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August Inflation Drops but Remains High Amid Uncertainty
Rtv News
08 Sep 2024, 17:08
Photo: Collected
In August, Bangladesh’s overall inflation dropped by 1.17 percentage points, standing at 10.49 percent, according to a report released by the Bangladesh Bureau of Statistics (BBS) on Sunday (September 8). This follows an inflation rate of 11.66 percent in July.
Food price inflation also saw a decline, falling from 14.10 percent in July to 11.36 percent in August.
The unrest from student-led protests demanding quota reforms in government jobs, which escalated into a mass movement, had a significant impact on trade and supply chains in July. This, coupled with the nationwide curfew and political instability following Prime Minister Sheikh Hasina's resignation on August 5, contributed to the inflationary spike.
Highlights:
Overall inflation in August 2024 decreased to 10.49%, down from 11.66% in July.
Food price inflation dropped from 14.10% in July to 11.36% in August.
Policy interest rate raised by 50 basis points to 9% on August 25.
Standing Lending Facility (SLF) rate increased by 50 basis points to 10.50%.
Standing Deposit Facility (SDF) rate raised by 50 basis points to 7.50%.
The interim government assumed power on August 8, and on August 25, Bangladesh Bank raised the policy interest rate by 50 basis points to 9 percent to curb inflation, following earlier hikes in May. The Standing Lending Facility (SLF) and Standing Deposit Facility (SDF) rates were also increased by 50 basis points to 10.50 percent and 7.50 percent, respectively.
Despite these monetary tightening measures, Bangladesh continues to grapple with high inflation, making borrowing more expensive and straining the economy.
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Pentagon looking forward to work with Bangladesh's govt.
Pentagon, US Department of Defense spokesman Major General Pat Ryder said the United States has a defense relationship with Bangladesh and is looking forward to working with the interim government.
He said these in response to a journalist's question about the fall of the Awami League government and the assumption of power by the interim government at a press conference on Tuesday (August 20) local time.
Major General Pat Ryder said, 'The Pentagon looks forward to working with the interim government to advance issues such as a free and open Indo-Pacific, emphasizing the shared values and common interests of the two countries.'
He said, 'We must expect the Bangladesh government to protect human rights and avoid any violence. However, the US State Department should be contacted for details on US-Bangladesh relations.'
Fire breaks out in a building at Dhanmondi, 6 units under control
Fire breaks out in a building at Dhanmondi, 6 units are under control
A fire broke out on the eighth floor of a 12-storey residential building on road no. 5 of Dhanmondi this morning. Six fire service units are working to control the fire.
The fire started at 10:25 am on Wednesday (August 21). The duty officer of the fire service, Lima Khanam, confirmed the matter.
He said, 'At 10:25 in the morning, I received information about the fire on the eighth floor of the 12-storey building at Dhanmondi number five. After that, six units started working to control the fire.
However, initially, Lima Khanam could not give any information about the cause of the fire and the casualties. So far 3 trapped people have been rescued with
Farooq Ahmed assigned as new BCB President
Farooq Ahmed has become the new president of the Bangladesh Cricket Board (BCB).
He was assigned to the BCB President post on Wednesday (August 21).
Former national cricket team captain Farooq Ahmed served as chief selector in BCB for two terms earlier.
Rumors in the sports arena for the last few days that Nazmul Hassan Papon is stepping down from the post of BCB president. And former Tiger captain Farooq Ahmed is going to replace him. That rumor came true on Wednesday with Papon's official resignation.
It should be noted that Farooq Ahmed served as the chief selector of BCB for two terms. He served in the first term from 2003 to 2007 and in the second term from 2013 to 2016. In the second term, he resigned due to a dispute with the board over the election process.
Massive reshuffle in police / Transfer of 7 DIG and 5 Police Commissioner
7 Deputy Inspector General of Police (DIG) and 5 Metropolitan Police Commissioners of Bangladesh Police have been transferred.
The transfer was mentioned in a notification of the Ministry of Home Affairs on Wednesday (August 21) according to the order of the President and Deputy Secretary of the Police-1 branch.
This information was given in a notification signed by Sheikh Mahbubur Rahman.
Those officers are Dhaka Range DIG Syed Nurul Islam attached to Sarda Police Academy in Rajshahi, Chattogram Range DIG Noor E Alam Mina attached to Rajshahi Sarda Police Academy, Sylhet Range DIG Sha Migan Shafiur Rahman attached to Railway Police, Rajshahi Range DIG Md. Anisur Rahman is attached to the Naval Police, Khulna Range DIG Moinul Haque is attached to Sarda Police Academy in Rajshahi, Barisal Range DIG has been attached to the Anti-Terrorism Unit, and Mymensingh Range DIG Md. Shah Abid Hossain has been attached to the Tourist Police.
In addition, Chattogram Metropolitan Police Commissioner (DIG) Md. Saiful Islam attached to Police Academy in Sarada, Rajshahi Metropolitan Police Commissioner (DIG) Biplob Bijoy Talukder attached to T&IM, Sylhet Metropolitan Police Commissioner (DIG) Md. Zakir Hossain Khan was attached to the Police Bureau of Investigation (PBI), Gazipur Metropolitan Police Commissioner (DIG) Mahbub Alam was attached to the Railway Police, and Barisal Metropolitan Police Commissioner (DIG) Jehadul Kabir was attached to the Police Bureau of Investigation (PBI).
The notification also revealed that this order will be implemented immediately.
Flood in Feni, people plunge into darkness
Eight districts of the country, including Feni and Noakhali, were hit by heavy rains and severe floods due to India's upstream waters. One after another area is drowning as water seeps in at high speed through the flood control dams of the Muhuri, Kahuya and Silonia rivers.
It has been reported that since Monday night, the floodwaters have damaged power lines, leading to widespread power outages in most areas of the Parashuram, Fulgazi, and Chhagalnaiya Upazilas.
Over 350,000 people in the district are now marooned and have been suffering immensely without electricity.
On Wednesday (August 21) night, Feni's Rural Electrification Board’s General Manager, Haoladar Mohammad Fazlur Rahman, stated that out of the 400,000 customers in the district, over 300,000 are currently without electricity.
Feni Electricity Development Board Executive Engineer Hossain Mahmud Shamim Farhad said, 'About 70 percent of our customers are without electricity. In various areas of the city, meters have been damaged due to water entering the ground floor of the buildings, so the electricity connection will remain off until the water recedes. Connectivity is unlikely to be restored before the flood waters recede.'
It is known that the heavy rains of the last three days and the landslides that came down from the upstream of India have caused a humanitarian disaster.
In this direction, the local administration and various voluntary organizations have entered the field with relief assistance for the flood victims. Members of the Army, BGB Coast Guard, Fire Service are active in rescue operations.
Bengal Commercial Bank holds Board of Directors meeting
Bengal Commercial Bank plc held its 32nd meeting on Wednesday (August 21).
Bengal Commercial Bank's Chairman presided over the meeting at head office in capital's Gulshan area.
Vice Chairman Alhaj Mahbubul Alam and Engineer Golam Mohammed Alomgir along with other directors, Managing Director and Chief Executive Tarik Morshed, Additional Managing Director, Deputy Managing Director and Company Secretary also participated in the meeting.
9 districts affected by severe floods
Nine districts of the country, including Feni, Noakhali, and Cumilla, were hit by heavy rains and flash floods due to the upper streams of India. Many areas drowning as water seeps in at high speed through the flood control dams of Muhuri, Kahuya, and Silonia rivers.
Most of the people of these districts are in trouble due to knee-to-waist level water in their houses. Apart from this, all the rural roads and croplands have been submerged in the flood water. Ponds and farm fish have been washed away.
The flood-affected districts are Feni, Cumilla, Noakhali, Chattogram, Sunamganj, Moulvibazar, Habiganj, Lakshmipur, and Khagrachari.
Cumilla
King Bajehura village has been submerged in Gomti river water at Burichong in Cumilla. About 700 families have become waterlogged. The local administration is working. Apart from this, on Wednesday afternoon, a bridge over Gomoti River collapsed due to a strong stream in the wooden bridge area near Asmania Bazar of Titas Upazila.
Feni
According to the reports received so far, the worst flood situation is in three upazilas of Feni, Parashuram, Fulgazi, and Chhagalnaiya. Hundreds of villages of these three upazilas have been flooded, millions of people trapped in water. Volunteers have started bringing the stranded people to the shelter. Fire service also came to the rescue operation.
Noakhali
Out of the nine upazilas of Noakhali, waterlogging has become evident in eight. Hundreds of fish and chicken farms, and paddy and vegetable fields were washed away. Trees were broken by the wind. Some areas have been left without power due to uprooted electricity poles. The Met Office has recorded 158 mm rainfall in the district in the last 24 hours.
Lakshmipur
Several days of continuous rain and abnormal upstream tide have submerged 40 low-lying areas including four municipalities in Lakshmipur. From the morning of August 21, abnormal tidal water in the Meghna started entering the locality. About four and a half lakh residents were trapped in it.
Chattogram
The entire Fatikchari upazila of Chattogram has been submerged underwater. About 100,000 people are trapped in water. Apart from this, about eight unions of Raozan upazila and 10 unions of Hathazari upazila have been flooded.
Moulvibazar
With continuous rain in Moulvibazar, water is coming from India at a rapid speed through mountain ranges and rivers. The waters of the Manu River are flowing 118 cm above the boundary line. The waters of the other three main rivers Dhalai, Juri, and Kushiara are flowing over the danger level. In various places of Kulaura and Juri upazilas, the dams of the rivers broke and overflowed which flooded 62 villages.
Sunamganj
The rain in Sunamganj and the water of other rivers including Surma in the upstream hills is increasing. The water in the Surma river rose by 12 cm on Wednesday. Water continues to rise. Rivers are already full to the brim. Therefore, it is feared that a flood situation may occur if the water rises.
Khagrachari
The 40-year-old bridge of Singinala village collapsed in Khagrachari due to continuous rains and landslides over the last few days. The road communication system of Mobachari Union with Mahalchhari has been closed.
Meanwhile, the road communication between Khagrachari and Sajek, Longadu, and Baghaichari in Rangamati has also been closed due to the floods caused by the landslides.
About five thousand families are still underwater in the district.
Habiganj
Due to continuous heavy rains and downpours from the Indian state of Tripura, the water of the Khawai River in Habiganj is flowing over the boundary line. The water flowed over 195 cm at Machulia point of the Khoai River on Wednesday at 5 pm. In such a situation, the city defense embankment is at risk.
