Economy
Bangladesh to Celebrate Eid-ul-Adha on June 29
In an eagerly awaited announcement, the National Moon Sighting Committee declared that the holy festival of Eid-ul-Adha will be celebrated throughout Bangladesh on June 29. The decision was made during a meeting held at the prestigious Baitul Mukarram National Mosque in the capital city, Dhaka, following the sighting of the Zilhaj moon on Monday evening within the territory of Bangladesh.
Chaired by MD A Hamid Zamadder, the Secretary of the Ministry of Religious Affairs, the committee discussed and confirmed the sighting, setting the stage for the joyous commemoration of Eid-ul-Adha. This religious occasion, considered the second largest festival in the Islamic calendar, holds immense significance for Muslims worldwide.
Eid-ul-Adha, also known as the Feast of Sacrifice, falls on the 10th day of Zilhaj, the final month of the Islamic lunar calendar. It commemorates the story of Prophet Ibrahim’s willingness to sacrifice his son, as an act of obedience to Allah. Muslims engage in various rituals during this period, including the offering of animal sacrifices, sharing of festive meals, and charitable acts.
The announcement has sparked excitement and fervor among Muslims across Bangladesh, as preparations for the upcoming Eid-ul-Azha festivities are set into motion. Families will come together to exchange greetings, visit mosques for special prayers, and adorn traditional attire, symbolizing unity and joy.
With the much-anticipated Eid-ul-Adha approaching, individuals are making necessary arrangements to ensure a memorable celebration. Markets are abuzz with shoppers seeking new clothes, accessories, and delicacies to enhance the festive spirit. The sacrificial animal marketplaces are also witnessing a flurry of activity, as people select livestock for their symbolic sacrifices.
As the date draws near, communities are organizing various cultural and social events to embrace the spirit of Eid-ul-Adha. Volunteer groups and charitable organizations are actively engaged in distributing meat and essential items to the less fortunate, reinforcing the spirit of generosity and compassion that permeates this sacred occasion.
Eid-ul-Adha serves as a time for reflection, gratitude, and togetherness, reminding individuals of the values of sacrifice, devotion, and solidarity. The forthcoming celebrations on June 29 promise to be a vibrant and meaningful experience, bringing joy and blessings to the people of Bangladesh as they join Muslims around the world in observing this significant religious festival.
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.
