Latest news with #BangladeshBank
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
Bangladesh's economic outlook stable; revenue generation too low: S&P
Bangladesh's fiscal deficit will hold roughly stable over the next three years at about 4.6 per cent of the gross domestic product (GDP), according to S&P Global Ratings, which recently said the country's net general government debt remains moderate. It estimates that the net general government debt will average about 35 per cent of the GDP till fiscal 2027-28 (FY28). However, the country's public interest burden is high, at about 26 per cent of revenues. Bangladesh's fiscal deficit will hold roughly stable over the next three years at about 4.6 per cent of the GDP, S&P Global Ratings has said. The country's net general government debt remains moderate. Though its economic outlook stable, revenue generation is critically low as a share of the economy. The real growth rate per capita will remain quite strong compared to that of the country's peers. Following improvements in Bangladesh's official foreign-exchange reserves, S&P Global Ratings recently affirmed the country's long-term sovereign credit rating at B+ and short-term rating at B, while calling its economic outlook stable. This reflects the real growth rate per capita will remain quite strong compared to that of the country's peers, it noted. The macroeconomic policies enacted over the past 18 months, such as transitioning to a more flexible exchange rate regime, allowing the local currency to depreciate, and tightening the monetary policy, are helping build foreign exchange liquidity, it said in a note. But the country faces heightened trade risk from relatively high US tariffs, it cautioned. The country's real economic growth rate, which decelerated meaningfully over the past two years, may pick up the pace if political and external stability solidifies over the next 12 months, according to the rating agency. It said annual growth should accelerate to about 6.1 per cent in the next three years if these conditions materialise as the economy bounces back from the 2024 political crisis. Bangladesh's uncertain political landscape may constrain the effectiveness of its institutions and policy certainty in the near term until a more lasting solution emerges, it observed. The US tariff rate of 35 per cent, which will potentially apply to Bangladeshi imports from August 1, could affect labour market conditions if the two countries fail to reach a more effective agreement, S&P Global Ratings said. Modest per capita income, which it estimates at about $2,620 in the fiscal year ending in June 2025, remains one of the main constraints for Bangladesh's rating. It also said Bangladesh's interest burden is elevated, especially relative to the government's very low revenue collection. Besides, the country relies entirely on official bilateral and multilateral partners for its foreign currency borrowing, which partially mitigates risks to its debt profile. Monetary and external policy reforms undertaken by the Bangladesh Bank are helping restore the country's external stability, it said. Bangladesh's narrow revenue base constrains the government's flexibility to provide fiscal support in times of stress, it noted. Revenue generation remains critically low as a share of the economy and when benchmarked against other sovereigns, it added. Fibre2Fashion News Desk (DS)
India.com
5 days ago
- Politics
- India.com
This Muslim nation imposes Taliban dress code; women banned from wearing shorts, leggings, sleeveless shirts in..., and then...
Representational Image In yet another attempt at Taliban-esque moral policing by the Muhammad Yunus-led interim regime in Bangladesh, the Bangladesh Bank issued a diktat barring female employees from donning 'provocative' western outfits like short dresses, sleeveless shirts and leggings in the office. What did the order say? According to reports, the Bangladesh Bank, the country's central bank, had issued an order, directing women employees to wear 'decent and professional' clothing in the office, warning that the non-compliance with the office dress code would result in disciplinary action. 'Officials and employees at all levels should dress decently and professionally in accordance with the country's social norms,' the order read. The now rescinded order asked male workers to wear long or half-sleeved formal shirts, formal pants and shoes, while jeans and fancy pyjamas were not allowed. Similarly, it directed women employees to sarees, salwar-kameez, or any other 'simple, decent, professional attire' like a headscarf or hijab, but allowed formal sandals and shoes. The order also directed all departments to appoint an officer to monitor compliance with the dress code guidelines. However, the bank's Talibani diktat sparked a social media storm, forcing the institution to withdraw the directive after just three days. How Bangladeshi netizens responded? Taking to social media, netizens pointed out the hypocrisy reeking from bank's order, with one X user noting how daughter of the bank's governor could wear anything she wishes while employees were being forced to dress 'professionally' under the clandestine Islamic agenda which is being promoted in the country. Several users compared the directive to those imposed by the Afghan Taliban regime. 'Rule of a vigilant dictator in the new Taliban era,' one user tweeted. Why Bangladesh Bank withdrew the order? Following the backlash, Bangladesh Bank withdrew the order on Thursday. 'The circular is purely an advisory. No compulsion has been imposed regarding wearing hijab or burqa,' the bank's spokesperson Arif Hussain Khan, said in a statement. Earlier, while speaking to the media, Fauzia Muslim, president of the Bangladesh Mahila Parishad, termed the move as 'unprecedented', alleging that 'a certain cultural environment is being shaped, and this directive reflects that effort.' Meanwhile, the Muhammad Yunus regime passed another controversial ordinance on late Wednesday which proposes action against employees protesting against the government.
The Print
5 days ago
- Business
- The Print
Bangladesh Bank revokes new dress code amid controversy
The HR department of the Bangladesh Bank had also warned that failing to comply with the order could lead to disciplinary action. Dhaka, Jul 24 (PTI) Bangladesh's central bank on Thursday revoked a new dress code directive, three days after its human resources department created a controversy by asking employees – especially females – to dress in 'modest and professional' attire. According to the official, Bangladesh Bank governor Ahsan H Mansur, currently on a tour abroad, ordered the directive to be withdrawn immediately as the issue came to his knowledge through media reports. Khan also said the previous decision was taken in the respective departmental meetings to advise all levels of officials and employees working at Bangladesh Bank to wear professional and elegant clothes during office hours considering social norms. But, he maintained, no policy decision was taken or no circular was issued in this regard. Khan acknowledged the decision virtually angered the governor and was revoked as per his instructions. Under the now revoked order male staff were directed to wear formal shirts with long or half sleeves, along with formal trousers and shoes while wearing jeans or gabardine trousers was disallowed. The directive asked all women to wear saree, salwar-kameez with orna, or any other plain, modest, professional-coloured outfit along with simple headscarves or hijab and formal sandals or shoes. The central bank order had debarred the women from wearing short-sleeved or length dresses and leggings. 'Officials and employees of all levels must dress modestly and professionally, in line with the country's social norms,' the directive read. Following the ouster of prime minister Sheikh Hasina in August last year, Islamist parties have increased their influence in Bangladesh. PTI AR NPK ZH NPK NPK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India Today
5 days ago
- Politics
- India Today
'Talibani era' in Bangladesh? Dress code for women, protest gag order spark row
Restrictions on women's clothing, a hush-hush ordinance introduced in the night that eliminates the right of employees to protest against the government, have become the latest issues to grip the Muhammad Yunus regime in only have the developments invited an avalanche of backlash on social media, some have even compared them to similar diktats issued by the Taliban regime in this week, the Bangladesh Bank caused a storm after it barred women employees from wearing short dresses, clothing with short sleeves and leggings. It asked women to stick to sarees or salwar kameez. The directive by the central bank also suggested that women wear headscarves and hijab and formal sandals or shoes. For men, the order issued by the HR team of the bank explicitly barred jeans and chino to adhere to the directives would attract disciplinary actions, the order said. Moreover, all departments were directed to appoint an officer to monitor compliance with the dress code CODE ORDER SPARKS FURYHowever, the restrictions on the clothing of women sparked fury across the nation, with citizens and journalists taking to social media to accuse the government of "dictatorship".Some even compared the diktat to the orders by the Taliban regime in Afghanistan, which has ordered all women to wear head-to-toe clothing in public."New Talibani era under meticulous dictator," one user Moslem, the president of the Bangladesh Mahila Parishad, told local media that such a directive was unprecedented in Bangladesh. "A certain cultural sphere is being shaped, and this directive reflects that effort," she the social media stir, Bangladesh Bank withdrew the directive on Thursday. "This circular is purely advisory. No obligation has been imposed regarding the wearing of hijab or burqa," spokesperson Arif Hossain Khan told BD OVER WOMEN'S RIGHTS IN BANGLADESHThe development comes at a time when Islamist groups have opposed the government's proposed recommendations for ensuring equal rights, including ones related to property, for month, an Islamist group staged a protest against teachers of a university, labelling them as "anti-hijab". Another Islamic outfit, Jamaat-Char Monai, has given calls to turn Bangladesh into a Sharia-compliant nation like May, thousands of workers of an outfit named Hefazat-e-Islam rallied near Dhaka University carrying banners reading, "Say no to Western laws on our women, rise up Bangladesh".ORDER ON PROTESTS AGAINST GOVERNMENTadvertisementAmid the row, what has further rankled citizens is an ordinance passed on Wednesday night that proposes action against employees protesting against the amended ordinance replaces the controversial term "disobedience" with "misconduct disrupting public duty", according to a report in BD News. A previous version of the legislation had triggered massive protests by government legislation says if any government employee violates or obstructs the implementation of any government order, they could be dismissed from service or demoted to a lower the new law also does not have any provision for appealing against the decision taken against an employee.- EndsTune InMust Watch
Time of India
6 days ago
- Business
- Time of India
Bangladesh Bank revokes new dress code amid controversy
Advt Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. Dhaka, Bangladesh's central bank on Thursday revoked a new dress code directive, three days after its human resources department created a controversy by asking employees - especially females - to dress in 'modest and professional' HR department of the Bangladesh Bank had also warned that failing to comply with the order could lead to disciplinary action."This instruction has been completely revoked," Bangladesh Bank spokesman Arief Hossain Khan told reporters to the official, Bangladesh Bank governor Ahsan H Mansur , currently on a tour abroad, ordered the directive to be withdrawn immediately as the issue came to his knowledge through media also said the previous decision was taken in the respective departmental meetings to advise all levels of officials and employees working at Bangladesh Bank to wear professional and elegant clothes during office hours considering social he maintained, no policy decision was taken or no circular was issued in this acknowledged the decision virtually angered the governor and was revoked as per his the now revoked order male staff were directed to wear formal shirts with long or half sleeves, along with formal trousers and shoes while wearing jeans or gabardine trousers was directive asked all women to wear saree, salwar-kameez with orna, or any other plain, modest, professional-coloured outfit along with simple headscarves or hijab and formal sandals or central bank order had debarred the women from wearing short-sleeved or length dresses and leggings."Officials and employees of all levels must dress modestly and professionally, in line with the country's social norms," the directive the ouster of prime minister Sheikh Hasina in August last year, Islamist parties have increased their influence in Bangladesh.
