More troubles ahead for taka

Bangladesh taka will come under pressure against the US dollar because of the widening deficit in the balance of payments, said Standard Chartered bank yesterday.

The country received $5.7 billion as medium and long-term foreign debt in fiscal 2017-18 against $3.2 billion a year earlier, said Saurav Anand, research analyst of Standard Chartered's South Asia macroeconomics department.

“This will put pressure on the exchange rate,” he said at an event styled on 'Global research briefing: 2019 global outlook – fighting the current'.

The taka-dollar exchange rate was Tk 84.12 on Sunday, up from Tk 82.92 a year earlier, according to data from the Bangladesh Bank.

The country's external balance stood at $513 million in the negative in the first half of the fiscal year, which was $354 million in the negative of during the same period a year earlier, according to data from the central bank.

The import of capital goods would continue in the days ahead to fulfil the growing demand for infrastructural projects, said Divya Devesh, head of ASEAN and South-Asia FX research of global research team of StanChart.

“The higher import payments against the lower export earnings have created a deficit in the current account,” he said, adding that a pick-up in remittance is providing some cushion.

But, Bangladesh has to attract foreign direct investment and maintain an ample foreign exchange reserves to minimise the balance of payments deficit, Devesh said.

Bangladesh's GDP growth this fiscal year maybe 7.2 percent, which is lower than the government's projection of 7.8 percent, Anand said. Slowdown in global economic activities and hiccups in economic activities that usually take place on an election year are the main reasons for the lower GDP growth projection.

“This could lead to a loss in growth momentum,” he said, adding that the situation this time is different though.

The country should maintain 14 to 15 percent private sector credit growth to ensure its sustainable GDP growth.

He also called for strengthening the banking sector's corporate governance to check the mounting non-performing loans (NPLs).

“The high NPL ratio is also accountable for the higher interest rate on lending than what is desirable,” he said, while also calling for an increase in deposit growth.

As of 2018, deposit growth stood at 9 percent.

In a positive development for Bangladesh, companies might divert their investment from China because of its existing trade tension with the US, said David Mann, global chief economist of Standard Chartered.

“South Asian countries will eventually benefit from the scenario.”

Subsequently, he called for enhancing the human capital, physical infrastructure and the ease of doing business to make the business environment more vibrant.

source: https://www.selfgrowth.com/articles/living-a-more-conscious-life

Mash unwilling to show Tigers’ ‘hidden capabilities’ before World Cup

Bangladesh are not having the best possible beginning to their World Cup preparations with two defeats in the first two ODIs against New Zealand. The mentality of the side remained an unfathomable entity after the two heavy defeats and while captain Mashrafe Bin Mortaza was aware of the task of getting some confidence back, he was also keen on the mind game factor, not willing to perhaps show the side’s true strength to World Cup opponents New Zealand in the ongoing series.

Top-order debacle is a regular event for the Tigers and it certainly hit them hard in the seaming conditions of New Zealand in this series. Last time in New Zealand, they were able to put up a better fight even though they lost the ODI series 3-0. Then they went on to win against the Kiwis in Ireland before the memorable victory in Cardiff in the Champions Trophy.

So even amidst the batting debacle and bowlers not being able to come up with breakthroughs, Mashrafe said that it was important to keep the ace in their hand.

“Obviously,” he answered when asked if there was much that he wanted his side to keep hidden. “If you look at the series in Ireland last time out, we won matches there against New Zealand. Going into the Champions Trophy, we beat them again. Obviously it was a nice feeling,” he added.

Mashrafe and co. were perhaps looking to have that element of surprise up their sleeve. The partnership between Mahmudullah Riyad and Shakib Al Hasan during the Champions Trophy was something otherworldly and definitely not something that the Kiwis perhaps expected. The art of battle is to keep one’s true strength somewhat hidden for more important battles in the future. Mashrafe reiterated that it had happened previously as well, when they lost at New Zealand but beat them elsewhere.

“We want to do things the same way [from last time]. It is going to be difficult. It’s not going to be easy,” he said about bouncing back from defeats at New Zealand to show capabilities in a major tournament. Tigers will face New Zealand early in the World Cup and there was a possibility that Mashrafe just wanted to keep the Kiwis guessing. But an avid fan will know that the Tigers can fare better than they have so far in the series. The World Cup is exciting because teams do not experiment much but look to bring their strengths to the major tournament.

The Tigers skipper wanted his side to put on a better show in the third ODI before they can focus on gauging their own strengths before the World Cup in May.

“The good thing is that the wicket will be very good so hopefully we will play well here tomorrow,” he concluded.

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Simply 'deshi'

Crossing the Meghna Bridge is a hurdle; the Gomti is another feat in itself, but once these obstacles are left behind, you are greeted by the fields full of green paddy and canary yellow mustard, swaying in the mid-morning breeze. It's an overwhelming sight. The early morning fog has just been dissipating and the golden rays from the sun shine over the lush fields in their majestic diagonal slants. It's bliss on the Dhaka-Chittagong highway leading towards Chandina, Cumilla.

The road carries you over bridges and over passes, and under-construction sites, and by-pass alleys and quaint villages. A little short of Cumilla, you take a left turn for Chandina. A narrow muddy lane snakes through tea stalls, 'khadi gaddis' or showrooms, and men playing carom, and takes you right in front of Chintaharan Debnath's front yard.

A small pond layered by moss and weeds; steep bamboo steps make the downward pier, from where, villagers are diving in without fear. Beautiful women, half immersed in the water, are either bathing or washing clothes, and having a quick morning chit-chat in this typical village sight. This, however, is a sideshow to our main purpose of the visit — to see the famous handlooms of Chandina.

This lively pond is the view you get from Chintaharan babu's front yard, and in fact, the pond is separating Ranjit Debnath's homestead from his. These two partners are now two of the few khadi dealers still in business. 

His spick and span house is divided into bedrooms, kitchen, the puja ghor and the loom-room. The open space between two rooms is where cotton balls are spun into coarse threads. Sitting in Chintaharan babu's yard, women used to work the charka to spin khadi yarns. But that’s in the distant past; now in the empty space sits a lone charka and a thread separator.

His loom-room is also empty, and has a desolate feel to it. As if the dusty looms are trying to scream ‘let us weave again.’

The era of power looms has most certainly pushed the handlooms to near extinction, but a few people like Ranjit Debnath and Chintaharan Debnath are trying to keep the charka spinning for the khadi trade in Bangladesh.

Chintaharan is sceptical about the future, and expresses his disappointment as he walks us through his coconut grove towards Ranjit's house, where yarn is laid for weaving women's shawls. All things that are now used are different, devoid of the rustic feel of khadi.

The hand-spun yarn is replaced by fine mill-spun thread, the combs are replaced by steel rods and weaving rooms without working men. In fact, the entire village is quiet and eerily barren of the clucking sound of weaving.

We are not naysayers of the power looms as they help the ultra-poor earn better wages, but we want handlooms to survive, if not flourish. There is romance in that coarse fabric that speaks equally of revolution and haute couture. The yards coming out of such remote villages definitely deserve the fair-trade patronage, and we as consumers must acknowledge them as exclusive textile and wear them with pride.

Being 'deshi' should be the tagline this year, and in the years to come till we see all our heritage textile producers working in a buoyant market. Perhaps, there is a need for a second Swadeshi Andolon after all.

For more on khadi and loads of other interesting reads that the Star Lifestyle team has so diligently put up for our esteemed readers, please ask your hawker for the 28th The Daily Star Anniversary Special Supplements hitting the stands on 23 February and 24 February.

On a different note, on this 21st February vow to patronise 'deshi' garbs. Happy read!

— RBR

Photo: Sazzad Ibne Sayed

India's newly launched fast train hits cattle hurdle

India's first semi-high speed train broke down today after colliding with a cow on the tracks, a day after Prime Minister Narendra Modi inaugurated the new passenger service.

The Vande Bharat Express, touted as India's fastest train and built under the Modi government's flagship "Make in India" programme, made its first journey Friday from New Delhi to the Hindu holy city of Varanasi.

But on its return to the capital the next day a collision with a cow disrupted electricity supply to four carriages and damaged the brake system, according to Indian Railways.

"The train later experienced technical issues and was stranded on the way to Delhi," Indian Railways spokeswoman Smita Vats Sharma told AFP.

The train reached the capital "safely" ahead of its first commercial journey on Sunday, she added.

Cattle obstructions on roads and rail tracks are common in India, particularly in Uttar Pradesh state where Saturday's collision happened.

Since coming to office, Modi's nationalist party launched a crackdown on the slaughter of cows -- considered sacred by many Hindus -- which has led to crisis numbers of stray and unwanted cattle in the state.

India is struggling to upgrade its colonial-era railway system, which relies on creaking and outdated infrastructure to transport 23 million travelers each day.

The locally-made express train has a rated top speed of 180 kilometres (111 miles) an hour, 20 percent quicker than the next fastest train in service.

Railway authorities say the train is expected to reduce the 850-kilometre journey between the two cities from 14 to eight hours.

Saturday's accident is the latest controversy for the express train -- a pet project of Modi's government, which has vowed to debut India's first bullet train in 2022.

Last week India's rail minister Piyush Goyal was left red-faced after he tweeted a digitally altered video of the train zipping by a station at lightning speed.

He was later accused of altering the video to make the train appear faster, triggering widespread social media ridicule.

A Bengali-speaking Kiwi policewoman

Whenever the month of February comes around, the whole of Bangladesh observes the month in honour of the martyrs of the language movement that took place on February 21, 1952.

It was due to that movement that Bengali was recognised as a state language of Pakistan, Bangladesh being the Eastern part of the country at the time. The day gained worldwide recognition after being recognised as International Mother Language Day by UNESCO in 1999.

However, it came as a surprise when a female police officer, who was on duty at the Hagley Oval in Christchurch on Saturday, greeted this reporter by saying: "Kemon Acho? Ami Bangladesh ke bhalobashi (How are you? I love Bangladesh)."

Nadine Vickers, the policewoman, later revealed that she married a Bangladeshi and learned Bengali and interestingly she was more comfortable interacting with this reporter in Bengali than in English.

Nadine travelled to Bangladesh in 2013 to work for a healthcare project in Modhupur, Tangail where she met Roton Bormon, whom she later married.


"I went to Bangladesh back in 2013 with three other Kiwis for a holiday. At the same time I was also involved in Kailakuri Healthcare project in Modhupur. There was a Kiwi doctor who opened a hospital there in 1980 for the poor. I used to assist the doctor, especially to raise funds as our main donors were from New Zealand and the United States. My husband Roton used to work there as an interpreter. He is the one who taught me Bengali," Nadine told The Daily Star in Bengali.

Nadine and Raton got married in 2017, four years after meeting, and the same year moved back to New Zealand, where Nadine joined the police force while her husband also got a job in Christchurch.

"It was tough initially to learn Bengali but doctor bhai helped me and I also learned from the locals. I was unable to speak initially but when I started to learn seriously it took me six to eight months to properly speak in Bengali. I had no idea about the language, politics or other things of Bangladesh before going there," she said.

However, much like all great love stories, there was a twist in Nadine's too. The two families were initially opposed to the marriage but they were later convinced.

"In Christmas of 2013 my family and a few friends came to Bangladesh and met Ratan along and eventually they agreed. There was some issues initially but after meeting him, they accepted our relationship. He is very gentle and friendly and I like spending time with him. He also like to travel so we used to travel a lot inside Bangladesh," Nadine said.

The local Bengali community will mark the 21st February in Wellington and Nadine informed that she was hoping to attend the programme and added that even if she couldn't make it she had plans to visit Bangladesh later this year.

Saudi crown prince orders 2,100 Pak prisoners’ release: Pakistan

Saudi Arabia's Crown Prince Mohammed bin Salman has ordered the release of about 2,100 Pakistani prisoners from the kingdom's jails during a high-profile visit to Islamabad, Pakistan's information minister said on Monday.

Prince Mohammed arrived in Pakistan on Sunday at the beginning of an Asian tour, which will include China and is seen as an attempt by him to rebuild his reputation after the murder of Saudi critic and journalist Jamal Khashoggi.

Saudi Arabia on Sunday signed investment agreements with Pakistan worth $20 billion.

The crown prince had "ordered the immediate release of 2,107 Pakistani prisoners", after a request by Pakistani Prime Minister Imran Khan, Information Minister Fawad Chaudhry said in a post on Twitter.

The fate of thousands of Pakistani workers locked up in jails across the Middle East is a sensitive issue in Pakistan, where there is a perception the prisoners are mostly poor labourers who have no real legal recourse.


Huge numbers of Pakistanis travel to the Middle East every year, with many working on construction sites or as domestic helpers. The remittances they send back are vital for Pakistan's dollar-starved economy.

Saudi Arabia has yet to comment on the Pakistani announcement of a prisoner release.

The crown prince's visit marks a deepening of ties between allies whose relationship has in the past centred on oil-rich Saudi Arabia backing Pakistan's economy during difficult periods, and in return Pakistan's powerful army lending support to Saudi Arabia and its royal family.

As the guardians of most holy sites in the birthplace of Islam, the Saudi royal family carries vast religious influence in Pakistan, a staunchly conservative and mostly Muslim country of 208 million people.

Saudi Arabia has in recent months helped keep Pakistan's economy afloat by propping up rapidly dwindling foreign reserves with a $6 billion loan, giving it breathing room as it negotiates a bailout with the International Monetary Fund.

Pakistan has shown appreciation by treating Prince Mohammed's trip as the biggest state visit since one by Chinese President Xi Jinping in 2015, soon after Beijing announced plans to invest tens of billions of dollars on infrastructure in Pakistan as part of China's Belt and Road initiative.

Many in the West blamed Prince Mohammed for the killing of the journalist Khashoggi in the Saudi consulate in Istanbul in October.

The murder triggered the kingdom's biggest political crisis for a generation. The crown prince has denied being involved.

Pulwama attack: Pakistan warns India against military action

Pakistan PM Imran Khan says his country will retaliate if India takes military action against it in the aftermath of last week's suicide attack on Indian forces in Indian-administered Kashmir.

In a televised address, he also called on India to provide evidence to support its claims that Pakistan was involved.

More than 40 members of India's security forces died in Thursday's suicide bombing.

A Pakistan-based militant group, Jaish-e-Mohammad, said it was behind it.

The attack has raised tensions between nuclear-armed India and Pakistan, who have fought two wars and a limited conflict in the region.

In his first comments addressing the Kashmir militant attack, Mr Khan said India should "stop blaming Pakistan without any proof or evidence" and said that only dialogue could help solve issues in Kashmir.

"Any adventurism on the part of India to threaten the sovereignty of Pakistan will be met with assured retaliation," he said.

Mr Khan said he had not addressed the attack earlier because of Saudi Crown Prince Mohammed bin Salman's high-profile visit to Pakistan over the weekend.

Why India and Pakistan dispute Kashmir
Pulwama attack: India will 'completely isolate' Pakistan
Viewpoint: How far might India go to 'punish' Pakistan?
The Pakistani premier, who was elected last year, said his government was ready to cooperate with Delhi in investigating the attack.

Mr Khan said India needed to "introspect" on causes of violence in Kashmir, and realise that there could be "no military solution".

Earlier on Tuesday, India's top military commander in Kashmir accused Pakistan's Inter-Services Intelligence (ISI) spy agency of "controlling" last week's attack.

"It was being controlled from across by ISI and Pakistan and Jaish-e-Mohammad commanders," Lieutenant-General KJS Dhillon said of the bomb attack. He did not not provide any proof for his accusation but India has long accused Pakistan of backing militant separatists in Indian-administered Kashmir.

The suicide bomber who carried out last Thursday's attack has been identified as a young man from Indian-administered Kashmir. On Monday India killed three militants in a gun battle that it said were members of Jaish-e-Mohammad. Four Indian soldiers and a policeman died in the gunfight.

Soldiers killed as Kashmir tensions mount
Both India and Pakistan claim all of Muslim-majority Kashmir, but control only parts of it.

Thursday's bombing of the convoy was the deadliest attack on Indian forces in the region for decades.

Pakistan has strongly denied any role but India has accused the state of being complicit and vowed to isolate its neighbour internationally.

So far India has focused on retaliation by economic and diplomatic means. It has revoked Pakistan's Most Favoured Nation trading status and raised customs duties to 200%.

Both countries have recalled top diplomats.