Offers succinct commentary on topical issues that cut across both rich and poor countries. Entails critical insights on poverty, inequality, health, macro-policies and many more
Author: Yan
I am an Adjunct Professor, Griffith Asia Institute, Griffith University, Brisbane, Australia. I am also a former Chief, Labour Market and Employment Policies Branch, ILO, Geneva. I was educated as an economist at Manchester, Western Ontario and Cambridge. I am one of the founding editors of the Journal of Asia Pacific Economy (Routledge, London and New York).
Democracy and the West – giving James Bond 007 licence to kill?
By
Aunul Islam
Aunul Islam, read for his PhD at Imperial College, London. He graduated from The University of Manchester. He is a Quality Assurance Specialist in Higher Education and a Technology Consultant. He is an ex-civil servant of the UK government. A keen gardener, he finds solace through nature in this dysfunctional world orde
Have we really understood what has democracy given us? Let us revisit the basic meaning of democracy.
The word’s etymology is derived from Greek, “demos” meaning “people” and “Kratos” meaning “power.”
Democracy is a system of government in which laws, policies, leadership, and major undertakings of a state or other polity are directly or indirectly governed by the people.
It is also often referred to as the “rule of majority. There have been multiple ways in which democracy has been defined and described.
The present dysfunctional democratic governance of powerful Western countries that we are witnessing made me reflect on democracy through the understanding of a writer and his films that followed: the James Bond film, entitled “Licence to kill”, which resonates with the present democratic world order.
I will briefly narrate the basis of Ian Fleming’s book and associated films and finally discuss how they relate to the so-called new democratic world order.
James Bond, bearing the unique code 007, is a secret service agent of a democratic British Government, with other important characters like Q and M, which are code names in the actual British secret service. Where necessary, 007 has the licence to eliminate enemies within his own country and worldwide.
If we believe in a true democracy, and there are many variants of this, the UK parliament is in no way similar to the USA system nor they are to the European one with proportional representation. A mere popular vote of 30% may take a political party in a ruling position and thus it is not the majority. So, any major decision taken for its own citizens is not truly democratic. To make things worse in governance, the cabinet in the UK makes the decision. The fallacy is having an autocratic leader ( Tony Blair, Boris Johnson, etc) bulldoze a decision detrimental to society and make a mockery of democracy. The worst scenario is the “license to kill” in an overseas country if they feel that they are “undemocratic” or do not align with their beliefs and strategies.
Many examples of undemocratic intervention, even bypassing the UN, abound. A glaring example is the invasion of Iraq. The genocide in Gaza by the so-called democratic State of Israel is the latest egregious example of licence to kill. The list goes on. Democracy and double standards are in conspicuous display. One is witnessing millions being slaughtered, killed and maimed around the world, where USA, the leading democratic nation, felt it “necessary” and others are complicit by means of abhorrent participation either directly or indirectly.
Exhibit 2: an iconic image from the invasion of Iraq 2003 by US and its allies
As we dawn into the year 2025, it is painful to envision a world led by democratic countries and their governance beyond its own borders, where the 007, the M and Qs are the agents of destruction in a world full of ever-growing conflict!
Aunul Islam, read for his PhD at Imperial College, London. He graduated from The University of Manchester. He is a Quality Assurance Specialist in Higher Education and a Technology Consultant. He is an ex-civil servant of the UK government. A keen gardener, he finds solace through nature in this dysfunctional world order.
The drama that took place in the recent Korean parliament on 4th of December 2024 as martial law was declared by President Yoon ended, to echo T.S. Eliot, in a whimper.
This is the way the world ends This is the way the world ends This is the way the world ends Not with a bang but a whimper.
The so-called martial law in South Korea lasted a mere six hours. It reminds me of a K-drama, “crash landing on you.”
This is a romantic story between two Koreas. Why trivialise a potentially grave political event by trying to interpret it through the lens of a very popular k- drama?
Let us go back in history. Do you remember the unification of Germany? The two have a common factor. East Germany was a communist bloc and here, the North in case of Korea.
Was the drama (Crash Landing) fantasising on the unification of both Koreas?
West Germany gained a lot by the unification, with a dedicated and skilled workforce with a different socio-working ethos. The unification was a boon for the West as strategically it gained a large work force while at the same time neutralising the threat of Communism from the East.
Let us revisit the K-drama, “crash landing on you”, to briefly analyse the saga that unfolded in the Korean parliament. A rich woman from Gangham (which also reminds me of the very popular song Gangham style) in Seoul, whilst paragliding and by a freak accident landed in the military border town of North Korea. The drama was portrayed in a politically correct and balanced way as it appeared that the writer did not want to generally demean the North Koreans. I also feel it had the blessings of The Ministry of Unification a government body responsible for all issues on inter-Korean relations. The ministry’s existence reflects the unique reality of the Korean peninsula, which has remained divided since the end of the Korean War in 1953.
The drama showed impoverished and poor living conditions in the military border town of North Korea, but it portrayed the people as resolute and proud of their communism.
What has happened in the South Korean parliament has convinced me to look at contemporary political developments in that country through the prism of K-drama.
There are many who dream of a united Korea and of course many are against it. Recently the Korean Won has devalued, and the golden period of capitalism is perhaps no longer that bright. Against this backdrop, the present government wanted a scapegoat, and the influence of North Korea had to be blamed. Although democracy prevailed and the martial law failed to materialise, it does not necessarily augur well for the future of South Korea.
Will we see a unification of the Koreas like Germany in the future?
A modern central bank usually relies on ‘monetary policy committees’ or MPCs (albeit with different names, such as boards and councils) that play a pivotal role in the conduct of monetary policy. The collective deliberations of the MPCs are held regularly throughout the year and are geared towards recommendations (either by vote or consensus) on the setting of the policy rate.
The core principle is that the practice of monetary policy – and hence the role of the MPCs – should be free of political pressure. Central banks should be accountable but have operational independence in pursuit of their primary goal of maintaining price stability.
The size of the MPCs and the decision-making structure varies across countries and regions as shown below (Table 1). The MPCs are dominated by internal bank staff and economists, and, in some cases, with representatives from the corporate world. There are also cases in which there are no external members. There is no scope for representatives of workers and employers and representatives from civil society to be part of the membership of MPCs.
Table 1: Composition of MPCs, selected central banks
The degree of gender parity is low in a typical MPC. India is a conspicuous example – see Exhibit 1. Would improving gender parity improve the quality of monetary policy as measured in terms of maintaining price stability? Research findings on this are ambivalent, but the aim is to use an august institution to promote gender equality which is a core element of the global development agenda.
Exhibit 1: Where have all the women gone? The Governor of the Reserve Bank of India meets with members of the MPC
Despite the restrictions placed on central banks that restrain them from broad-based community-level engagement, these entities have tried to overcome such restraints by a transparent communications strategy in which deliberations of MPCs are made public. Furthermore, in recent years central banks have moved away from a preoccupation with price and financial stability. One important example of this trend is a new form of engagement via international cooperation among central banks, most notably supporting climate action as a key aspect of monetary policy. This is best illustrated by the ‘Network for Greening the Financial System’ (NGFS) which now has 134 members.
Financial inclusion is another way in which central banks are changing their engagement with workers and employers and the broader community. As is well known, the aim of financial inclusion is to incorporate the unbanked segment of the population – which can be quite large in developing countries – into the formal financial system. A 2024 meta-analytical assessment shows that ‘…financial inclusion outcomes reflect small, positive and statistically significant average effects on consumption, income, asset and other poverty-related indicators. Given this finding, it is noteworthy to point out that the ‘Alliance for Financial Inclusion’ reports that there are now 84 central banks across the world that have formally integrated financial inclusion in their mandates.
Financial inclusion creates synergies between monetary policy and poverty reduction strategies as well as the agenda of transition to formality. Central banks have discovered that financial inclusion, by encouraging formalization, improves the monetary transmission mechanism and thus strengthens the effectiveness of monetary policy. This in turn creates the space for workers and employers as well as civil society at the domestic level to engage with monetary authorities in areas that go beyond price stability.
Aunul Islam, read for his PhD at Imperial College, London. He graduated from The University of Manchester. He is a Quality Assurance Specialist in Higher Education and a Technology Consultant. He is an ex-civil servant of the UK government. A keen gardener, he finds solace through nature in this dysfunctional world order.
The “Sick Role” theory was developed in 1951 by Talcott Parsons. This is a concept in medical sociology. The theory states that anyone suffering from severe illness has a distinct set of rights and roles than someone who is well.
Let us review this in relation to human capital. Loss of human capital can be due to diverse reasons, such as sickness, injury, mental decline, unemployment, or the inability to keep up with innovation. We can easily see how sick role and loss of human capital may be viewed as closely interrelated.
Let us try to understand the underlying dilema of a society from an individual’s perspective which could be capitalist or socialist in orientation. Imagine you are now fit and well and are serving as an engineer, academic etc. Your role would have been what your profession dictates. The moment you are unwell for distinct reasons, your new role is a “sick role.” Employers would view this as acceptable, as long it is not for a long term, and it is not affecting their “capital.” If the sickness is a long-term condition, then the relationship between employer and employee, and between an individual and society becomes problematic.
The scenario that is painted here is not hypothetical. Think of the recent global pandemic (Covid-19). A vast number of people are suffering from “long COVID.” If one reviews how differently various governments and enterprises have viewed long COVID and have tried to tackle it, the notion of “sick role” in a contemporary context becomes interesting, intriguing, and worrisome. The human capital dimension of sick role becomes predominant and sick people then transforms into mere commodities that are no longer worthy of use. The worst scenario is when even family members are no longer supportive of your long-term sick role. In this world of modernity and capitalism, your new role as a long-term sick person is not tenable.
Khondker, a Bangladeshi Australian based in Brisbane, possesses 38 years of extensive experience in sustainable urban planning and development. His career includes significant involvement in complex projects across multiple countries, highlighted by his pivotal role in leading the development of the Qatar National Master Plan (QNMP). Upon the plan’s completion, he supervised the implementation of over 60 planning policies and 200 actionable items, many of which were critical to the substantial infrastructure projects associated with the FIFA World Cup 2022 in Qatar. In addition to his professional accomplishments, Khondker has imparted knowledge in water engineering and environmental subjects at esteemed universities in Bangladesh, Melbourne, Brisbane, Bangkok, and Qatar.
The Bangladesh interim government led by Nobel Laureate Yunusand flanked by student leaders
I arrived in Dhaka on Thursday, November 21st from Brisbane which is my usual place of residence. Before coming to Dhaka, over the last three months or so, after the fall of the Hasina regime on August 5th, which ended 16 years of fascist rule, most of our friends and a number of others were living in hope that this time Bangladesh was truly heading in a positive direction. Despite the cruel August floods and a series of crises/movements led by the remaining thugs and criminals of the ousted Awami League (AL) and Chatra League, many of us in Brisbane thought and hoped that the situation on the ground was not as bad as reported by several media outlets. The media had been feeding conflicting, if not incorrect, information. I have been actively objecting to and arguing against any negative comments and references, trying to uphold the spirit of the July 24 uprising/movement. After all, it is now well-documented through several sources that more than 1,500 lives—students, members of the general public, youngsters, and even children—were lost during the uprising. More than 500 people lost their eyesight permanently. Nearly 50,000 were injured, some of whom are still fighting for their lives. So, talking about the spirit, I was simply absorbed with tremendous hope, and perhaps for the first time in the last 53 years since we earned our independence in 1971, I felt that the generation who led this movement was very different from those I had known, and they were simply too strong to let the great July revolution’s outcome slip away.
However, I have been proven wrong. On the ground, the situation is quite different. If I can summarize in one sentence: “If this is not anarchy, what is?”
I deliberately tried to talk to several people from different levels of society, spending hours reading the print media and watching many TV shows and daily live news. I would love to share my conclusions here (they are, of course, subjective and may not align with many others).
1. An Inconvenient Truth:
As our beloved Prophet once said, “If you tell me that the great Uhud Mountain has shifted overnight, I will believe it, but it would be hard for me to believe if you tell me the character of our people has changed!” – what a cruel truth that accurately portrays us, the people of Bangladesh, and perhaps many around the world. So, before getting too excited, we must remember this inconvenient truth.
2. India’s Involvement:
India is not just active but super active in destabilizing the current interim government. They are pouring a lot of money and deploying agents alongside the AL and other criminals across various sectors to create disturbances and unrest. In all recent incidents, these thugs and criminals have infiltrated and taken the lead, creating unprecedented chaos, stalemate, and a sense of unbelievable insecurity. Even Uber drivers and private car owners are hesitant to take their vehicles onto the streets for fear that their vehicles will be damaged.
3. Political Parties:
Political parties, specifically the BNP, are systematically making the affairs of the current interim government incredibly difficult by making threats, imposing demands (e.g., a long list of constitutional changes, pushing the interim government to include their nominated individuals in committees and commissions, etc.), and offering unfair criticism. The most notable of all is their grassroots thugs, who are behaving as though they are currently in power. It is unbelievable that almost all Chatra League and Awami League offices throughout the entire country were looted and taken control of by BNP groups. Overnight, it is said that before Hasina landed in India on August 5th, BNP-affiliated groups such as Chatra Dal and Jubo Dal took control of these areas and markets. Overnight, they changed the sign plates to BNP and began operating from there. However, under directives from BNP high command, many of these offices have been shut down. It is just a matter of time before they will take these offices back. God knows how many so-called advisors to the BNP Chairperson there are, but they are out and about everywhere, shouting at the interim government through different talk shows, pressurizing them for elections. BNP knows very well that they are becoming incredibly unpopular, and with time, they will find it hard to maintain their position as the largest political entity. Jamaat, on the other hand, is staying quiet and visibly supporting the interim government. In all their gatherings, they are actively promoting the idea that they are an alternative to the three long-standing political entities—AL, BNP, and JP—and that these parties have miserably failed the people of Bangladesh in every sector of governance. In my quick chats with more than thirty people, including my own family, over the past week, no one—absolutely no one—would vote for BNP in the upcoming election. They will vote for either Jamaat or a newly formed student-led party.
4. Student Groups and the Anti-discrimination Student Movement:
Post-August 5th, student movements have become increasingly complex. Islami Chatra Shibir (the student wing of Jamaat-e-Islami) which had been operating undercover for a long time during the Hasina regime, has resurfaced as a political entity in different educational institutions, particularly in universities across the country. BNP-affiliated Chatra Dal and Jubo Dal are trying to establish dominance, not only in different areas and markets around the city but also in educational institutions. Often, Chatra Dal and Chatra Shibir clash with each other. A part of the Anti-discrimination Student Movement, which spearheaded the July-August uprising along with civic groups and a few other student platforms, has formed a new entity called the Jatiya Nagarik Committee (JNC). It is rather confusing to to identify the key actors in this zoo. The members of the JNC launched a roadshow a few weeks ago, traveling around the country to garner support for their platform to build a new Bangladesh. Sadly, their intention was not noticeably clear. They had to wrap up their show after receiving unpleasant responses from the general public. At present, we continue to see a few known faces, such as Sarjis and Hasnat, in different gatherings. However, it is not clear whether the very student platform that led the massive uprising during July-August still has wider control over the recent incidents. In fact, soon after August 5th, the Anti-discrimination Student Movement, led by Hasnat and Sarjis, crushed a large number of BAL-Chatra League-backed protests and attempts to destabilize law and order. Police and law enforcement agencies relied on their intelligence and support initially, but in recent times, that mode of operation has completely failed. Student groups everywhere are now openly criticizing the Anti-discrimination Student Movement or the JNC. Talking to people on the ground reveals that the students have sadly lost support. Some are even openly challenging whether they would get the large response they did during the July-August uprising if they called for any gathering or movement. Having said that, the Anti-discrimination Student Movement has, over the past few months, acted as a pressure group to influence the interim government in making decisions, such as banning Chatra League. However, in very recent times, the government is ignoring their calls and demands. This is a sensible move. That said, it is not clear at all to whom the interim government is listening. People say they are more confused than the public, and at times, they are seen as bowing to BNP’s intensive demands.
5. Army and Law Enforcement Agencies:
The army’s role is not clear to anyone. However, it is widely believed that higher-ranking officers are still loyal to the members of the ousted Hasina regime, and there have been many leaked phone conversations revealing talks between army officers/generals and BAL leaders who fled the country. The army chief, Gen. Waqar, knows this but won’t take any action. The advisor for home affairs, Lt. Gen. (ret.) Jahangir Alam Chowdhury, oversees the police, RAB, BGB, and Ansar. He is considered one of the weakest home ministers/advisors. His reluctance and inaction have led to several unpleasant events in recent times. The intelligence under his portfolio is pretty much non-functional. Police, in my own eyewitness account, are playing the role of bystanders. The army, in some places, acts, but in nine out of 10 situations, it is too little, too late. Students openly exchange inflammatory remarks at the armed forces without any fear whatsoever.
6. The Government of the Day (The Interim Government):
Professor Yunus is deliberately avoiding the media in recent times. He gets irritated quickly. It is not clear who he is listening to, but one thing everyone here says is that he is not going to support an election soon. He wants several reforms completed before the election. These reforms are primarily the election commission reform and the revised constitution. Both will take longer than another 12 months. The rumour is that the earliest date the government has in mind is June-July 2026 for the national election. I am not sure if the BNP will let the interim government (IG) delay it that far.
The biggest plus the IG has so far been the wholehearted support for Prof Yunus. However, people are extremely critical of the role of more than 70% of the advisors. Notably, the advisors for home affairs and education. Serious questions are being asked about the role of the advisor from the student group, Mr Mahfuz Alam. He is considered by many as a radical person, who is pushing a kind of agenda that is very similar to “-2” agenda of 1/11 caretaker government. A couple of days ago his Facebook status has ignited a fiery debate among many BNP leaders. He has openly criticised BNP being responsible for raging a campaign to vilify the July-Augst student movement and also doing all it can to destabilize the IG. This is a serious allegation and in his current position, he should have restrained himself from this unnecessary statement. The other two student advisors are pretty active in their roles, however, more and more they are facing obstacles to do their job.
7. The Role of Media:
Post 5th Aug, all the media channels are enjoying an unprecedented freedom that they never had over the past 53 years since independence in 1971. This certainly has created huge chaos and confusion, and many media outlets are appearing as sources of disinformation. General public do not necessarily have the time and capacity to check these and pick the correct ones, resulting into rumour mills running in full swing. One item the media are throwing every day in large numbers are the talk shows. The so-called recycled politicians they bring into these shows are so contentless and all out liars that it is so hard to swallow.
8. Some Recent Events – “Chaos is Probably an Understatement”
#1 Battery Operated Auto Rickshaw Fiasco A week ago, before I arrived, someone in the IG filed a writ with the High Court to ban all the battery-operated rickshaws in Bangladesh. The High Court made the ruling to ban these rickshaws within three days. This decision came as a result of a serious accident where a university student lost her life due to an uncontrollable brake system in one of these rickshaws. However, the government did not consider the impact of this decision on nearly one million rickshaw pullers in the country. Behind each rickshaw, on average, 6-8 people are impacted. They include the families of the rickshaw pullers, people involved in the repair shops, battery shops, and the rickshaw owners. This means that 6-8 million people are directly affected. This doesn’t include the passengers – it is estimated that more than 10 million passengers are impacted daily.
The rickshaw pullers then went on countrywide movements, blocking roads and key junctions, almost bringing the whole country to a halt. I was stuck for hours in one such blockade near Bijoy Shorony.
So, what did the government do? They themselves submitted another writ to the High Court to withdraw the ban. What a flip-flop! Not exactly the same, but this closely compares with the student quota movement debacle. The High Court ruled a stay order for one month before any decision could be made.
#2 Clashes Among Students from Different Colleges in Dhaka Students from Dhaka College and City College engaged in intermittent clashes on the afternoon of November 20th, Wednesday, at the Science Lab intersection area, leaving at least 32 people injured. The clash erupted when some Dhaka College students vandalized a bus in the Science Lab area. This led to intense arguments and escalated into a physical altercation with City College students.
On November 18th, Mollah College (located on the Dhaka Demra highway near Samadnagar, Kotwali Police Station) student Avijit died in Dhaka National Medical College Hospital due to alleged negligence. Following Avijit’s death, students demonstrated against the hospital authorities in the hospital premises. Eyewitness reports say that the hospital authorities at that time sought help from nearby Suhrawardy and Kabi Nazrul College Chatra Dal students. Students from Suhrawardy and Kabi Nazrul colleges then attacked the demonstrators from Mollah College on November 21st.
Following the attack, several thousand students, including those from Mollah College, Dhaka College, City College, and Notre Dame College, gathered in front of the hospital again on November 24th, protesting the death of Avijit and the subsequent attack on Mollah College students. It is believed that some students from St Gregory’s School and College also joined this protest.
At one stage, the protesters stretched their movement towards Suhrawardy and Kabi Nazrul College and engaged in clashes and counter-clashes. The violence continued the following day when students from Suhrawardy and Kabi Nazrul College, in large numbers, attacked Mollah College and ransacked the entire college building. More than 100 students were injured during the clashes. It is also reported that the student mob from Suhrawardy and Kabi Nazrul College attacked St Gregory’s School/College on Monday, November 25th, in retaliation for the altercation the day before, the St Gregory’s school administration shut down the school indefinitely to avoid any further escalation.
Unconfirmed sources also report that a large number of students in different universities, including BUET, and college hostels, are fleeing Dhaka temporarily to avoid any escalation of the above events. Unconfirmed sources reported that at least three students died during the attack and several others among the 100 injured are in critical condition.
#3 Thousands Gather in Shahbag, Dhaka from Several Districts to Receive Interest-Free Loans from Prof. Yunus More than 20,000 people from at least five districts were circulated with stamped notes and boarded on chartered buses to arrive in Dhaka and gather in Shahbag to get interest-free loans ranging from one lakh to one crore taka. This incident took place on November 25-26. Police investigations afterward revealed that almost all these buses were chartered by banned Chatra League and Jubo League thugs. It is interesting to note a serious intelligence failure from the law enforcement agencies.
#4 Arrest of ISKCON Leader Chinmoy Das Chinmoy Krishna Das, of Bangladesh Sommilito Sanatani Jagran Jote, was arrested on November 26th, Tuesday, on charges of disrespecting the national flag during a protest rally in Chittagong on October 25th. Chinmoy, a leading figure of ISKCON in Bangladesh, had led several rallies in Dhaka, Chittagong, and Rangpur in recent times, inciting communal tensions. Ekushey TV also reported child and underage sexual abuse accusations against him.
The port city of Chittagong went into turmoil as significant clashes broke out between the police, BGB, and Chinmoy supporters from ISKCON. These clashes turned violent when Chinmoy was being transferred from the courthouse to jail after his bail was denied. It is reported that a mob led by ISKCON supporters and some thugs from the banned Chatra League went inside the lower level of the Chittagong Courthouse and brutally hacked Government Attorney Mr. Saiful Islam Alif to death in broad daylight. The deceased left behind his pregnant wife and a 4-year-old daughter. This news spread like wildfire in the port city, and several others were seriously injured.
Several Western and Indian news outlets reported this incident incorrectly. One newspaper mentioned that Mr. Alif was working for Chinmoy Das, and that a student-led public mob killed him. Another outlet reported that he was killed during clashes with law enforcement agencies. Ousted ex-PM Hasina, now sheltering in India, opened her mouth for the first time in Hindu Times, demanding the immediate release of Chinmoy Das and condemning the death of Mr. Alif. Interesting, to say the least.
More than 200,000 people took part in the Janaza in Chittagong. Advisors from Prof. Yunus’s cabinet and leaders of the student movement, Mr. Sargis Alam and Hasant Abdullah, attended the Janaza. There were four Janaza prayers before Mr. Alif was buried in his hometown in Satkania, Chittagong.
When Sargis and Hasanat were returning from Satkania after the burial of Mr. Alif, their car was deliberately hit by a mini truck. Sargis and Hasanat, along with two others in the vehicle, narrowly escaped injury. Later, the driver of the mini truck was arrested and found to be disputing his own accounts.
The brutal murder of Mr. Alif brought a deep sense of sadness and shock among everyone in the country. People have demanded the banning of ISKCON and submitted a writ to the High Court. The High Court has denied the writ and mentioned that it is the decision of the government to ban any organization.
With repeated requests from different political leaders, political analysts, and most importantly, the Anti-discrimination Student movement, people in Chittagong showed their utmost restraint, preventing the murder of Mr. Alif from escalating into any communal violence. This would have given Hasina and her Indian protectors the ammunition to launch another Hindu minority attack issue. They certainly failed again.
#5 Strikes Continue in Several Garment Factories in Gazipur, Causing Road Blockages, etc., as Employees Are Unpaid for More Than a Couple of Months The strikes in Gazipur have continued, with workers demanding their unpaid wages. This has caused significant disruptions, including road blockages.
#6 Bangladesh Bank Prints 22,500 Crore New Money to Bail Out Six Dying Banks BB U-turn: Prints 22,500 Crore to bailout 6 banks. The banks include FSIBPLC, SIBL, Exim, National, Union, and Global Islami. The Bangladesh Bank will withdraw this money from the market by issuing new bonds. The money flow into the market will not increase, nor will inflation rise, says the BB Governor.
From the Dhaka Tribune: Ahsan H. Mansur also stated, “We backtracked from our previous decision of not printing money. We injected money into weak banks by printing money for the short term.”
“We will withdraw this money from the market by issuing bonds. We will proceed with our tight monetary policy, giving money in one hand and taking it in the other. The flow of money into the market will not increase, nor will inflation rise. This will not create unrest in the market either,” he added.
In this way, the net reserve money will not increase, he stated. “The banking regulator is now helping weak banks with liquidity support so that the depositors can get their money back,” the governor said.
Conclusion:
In conclusion, while my experience in Dhaka has been a rude awakening, I must admit that the situation on the ground is far more complex than I had initially believed. The optimism that many of us held before arriving here has been tempered by the harsh realities of life in a politically unstable nation. The road ahead for Bangladesh is filled with uncertainty, but the resolve of its people gives me hope that they will continue to strive for a better, more prosperous future.
For now, I remain cautious but hopeful. Change will not come easily, but with persistence and resilience, it is possible. The challenge will be whether the people of Bangladesh can unite and overcome the divisions that have held them back for so long. If they can, there may yet be a bright future ahead. But until then, the battle for a better Bangladesh continues.
Reflections on development and governance 
