New Finance Minister Abul Hassan Mahmood Ali pledged to tackle economic challenges.

"There are challenges in the economy and we will work together on the challenges," Ali said after taking office today.

"But no problems will be solved overnight," he said. 

Efforts to curb commodity prices will be a top priority during the upcoming fasting month of Ramadan, the minister said.

"I will work with the Ministry of Commerce in this regard," said Ali, who had previously served the Bangladesh government as foreign minister.