Heat wave sweeping over Bangladesh

Mild to moderate heat wave is sweeping over Khulna and Rajshahi divisions and the regions of Dhaka, Mymensingh, Madaripur, Sayedpur, Barisal and Patuakhali and it may continue as a mild heat wave at some places.

Rain or thunder showers accompanied by temporary gusty wind is likely to occur at one or two places over Rajshahi, Rangpur, Dhaka and Sylhet divisions and the regions of Comilla and Noakhali, said a Met bulletin on Friday.

The weather may remain mainly dry with temporary partly cloudy sky elsewhere over the country.

Day and night temperature may fall slightly over the country.

Today’s highest temperature 38.2 degrees Celsius was recorded at Satkhira and the lowest 23.2 degrees at Sylhet.

The sun sets today at 6.34 pm and rises at 5.16 am tomorrow in the capital. (Source: BSS)

Seven detained with 5 lakh Yaba tablets in Chittagong

Rapid Action Battalion (RAB)-7 recovered 500,000 Yaba tablets worth about TK 20 crore and detained seven drug traders from a fishing trawler ‘MV Hena’ at the outer anchorage of the port early Thursday.

RAB claimed this is the largest seizure of Yaba tablets in recent time.

The arrested drug traders were identified as Mohammad Hannan, 40, Mohammad Osman, 23, Mohammad Rasel, 33, Mohammad Waliullah, 21, Mohammad Ilias, 18, Mohammad Reaj, 19, and Mohammad Lockman, 33.

RAB-7 commander Lt Col Mifta Uddin in a press briefing said that based on information a team of RAB halted the fishing trawler, ‘MV Hena’, at 12.30 am on Thursday.

“After searching the trawler we found 500,000 contraband Yaba tablets, concealed in water barrels which were smuggled from Myanmar,” he added.

Mifta said Yaba tablets are loaded on to the trawlers near Sitar Matha of St. Martins Island and the consignment was to be passed on to another trawler in Chittagong.

But the RAB team caught them before transferring Yaba tablets, he added.

Mifta said the detained are being interrogated to find out others of the gang , especially the ring leader.

The approximate value of the tablets is TK 20 crore, he added. (Source: BSS)

Bangladesh GDP growth calculated at 6.51pc

Country’s GDP growth in the current 2014-15 fiscal year has been calculated at 6.51 per cent, which is below the government’s expectation of 7 per cent.

“We were optimistic of achieving 7 per cent GDP growth in the fiscal, but finally it has reached at 6.51 per cent due to violent politics, arson and vandalism during the countrywide blockade and hartal in January-March period unleashed by the BNP and its allies,” Planning Minister A H M Mustafa Kamal told reporters on Thursday after the meeting of the National Economic Council (NEC) at NEC Conference Room in city’s Sher-e-Bangla Nagar.

Terming the 6.51 per cent growth “not bad”, Kamal said “Bangladesh is one of the four countries who have been maintaining over 6 per cent GDP growth for the last few years.”

He extended his heartfelt thanks to the people of all spheres and all concerned stakeholders including those of the private sector for helping the country to achieve such growth rate. The overall size of the GDP at current price for the FY15 stood at Taka 15,13,599 crore. The planning minister said contribution of the Agriculture sector to the GDP in the current fiscal stood at 15.59 per cent while the share of the industry sector totaled 27.98 per cent and the share of the services sector reached 56.42 per cent. The agriculture sector in the current fiscal registered 3.4 per cent growth while industry sector 9.60 per cent and service sector 5.83 per cent.

The Planning Minister said investment ratio to GDP in the current fiscal rose to 28.98 per cent which was 28.58 per cent in the previous fiscal, with rising trend in both public and private sector investment.

He expressed satisfaction with the per capita income for Bangladesh in the outgoing fiscal year (FY15) rose to US$ 1344 which was US$ 1190 in the previous fiscal year. Besides, considering per capita income in nominal price, the position of Bangladesh is 58^th in the world while considering purchasing power parity, the per capita income of Bangladesh stood at US$ 3,190 in the current fiscal leaving the country’s position to 36^th in the world, added Kamal.

He also hoped that overall inflation rate would come down in the coming days.

Bangladesh’s GDP growth was hovering around 6 per cent over the last couple of years since the GDP growth at constant price in FY 10 was 5.57 per cent that rose to 6.46 per cent in FY11 and 6.52 per cent in FY12.

The GDP growth rate in Bangladesh in FY13, however, came down at 6.01 per cent followed by 6.12 per cent in FY14. (Source: BSS)

Bangladesh signs CEP agreement with Iran

Cultural Exchange Programme (CEP) agreement has been signed between Bangladesh and Iran for the period of 2015-2018 at the Iranian cultural affairs minister’s office in Tehran recently.

Cultural Affairs Minister of Bangladesh Asaduzzaman Noor and his Iranian counterpart Ali Jannati signed the agreement on behalf of their respective countries, a press release of Cultural Affairs Ministry said here today.

Bangladeshi High Commissioner to Iran Khandkar Abdus Sattar was present on the occasion.

Under the agreement, the two countries will work together in different cultural related issues like organising book fair, meeting, seminars, exhibition and sending delegation. (Source: BSS)

Bangladesh Bank suggests focusing more on financial discipline

Bangladesh Bank (BB) required focusing more on regulatory framework, articulated strategy and greater integration of financial inclusion (FI) initiatives for ensuring better financial discipline and investment climate.

The suggestions came at an international seminar where financial market experts and economists from local and international organisations discussed on a keynote paper on ‘Challenges of price stability, growth and employment in Bangladesh: Role of Bangladesh Bank’.

The major recommendations also included streamlining of current policy with increasing attention to greater competition and confidence in banking and financial sector, strengthening transmission mechanisms for a dependable policy rate, integrating FI initiatives and developing secondary market for enhanced role of interbank rates and transactions.

Bangladesh Bank (BB) in association with International Labour Organisation (ILO) organised the seminar at the central bank’s headquarters in the capital city. ILO analyst Dr. Muhammed Muqtada presented the keynote.

In the keynote paper Dr. Muqtada noted that Bangladesh is among very few countries where commercial banks have an explicit development objective with major focus on price stability and inclusive growth.

But, there were some areas and issues those warrant further attention so BB could play its role effectively in pursuing developmental objectives besides carrying out its traditional functions.

Addressing the inaugural session of the seminar, BB Governor Atiur Rahman said like some other developing economies BB had been trying to address the risks of instabilities and imbalances at sources, by promoting socially responsible inclusive and environmentally sustainable institutional ethos in financing.

ILO Country Director Srinivas Reddy, Employment and Labour Market Policies Chief at the ILO headquarters Iyanatul Islam and BB chief economist Biru Paksha Paul also spoke at the inaugural session.

Dr Rahman said BB’s sustained motivation and policy support in promoting inclusive and green financing are paying off well for the economy, in terms of sustained stable six-plus percent real annual GDP growth, with downtrend in inflation.

He said BB’s focus on financing for crops, vegetables, dairy, poultry, fishery have yielded substantial output gains in these areas, including self sufficiency in rice and exportable surplus in many agricultural produces.

“BB’s monetary and financial policy stances for stimulation of output and employment have helped the economy attain a stable growth with strong gains in price stability, macroeconomic strength and external sector viability”, the governor said.

Srinivas Reddy said that safety and standard of 75 percent of the garment factories improved against the backdrop of tragic Rana Plaza building collapse.

But, he pointed out that skill development of young workforces and garment workers still remained a major challenge to development and economic progress. (Source: BSS)