Economics
The date of receiving new notes
On the occasion of Eid-ul-Fitr, Bangladesh Bank has suspended the exchange of fresh notes. The reason behind this is that they no longer want to issue notes bearing the portrait of Bangabandhu. While this decision aligns with the spirit of the mass uprising, it has left people without fresh notes this Eid, which contradicts the new spirit of the movement. Relatives and friends are constantly requesting fresh notes, assuming that, as a former employee of Bangladesh Bank, I might be able to procure some despite the restrictions. Even ardent supporters of the uprising desire fresh notes and have no objections to those bearing Bangabandhu’s portrait. The people of Chattogram, in particular, have a high demand for fresh notes; to them, fresh notes are as essential as their traditional Mezban feast. The tradition of giving and receiving Eidi during Eid feels incomplete without fresh notes, as old and worn-out notes are considered unsuitable and unacceptable for this practice. Children, too, may miss out on Eidi this year due to the unavailability of fresh notes. Consequently, Bangladesh Bank’s decision has disrupted the long-standing tradition of fresh note exchanges during the Eid festival.
Graduation to the list of developing countries: Decisions must be based on reality
To qualify for graduation to the final list of developing countries, a nation must meet three essential criteria. Bangladesh has successfully met all of these conditions. After being under observation for several years, Bangladesh is set to officially graduate to the developing country category in 2026. This will be the most significant economic achievement for the country since its independence. No nation wants to remain a least developed country (LDC) indefinitely. Every country aspires to graduate to the developing nation category as quickly as possible. While LDCs receive certain benefits from developed nations, these privileges are often granted out of a sense of charity rather than respect. Thus, achieving developing country status is a matter of national pride.
Fresh notes must be issued even if not for Eid
On March 10, 2025, Bangladesh Bank issued a circular instructing all its offices to refrain from distributing fresh notes to the public for the upcoming Eid-ul-Fitr and to conduct all transactions using recirculated notes. The same directive also applied to transactions among Bangladesh Bank officials and employees. This means that no fresh notes will be issued during the upcoming Eid. However, just a few days earlier, Bangladesh Bank had issued another circular stating that fresh notes would be issued from March 19. The contradiction between these two circulars suggests that Bangladesh Bank was forced to abandon its initial plan.
Close all loopholes for tax evaders despite their ability to pay
At the current stage of our country's economy, achieving revenue targets necessitates the introduction of a "push factor." No matter the cost, there must be a strong effort to elevate revenue collection to the desired level. A significant number of people who are eligible to pay taxes have yet to be included in the tax network. On the other hand, efforts are being made to bring into the tax and customs framework sectors that should be taxed but currently aren't. In both cases, there is a need to move forward with a refined and reformed plan to create or implement a taxpayer-friendly and automated incentive-based system. In other words, for those who are capable of paying taxes but aren't, we must encourage them while simultaneously closing all loopholes that allow tax evasion. Effective measures must be taken to remove any obstacles or complexities that exist in the tax payment and collection processes.
Prime Bank declares 20% dividends for 2024
Prime Bank PLC, a leading commercial Bank in the country, being committed to excellence and innovation, announced its annual dividend payment for the year 2024.
Some thoughts on the budget for FY 2025-26
The preliminary work for drafting the national budget for the upcoming fiscal year (2025-26) has already begun. If everything goes as planned, the proposed budget will be presented for approval on June 5. Since there is no active national parliament at present, the proposed budget for the next fiscal year will be submitted for approval to the advisory council of the interim government. Since Bangladesh gained independence, the national budget has been approved through the parliament every year, except during periods of military rule and the fiscal years 2007-08 and 2008-09.
Irresponsible statements about banks
The Governor of Bangladesh Bank, Dr. Ahsan H. Mansur, made a straightforward statement: despite strong efforts, some banks cannot be saved. Why can’t they be saved? Because in some banks, 87% of the loans were taken by a single family, and this money will never be recovered. This kind of statement is not new. As soon as he took office as Governor, he started declaring that several banks were bankrupt. Panic ensued, and depositors rushed to withdraw their money. Branch managers had to shut their doors to control the chaos. Those with softer hearts tried to calm customers by consoling them.
Accurate statistics are essential for food security
There is a lack of reliable statistics in the country. The data regularly provided by various government and private organizations are often questionable and do not always align with reality. As a result, the public has limited confidence in the statistics related to national income growth, inflation, production, consumption, and distribution. This lack of trust must be addressed by ensuring accurate and reliable data from the concerned institutions. Without this, it is impossible to formulate and implement effective development plans. Accurate statistics are also crucial for research; otherwise, the findings may fail to achieve their intended goals.
BRAC Bank brings exclusive Ramadan offers
BRAC Bank is making this Ramadan even more rewarding for its customers with exclusive discounts and offers at over 1,200 partner outlets nationwide.
Budget implementation rate 24.84% in 5 months
The ousted Awami League government had proposed a budget of Tk 7.97 trillion for the ongoing FY 2024-25, which remains in effect under the interim government. The budget is primarily divided into two major segments: development budget and non-development (operating) budget. In the first five months (July-November) of the current fiscal year, total expenditures under these two segments stood at Tk 1.97 trillion, marking an implementation rate of 24.84% of the total allocation.
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