Good morning. Here's what happened overnight and what you need to know today.
1.
Inflation to Hit Double Digits: ADB: Inflation is projected to hit double digits at the end of the current fiscal year owing to supply-side disruptions and higher import costs as a result of currency depreciation, according to the Asian Development Bank (ADB). In its latest Asian Development Outlook released yesterday, the Manila-based lender projected that inflation would increase to 10.1 percent in fiscal year (FY) 2025, which is 3.1 percentage points higher than the estimate it made in April. The immediate past government, which was ousted on August 5 by a mass uprising, had targeted to keep inflation to 6.5 percent this fiscal year after it had hit 9.7 percent in FY24. (The Daily Star)
2.
World Bank to Provide $3.5b: President of the World Bank Ajay Banga has said the bank would provide $3.5 billion to Bangladesh to support the Interim Government's reform initiatives, including reforms in the financial sector. The World Bank President announced the support during a meeting with Bangladesh Chief Adviser Prof Muhammad Yunus on the sideline of the UN General Assembly at the UN Headquarters on Yesterday afternoon (25 September). Banga, a long time friend of Prof Yunus, said at least $2 billion would be fresh lending and another $1.5 billion would be repurposed from the existing programmes. (The Business Standard)
3.
ACC Starts Probe into Corruption of BFIU Ex-chief: The Anti-Corruption Commission (ACC) has launched probes into the alleged corruption of former BFIU chief Masud Biswas and former CU VC Dr Shireen Akhter, who abused their respective positions. According to the ACC's primary investigations, after assuming the responsibility of the Bangladesh Financial Intelligence Unit (BFIU) of the Central Bank, Biswas allegedly adopted unfair means to amass huge wealth. The former vice-chancellor of Chittagong University (CU) was accused of financial irregularities, including alleged mismanagement of university funds, unethical recruitment practices, and nepotism in academic appointments. (The Financial Express)
4.
Islami Bank’s Suspicious Share Price Spike Under Scanner: The Bangladesh Securities and Exchange Commission (BSEC) ordered the Dhaka Stock Exchange (DSE) to inquire into the unusual movement of share prices of Islami Bank Bangladesh PLC. The directive comes as prices of the shares of the Shariah-based bank skyrocketed since August 7, two days after the ouster of the Sheikh Hasina-led government by a student-led mass uprising. Shares of Islami Bank closed at Tk 70.4 yesterday, up from Tk 32.6 on August 6 following the Bangladesh Bank's restructuring of the board of the oldest Shariah-based bank controlled mainly by Chattogram-based business house S Alam Group, which is alleged to be a beneficiary of the previous Awami League government. (The Daily Star)
5.
Normalcy Returning to RMG Sector: Normalcy has started to return to the garment factories as the workers have resumed work, avoiding further unrest after the owners have accepted all the 18 of their demands. Most factories in key industrial hubs like Ashulia and Gazipur were operating smoothly yesterday. However, a few factories are still planning to reopen soon, Khandoker Rafiqul Islam, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said over phone. (The Daily Star)
6.
Lush SUV Buy for DCs, UNOs Continue amid Tough Times: At a time when the country is grappling with an ongoing financial crisis and a newly sworn-in interim government is seeking budgetary support from international partners, the extravagant spending on sport utility vehicles (SUVs) for deputy commissioners (DCs) and Upazila Nirbahi Officers (UNOs) shows no sign of slowing. A total of 200 luxurious Mitsubishi Pajero Sport QX SUVs will be purchased at a cost of around Tk 339 crore, with 168 vehicles allocated for UNOs and the remaining 32 for DCs, according to sources in the Ministry of Public Administration. A letter signed by Transport Commissioner at the Department of Government Transport Md Abul Hasanath Humayun Kabir, obtained by The Business Post, outlines the procurement process. The SUVs will be acquired from the state-owned Pragoti Industries Limited, with each vehicle priced at Tk 1.69 crore (Tk 1,69,35,000). (The Business Post)
---Saju Sarker
BBN/SSR/AD