food items) are outstripping wage hikes.

Meanwhile, the WRI marked a rise to 8.16 per cent in the past month from 8.09 per cent in March, the data show.

The BBS breakdown shows wage growth varies significantly across different sectors of the economy. The highest wage growth was recorded at 8.31 per cent in the services sector among the three broad heads.

Despite being the strongest performer (services), it still falls nearly 1.0-percentage-point short of the 9.31 per cent inflation seen in the transport sector that many service workers rely on.

The wages grew by 8.19 per cent in agriculture sector in April, up slightly from 8.11 per cent in March.

In the industrial sector, the slowest growth was recorded at 8.09 per cent in April, making industrial workers among the most vulnerable to the recent spike in non-food inflation (9.57 per cent).

Wage growth also shows geographical disparities, with Dhaka Division reporting an increase of 8.64 per cent while Barishal lagging behind at 8.04 per cent.