Dhaka, Sunday, November 25, 2018
Hello everyone, Good morning. Political environment of Bangladesh is becoming excited gradually ahead of the national polls. Most of the political parties are now busy for selection of their candidates whose will took the next parliamentary elections that is scheduled to be held on December 30. Overall economic acuities are normal. Financial markets witnessed almost stable excepting the share markets. The government’s bank borrowing is increasing before the polls.
Election commissioners on Sunday asked the executive magistrates to act without any bias while discharging their duties during the upcoming parliamentary elections.
The Election Commission on Saturday finally clarified its position on the use of electronic voting machines in the December 30 national election, saying EVMs would be used in all polling centres of six constituencies.
The ruling Awami League is yet to finalise its seat-sharing with electoral allies despite having a series of meetings with several of them yesterday.
Another latest report says Awami League leader Jahangir Kabir Nanak did not get his party's ticket to contest the upcoming 11th parliamentary election from Dhaka-13.
For the December 30 election, the BNP will be banking on party nominees of 2001 and 2008 parliamentary polls. Over the last few days, the BNP nomination board has finished interviewing potential candidates and finalised around 250 runners, leaving the rest of the seats aside for alliance partners.
Tax collection during the current fiscal year is set to face a big blow owing to what economists call "populist policy" of exemptions before the general elections. On the basis of official projection, the FE estimated around Tk 133 billion loss in tax collection this year as major revenue-generating sectors got the benefit after passing the Finance Bill-2018.
Bangladesh’s foreign currency reserve has registered more than 450% growth in the last ten years, thanks to steady economic growth and resilience of major external sectors, analysts said. According to Bangladesh Bank (BB) data, as of September, foreign exchange reserves stood at $31.95 billion, up by 450.86%, from $5.8 billion in December 2008.
The excess liquidity in banks dropped by 14.89 per cent in September mainly due to higher growth of currency outside banking system before the national polls. The selling of the US dollar by the central bank has also helped dragging down the amount of surplus cash in the country’s banking system, senior officials of the Bangladesh Bank (BB) said.
On the other hand, Bangladesh Bank Governor Fazle Kabir said on Saturday the banking sector has enough liquidity now, which is a matter of great comfort for the financial sector. Now the banks need to concentrate more on establishing a better corporate culture, which is a continuous process, he added.
Bangladesh’s stocks stayed in the negative trend at midday on Sunday as investors remained cautious stance ahead of national elections.
The Daily Star says frequent gambling, shaky confidence, lower turnover and lack of well-performing companies and new products continue to dog the stock exchanges five years past their demutualisation. On November 22, 2013, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) were demutualised, a process that transformed the bourses from non-profit cooperatives into for-profit companies owned by shareholders.
Outlook: The existing market trend may continue in the coming days
The exchange rate of BDT is maintaining a depreciating mode against the US dollar on Sunday while inter-bank call money rates remain stable because lower demand for the local currency in the market.
President of Chittagong Chamber of Commerce and Industry (CCCI), Mahbubul Alam, has urged the Governor of Bangladesh Bank (BB), Fazle Kabir, to rein in the unusually high price of the US dollar against the Bangladesh Taka.
Outlook: BDT may depreciate further against the US currency shortly.
Gas-dependent heavy industry owners said on Saturday that economically viable energy pricing was a must to sustain in the globally competitive market as imported costly liquefied natural gas was going to grab the place of other energy sources.
Bangladesh spinners demonstrated yet another valiant effort to help the team notch up a comfortable 64-run win over West Indies in the first Test and take 1-0 lead in the two-match Test series in Chattogram on Saturday.
West Indies skipper Kraigg Brathwaite on Saturday lamented their inability of making big partnerships, which he said had cost them the first Test against Bangladesh in Chattogram.
Hundreds of posters seeking votes for the Awami League have been pasted on the walls of different buildings in Dinajpur town in violation of the electoral code of conduct. The Daily Star correspondent found posters inscribed with different development activities carried out during the last two regimes of the AL government, plastered on walls everywhere in Kalitola, Charubaburmore, Bhutibaburmore and Bahadurbazar and Ramnagar areas.
Bangladesh Bank (BB)’s board of directors meeting is scheduled to be held at its headquarters in Dhaka on Sunday afternoon.
The Government is set to borrow –BDT—through issuing treasury bills (T-bills) on Sunday as per revised auction calendar.
The Federal Bureau of Investigation (FBI) helped India connect the small boat used by the terrorists in the 26/11 Mumbai attack, to Pakistan. A retired police officer who supervised the investigations in 2008-09, told The Hindu that the FBI sent one of its agents to the headquarters of Yamaha Motor in Japan to seek help in tracing the person who purchased the engine.
When G20 world leaders met for the first time in 2008 their mission was a desperate one - to rescue the global economy from the worst financial crisis in more than 70 years. They were successful.