Economy
Happy Mother’s Day Today
In a world filled with love and admiration, today marks a special occasion that honors the selfless devotion and unwavering support of mothers everywhere. Mother’s Day, celebrated annually on the second Sunday of May, serves as a heartfelt tribute to the remarkable women who play an irreplaceable role in shaping our lives.
Amidst the hustle and bustle of daily life, Mother’s Day provides an invaluable opportunity to pause and reflect on the immeasurable contributions mothers make to our individual growth and societal harmony. It is a day that allows us to express our deepest gratitude and appreciation for the endless sacrifices they make, the boundless love they give, and the nurturing guidance they provide.
From the very moment we take our first breath, our mothers are there, ready to embrace us with open arms and shower us with affection. They possess an innate ability to provide comfort, wisdom, and strength, even in the face of adversity. Mothers are our pillars of support, our confidantes, and our biggest cheerleaders throughout life’s triumphs and challenges.
Today, families across the globe are finding unique and creative ways to honor the influential women who have shaped their lives. Some may gather for special meals, while others may embark on adventures to create cherished memories. Handmade cards, thoughtful gifts, and warm hugs serve as tokens of appreciation, symbolizing the deep love and gratitude that words alone cannot express.
This year’s Mother’s Day celebration coincides with a time when the world is grappling with unforeseen circumstances. Despite the challenges posed by the ongoing pandemic, the spirit of Mother’s Day remains resilient. Virtual gatherings, heartfelt video messages, and acts of kindness from a distance allow us to bridge the physical gap and connect emotionally with the extraordinary women who have molded us into the individuals we are today.
On this Mother’s Day, let us take a moment to recognize and honor the unconditional love, unwavering strength, and unparalleled sacrifices that mothers make every single day. Their influence extends far beyond our childhood years, shaping our values, instilling compassion, and inspiring us to become the best versions of ourselves.
Today, and every day, let us express our love, appreciation, and gratitude for the phenomenal mothers who have nurtured our dreams, wiped away our tears, and loved us unconditionally. Happy Mother’s Day to all the incredible mothers around the world!
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.
The Bangladesh Bank has adjusted the dollar price to Tk117 from Tk110 by introducing the crawling peg exchange rate mechanism.
Under this new approach, the bank will buy and sell dollars with Tk117 as the mid rate.
This decision was reached during a meeting of the monetary policy committee on Wednesday, May 8th.
Additionally, the committee has opted to discontinue the SMART lending rate mechanism, allowing banks to set their lending rates based on dollar demand and supply, according to a circular issued after the meeting.
The crawling peg system permits a currency with a fixed exchange rate to fluctuate within a specified band of rates, combining features of both fixed and floating exchange rate regimes.
On May 5th, Bangladesh Bank Governor Abdur Rouf Talukder announced the adoption of a market-based interest rate and the implementation of a crawling peg system to stabilize the foreign exchange rate.
He stated that the central bank is collaborating with prominent economists and bankers to devise a contractionary monetary policy aimed at curbing inflation and restoring macroeconomic stability.
Earlier, on April 2nd, the World Bank stressed the importance of a crawling peg mechanism aligned with market-clearing exchange rates to narrow the gap between formal and informal exchange rates, as outlined in the latest Bangladesh Development Update report.
Meanwhile, the International Monetary Fund (IMF) has advocated for a market-based dollar rate. In January 2023, the IMF attached several conditions to a $4.7 billion loan facility over a three-and-a-half-year period. Bangladesh has received two installments of the loan by fulfilling nearly all conditions, except for the reserve requirement.
