Economy
Holy Shab-E-Barat to be observed this eve
The Muslim religion holy Shab-e-Barat — the night of blessings and forgiveness — will be observed in Bangladesh this evening Tuesday (7th March) with befitting religious fervour.
Shab-e-Barat is observed on the 15th night of the Arabic month of Sha’ban. Shab-e-Barat is regarded as a significant event during which Muslims pray to Allah and beg for forgiveness for their sins. It is thought to absolve them of their sins and bestow upon them good fortune for the entire year.
Muslim devotees performs special prayers, recite from the Holy Quran, and also hold religious gatherings seeking divine blessings for the wellbeing of mankind.
President Abdul Hamid and Prime Minister Sheikh Hasina issued separate messages on the occasion on Monday. They greeted all Muslims in the country and elsewhere across the world on the occasion of the holy Shab-e-Barat.
President Abdul Hamid in his message said the holy Shab-e-Barat comes to mark the advent of the holy month of Ramadan and good fortune.
“On this holy night of Shab-e-Barat, we pray for the continued progress, welfare, and greater unity of the Muslim Ummah, along with seeking eternal mercy and blessings from the Almighty Allah. May the full virtues of the holy Shab-e-Barat be upon us.”
He urged the affluent to come forward and help the distressed and the poor on this occasion, as the world is gripped by a multitude of crises due to the Covid-19 pandemic followed by the war in Ukraine.
Prime Minister Sheikh Hasina said: “Inspired by the greatness of the holy Shab-e-Barat, I am calling upon all to devote themselves to the cause of human welfare and nation-building.”
She also asked all to establish the spirit of Islam at personal, social, and national levels, putting off all kinds of injustice, violence, and superstition.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
