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Experts at CPD dialogue want long-term measures to avoid macroeconomic crisis
Economists and energy experts on Sunday urged the government to take sustainable measures for a stable macro economy of the country considering the current economic problems are going to stay longer.
They observed that such crisis is not short-term in nature. So it will not be easy to get rid of the crisis soon. The current government’s measures are mostly short-term in nature. An effective and innovative long-term action plan is to be required to tackle the situation.
The remarks came at discussion meeting titled ‘Recent Economic Challenges: How Risky It is’ organized by Center for Policy Dialogue (CPD), a private think tank held in its office at Dhanmondi.
Dr Fahmida Khatun, executive director of CPD gave a presentation on the present economic situation.
Former advisers of caretaker government Dr AB Mirza Azizul Islam and Dr Hossain Zillur Rahman, ex-governor of Bangladesh Bank Dr Salehuddin Ahmed, professor of BUET and former energy adviser of the caretaker government M Tamim, CPD distinguished fellow professor Mustfizur Rahman and vice-president FBCCI Mostafa Azad Chowdhury spoke on the present economic situation.
Dr. Khondaker Golam Moazzem, research director of CPD, moderated the discussion meeting.
Mirza Aziz said incentive is not enough to increase inflow of remittance. It needs manpower export market diversification and focused skilled manpower export to recover from foreign exchange deficit.
Read: Capacity payment to private sector power plants goes up to Tk 26,505 crore in FY2022: CPD
He also called for looking into the import order along with strengthening the monitoring to stop money laundering through over-invoicing and check that goods are really imported or not.
He said a proper list of poor people is required as the rate of poverty may have increased to 30 per cent from 20 per cent in 2019 due to the pandemic, Mirza Aziz said.
Dr. Salehuddin said loan re-scheduling without proper monitoring and deferreed loan repayment would create a liquidity crisis and discrimination in the business sector.
The small entrepreneurs have been deprived of stimulus packages, and loans re-scheduled and deferred repayment facilities, he said.
He also warned about the bad impact on the macroeconomics due to the central bank’s policy influenced by the vested group.
Salehuddin said dollar selling by the central bank is not a solution to forex crisis. Cautionary measures on luxury goods import and limit cut to keep money in the Nostro Account is needed to overcome forex crisis.
M Tamim said the government had deals with oil-based power plants for 3 to 5 years, but even after 12 years 3500 MW electricity is being purchased from oil-run power plants which have created an economic burden now.
He asked why the government failed to set up gas-based power plants instead of the existing oil-run ones.
Tamim favoured foreign investment for gas exploration in the long-term plan and reform old gas wells for boosting gas extraction for short-run solution.
Hossain Zillur said the government should take effective measures to curb the growing inflation before social instability at grassroots is created.
He said in many countries social discrimination and food inflation created instability and famine. Early and long-term measures are required to avert any such untoward situation in Bangladesh.
Tap, Trust Bank introduce add money service
Mobile financial services (MFS) provider Trust Axiata Pay (Tap) and Trust Bank have started the add money service to make financial transactions easy and affordable.
Tap customers can now add money from their Trust Bank accounts, according to a media statement.
Read: Fintech MFS: Best Mobile Financial Services in Bangladesh
Dewan Nazmul Hasan, chief executive officer of Tap, said: "Tap customers can add money to their tap wallets from Trust Bank. This process will help them save their time and money."
"Tap customers can add Tk50,000 in a day and Tk3 lakh in a month from their bank accounts," he added.
Read Tap offers up to Tk60 cashback on GP bundle purchase
Grameenphone turns to work from home for Thursdays
Telecom operator Grameenphone has joined the government's austerity moves to curb its energy consumption and carbon footprint.
The Grameenphone headquarters will be non-operational every Thursday, and employees will work from home.
Syed Tanvir Husain, chief human resources officer of Grameenphone, said: "The world is going through one of the grave energy crises in recent times. This unprecedented long period of high energy prices and the supply shortage is exerting tremendous pressure on all economies, resulting in consequences in our lives."
Read: Grameenphone reports 5.2% revenue growth in 1st half
"During these trying times, we have proactively adopted contingency ways of work to curb electricity consumption in solidarity with the government's prudent efforts to navigate the challenges."
"Our latest operating model, integration of AI and RPA through modernisation, has enabled our employees to work from home, ensuring smooth operations for our customers," Tanvir added.
The government has been taking several energy-conservation measures to mitigate the power crunch and urged people to cooperate and be economical in energy consumption as it is forced to carry out load shedding and limit electricity generation with fuel prices continuously increasing globally.
IBBL holds Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday.
Professor Md Nazmul Hassan, chairman of the bank, addressed the function as chief guest.
Mohammed Monirul Moula, managing director and chief executive officer, presided over the function. Dr Mohammad Gias Uddin Talukder, chairman of IBBL Shariah Supervisory Committee, addressed it as chief discussant.
Muhammad Qaisar Ali, additional managing director of the bank, and Professor Mohammad Abdus Samad, member secretary of Shariah Supervisory Committee, addressed the programme as special guests.
Md Mostafizur Rahman Siddiquee, deputy managing director, delivered the welcome speech and Md Shamsuddoha, executive vice-president, discussed the topic, according to a media statement.
Read: IBBL board of directors' meeting held
Anwar Shawkat elected DBCCI president
Md Anwar Shawkat Afser, managing director of Sakhi Lines (Sakhi Group), has been re-elected president of the Dutch-Bangla Chamber of Commerce and Industry (DBCCI) for 2022-2024.
He assumed the role for the third time.
Ataus Sopan Malik has been elected the new secretary general of the DBCCI, according to a media statement.
Afser is a social activist and was the former district governor of Lions Clubs International District 315-B4, Bangladesh (2005-06); former council chairperson of Lions Clubs International, Multiple District 315, Bangladesh (2006-07), vice-president of Bangladesh Human Rights Commission (Chittagong).
Read: Sustainable Development: Separate ministry for blue economy proposed
Md. Atiqul Haque has been elected senior vice-president, and Shakawat Hossain Mamun and Md Shahid Alam vice-presidents.
Muhammad Risalat Siddique has been elected joint secretary general and Noafel Bin Reza director (finance).
Other elected directors are Nazmul Haque, Dr Ahmed Robin Ispahani, M Rabiul Hossain, Md Shah Alam, Md Sayem Faroky, Mir Muhammad Nasir, Mazharul Haque Chowdhury and Md Haroon-ur-Rashid.
'Bangladesh for FDI not only as funds but also intelligence, individuals'
Bangladesh does not want foreign direct investment (FDI) only in the form of funds, but also in the form of minds, thoughts, intelligence and individuals, the foreign ministry told US global investment management firm T. Rowe Price Group Thursday.
Syed Muntasir Mamun, director general (international trade, investment and ICT) at the foreign ministry, and officers of the International Trade, Investment and Technology Wing and ICT wings had a meeting with the representatives of the US firm.
The delegates suggested that for successful utilisation of the special economic zones and attracting foreign companies there, Bangladesh would need to highlight shining examples of companies that achieved great success after setting up business here.
Founded in 1937, T. Rowe Price manages a portfolio of nearly 1.5 trillion $ funds.
Johannes Loefstrand, portfolio manager of the frontier markets equity fund, Sebastian Murphy, investment analyst, and Rainbow Moore, investment analyst from T. Rowe Price, participated in the meeting.
Read: Global FDI recovered to pre-pandemic levels in 2021 but uncertainty looms in 2022: UNCTAD
They enquired about the actions taken for attracting more foreign direct investment, changes taking place in Bangladesh, initiatives for increasing export volume to strengthen the export-led economy of Bangladesh, activities and success of special economic zones and the digitalisation process.
Muntasir mentioned the strength and technical excellence of human resources in Bangladesh, the size and texture of the domestic market, strong connectivity to northeastern India and South and East Asia in general, increased participation of women in the workforce and also in the leadership roles, booming local businesses, digitalisation, infrastructure in terms of connectivity and investment options that available here.
Agencies like the Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA), Public Private Partnership Authority, Bangladesh Investment Development Authority, Bangladesh Securities and Exchange Commission (BSEC), and the Ministry of Commerce are working very hard to improve the ease of doing business and the Ministry of Foreign Affairs (MoFA) is work as a bridge to give the foreign investors full support 24x7, the DG said.
MoFA has set up the International Trade, Investment and Technology Wing to facilitate and support foreign investors in every step of the process, he added.
Muntasir also shared the ministry's plan to build a neural network for facilitating connections among markets and facilitating the flow of funds and technology.
MoFA is also working on deploying a blockchain solution to entrench a data authentication protocol into the existing paper-based system, the DG said.
Walton CEO asks co-workers to save electricity
Walton Hi-Tech Managing Director and Chief Executive Officer Golam Murshed has asked his co-workers to save electricity and prevent any waste of it.
The Walton CEO came up with the instructions following different decisions made by the government to cut electricity consumption amid the current global crisis.
The government has taken different steps, including area-based load shedding, and suspension of production in diesel-run power plants. It has also urged everyone to save electricity.
In line with the steps, Walton's CEO gave instructions and took necessary steps to save electricity at all of its offices, sales outlets and service centres, and production plants at its headquarters.
Also read: Walton CEO visits Italy to see ACC's progress on plant dismantling
BGMEA, Eswatini for investment in apparel, textile joint ventures
Eswatini, formerly known as Swaziland, and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) have agreed to look into the possibility of investing in joint ventures in the apparel and textiles industries.
Manqoba Khumalo, minister of commerce, industry and trade, paid a courtesy call on BGMEA President Faruque in Dhaka Wednesday.
Read: BGMEA, Amfori to work together promote Bangladesh as safe, sustainable sourcing destination
Cebile Amanda Mhlabatsi, undersecretary, and Mluleki Sakhile Dlamini, director of MSME at the Ministry of Commerce, Industry and Trade, and Khanyisile Dlamini, senior executive manager at Eswatini Investment Promotion Authority, accompanied the minister during the visit.
Both sides discussed issues of mutual interest for Bangladesh and Eswatini, particularly trade and investment.
BGMEA vice-presidents Miran Ali, Rakibul Alam Chowdhury; Director Asif Ashraf and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud were also present at the meeting.
Read BGMEA, Kuhu to take Bangladeshi culture, heritage to global arena with garments
BGMEA, Amfori to work together promote Bangladesh as safe, sustainable sourcing destination
Brussels-based Amfori – which represents over 2,400 retailers, importers, brands and associations from more than 40 countries – and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) have discussed working together to promote Bangladesh as a safe and sustainable apparel sourcing destination.
Saiful Millat, network representative of Amfori, met with BGMEA President Faruque Hassan in Dhaka Wednesday.
Read: BGMEA seeks support of IMF to realize strategic vision of RMG industry
They discussed how BGMEA and Amfori can team up to support the apparel industry of Bangladesh in its efforts to pursue the vision of sustainable growth in the coming years.
Also, Saiful Millat said Amfori President Linda Kromjong would attend the "Made in Bangladesh Week" scheduled to be held on 12-18 November 2022 as she was invited by the BGMEA earlier.
IBBL board of directors' meeting held
A meeting of the board of directors of the Islami Bank Bangladesh Limited (IBBL) was held Wednesday online.
The meeting approved the unaudited financial statements of the bank's second quarter. It also discussed the recent business performance of the bank and took some policy-related decisions.
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
Areef Suleman, foreign director and representative of the Islamic Development Bank, IBBL vice-chairmen Yousif Abdullah Al-Rajhi and Md Shahabuddin attended the meeting.
Read: IBBL holds executive development program
Mohammed Monirul Moula, managing director and CEO of the IBBL, and JQM Habibullah, deputy managing director and company secretary of the bank, also joined it.
The IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.