Trading at the Dhaka bourse ended on a mixed note as the benchmark index edged up slightly, while overall market turnover dropped sharply, reflecting cautious investor sentiment.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), rose 12 points to close at 5,554. The blue-chip DS30 index also advanced, gaining 8 points to settle at 2,151. Of the total issues traded during the session, 154 advanced, 167 declined and 72 remained unchanged, indicating a mixed market breadth.

However, turnover fell by 31% to Tk565 crore, highlighting subdued trading activity as investors remained watchful amid prevailing market uncertainty.

Market analysts said the sharp fall in turnover suggests investors are adopting a wait-and-see approach, even as selective buying in large-cap stocks continues to lend support to the index.

According to EBL Securities in its daily market review, the benchmark index managed to settle in positive territory following the previous session's modest pullback, as late-session buying support emerged across the trading board after extended intraday volatility.

Sellers maintained dominance for most of the session as cautious sentiment shaped the broader market pulse. Emerging buying activity in the final hour, particularly in selective large-cap stocks, helped the market close in the green, the EBL review added.

Major index pullers included Beximco Pharmaceuticals, City Bank, Bank Asia, BRAC Bank and Al-Arafah Islami Bank, whose gains supported the upward movement of the index.

On the sectoral front, banking stocks accounted for the highest turnover at 24.6%, followed by pharmaceuticals at 10.8% and textiles at 9.9%.

Sector performance was mixed, with jute rising 1.2%, textile gaining 0.6% and financial institutions adding 0.6%. In contrast, mutual funds fell 1.3%, general insurance declined 0.6% and life insurance slipped 0.4%.

Among individual stocks, Usmania Glass topped the gainers' chart with a 10% rise, followed by Northern Jute and Khulna Printing and Packaging, both up 9.93%. Meghna Condensed Milk and Meghna PET also posted strong gains.

On the losing side, MBL First Mutual Fund dropped 4.76%, while First Finance and Tung Hai Knitting each declined 3.84%.

The Bangladesh Securities and Exchange Commission (BSEC) reported a 14% decline in its overall earnings to Tk105 crore in the 2024–25 fiscal year, mainly due to a sharp fall in income from fines, fees and licensing, according to its annual report.

Earnings from fines, fees and licensing dropped 32% year-on-year to Tk39.72 crore, while other income slipped 2% to Tk65.32 crore.

Despite the fall in revenue, the regulator managed to reduce its total costs by 21% to Tk75.82 crore, largely driven by lower expenditure on salaries, allowances and other administrative expenses.

After deducting all costs, the commission's net surplus rose 12% to Tk29.23 crore in FY25, reflecting improved expenditure management. The regulator's total assets stood at Tk498.60 crore at the end of FY25, up from Tk469.89 crore a year earlier.

During the fiscal year, the commission approved Tk6,172.46 crore in capital increases through various instruments. This included Tk303 crore for one listed company via a rights issue, Tk4,671 crore for 11 companies through private debt placements, Tk5 crore for a qualified investor company, and Tk1,193 crore for 15 companies through the issuance of ordinary, bonus and preference shares.

Of the 226 complaints received from individuals and institutions, 222 were resolved while four are still under process. The regulator carried out 92 investigations and inquiries, along with 610 inspections, to detect irregularities and securities law violations. It took 987 enforcement actions — fining 229 individuals and institutions, issuing warnings to 684, and granting exemptions to 74. Between 19 August 2024 and 30 June 2025, fines totaling Tk1,073.21 crore were imposed.

The commission reported 527 cases pending in different courts, including those filed by and against it. During the year, it filed four cases, faced 76, and saw 76 cases disposed of. To strengthen market discipline and modernisation, the commission issued 11 orders, directives and notifications.

To boost international credibility and attract foreign investment, the commission scrapped discriminatory circuit breakers and lifted floor prices for most companies in August 2024. It said allowing market-driven price discovery based on supply and demand would ensure long-term stability and help restore investor confidence.

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

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

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

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

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

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

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

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

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

China has expressed interest in expanding investment in Bangladesh, focusing on job creation and industrial revival, during a meeting between Chinese Ambassador Yao Wen and Commerce Minister Khandaker Abdul Muktadir at the Secretariat today (25 February).

At the meeting, the government formally sought Chinese investment in several closed fertiliser factories struggling with prolonged gas shortages.

The commerce minister said Bangladesh has six fertiliser plants whose production has been repeatedly disrupted due to inadequate gas supply.

"We are searching for investors capable of importing LNG to restart fertiliser production. The government will purchase the fertiliser produced," Muktadir said, outlining a potential pathway to revive idle capacity and stabilise supply.

The minister also invited Chinese investors to explore opportunities in Bangladesh's closed jute mills, emphasising the sector's potential for modernisation and employment generation.

Highlighting broader areas of cooperation, Muktadir said China could assist Bangladesh in digital infrastructure development, establishment of e-learning centres, and advancement of artificial intelligence technologies.

He noted that such partnerships would further deepen bilateral economic ties.

Ambassador Yao Wen congratulated the BNP on securing a decisive mandate in the 13th national parliamentary election and congratulated Muktadir on assuming office as commerce minister.

He said China is keen to increase investment flows into Bangladesh and voiced optimism about economic collaboration under the newly elected government.

The ambassador also extended an invitation to the commerce minister to visit China.

State Minister for Commerce Md Shariful Alam, Additional Secretary (Export) Md Abdur Rahim Khan, and Additional Secretary (FTA) Ayesha Akter were present at the meeting.

Newly appointed Bangladesh Bank Governor Md Mostaqur Rahman has said restoring trust and discipline in the country's banking sector will be his foremost priority as he assumes office.

"Inshallah, first I will sit at the bank and hold discussions with everyone. With everyone's cooperation, the main task will be trust building in the banking sector and bringing back greater discipline," he told bdnews24.com in an immediate reaction today (25 February).

He acknowledged the efforts of his predecessor, Dr Ahsan H Mansur, in restoring order in the sector and expressed his intention to further strengthen those initiatives.

Mostaqur also said reducing interest rates would be among his key priorities to support economic growth.

"As you know, the economy and the banking sector are facing challenges. Taking on this responsibility at this time is itself a challenge," he said.

He noted that credit growth has slowed in recent months and emphasised the need to lower interest rates to help stimulate economic activity.

"Our priority will be to work first. We do not want a situation where we talk but cannot deliver. Please pray for us. We seek everyone's cooperation," he added.

Md Mostaqur Rahman FCMA has been appointed governor of Bangladesh Bank for a four-year term, replacing Dr Ahsan H Mansur.

The Financial Institutions Division of the Ministry of Finance issued a gazette notification this afternoon confirming his appointment.

He is the managing director and chief executive officer of Hera Sweaters Limited and currently serves as chairman of the BGMEA Standing Committee on Bangladesh Bank.

He was also a member of the BNP's election steering committee during the 13th national election held earlier this month.

A qualified Cost and Management Accountant (CMA) with 33+ years of post-qualification experience, he holds a BCom (Hons) and a Master's Degree from the Department of Accounting at Dhaka University, according to his curriculum vitae.

Throughout his career, he has been a member of prestigious professional and industry associations, including Bangladesh Garments Manufacturers and Exporters Association (BGMEA), Real Estate and Housing Associations of Bangladesh (REHAB), Association of Travel Agents of Bangladesh (ATAB), and Dhaka Chamber of Commerce and Industry (DCCI), and has served on various important committees.

He has also worked closely with various regulators, including the Bangladesh Bank and Chittagong Stock Exchange Ltd.

Mostaqur is a senior financial governance specialist with over 30 years of leadership experience in corporate finance, export economics, institutional governance, and financial systems management, with expertise in financial oversight, regulatory compliance, banking-sector engagement, and capital management.

Commenting on the reshuffle at the Bangladesh Bank governor's post, Finance Minister Amir Khasru Mahmud Chowdhury has said that changes are inevitable as a new government has come to power.

"A new government has come to power. Many things will change. There has been a change here as well. This is nothing new," the minister told reporters while leaving the Secretariat this afternoon (25 February).

He added that changes would take place in many other areas, too.

Earlier in the day, the Financial Institutions Division (FID) of the Ministry of Finance issued a gazette notification appointing Md Mostaqur Rahman FCMA as the new governor of the central bank, replacing Ahsan H Mansur.

This marked the first time in Bangladesh's history that a businessman has been appointed as the Bangladesh Bank governor.

Asked whether there was any specific reason behind such a rapid change at the governor's post, the finance minister avoided a direct response, reiterating that more changes were forthcoming and that there was no particular reason behind this move.

The finance minister also had a busy day, holding meetings with the commerce minister, commerce secretary, finance secretary, FID secretary, and the chairman of the National Board of Revenue.

Mostaqur is the chairman of the BGMEA Standing Committee on Bangladesh Bank and the managing director and CEO of Hera Sweaters Limited. He was also a member of the BNP's election steering committee during the 13th national election held earlier this month.

The previous interim government on 13 August -- eight days after a mass uprising ousted the Awami League government -- appointed Mansur as the BB governor, in place of Abdur Rouf Talukder, who resigned on 9 August.

The FID in another gazette notification this afternoon cancelled the rest of Mansur's tenure, while Mostaqur's notification said his appointment order, issued in the public interest, will take effect immediately.

The World Trade Organization said Tuesday it would establish an expert panel to examine a Chinese complaint over Indian incentive schemes in the automotive and renewable energy sectors.

The WTO said in a statement that its Dispute Settlement Body (DSB) had agreed during a meeting to set up a panel to review China’s assertion that the Indian measures unfairly discriminate against foreign businesses and restrict trade, in violation of WTO rules.

The measures in question include incentives for the production of advanced chemistry cell batteries, automobile and auto components and electric vehicles.

China, which charged that the measures discriminated against the use of goods of Chinese origin, had back in October requested consultations with India to iron out the dispute. When that did not work, Beijing first asked the WTO last month to establish a panel of experts, but the request was blocked by India.

The DSB granted the second request on Tuesday.

Under WTO regulations, parties in a dispute can block a first request for an arbitration panel, but if the parties make a second request, it is all but guaranteed to go through.

India told Tuesday’s DSB meeting that it regretted that China had pushed forward with its panel request, insisting it had participated in the earlier consultations in good faith.

It said it remained confident its measures complied with WTO rules.

The United States, a third party in the case, also voiced disappointment that China had chosen to move forward with the panel request.

“China’s complaint is a regrettable attempt to distract from its own non-market policies and practices, to entrench reliance on China’s non-market excess capacity, and to undermine the broader interests of all WTO Members,” the US representative said.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Unclear why lower rate is imposed

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

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

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

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

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

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

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

Discovery, in an attempt to derail a deal with Netflix.

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

Trump warns against reneging on trade deals

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The IMF loan programme

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

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

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

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

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

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

What economists think about the visit

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

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

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

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

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

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

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

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

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

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

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

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 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.

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.

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 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.