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IMF announces to support Bangladesh despite ongoing situation
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08 Aug 2024, 13:33
Photo: Collected
Sheikh Hasina fled the country after resigning amid public outrage. In this situation of the country, the interim government will take oath around 8 pm on Thursday.
The International Monetary Fund (IMF) has announced to support Bangladesh despite the ongoing situation.
In a statement on Tuesday (August 6), the IMF organization said IMF is 'committed' to stand by Bangladesh. Reuters news.
According to a media report, the IMF expressed its deep sorrow over the 'loss of lives and injuries'. They are fully committed to Bangladesh and its people. The organization will support the economic stability and inclusive growth of the country.
Earlier, in January this year, the IMF approved a loan of 4.7 billion dollars to Bangladesh. The IMF has already released 2.3 billion and 8.2 million dollars in three installments. And the company is supposed to pay off the entire amount of the loan in seven installments till 2026.
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According to experts, long-term loans from institutions like the IMF, World Bank and Asian Development Bank are equivalent to about one-fourth of the country's GDP. Hence, their support is important for the economy of Bangladesh.
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Claiming Singaporean Citizenship, S Alam Seeks Protection
Saiful Alam, the head of S Alam Group, has asserted his right to protection under international investment agreements and as a Singaporean citizen, in response to what he describes as "intimidating actions" by Bangladesh Bank against his company.
Lawyers representing Saiful Alam and his family sent a letter to Bangladesh Bank Governor Ahsan Mansur, warning that they may initiate international arbitration against Bangladesh.
The letter followed recent comments by Ahsan Mansur in an interview with the Financial Times, where he accused S Alam Group of siphoning off 120,000 crore Bangladeshi taka during Sheikh Hasina’s tenure. The legal firm Quinn Emanuel Urquhart & Sullivan issued the letter on behalf of the S Alam family, which the Financial Times has reviewed.
The letter alleged that the governor made "baseless and provocative statements" against S Alam Group, describing them as intimidating. It also claimed that the company directly and indirectly employs 200,000 people in Bangladesh.
Mansur had told the Financial Times last month that Saiful Alam and his associates laundered money after taking control of leading banks with the help of military intelligence. He described this as "one of the largest bank heists" by international standards.
The letter countered these allegations, calling them false and defamatory.
When asked by the Financial Times about Saiful Alam’s Singaporean citizenship, the law firm declined to respond. It remains unclear if he retains Bangladeshi citizenship. Singaporean authorities have also refrained from commenting on the matter.
New Upswing in Gold Market, Prices up to All-time High
After a major fall in the price of gold in the world market, there has been a major upswing. Two weeks ago, the price of gold in the world market fell to about 122 dollars per ounce. Then last week, the price of gold increased by more than 153 dollars per ounce. Along with the world market, gold prices have also been volatile in the Bangladeshi market. The price of gold in the domestic market has been adjusted 6 times within 23 days of this November.
Although the price of gold was increased in the domestic market last week, it is less than in the global market. The price of good quality gold per bhori has increased by Tk4,934 in two consecutive rounds within a week. The price of gold per bhori was reduced by Tk4,199 in the previous week.
On October 30, the price of gold per ounce reached a record 2,789 dollars. Then, on October 20, 23, and 31, the price of gold was increased three times in a row in Bangladesh, which created history in the domestic market. The price of good quality gold per bhori is Tk1,43,526. Then, the price of gold started falling on October 31. After several declines, the price of the precious metal fell to 2,547 dollars per ounce. The price of gold in the domestic market was also reduced by Tk9,017 in four phases between November 5 and 15.
The price of gold has again shown a rising trend in the global market. At the end of last week, the price of gold per ounce rose to 2,715.85 dollars. At the beginning of the week, it was 2,562.54 dollars per ounce. The price of gold increased by 153.31 dollars within a week. It increased by Tk18,397 in Bangladeshi currency. In coordination with the global market, the price of gold in the domestic market was increased by Tk4,934 on November 20 and 22.
The Bangladesh Jewelers Association (BAJUS) determines the price of gold in the domestic market. The 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, 'If gold price increases or decreases in the world market, adjustments are made in the domestic market. However, the widespread instability in the price of gold in the world market has made it very difficult to predict the market situation. The latest situation in the world market may also impact the price of gold in the domestic market. Because the price of gold per ounce increased by about 50 dollars last week.'
The current price of gold in the Bangladeshi market
On November 21, BAJUS increased the price of gold and set a new price. According to the new price, the price of a 22-carat gold per bhori has been set at Tk1,39,443. In addition, the price of 21-carat gold per bhori has been set at Tk1,33,98, 18-carat gold per bhori has been set at Tk1,14,086 and the price of traditional gold per bhori has been set at Tk93,674.
Bank Accounts of Saima Wazed Putul's Shuchona Foundation Frozen
The Bangladesh Financial Intelligence Unit (BFIU) has instructed banks to freeze the accounts of the Shuchona Foundation, established by Saima Wazed Putul, daughter of former Prime Minister Sheikh Hasina.
This information was disclosed in a notification issued by Bangladesh Bank on Sunday, November 24.
The notification stated that under the powers granted by Section 23(1)(c) of the Money Laundering Prevention Act, 2012, all transactions in accounts operated by the Shuchona Foundation are to be suspended for 30 days.
It further instructed that all account-related documents (account opening forms, KYC forms, and transaction details from the beginning to the most recent) associated with Shuchona Foundation should be submitted to the unit in an attached Excel sheet within the next five working days.
The directive clarified that the provisions of Rule 26(2) of the Anti-Money Laundering Rules, 2019, will apply to the frozen accounts.
In addition to Saima Wazed Putul, the trustee board of Shuchona Foundation includes Dr. Muzharul Mannan, Md. Shamsuzzaman, Zain Bari Rizvi, and Nazmul Hasan.
Notably, the Shuchona Foundation primarily works to assist individuals with mental and neurological disabilities, autism, and mental health challenges.
ECNEC Approves 5 Projects Worth Tk 5,915.99 Crore
The Executive Committee of the National Economic Council (ECNEC) today approved a total of five projects involving an overall estimated cost of Taka 5,915.99 crore including one for improving the sewerage system of Chattogram (catchment 2 and 4) with around Taka 5,152.55 crore.
The approvals came from a meeting of the ECNEC with its chairperson and Chief Adviser Dr Muhammad Yunus in the chair held at the NEC Conference Room in the city's Sher-e-Bangla Nagar area.
Of the total cost for five projects, Taka 1,095.94 crore will come from the Government of Bangladesh portion, Taka 4,787.50 crore from project assistance, and the rest of Taka 32.55 crore from the concerned organization's fund.
Of the approved five projects, two are new while three are revised projects.
Briefing reporters after the meeting, Planning Adviser Dr Wahiduddin Mahmud said that now time has come to make some policy adjustments in project implementation aspects.
He said that after assuming office, the interim government has been focusing on making the development projects free from corruption and irregularities, but now they would go for speedy implementation of the schemes.
The Planning Adviser said that the advisers in the meeting have discussed about undertaking some innovative projects in the areas of Human Resources, education, and on those necessary infrastructures.
Citing that the implementation rate of the Annual Development Programme in the first four months (July-October) of the current fiscal year (FY25) was low, he hinted that the ADP might be trimmed due to various reasons like the previous years.
Answering to a question, the Planning Adviser informed that within a day or two all the Ministries and Divisions would be requested from the Planning Commission to implement their ongoing projects in a speedy manner shunning corruption and irregularities.
Besides, Dr Mahmud said he would also write to the advisers personally about the implementation of the development projects.
He told another questioner that at the end of the current fiscal year, sectors like education might see proportionately higher allocation than other entities, especially in the areas of educational equipment, for scientific and research materials and equipment.
The Planning Adviser also hoped that if stability is restored in the economy, then private sector entrepreneurs would come in large numbers and thus propel the economy.
The other projects approved in the meeting are Extension and strengthening of network of eastern region grid, 1st revised, with an additional cost of Taka 459.95 crore, Capacity building of universities in Bangladesh to promote youth entrepreneurs with Taka 93.50 crore, Modern waste and released oil removal management of Mongla Port, 1st revised, with an additional cost of Taka 110.15 crore and Emergency multi-sector Rohingya Crisis response project, 2nd revised, with an additional cost of Taka 99.84 crore.
Besides, the day's ECNEC meeting extended the timeframe of two projects without raising their costs.
Source: BSS News
New Price of Gold Effective From Today
The Bangladesh Jewellers Association (BAJUS) has reduced the price of gold in the country's market.
The organization has reduced the price of 22-carat gold by Tk1,890 per bhori and set the price of 22-carat gold per bhori at Tk1,40,376.
The new price will be effective from today (November 26), BAJUS said. The organization confirmed this information on Monday night (November 25).
The notification said that according to the new price, the price of 22-carat gold per bhori (11.664 grams) will be Tk1,40,376. In addition, the price of 21-carat gold per bhori has been set at Tk1,33,996, 18-carat gold per bhori at Tk1,14,855, and the price of traditional gold per bhori at Tk94,327.
In the notification, BAJUS further stated that the government-determined 5 percent VAT and BAJUS-determined minimum wage of 6 percent must be added to the selling price of gold. However, wages may vary depending on the design and quality of the jewellery.
Earlier, BAJUS last adjusted the price of gold in the domestic market on November 23. At that time, the organization had increased the price of 22-carat gold per bhori by Tk2,823 and set the price of 22-carat gold per bhori at Tk1,42,266. Apart from this, the price of 21-carat per bhori was set at Tk1,35,804, 18-carat per bhori at Tk1,16,395, and Tk95,645 per bhori of traditional gold, which came into effect from November 24. The price of gold also increased in the country on November 22 and 19 of this month. The price was reduced on November 14, 12, 7 and 4.
Gold prices also increased in the country on November 22 and 19 of this month. Apart from this, the price was reduced on November 14, 12, 7 and 4. In addition, the price of gold has been adjusted 53 times in the domestic market so far this year. Where the price has been increased 31 times, and reduced 22 times. In 2023, the gold price was adjusted 29 times.
Bangladesh, Australia Pledge Deeper Cooperation Across Key Sectors
Bangladesh and Australia have reaffirmed their commitment to strengthening bilateral ties during the Fifth Senior Officials’ Talks, held on 26 November at Australia’s Department of Foreign Affairs and Trade (DFAT) in Canberra. The discussions, led by Additional Foreign Secretary (Bilateral-East & West) Md. Nazrul Islam of Bangladesh and Sarah Storey, First Assistant Secretary, South and Central Asia Division at DFAT, covered a broad spectrum of issues, aiming to deepen cooperation in diverse areas.
The dialogue, conducted in a warm and constructive atmosphere, highlighted collaboration in development, regional security, civil maritime cooperation, and multilateral forums. High-level representatives from both countries participated, underscoring the importance of these discussions.
Bangladesh acknowledged Australia's longstanding support since its independence and sought further technical and expert assistance in agriculture, education, energy, the blue economy, and ICT. The Bangladeshi delegation also urged Australia to advocate for stronger international efforts to resolve the Rohingya crisis by applying collective political pressure on Myanmar.
The Australian delegation reiterated its support for Bangladesh’s interim government and sought enhanced cooperation to combat irregular migration, people smuggling, and transnational organized crime. Commending Bangladesh’s remarkable socio-economic progress, Australia expressed its interest in closer collaboration on shared priorities.
Climate Change and Regional Security Take Center Stage
Climate change featured prominently during the discussions. Australia acknowledged Bangladesh's vulnerability to climate impacts and pledged sustained support for its adaptation and resilience-building efforts.
Regional and global issues, including the Indo-Pacific outlook, counter-terrorism, and multilateral cooperation, were key points of focus. Both nations committed to working together to promote peace, security, and prosperity in the region.
Commitment to Future Engagements
Both sides expressed satisfaction with the progress of bilateral relations and identified new opportunities for collaboration. They emphasized the importance of regular high-level visits and exchanges to further strengthen the partnership.
The next round of Senior Officials’ Talks will be hosted by Bangladesh in Dhaka in 2025, marking another step forward in fostering deeper ties between the two nations.
Gold Prices Suddenly Volatile, Reason Revealed
There has been a sudden surge in the price of gold in the global market. Accordingly, the price of this precious metal can increase at any time in the domestic market.
On Friday (November 29), at around 5:15 pm, the price of gold per ounce was at $2,662.02 in the spot market. The price has increased by $21.18 per ounce or 0.79 percent in a day.
Analysts claim that the new devastating Russian missile attack in the Russia-Ukraine war and the allegations of ceasefire violations between the Israeli armed forces and the Iran-backed Hezbollah have caused uncertainty among investors. Investors are choosing gold as a safe investment. Livemint reports.
Jatin Trivedi, VP Research Analyst at LKP Securities, said, 'There was significant volatility in the price of gold on Friday. Although the precious metal was initially low, the renewed tension in the Russia-Ukraine conflict has increased demand for gold as a safe-haven investment. Currently, immediate support is at $2,662 (a support level is a price at which demand for the metal is so strong that it resists a decline) and resistance is at $2,655 to $2,665. If the resistance is broken, the price of gold can reach $2,690. And if it falls below $2,620, the price can deteriorate to $2,580.'
Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said regarding the Israel-Hezbollah ceasefire violation, 'The demand for gold has increased again due to the allegations of ceasefire violations between Israel and Hezbollah along with the Russia-Ukraine war. Investors are currently looking at gold as a safe alternative.'
Meanwhile, the Bangladesh Jewellers Association (BAJUS) increased the price of gold on Wednesday (November 27) evening and set a new price. According to the new price, the price of 22-carat gold will be Tk138,708. 21-carat gold will be Tk132,398 per bhori. 18-carat gold will be Tk113,491 per bhori. The price of gold per bhori according to the traditional method is Tk93,160.
The decision to increase or decrease the price of gold on behalf of BAJUS was taken by the BAJUS Standing Committee on Pricing and Price Monitoring Committee. A member of this committee said, 'The decision to increase or decrease the price of my gold is taken based on the international market as well as the local market. If the price of mature gold increases in the local market, it is natural to decide to increase the price. On the other hand, if the price of mature gold decreases, the decision to reduce the price is taken. The global market price picture affects the price of pure gold.'
