Page 62 - Bangladesh

Bangladesh's forex stands at $17.20 bn, short of IMF's relaxed target

Bangladesh's foreign exchange reserves stood at USD 17.20 billion at the end of December 2023, falling short of the relaxed target of a minimum of USD 17.78 billion set by the IMF, according to media reports here on Wednesday. The International Monetary Fund (IMF) approved a USD 4.7 billion loan for Bangladesh in January last year and fixed a minimum Forex Reserve, also called the Net International Reserve (NIR) of USD 26.81 billion by December 2023 end. However, that target was later relaxed to USD 17.78 billion, USD 19.27 billion for March and USD 20.11 billion for June, The Daily Star newspaper reported quoting the IMF document. We set a target to keep an NIR of more than USD 17 billion till December 31 and we fulfilled the goal because the NIR stood at USD 17.20 billion on Sunday (December 31), the daily quoted Bangladesh Bank Executive Director and Spokesperson Md Mezbaul Haque as saying. Our net reserve is close to the IMF target and this is not mandatory to fulfill the goal,

Fear, panic plague Opposition in Bangladesh ahead of Jan 7 elections

The United States, the biggest buyer of Bangladesh's garments, has condemned the violence, and curbed visas for citizens of the South Asian nation believed to have a role in undermining elections

LIVE: 'Govt, transporters agreed workers will resume work immediately'

Catch all the latest LIVE updates from across the globe here

Bilateral trade between India, Bangladesh down during pre-election season

The India-Bangladesh bilateral trade, already strained by economic headwinds during the year, has dampened in some land ports due to the upcoming general elections in the neighbouring country, exporters said on Tuesday. Bangladesh is set to hold its 12th general election on January 7 and the pre-election atmosphere has cast a shadow on the cross-border trade. Indian exports to Bangladesh between April and October 2023 declined by 13.32 per cent, while imports saw a marginally smaller 2.3 per cent dip, according to data from the Department of Commerce. "Trade activity has been affected for some time now due to Bangladesh's forex shortages and liquidity crunch. The election-related slowdown is expected to be temporary, but stricter rules like the 110 per cent margin on letters of credit compared to the earlier 10 per cent have been a major concern for traders," a commodity exporter told PTI on condition of anonymity. Stakeholders point to the general slowdown in trade activity during

Statsguru: Neighbourhood ties weaken as global economic partnerships evolve

The share of its neighbours in India's trade shows signs of weakening from an already low base amid a review of regional trade agreements

Bangladesh court sentences Nobel laureate Yunus to 6 months in jail

A labour court in Bangladesh's capital on Monday sentenced Nobel Peace Prize winner Muhammad Yunus to six months in jail for violating the country's labour laws. Yunus, who pioneered the use of microcredit to help impoverished people, was present in court and was granted bail. The court gave Yunus 30 days to appeal the verdict and sentence. Grameen Telecom, which Yunus founded as a non-profit organisation, is at the centre of the case. Sheikh Merina Sultana, head of the Third Labour Court of Dhaka, said in her verdict that Yunus' company violated Bangladeshi labour laws. She said at least 67 Grameen Telecom workers were supposed to be made permanent employees but were not, and a "welfare fund" to support the staff in cases of emergency or special needs was never formed. She also said that, following company policy, 5 per cent of Grameen's dividends were supposed to be distributed to staff but was not. Sultana found Yunus, as chairman of the company, and three other company director

Nobel Peace laureate Muhammad Yunus convicted, to face jail in Bangladesh

Yunus was awarded the Nobel Prize for Peace in 2006 for pioneering the use of microcredit and lifting millions out of poverty

Sam the brave

As the nation experiences a resurgence of nationalism, a biography of Manekshaw by his aides-de-camp is poised to resonate widely

'Awami League has found way to create illusion of multiparty election'

Sreeradha Datta tells how this week's general elections in Bangladesh could turn out to be a friendly contest for the ruling Awami League

Bangladesh polls: Hasina's party manifesto pledges friendly ties with India

The reaffirmation came as she unveiled the manifesto of the ruling Awami League party on Wednesday for the upcoming general elections scheduled for January 7

The Bangladesh model

India needs many more low-skill manufacturing jobs

India evaluating implications of FTA as Bangladesh mulls RCEP membership

India is worried because of Bangladesh's greater dependence on China for imports as compared to India and fears it can become an issue if Bangladesh joins RCEP

Asian buyers struggle with high price of onions after India's export ban

The world's biggest exporter of onions banned shipments on Dec. 8 after domestic prices more than doubled in three months following a drop in production.

Bangladesh to deploy Army to maintain order ahead of Jan 7 elections

Bangladesh Army said on Monday that it will deploy troops to maintain law and order as the country gears up for January 7 general elections that the opposition parties demand should be held under an interim non-partisan government. The Election Commission (EC) wants us (armed forces) to be deployed to stage a free and fair election in a healthy atmosphere. We ensured them of all-out support, the armed forces division's principal staff officer Lt Gen Wakar-uz-Zaman told a media briefing here. The announcement came after Chief Election Commissioner Kazi Habibul Awal and other commissioners met with concerned civil and military officials at the commission office. Zaman said the Army troops would be deployed across the country in aid of civil power for 13 days from December 29 and we will extend our support to the commission the way it wants. He said the armed forces deployment was not a new phenomenon as they were called out during past general elections as well but termed today's ...

Bangladesh in poll position

The exercise complicates geopolitics for India, the US & China

Bangladesh oppn party holds protest as it boycotts Jan 7 national election

Hundreds of opposition Bangladesh Nationalist Party supporters protested on Sunday to mark International Human Rights Day, as the country gears up for a general election on January 7 that the opposition says should be held under a non-partisan, caretaker government. The party, led by former Prime Minister Khaleda Zia, is boycotting the election, leaving voters in the South Asian nation of 166 million with little choice but to re-elect Prime Minister Sheikh Hasina's Awami League for a fourth consecutive term. At Sunday's protest in front of the National Press Club in downtown Dhaka, opposition activists said they do not think a fair and free election can take place under Hasina's watch. The gathering took place weeks after a massive opposition rally on October 28 turned violent. The party's decision to boycott the polls comes amid a monthslong crackdown that has reportedly seen hundreds of opposition politicians jailed and critics silenced, an allegation authorities have ...

UN warns 2 boats adrift in Andaman Sea with 400 Rohingya aboard need rescue

An estimated 400 Rohingya Muslims believed to be aboard two boats adrift in the Andaman Sea without adequate supplies could die if more is not done to rescue them, according to the UN refugee agency and aid workers. The number of Rohingya Muslims fleeing by boats in a seasonal exodus - usually from squalid, overcrowded refugee camps in Bangladesh - has been rising since last year due to cuts to food rations and a spike in gang violence. There are about 400 children, women and men looking death in the eye if there are no moves to save these desperate souls, Babar Baloch, the agency's Bangkok-based regional spokesperson, told The Associated Press. The whereabouts of the other boat were unclear. The boats apparently embarked from Bangladesh and are reported to have been at sea for about two weeks, he said. The captain of one of the boats, contacted by the AP, said he had 180 to 190 people on board. They were out of food and water and the engine was damaged. The captain, who gave his

Tremors felt in Bengal as 5.6 magnitude earthquake hits Bangladesh

Tremors were felt in various parts of West Bengal as an earthquake of 5.6 magnitude hit neighbouring Bangladesh on Saturday morning. According to the National Center for Seismology, the earthquake took place in southeastern Bangladesh at a depth of 55 km at 9.05 am. "Earthquake of Magnitude: 5.6, Occurred on 02-12-2023, 09:05:31 IST, Lat: 23.15 & Long: 90.89, Depth: 55 Km, Location: Bangladesh, India," the NCS said on X. West Bengal Disaster Management Department said that as of now, no damage has been reported from anywhere in the state. "We are yet to get the final report. As of now, there is no report of any damage due to the quake," an official told PTI. Officials of the Kolkata Police and the Kolkata Municipal Corporation also said no damage to life or property was reported from the eastern metropolis.

All gaps along Pak, Bangladesh border to be plugged in next 2 yrs: Shah

Union Home Minister Amit Shah on Friday said India's two major borders with Pakistan and Bangladesh will be completely secured in the next two years, with work underway to completely plug gaps in about 60 km stretch along these two fronts. Shah was speaking after taking salute from a ceremonial parade of the Border Security Force (BSF) on the occasion of its 59th Raising Day celebrations here. The minister said the Narendra Modi government has fenced and plugged gaps in about 560 km of the India-Pakistan and India-Bangladesh borders in the last nine years since it came to power at the Centre. These gaps were being used for infiltration and smuggling, he said. All the gaps in these two borders on India's western and eastern flank respectively are being plugged and work in only about 60 km is left. In the next two years we will entirely secure these two borders, Shah said. The two borders-- 2,290 km of India-Pakistan International Border and 4,096 km of India-Bangladesh border-- are

All gaps along Pak, Bangladesh border to be plugged in 2 years: HM Shah

Union Home Minister Amit Shah on Friday said India's two major borders with Pakistan and Bangladesh will be completely secured in the next two years, with work underway to plug gaps in about 60 km stretch along these two fronts. Shah was speaking after taking salute from a ceremonial parade of the Border Security Force (BSF) on the occasion of its 59th Raising Day celebrations here. The minister said the Narendra Modi government has fenced and plugged gaps in about 560 km of the India-Pakistan and India-Bangladesh borders in the last nine years since it came to power at the Centre. He said all the gaps in these two borders on India's western and eastern flank respectively are being plugged and work in only about 60 km is continuing. In the next two years we will entirely secure these two borders, Shah said. The two borders-- 2,290 km of India-Pakistan International Border and 4,096 km of India-Bangladesh border-- are marked by long riverine, mountainous and marshy areas where it i