Economy
Morning Rainfall brings Moderate Air Quality in Dhaka
Dhaka, the capital city of Bangladesh, experienced a temporary relief from its persistent air pollution issues this morning, Thursday (18 May) thanks to rainfall.
With an air quality index (AQI) score of 76 at 9 am, Dhaka’s air quality was classified as “moderate.” This improvement placed Dhaka at the 26th spot on the list of cities with the worst air quality around the world.
The AQI scale categorizes air quality as “good” between 0 and 50, and “moderate” between 50 and 100. To put things into perspective, other cities like Hanoi in Vietnam, Jakarta in Indonesia, and Riyadh in Saudi Arabia ranked at the top of the list, with AQI scores of 141, 140, and 126, respectively.
However, it’s important to note that an AQI between 101 and 200 is considered “unhealthy,” particularly for sensitive groups, while a range of 201 to 300 is classified as “poor.” Beyond that, a reading of 301 to 400 is deemed “hazardous,” posing significant health risks to residents.
The AQI serves as an index for reporting daily air quality and is utilized by government agencies to inform the public about the safety or pollution levels in a particular city. It also helps raise awareness about potential health effects associated with air pollution.
Dhaka has long been grappling with air pollution problems, often experiencing a decline in air quality during the winter months and an improvement during the monsoon season. Unfortunately, air pollution consistently ranks as one of the top risk factors for death and disability worldwide, highlighting the urgent need for sustainable solutions to combat this issue.
Overall, while the rain brought a temporary respite and marked Dhaka’s air quality as “moderate” this morning, it remains crucial for authorities and communities to work together in finding long-term strategies to address the ongoing air pollution challenges in the city.
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.
