China's trade grew faster than expected last month, official data showed Saturday, withstanding pressure from war in the Middle East and reversing a decline in exports to the United States.

Booming trade has represented a vital lifeline for Beijing in recent years as the domestic economy lags, with sluggish spending and a stubborn debt crisis in the property sector weighing on activity.

The war with Iran, launched by the United States and Israel in late February, has produced new risks for China's economy, though its trade has so far appeared to be weathering the disruptions.

Exports from the manufacturing powerhouse were up 14.1 percent in April compared to the same month last year, the General Administration of Customs (GAC) said.

The growth outpaced a Bloomberg forecast of 8.4 percent based on a survey of economists, and also picked up significantly from the 2.5 percent increase in March.

Analysts say China's diversified energy supply insulates it from immediate shocks from the war, though any global economic downturn would eventually weaken demand for its exports.

Amid a shaky truce, observers are awaiting a high-stakes meeting in Beijing next week between Chinese President Xi Jinping and US counterpart Donald Trump.

The talks previously set for late March were delayed by the war in the Middle East, which has sent global energy prices soaring as shipping through the vital Strait of Hormuz has effectively come to a halt.

The world's second-largest economy produced a record-breaking trade surplus last year at $1.2 trillion.

For Trump, imbalance in the countries' trade relationship has long been a major sticking point.

Ahead of the key meeting, China's exports to the United States grew 11.3 percent year-on-year in April, GAC data showed Saturday, returning to growth after dropping sharply by 26.5 percent in March.

Shipments to the United States had also dropped 11 percent in January and February combined.

Trade is set to be a prominent topic in the upcoming meeting between Xi and Trump, with both leaders eyeing key concessions for their massive economies.

Beijing has set an official target growth range for this year of 4.5-5.0 percent -- the lowest in decades.

Early indications suggest the country's economy is on pace, with growth in the first quarter reaching the top of that range at five percent, according to government data released in April.

Economists argue that China should shift towards a growth model powered more by household consumption than traditional drivers including real estate and infrastructure investment.

In a positive sign for domestic spending, imports into the world's second-largest economy grew 25.3 percent year-on-year last month, the GAC data showed Saturday.

That figure beat a Bloomberg forecast of 20.0 percent but was slightly lower than the 27.8-percent surge in March.

Monthly inflation data due Monday is expected to shed further light on how efforts by leaders to encourage consumers to pull out their wallets have been faring.

Brent crude futures jumped as much as 3 percent on Friday, a ​day after the US and Iran traded air strikes, but pared gains as traders hoped for a ‌longer pause in the fighting that has shut shipping in the Strait of Hormuz.

Brent crude futures settled at $101.29 a barrel, up $1.23 or 1.23 percent, after rising as much as 3 percent during the session.

US West Texas Intermediate (WTI) futures finished at $95.42 a barrel, up 61 cents, or 0.64 percent.

Both contracts were settled with ​weekly declines of more than 6 percent.

“We’re treading water here, rightfully so,” said John Kilduff, partner with Again Capital. “We’re on ​the cusp of a breakthrough in negotiations or we’re on the cusp of a renewal ⁠of the fighting. We’ve been here a lot.”

“There is a sense in the market that there is going to be ​an agreement and we’ll get the next phase which would be 30 days to hammer out an agreement (between Iran and ​the US),” Kilduff said.

Throughout the day, traders felt like they had been swatted back and forth like a tennis ball.

“We’re still playing the headline-o-rama game,” said Phil Flynn, senior analyst with Price Futures Group. “Ship movement in the Persian Gulf is going about as well as can ​be expected. We’re kind of working around the edges.”

US and Iranian forces clashed in the Gulf, and the UAE came ​under renewed attack as Washington awaited a response from Tehran to its proposal to end the conflict, which began with joint US-Israeli ‌airstrikes across ⁠Iran on February 28.

US President Donald Trump later on Thursday told reporters the ceasefire was still in effect and sought to play down the exchange.

However, on Friday, Trump renewed an ultimatum demanding Iran give up its nuclear ambitions.

“How quickly can supply be returned from Gulf states, what will the state of inventories be as we approach peak gasoline season, and what sanctions would ​look like post-settlement are all worthy ​of thought. But none ⁠can be addressed until there is a long-term solution to hostilities,” said PVM Oil Associates analyst John Evans.

“The US administration continues to oversell the prospects of a thaw, and an ​optimism-biased market buys into it,” said Vandana Hari, founder of oil market analysis firm Vanda ​Insights.

“Curiously, each time, ⁠the rebound is gradual and incomplete, making the head fakes at least somewhat effective.”

Meanwhile, the US Commodity Futures Trading Commission is investigating oil price trades totalling $7 billion placed shortly ahead of key Iran war-related announcements by Trump, Reuters reported on Thursday.

Most involved short ⁠positions, or ​bets on prices falling, placed on the Intercontinental Exchange (ICE) and Chicago ​Mercantile Exchange (CME) and were placed shortly before Trump statements announcing attack delays, the ceasefire or other changes to Iran policy that led to a decline ​in oil markets.

Nine months into the current fiscal year, Bangladesh has managed to implement only 36% of its Annual Development Programme (ADP). Yet, the government has moved to raise the development budget by another 50% next year, highlighting a widening gap between ambition and execution.

The Planning Commission yesterday gave preliminary approval to a Tk3 lakh crore ADP for FY2026-27, marking a Tk70,000 crore, or 30%, increase from the original ADP for the current fiscal year.

The contrast becomes sharper when compared with the revised ADP. In January, the government slashed the current year's ADP by Tk30,000 crore, a 13% cut, after ministries and agencies failed to utilise allocated funds at the expected pace.

Now, despite struggling to fully spend the downsized Tk2 lakh crore programme, the government is preparing an even larger development outlay.
ADP implementation rate rises slightly, but actual spending shrinks

The figures raise questions about the country's public investment strategy, particularly whether implementing agencies have the capacity to deliver such an expanded pipeline of projects amid persistent bottlenecks, procurement delays and weak project readiness.

According to the proposed allocation, the transport and communication sector will receive the highest outlay at Tk50,092 crore, accounting for 16.7% of the total ADP. Education follows with Tk47,591 crore, while health has been allocated Tk35,535 crore.

Power and energy will receive Tk32,691 crore, and housing Tk20,361 crore. Together, these five sectors account for nearly 62% of the entire proposed ADP.

The Bangladesh Investment Development Authority (Bida) has proposed gradually allowing 80% of import goods to be cleared through private Inland Container Depots (ICDs), or off-docks, in a move aimed at reducing congestion at Chattogram Port and improving logistics efficiency.

The proposal has been submitted to the finance ministry as part of a broader deregulation initiative to facilitate trade and improve the ease of doing business, officials concerned told The Business Standard.

According to Bida, implementation of the proposal could increase the handling capacity of the New Mooring Container Terminal (NCT) and Chittagong Container Terminal (CCT) by around 1.6 to 2 times by reducing pressure on port operations.

Currently, the National Board of Revenue (NBR) allows the clearance of only 65 categories of imported goods through private ICDs, although all export activities are already conducted through 21 off-docks across the country.

Bida said the limited scope for import clearance through ICDs creates congestion in port operations and slows down the import process.

In most countries, both import and export activities are largely handled through off-docks, it added.

To ensure compliance, the agency has also proposed introducing a regular risk-based review system for off-docks.

Business leaders and economists said the initiative could help reduce operational costs, shorten lead time and increase investor confidence.

Professor Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue, said Bangladesh still faces challenges related to the cost of doing business, turnaround time in port management and slow implementation of logistics reforms.

"Such initiatives are positive for attracting investment and increasing competitiveness," he said, adding that lead time has become a major factor alongside price and quality in international trade.

According to data from the Chittagong Port Authority, the port handled 34,09,069 TEUs of containers between January and December 2025.

Abul Kasem Khan, chairperson of Business Initiative Leading Development, described the proposal as timely.

"If the use of ICDs is increased, pressure on the port will decrease and congestion will be reduced," he said, adding that customs-related activities are internationally handled outside the main port area.

Bida has also proposed expanding banking and customs services to support effective 24-hour port operations.

Although port activities currently continue around the clock to some extent, related banking services remain largely limited to office hours and working days, causing delays in LC processing, payment clearance and other import-export procedures.

The agency recommended extending banking support throughout the week and moving most customs clearance procedures fully online to ensure uninterrupted 24/7 operations.

Bida said integrated round-the-clock operations would significantly reduce goods clearance time, improve overall efficiency and align Bangladesh's trade system with international standards.

The agency has further proposed integrating ASYCUDA World, the National Single Window, and systems used by other regulatory agencies into a single interoperable digital platform.

According to the proposal, businesses would be able to submit information once, which would then be automatically shared among all relevant agencies, reducing duplication, delays and procedural complexities.

Abul Kasem Khan said integrating licence and permit systems with the NSW would make trade processes faster and more efficient.

"Providing information once so that it can be used by various agencies is now the global standard," he said.

Last month, speaking at a consultative committee meeting organised by NBR and Federation of Bangladesh Chambers of Commerce and Industry, Finance and Planning Minister Amir Khosru Mahmud Chowdhury said obstacles to doing business would be removed to support private sector-led growth.

Bangladesh’s goal of reaching $100 billion in export earnings by 2030 may not be achievable without major improvements in trade facilitation, port efficiency and logistics capacity, economist M Masrur Reaz warned yesterday.

He said exports are currently around $55 billion, but Bangladesh still faces high trade costs, long cargo waiting times, congestion and weak logistics infrastructure compared with regional competitors such as Vietnam and India.

Bangladesh’s export costs are about one and a half times higher than Vietnam’s and, in some cases, nearly double those of India
M Masrur Reaz Chairman of PEB

“Reaching $100 billion in exports by 2030 or even by 2033 with the current trade facilitation and logistics capacity will not be possible unless we significantly improve efficiency, reduce time and cut costs,” said Reaz, chairman of Policy Exchange of Bangladesh.

He made the remarks at a roundtable titled “Integrated Port and Logistics Development for a Trade-Driven Bangladesh”, organised by the Dhaka Chamber of Commerce and Industry (DCCI) in Dhaka.

Reaz said Bangladesh’s export costs are about one and a half times higher than Vietnam’s and, in some cases, nearly double those of India. He also noted that import processing takes significantly longer in Bangladesh.

He added that the country continues to lag in global competitiveness, logistics performance and productivity, which is weakening its ability to attract investment and integrate into global supply chains.

Comparing Bangladesh with Vietnam, he said Vietnam has increased its exports to nearly $400 billion through sustained reforms in trade facilitation and logistics. In contrast, Bangladesh remains at about $55 billion, even though both countries had similar export levels in the late 1990s.

Reaz said ports will play a crucial role in shaping Bangladesh’s future export competitiveness, especially as global supply chains shift and China moves away from low-value garment production worth around $35 to $40 billion annually.

Citing World Bank data, he noted that “cutting logistics costs by 25 percent could boost exports by 20 percent” and that “reducing port dwell time by just one day could increase exports by 7.4 percent.”

However, he said, relying only on public funding for port development is no longer realistic due to limited government resources and fiscal pressure.

“Developing ports through a fully public-sector model is neither feasible nor desirable. We have to move toward public-private partnerships,” he added.

Md Salim Ullah, director general of the Bangladesh Institute of Management (BIM), said Bangladesh is still far behind in managing integrated ports and logistics efficiently, which is keeping the cost of doing business high.

Md Habibur Rahman, former member (administration and planning) of the Chittagong Port Authority, said rail connectivity is the only long-term solution for cargo transport, as there is limited scope to further expand the Dhaka-Chattogram highway.

He also suggested involving the private sector in operating at least one seaport, saying it would improve competition, service quality and efficiency.

Razeev H Chowdhury, senior vice president of DCCI, said long cargo clearance procedures, slow transport systems and the lack of modern cold-chain facilities are making Bangladesh’s supply chain costly and inefficient.

He called for paperless and automated port systems, infrastructure development through public-private partnerships, and higher investment in cold-chain logistics.

Md Shamsul Hoque, professor of Civil Engineering at BUET, criticised Bangladesh’s fragmented infrastructure planning and called for an integrated multimodal transport system along with institutional reforms.

He said infrastructure development has mostly focused on passenger transport, while freight transport -- despite being more complex and economically important -- has been largely neglected.

He also pointed out the lack of integrated transport planning, noting that roads, railways, waterways and aviation are developed separately instead of as a unified system. Even when facilities are located close to each other, such as an airport and a railway station, there is still no seamless connectivity between rail, metro, road and air transport.

Some foreign shareholders and owners of Ring Shine Textiles Limited – a company operating in Bangladesh since 1997 – have written to Prime Minister Tarique Rahman seeking a meeting to present the firm's ongoing crisis and request government support to protect the interests of public shareholders.

In the letter, the foreign investors said Ring Shine Textiles, a listed company that raised Tk150 crore through an initial public offering (IPO), is facing the threat of eviction due to a large volume of unpaid dues to the Bangladesh Export Processing Zones Authority (BEPZA).

They also noted that they have lost business operations of subsidiary garment units – Avant Grade Fashion and Shine Fashion Co (Pvt) Ltd.
Nine investors from Thailand, Taiwan, and Indonesia established the 100% export-oriented Ring Shine Textiles at the Dhaka Export Processing Zone (DEPZ).

Currently, two of the nine foreign investors remain stranded in Bangladesh because of travel bans since 2020, while others are reportedly avoiding travel to the country over fears of facing similar restrictions.

Aniruddho Pial, the current managing director of Ring Shine Textiles Limited, said the company had performed strongly in the ready-made garment sector and contributed significantly to the economy until 2019.

However, he said the company ran into trouble during the Covid-19 pandemic and has since struggled with a business slowdown, mounting debt burdens, growing dues to BEPZA, and a shortage of working capital.

Against this backdrop, the company's foreign investors have sought a meeting with the prime minister to present the company's current situation and seek government assistance to safeguard the interests of public shareholders.

"We have already received loan-rescheduling facilities from Bangladesh Bank. Now, as the central bank is forming a Tk40,000 crore special fund for sick and closed factories, we will seek financial assistance from the fund," Pial said.

Controversial IPO listing

According to the letter, Ring Shine's troubles began after a controversial IPO process allegedly involving FAR Group's Abdul Kader Faruk and Indian textile trader Ashok Kumar Chirimar.

The investors described in detail how the disputed IPO process led to the company's current crisis and the difficulties faced by the foreign shareholders.

Ring Shine entered the stock market in 2019 through a Tk150 crore IPO – one of the largest offerings in the textile sector. Before going public, the company increased its paid-up capital from less than Tk10 crore to more than Tk285 crore.

BSEC findings

Findings by the Bangladesh Securities and Exchange Commission (BSEC) revealed that a syndicate involving controversial tax official Matiur Rahman and FAR Group Chairman Abdul Kader Faruk allegedly embezzled hundreds of crores of taka by issuing new shares of Ring Shine Textiles without investing any funds.

According to the findings, the group allocated shares worth Tk112 crore at a face value of Tk10 each without depositing any money into the company's account.

The BSEC later decided to seek travel bans on 13 individuals linked to the company, including sponsors, former directors, the managing director, executive director, chief financial officer, and company secretary, as well as Faruk and Chirimar.

Once a profitable company, Ring Shine's financial condition deteriorated after its stock market listing. The company also suffered severe setbacks during the coronavirus pandemic as foreign buyers suspended orders amid weakening global demand.

When irregularities surrounding the IPO came to light, the BSEC froze the company's unutilised IPO funds that were intended for business expansion and loan repayment.

Investors left in the dark

Ring Shine has also failed to publish financial statements for the fourth quarter of FY25 and the first three quarters of the current fiscal year, leaving investors unaware of the company's financial condition for nearly a year.

According to previous reports by The Business Standard, BEPZA has initiated proceedings to cancel six additional lease agreements of Ring Shine for failing to clear outstanding dues.

The Dhaka EPZ office issued a notice expressing its intention to terminate the leases of plots no 157-163. Earlier, on 20 February 2025, BEPZA had cancelled leases for plots no 231-236 on similar grounds.

As of 25 January 2025, Ring Shine's outstanding dues to BEPZA stood at around $16.19 million, against a deposit of only $2,54,945. Despite repeated reminders, the company has yet to clear the arrears.

In November last year, Bangladesh Bank allowed publicly listed Ring Shine Textiles to reschedule its loans for up to 10 years, including a two-year moratorium period.

The company also received an eight-year rescheduling facility for its working capital loans – including overdraft, cash credit, and forced loans – with a 2% down payment requirement, of which 1% was to be paid before rescheduling and the remaining 1% after six months.

Aniruddho said that government support would enable the foreign-owned company to resume full operations and help foreign investors save the firm, which in turn could restore confidence among foreign investors.

The Dhaka Stock Exchange (DSE) on Thursday urged Bangladesh Bank to protect general shareholders during the merger process of five troubled Islamic banks, warning that investors could lose ownership stakes without fair compensation.

A seven-member DSE delegation, led by Chairman Mominul Islam, raised the concerns during a meeting with Bangladesh Bank Governor Md Mostaqur Rahman at the central bank headquarters in the capital.

The delegation said investors in First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and EXIM Bank were facing growing uncertainty over the merger process.
DSE leaders warned that the burden of weak management, irregularities and financial mismanagement by previous authorities should not be transferred to general shareholders who were not responsible for the banks' present condition.

They urged the central bank to ensure transparency throughout the merger proceedings and take steps to safeguard the interests of small investors.

The stock exchange also presented a broader roadmap aimed at modernising the capital market and improving long-term financial stability.

Among the proposals, the DSE suggested reducing the share settlement cycle from T+2 to T+1 to improve trading efficiency. It also sought Bangladesh Bank's support in simplifying the Non-Resident Investor Taka Account process to attract more foreign portfolio investment.

The DSE requested assistance in gradually liquidating its fixed deposits held with scheduled banks to finance technology upgrades and infrastructure development.

The delegation also proposed extending Real-Time Gross Settlement facility hours and allowing the stock exchange direct access to Credit Information Bureau reports to strengthen risk assessment.

Other proposals included developing a secondary market for government securities, introducing Sukuk trading and creating an IPO and bond-based recapitalisation system.

According to a DSE press release, the governor assured the delegation that the central bank would prioritise the issues and take necessary steps to protect public interests and support the development of the capital market.

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.

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.

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.

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.
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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.

The dollar fell against most major currencies on Wednesday after the US signalled it may be nearing a deal with Iran, while the Japanese yen suddenly jumped to a more than two-month high as markets braced for ​another round of official buying from Tokyo.

The yen rose by as much as 1.8 percent earlier in a swift ‌move that left the dollar at a session low of 155, around its weakest since February 24. The dollar had earlier broadly strengthened against a range of currencies before a sudden move lower against the yen, which triggered speculation of another round of intervention.

Japanese Finance Minister Satsuki Katayama ​earlier in the week warned against speculative moves in foreign exchange, after a brief jolt higher in the yen sparked ​speculation Tokyo had again intervened to support the currency.

“As I have said repeatedly, we will take decisive measures against speculative moves, in accordance with the statement signed between Japan and the United States last year,” Katayama told ​reporters after the Asian Development Bank’s annual meeting in Uzbekistan. The Ministry of Finance of Japan could not be reached immediately for ​comment during a local holiday.

Part of the problem for Japanese authorities in staving off persistent weakness in the yen lies in markets that are beyond their immediate control, such as higher US Treasury yields, which favour the dollar, and oil, CIBC Capital Markets head of G10 FX strategy Jeremy ​Stretch said.

“It’s very tough to get the yen down if oil is going to remain elevated and/or US Treasury yields ​are, in terms of 10-years, you’re nearer 4.4 percent than you are 4.2 percent. So that was always going to be the difficulty the Japanese were ‌going to have.

The fact that we’ve been able to get it back to 156.5, given the fact that we’ve still got 10-year yield at 4.42 percent and oil is still closer to $100 than 75, I guess, is some degree of success,” he said.

Most other major currencies also extended gains as dollar weakness persisted, after President Donald Trump said he would briefly pause an operation to ​help escort ships through the Strait ​of Hormuz, citing progress towards ⁠a comprehensive agreement with Iran.

That came shortly after US Secretary of State Marco Rubio said on Tuesday that the United States had achieved its objectives in its military campaign against Iran.

HSBC's Bangladesh operations posted a 23% decline in net profit in 2025, weighed down by higher provisions against rising classified loans and lower income from government treasury investments.

According to the multinational bank's audited financial statements for 2025, net profit after tax stood at Tk823 crore, down significantly from Tk1,086 crore in 2024.

The decline in profit was largely driven by a sharp increase in provisions. HSBC set aside Tk265.96 crore in provisions in 2025, up 149% from the previous year. At the same time, income from treasury bond holdings fell 17% year-on-year.

During the year, the bank's classified loans surged 134% to Tk748.20 crore, accounting for 3.99% of its total loan portfolio.

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.