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Dollar crisis to conclude by Jan 2023: Salman F Rahman

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salman f rahman

Adviser to the Prime Minister Sheikh Hasina on private industry & investment, Salman F Rahman said, the ongoing crisis in the country for US dollars will resolve by coming January.

“The sanctions on the import of non-essential goods have had a positive effect. Due to the lack of dollars, there have been issues opening LC for the last 60 days but we are surplus in the present account. But there are some issues with legacy payments, which will be over in December. Hence, the dollar issues will be conclude next January,” He said speaking as the guest of honor at the signing ceremony of a strategic partnership between ABG Limited and Chittagong Stock Exchange (CSE) at Radisson Blu Chittagong Bay View Hotel on Sunday, November 20.

ABG Limited – a concern of the Bashundhara Group, has purchased a 25 percent stake in CSE.

“Bashundhara is coming to the stock market, I was amazed to hear it at the beginning. Bashundhara Group chairman and I have met several times but he has not shown his willingness in the stock market. I am very astonished by this,” Salman F Rahman said.

“In 14 years Prime Minister Sheikh Hasina has brought the economy of Bangladesh to an unimaginable place. After coming out of jail at the end of 2008, if someone had said that the country would reach this height in the next 12-14 years, I would not have believed it myself. But Prime Minister Sheikh Hasina has shown that,” he added.

Salman F Rahman also said that there are two contradictions in the nation’s economy.

“The first contradiction is that the tax-to-GDP ratio is very low. According to the growth in the economy, the ratio of tax to GDP should increase, but it could not. Yet economic growth is taking place,” he added.

Another major contradiction is the capital market capitalization to GDP ratio, said, adding, “The major weakness of the capital market of Bangladesh is that there are few institutional investors. The whole market depends on retail investors. Brokerage houses, merchant banks and all the infrastructure are there but institutional investors are not coming. Because of that, I am encouraging companies like Bashundhara Group. Although Bashundhara Group’s emphasis on commodity exchanges, it will play a role in equity markets too.”

Salman F Rahman urged other institutional investors to invest in the market too.

He further said that the prime minister has been able to bring the nation to this place because of private-sector entrepreneurs.

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Economy

FBCCI Urges Action Against Unscrupulous Traders

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FBCCI

The Market Monitoring Committee of FBCCI has urged the concerned market committees to be vigilant in preventing traders from engaging in dishonest practices to earn additional profits.

Md Amin Helaly, Senior Vice-President of FBCCI and Convener of the Market Monitoring Committee, issued this call during a meeting of FBCCI’s Market Monitoring Committee with local market committee leaders at Mohammadpur Town Hall Katcha Market in the capital on Wednesday.

Addressing the meeting as the chief guest, Helaly emphasized the importance of identifying and punishing dishonest businessmen and their associates.

He urged the collection of reports on dishonest traders and their submission to FBCCI, stating, “We will take stringent action against them in collaboration with the government.”

Helaly stated that FBCCI is closely monitoring the market to ensure stability during Ramadan, emphasizing the federation’s role in this regard as a representative of the private sector.

He remarked, “Our efforts will continue in coordination with various government agencies. However, consumers also need to adjust their purchasing habits. Market activities for a month should be more balanced than those on any single day.”

Directors of FBCCI and members of the Bazaar Monitoring Committee were also in attendance at the meeting.

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US Stresses Collaboration with Bangladesh on Key Issues: Blinken

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Blinken

US Secretary of State Antony Blinken extends congratulations to the people of Bangladesh on their Independence Day, March 26.

Blinken, on behalf of the United States, sends warm wishes to all Bangladeshis on this significant occasion.

In a statement, Blinken expresses the United States’ eagerness to bolster the partnership and people-to-people connections between the two nations in the coming year.

“The United States takes pride in collaborating with Bangladesh on various critical issues of today, including combating climate change, promoting economic development, addressing the Rohingya refugee crisis, supporting global peacekeeping efforts, and tackling global health challenges,” he remarks.

Highlighting the partnership’s role in ensuring a free, open, secure, and prosperous Indo-Pacific region, Blinken emphasizes its significance.

“As Bangladesh marks another year of independence, we reiterate our dedication to strengthening democratic governance and safeguarding human rights – endeavors crucial for Bangladesh’s continued prosperity,” he affirms.

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China-Bangladesh Friendship Strengthened, Notes President Xi Jinping

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Xi Jinping

Chinese President Xi Jinping has emphasized the robust and deep-rooted political trust between Bangladesh and China, along with their productive collaboration across various sectors, yielding tangible benefits for both nations.

Xi Jinping highlighted Bangladesh’s steadfast commitment to independence over the past 53 years, its efforts in economic development, and improvements in livelihoods, laying a strong foundation for the realization of the “Sonar Bangla” dream.

In celebration of Independence Day, Xi Jinping conveyed his congratulations to Bangladesh President Mohammed Shahabuddin through a letter.

He underscored the longstanding friendship between China and Bangladesh as traditional neighboring nations, noting its continual strengthening.

Xi Jinping expressed his keen interest in advancing the China-Bangladesh relationship and pledged cooperation with President Mohammed Shahabuddin to further enhance high-quality Belt and Road Cooperation and deepen the Strategic Partnership of Cooperation between the two countries.

Simultaneously, Chinese Premier of the State Council Li Qiang and Member of the Political Bureau of the CPC Central Committee and Foreign Minister Wang Yi extended separate congratulatory messages to Prime Minister Sheikh Hasina and Foreign Minister Hasan Mahmud respectively.

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