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Interim Government’s 3-Month Milestone: Achievements & Challenges Ahead
Rtv News
09 Nov 2024, 08:30
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The movement demanding quota reform, which began in July, concluded on August 5 with the fall of the Awami government. Following appeals by anti-discrimination student activists, an interim government was established under Nobel Laureate economist Dr. Muhammad Yunus. Now, three months have passed since this government began its journey on August 8.
During this eventful period, the interim government has undertaken several initiatives, including establishing six commissions for state reform and efforts to restore discipline in the financial sector, particularly in the banking industry. Alongside these reforms, they’ve faced challenges like law enforcement breakdowns, mob justice, recurring protests, extortion on roads, market syndicates, the Secretariat blockades by Ansars, and the resignation of President Md. Sahabuddin.
While some stability has been achieved, the major challenge remains making the market affordable. The armed forces have been deployed for two months to maintain judicial authority and are regularly monitoring the markets. However, consumer rights still suffer under the grip of old syndicates.
One of the key focuses of the interim government is state reform, with six commissions (public administration, judiciary, law and order, election, constitution, and anti-corruption) already in action. The search committee has commenced its work to form the Election Commission.
In the banking sector, efforts to restore order are beginning to show results. To ensure freedom of expression, the government has decided to repeal the controversial Cyber Security Act and has started trials for genocide cases in the International Crimes Tribunal. The annual National Mourning Day has been omitted.
Key Areas of Focus for the Interim Government
The government has emphasized:
- Conducting an independent UN-led investigation into the July and August killings, inviting the UN Human Rights Office to lead this effort.
- Creating a complete list of martyrs and injured individuals, establishing the "July Martyrs Memorial Foundation" to provide long-term care for the injured and support for martyrs' families.
- Restructuring boards to free banks from the control of major defaulters and corrupt business groups.
- Compiling a list of 150 influential people accused of corruption and money laundering, with investigations launched against 79 of them.
- Revoking the provision allowing undeclared (black) money to be legalized with a 15% income tax rate.
- Halting all activities under the Indemnity Act (Electricity and Fuel Rapid Supply Increase, 2010) and freezing any executive orders on electricity and gas price increases without public hearings.
- Signing international charters to protect individuals from enforced disappearances and forming a commission to investigate disappearances during the previous government’s tenure.
- Establishing a committee to draft a white paper on the country’s overall economic condition.
Political Pressures and Challenges Ahead
The interim government now faces pressure from political parties to complete reforms quickly and hold free and fair elections. Chief Advisor has held dialogues with political parties, who have requested an election and reform roadmap. However, no roadmap has been provided yet.
Experts note that while steps have been taken toward establishing good governance, enhancing transparency in the financial sector, and dismantling unethical business syndicates, achieving all this within such a short period is challenging. Despite this, progress has been made on several issues. Nevertheless, maintaining public trust in the government, which carries the hopes of a vast population, remains the biggest challenge ahead.
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Cyclone 'Dana' Brewing in Bay, May Hit Soon
A cyclonic storm called 'Dana' is feared to be brewing in the Bay of Bengal next week, according to weather forecasts, meteorological agencies in India, the United States and the European Union.
The cyclone is likely to form by the end of this month. Once formed, might make landfall in coastal areas of India and Bangladesh between 24-26 October.
These data were reported from weather forecast models on Friday (October 18).
According to most weather forecast models, a cyclone is likely to form in the Bay of Bengal between the 21st and 26th of this month.
From these weather forecast models, the formation of the cyclone is much confirmed, but it is still uncertain where it will hit. We have to wait till October 20 to confirm the matter.
The possible cyclone's name has been given by Qatar. It is likely to hit the coastal areas of Barishal Division and the neighboring Odisha state of India.
In a notification on Thursday (October 17), India Meteorological Department (IMD) said that there is a strong possibility of a cyclone forming in the North Andaman Sea around October 20. Due to this, a low pressure may develop in the central Bay of Bengal around October 22.
Meteorologist Nazmul Haque of Bangladesh said, "In October, there are favorable conditions for cyclones in the sea. A low pressure may also occur over central Bay of Bengal on October 22. However, the situation has not yet developed.
Earlier, the Met Office's long-term forecast said that there is a possibility of several low pressures in the Bay of Bengal in October. One of these may take the form of depression or cyclone. However, the weather office has not announced the specific time.
After Egg, Chicken Prices Soaring Now
The people of the country have seen many dramas about eggs for several days. Its price was increasing by leaps and bounds on various pretexts. Finally, some relief has returned to the egg market due to import duty exemption, but discomfort has started in the chicken market.
This was seen by visiting various markets of the capital including Karwan Bazar, and New Market Bazar on Friday (October 18).
A few days ago, the retail price of eggs touched Tk180-190 per dozen. Egg prices fell after the last egg import duty was reduced to 20 percent. At present, each dozen eggs are being sold at the retail level at Tk155-160. In wholesale, a dozen eggs are being sold at Tk150 and hali at Tk50.
Traders said that efforts are being made to sell eggs at government prices. If the supply is good, the price will come down very soon.
Buyers say that the price of fish and chicken in the market is already unbridled. Still more than Tk150 per dozen eggs.
A buyer named Md. Hossain Ali said that it is not possible to buy fish and meat. Now the price of eggs is also high. It also has to struggle to meet the protein needs.
It has been seen in the market that broiler chickens are being sold at Tk200-210 per kg and golden chickens are being sold at Tk280-300. The white layer is selling for Tk250 and the red layer is selling for Tk280.
The sellers say that the supply of chicken has decreased in the market. Moreover, rising prices of chicken feed and chicks are disrupting the production system, which is also affecting the market.
Abdul Alim, a chicken trader in Karwan Bazar, said that chickens are not coming like before. Along with this, the price increase in wholesale has an impact on the retail market as well.
A buyer named Faruque said that the price of eggs and chicken is very high in the market. The campaign is not working. The syndicate of traders is very strong. It will not be possible to break this syndicate unless strict laws are enforced.
Earthquake Jolts Several Regions of Bangladesh Including Dhaka
A mild earthquake with a magnitude of 4.1 on the Richter scale shook several regions of the country, including the capital city of Dhaka, early on Friday.
The tremor was felt at 12:43 am on Thursday night (October 17).
Volcano Discovery confirmed this information. According to the website, the epicenter of the earthquake was 41 km south of Dhaka. Its depth was 10 km.
In addition to Dhaka, the tremor was also felt in Chattogram and Barishal divisions.
There were no immediate reports of damage.
Users on social media platforms like Facebook posted about feeling the tremor in different parts of the country.
Earlier, on September 6, a mild earthquake was felt in Rangpur and surrounding areas. The earthquake was felt at 8:28 pm on Friday (September 6). The earthquake lasted for a few seconds.
Gold Prices Soar in Bangladesh As Well As World Market
A new history has been created in the price of gold, breaking all previous records in the world market. For the first time in the world market, the price of one ounce of gold exceeded 2,711.19 dollars. As such, the price of this precious metal can rise and create new records in the country's market at any time.
On Friday (October 18) at 12:00 pm, the price of gold in the spot market was at $2,711.19. The price rose $18.10, or 0.67 percent per ounce in one day.
The US election, the Federal Reserve's interest rate cut, and tensions in the Middle East are now driving gold prices higher in the global market, Reuters reported.
Bangladesh Jewelers Association (BAJUS) determines the price of gold in the country's market. According to the latest prices offered by the organization, the best quality or 22-carat gold per bhori is priced at Tk1,37,453. This is the highest price of gold in the market of the country so far. The price of 21-carat solid gold is Tk1,31,197, 18-carat is Tk1,12,453, and the traditional method is fixed at Tk92,286.
BAJUS Standing Committee on Pricing and Price Monitoring Committee decides to increase or decrease the price of gold on behalf of the organization. A member of this committee said, "The rate at which gold prices are increasing in the world market, the price of gold will have to be increased in the country's market as well. There is no alternative."
He said, "I decided to increase or decrease the price of gold based on the international market as well as the local market."
350cc Royal Enfield to be Launched in Bangladesh, Price and Features
350cc motorcycle is coming to the market of the country after a long year of approval. 350cc 'Royal Enfield' bike will be launched in Bangladesh on October 21.
Ifad Motors, the local manufacturer of Royal Enfield motorcycles, revealed this information on Friday (October 18).
A new LED headlamp is going to be seen in it, along with a new taillight, updates are going to be seen in the USB charging port, as well as many changes have been given in its instrument cluster.
According to the report, disc brakes and single and dual-channel ABS are also going to be seen on two wheels.
Apart from this, new colors are going to be seen in Royal Enfield Classic 350, which includes Jodhpur Blue, Medallion Bronze, Commando Sand, Madras Red, Copper with Copper Highlights, Regal Green, Grey, Black, Chrome, and it has been launched in Signal, Dark, Emerald, Heritage, Heritage Premium variant varieties
Ifad Motors has set up a state-of-the-art production facility under its own management at Chauddagram, Cumilla for the production of Royal Enfield. Which is capable of producing world-class motorcycles. Royal Enfield's 350cc bike will be launched in Bangladesh on October 21. However, they have kept the price of the bike as a surprise for the customers.
However, according to sources, the Royal Enfield 350cc bike can be priced between four and a half lakh to five and a half lakh taka.
Earlier, in September last year, the Ministry of Home Affairs gave permission to drive motorcycles up to 350cc on the road. As a result, high CC bikes get an opportunity to enter the country's market.
Cyclone Dana Storing Energy, May Hit Bangladesh Coast
There is isolated rain across the country due to the low pressure created in the Bay of Bengal. The low pressure may turn into a cyclone in the next few days. If the cyclone forms as predicted, the name will be 'Dana'.
According to the warning from the Meteorological Agency, a low pressure will form in the sea on October 23. It may develop into a strong cyclone by October 23 or 24.
On the other hand, it is not completely certain that the cyclone hit which coast if it is not formed. However, the Barishal and Khulna divisions of Bangladesh and Odisha state of India have been reported as possible routes.
It is said that if the cyclone hits any coast of the Barishal and Khulna divisions, its speed may be 100 to 120 kilometers per hour.
On the other hand, if this cyclone hits Odisha in India, its speed may be 130 to 150 km per hour.
Mostafa Kamal Palash, a PhD researcher on meteorology and climate at the University of Saskatchewan in Canada, said in a Facebook post citing the US and European Union weather forecast models that a cyclone may form in the Bay of Bengal between October 21 to 26. The possible cyclone may be of low or moderate intensity. If a cyclone forms, it may hit the coast on October 24 or 25. However, to specify the time and place, we have to wait until October 20.
In this regard, Manowar Hossain, a meteorologist of the Bangladesh Meteorological Department, said that the low pressure that has been created may turn into a low pressure. Cyclone updates are usually given 24 hours in advance by the Meteorological Department. But now it cannot be said for sure whether this low pressure will turn into a cyclone from the responsible place. However, there is a caveat.
Earlier, the long-term weather forecast in early October said that several low pressures may develop in the Bay of Bengal this month, out of that, one may develop into a depression or cyclone.
Banking Sector Reforms Underway, Customers Confidence Being Restored
The banking sector has been on the path of development since the interim government took over. Looting in the name of loans has stopped, and customers are regaining confidence in deposits. As a result, the liquidity crisis has started to decrease.
Under the leadership of the dictator Sheikh Hasina, the Awami misrule of almost 16 years has been the festival of looting and money laundering. A large part of this was taken from the bank by the party leaders and workers in the name of fake company loans. Several banks are now on the verge of bankruptcy due to such unusual looting.
But hopefully, the banking sector has started to turn around since the interim government took over. According to the data of Bangladesh Bank, at the end of last August, 43 banks out of 61 scheduled banks have excess liquidity, amounting to Tk 1 lakh 90 thousand 306 crores.
Excess liquidity in five state-owned banks is Tk 63 thousand 670 crore. Of this, only Sonali Bank has 49 thousand 43 crores. 31 private banks have 91 thousand 674 crore taka. Besides, additional liquidity in 9 foreign banks is 34 thousand 677 crores.
Banking sector expert Dr Toufic Ahmad Choudhury said that the owners or the board used to collect deposits from all the employees. Then they took them under the name of sharing and lending. As these are stopped, the confidence of the customers is returning. As a result, deposits in banks are also increasing.
Towfiqul Islam Khan, Senior Research Fellow of Center for Policy Dialogue (CPD) said, that if the hide-and-seek game that has been going on in the banking sector for a long time is not overcome, people's trust will not be returned.
Mahfuz Kabir, the research director of the Bangladesh Institute of International and Strategic Studies (BIISS) said that Banking
