Dhaka, Feb. 1 -- Bangladesh's experiment with tight monetary policy -- raising borrowing costs to curb persistently high inflation -- has hit a pause marked by uncertainty.

The central bank had pledged to hold the line until inflation fell to 6 percent. Yet, after more than 18 months of tightening, price pressures remain resistant.

Inflation has persistently stayed above 8 percent, unsettling policymakers and prompting renewed scrutiny inside Bangladesh Bank over why the strategy is no longer delivering results.

At its most recent board meeting, the central bank sought a detailed report on why inflation is not easing further -- a sign that conventional monetary tools may be colliding with deeper structural distortions.

Bangladesh Bank...