Timeframe: 24th July – 30th July 2021
Contributors:
Zaima Nuzhat, Sayed Mohammed Tawsif Zaman, and Sayere Nazabi Sayem.
1. Economy
Bangladesh goes ahead with expansionary monetary policy
The central bank has announced to continue with its ongoing expansionary monetary policy amid a cautious stance for the current fiscal year (FY) to help boost recovery of the pandemic-hit economy. The MPS aims to support investment and employment-generating activities, and help create enabling conditions for the businesses so that they could normalise production and restore supply chains.
Source: The Financial Express
2. Trade & Business
All export-oriented industries in Bangladesh will resume operations on Aug 01
Prolonged closures risk businesses losing their share of the international market, breakdowns of supply chains, congestion at ports and will have an overall effect on the economy.
It was unclear how the workers would return to work from home villages or towns, where they had gone to celebrate Eid-ul-Azha and spend the lockdown with their relatives. The restrictions on public transportation, including long-haul bus services, will be in place until at least Aug 5.
Source: The Financial Express
3. Sports
Swimmers Ariful, Junayna produce their bests at Tokyo Olympics
Ariful finished 51st among 73 competitors after clocking 24.92 seconds, having bettered his previous best of 28.81 made in 2019 World Championships, but eventually, his score was far away from Pawal Juraszek, who secured the final spot to qualify for the 16-swimmer semi-final with a time of 21.97 seconds.
Source: The Daily Star
4. Development Sector
Central bank raises farm credit target to Tk 283.91b
Bangladesh Bank has fixed its agriculture credit target at Tk 283.91 billion for the 2021-22 fiscal year to combat the adverse effects of the pandemic.
The target is 7.98 per cent higher than the Tk 262.92 billion in the previous fiscal year, according to the Agricultural and Rural Credit Policy and Program. The disbursement target for state-owned and specialised commercial banks is fixed at Tk 110.45 billion and the target for private and foreign commercial banks is fixed at Tk 173.46 billion.
Source: The Daily Star
5. Agriculture
Saving cultivable land: Govt going for eco-friendly Uni-Block in road construction
According to the concerned officials, if the use of the eco-friendly Uni-Block in road and house construction increases, use of bricks can be stopped and cultivable land of the country can be saved.To protect cultivable land and save the environment, the government wants to use 100% Uni-Block for rural road construction by 2024.
The executive engineer said as soil or topsoil is being used to make brick, food production is declining. Brick kilns also burn large quantities of wood, destroying the environment.
Source: The Daily Star
6. Expert Opinion
Addressing the accountability challenge of e-commerce
In recent years, Bangladesh has seen a rise in electronic commerce along with other countries around the world. The availability of the internet and convenience in terms of saving time spent in traffic have helped this growth. However, the sector is yet to reach its full potential.
The existing infrastructure is not capable of meeting consumer demand. Acceleration of internet access and faster internet speed will be useful for enhancing the services. Besides, small and new e-commerce companies need financial and fiscal incentives. Companies also lack adequately skilled human resources. Complying with workers’ rights is also an issue in case of e-commerce.
Source: The Daily Star
7. National News
Bangladesh Bank to Clean Its Excess Liquidity with Expansionary Monetary Policy
Poor growth and investment in the private sector have led to excess liquidity of Tk 231,462 crore in the banks. As to the utilization of this idle fund, Central Bank is yet to decide the opening of reverse repo and BB bill to encourage banks to spend their idle funds.BB has been suggested to follow expansionary monetary policy and clear excess liquidity simultaneously.
Source: The Daily Star
8. Achievements of Bangladeshis
Bangladesh holds 3 Bronze medals and 2 honorable mention achievers at the International Math Olympiad
This year Bangladesh secured 43rd position among 107 countries. The bronze medal winners are Adnan Sadiq from Notre Dame College and Tahmid Hamim Chowdhury and Md. Maruf Hasan from Anand Mohan College. The honorable mention achievers are Nuzhat Ahmed from Viqarunnisa Noon School and College and Tahzib Hossain Khan from Anand Mohan College.
Source: Prothom Alo
Disclaimer: The information provided here is obtained solely from the third parties mentioned above. Youth Policy Forum (YPF) is not responsible for any misinformation or misrepresentation.