Ahsan Habib

Less than a year after Prof Shibli Rubayat-Ul Islam was appointed as chairman of the Bangladesh Securities and Exchange Commission (BSEC) in May 2020, the regulator started holding roadshows abroad to lure in foreign investors and boost the local market.

The Bangladesh Bank restricted six banks linked to S Alam Group from lending activities to prevent their situation from deteriorating further amid allegations of wrongdoing.

Directors of eight private banks borrowed heavily from each other’s banks in reciprocal lending practices fraught with serious risks. Some banks went one step further and lent thousands of crores to relatives of these banks’ chairmen or directors. 

Just a day after a mass uprising toppled Sheikh Hasina’s government on August 5, a group of people, introducing themselves as activists of a major political party, visited an outlet of a leading footwear maker in Rangpur and demanded Tk 5 lakh in return for allowing the showroom to operate.

Unrest has gripped the banking sector at a time when several banks are burdened with huge default loans and are suffering from low asset quality.

Share prices rallied for a third consecutive session yesterday, with the key index of Dhaka Stock Exchange (DSE) registering a 5.44 percent spike, the highest jump in four and a half years.

Share prices rallied for a third consecutive session yesterday, with the key index of Dhaka Stock Exchange (DSE) registering a 5.44 percent spike, the highest jump in four and a half years.

Bangladesh has no time to spare when it comes to ensuring the stability of the economy, which has fallen into a crisis mainly due to the absence of democracy for over a decade.

The recent internet blackout for a week has left a big dent on the image of the country among the international community, especially investors and buyers.

Banks listed in the stock market logged Tk 2,700 crore higher interest income in the first half of this calendar year as lending rates rose after Bangladesh Bank eased its grip on the sector.

Most listed multinational companies in Bangladesh witnessed lower profits in the April-June quarter this year as sales dropped due to the erosion of people’s purchasing power amid runaway inflation.

Violence comes with a hefty price tag for the economy. Beyond the immediate death toll mostly in police shootings, the convulsion of violence that gripped Bangladesh in the middle of this month has left a debilitating impact on the economy.

Business and industrial activities resumed yesterday amid a semblance of normalcy after a spasm of violence, internet outage and a curfew that left deep wounds in almost all corners of the economy.

A huge number of industrial establishments have been built along the highway, hoping to capitalise on the connectivity to the country’s largest seaport in Chattogram

The countrywide shutdown and subsequent violence centring the quota reform movement crippled business and economic activities for the last three days, dealing a further blow to an economy that is already ailing due to high inflation, falling exports and depleting forex reserves.

The Bangladesh Securities and Exchange Commission (BSEC) did not punish several investors although they were found to have breached rules by committing abnormal trades, according to an audit.

The government has published rules stating where and how pension funds will be invested so that the National Pension Authority (NPA) can produce better returns at lower risks, a move that will ease its repayment burden.

The unit will work under the Finance Division

The government is going to amend the Bangladesh Bank Order, 1972 to align it with global best practices and give the central bank more autonomy so that it can initiate steps to help the economy deal with pressure.

Accurate data is a crucial input for taking effective policies and putting the economy on the right track. If the data is not correct or time-befitting, policies might be proved wrong. Then, development successes will be only on paper and will not reflect reality.