Small-micro traders in crisis, on the way to an uncertain future!



Nazmul Hassan Sagar, Staff Correspondent, Barta24.com, Dhaka
ছবি: বার্তা২৪.কম

ছবি: বার্তা২৪.কম

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Several floating shops have sprung up in the empty space at the main gate of Suhrawardy Udyan. Badsha Mia sells rice here. This small trade is the only source of income for his family. Visitors to the park, DU students and workers of various professions are its buyers. He and his wife cooked food from Mirpur and sold it here. Corona's time has made it difficult to run his business. As public transport is closed in the lockdown, his one-day profit ends when he brings food in a van!

On Tuesday (June 29) at noon, the trader expressed his frustration with his livelihood.

Recalling the blockade period of last year, he added, "When the business was closed in the last lockdown, I was able to survive on my family with the money I saved." Now I am doing business with loan money. I can't think what to do when everything is completely closed after two days! Eid ahead, I can't find any option thinking about how to keep the business closed at this time.

Monirul Islam trades in old shoes on the pavement of Panthapath in the capital. The business has been running like a 'thief-cop game' since the day the ban was imposed, he said.

Monirul said he had to hide after closing the shop after seeing the police several times since morning. Business cannot be done in this way. From morning till all day, but after evening the police do not allow the shop to open. But my sale is only after evening. The store may have to close completely from July 1 due to the lockdown. Then how to proceed? Big businessmen get incentives, get public, private loans - they survive. We are businessmen, even if we die without eating the body cannot be buried due to lack of money. The government should provide stimulus for us.

Police arrived shortly after noon on Tuesday to pick up tea and cigarette vendors. The big shops were also being closed. Seeing all this, Mamun, a tea and cigarette seller at Dhanmondi bus stand No. 15, said that they closed the shop after arranging for us to eat. Do not eat or shop again, how is this justice?

Such small and floating traders suffer the most when there is a lockdown. Many have spent their savings in past lockdowns. They now have only the ‘business attitude’. The face of profit is rarely seen. Again, many have become poor in the past lockdowns and have started business again by borrowing.

Aziz Mia, in his forties, sells clothes in a van next to Anand Cinema Hall in Farmgate. "We are in a very uncertain future and life, Dad," said the businessman. We are now destitute as business has been closed for a few times.  There is a heavy burden of debt on the head. My friend, a local businessman, died of a heart attack due to debt anxiety. Thinking about all this, I don't like anything else. No one helps us. I do not expect anyone's cooperation!

In such a situation, economists are talking about ensuring food for these traders first. However, they also expressed fears that the future of the country's economy will be in jeopardy if it continues like this for a long time.

Golam Rahman, president of the Consumers Association of Bangladesh (CAB), told Barta24.com that first such low-income traders need to ensure food. Then the government can make arrangements like providing emergency allowance with special consideration. In this scary situation, the government should bring the working and poor people under the safety net program. The government must ensure the livelihood of these people with security.

Lockdown is taking place from time to time and such traders are running out of money. They are also a part of the economic chain of the country. Asked what the future would look like if the chain was destroyed, the economist said all people's incomes had fallen. According to the study, the income of 77 percent of the people in this condition has decreased. 37 percent of people have lost their jobs. Since it is not a man-made disaster, no one can say when or how it will be resolved. However, if everything is blocked in this way, the situation will become chaotic in the near future.

Economist and rights activist Professor Anu Mohammad suggested compiling a list of low-income businessmen and bringing them under incentives.

He told Barta24.com that such small and floating traders can be brought under their incentives by making a list. Many will say how to list them? It's a very simple matter. They can be listed through organizations like city corporations, municipalities, district administrations and union councils. This is nothing new. In other countries of the world, the state takes responsibility for such citizens on certain days of lockdown and provides them with various types of financial support over a period of time. In our country it is possible and we can afford it.

   

A remittance of 141 crore dollars came in 22 days



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

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In the first 22 days of this month of March, expatriates sent remittances of 141 crore 44 lakh dollars through legal channels and banking channels. According to this, an average of 6 crore 43 lakh dollars of remittances came to the country every day.

This information was revealed in the updated report of Bangladesh Bank on Sunday (March 24).

A review of the data showed that expatriates sent 141 crore 44 lakh 50 thousand dollars to the banks on the 22nd day of March. Of this, 18 crore 24 lakh 60 thousand dollars came through the state-owned banks.

Besides, 2 crore 15 lakh dollars came through specialized banks, 120 crore 47 lakh 80 thousand dollars through private banks and 57 lakh 10 thousand dollars through foreign sector banks.

According to the Central Bank, from March 16 to 22, expatriates sent 39 crore 54 lakh 70 thousand dollars to the country. From March 9 to 15, remittances of 50 crore 60 lakh 70 thousand dollars have arrived in the country. Besides, 51 crore 29 lakh 10 thousand dollars came from 1 to 8 March.

And last February, 216 crore 60 lakh dollars remittances came to the country which is the highest in the current financial year. 

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Market system must be freed from influence of invisible hand: FBCCI



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

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Business leaders have called for the supply chain to be freed from the influence of the invisible hand to stabilize commodity markets.

They agreed on this in the price monitoring committee coordination meeting of FBCCI at the FBCCI office in Motijheel on Sunday (March 24).

The meeting was presided over by FBCCI senior vice-president Md. Amin Helali. He said that common people often make harsh comments about the prices of goods. But most traders want to conduct their business transparently. All of us are getting a bad name because of a few people. It is important to get out of this situation. He commented that an ideal businessman can never become a black marketer.

The senior vice president of FBCCI Amin Helali urged the market committees to record the problems and obstacles in each market of the capital and submit them to FBCCI. He said that FBCCI will discuss the problems of traders at the highest level of the government.

Warning against traders who destabilize the supply chain, the FBCCI senior vice-president said that the supply chain must first be freed from the influence of the invisible hand to keep commodity prices within the reach of the masses. We will actively work to stop visible and invisible extortion in the markets.

The meeting was attended by retailers and wholesalers from different areas of the capital. At this time, vendors of different markets of the capital said that vendors with permanent licenses are not responsible for destabilizing the market. They also claim that those who buy and sell goods on the sidewalk or road by subsidizing various quarters are responsible for destabilizing the market.

Permanent licensed peddlers complain that when trucks loaded with goods enter the markets of Dhaka at night - the goods are exchanged 2 to 3 times while in the vehicle and the price increases. In this case, floating traders are largely responsible, but the government's market control agencies raid, jail and fine the permanent traders. And the temporary or floating traders disappear before the light of day. As a result, in all cases, the permanently licensed hawkers have to suffer the punishment.

It was informed in the meeting that the price monitoring committee of FBCCI will go to different markets of the capital and meet with the market committees in the next few weeks. At this time, Amin Helali urged the market committees to collectively move forward to solve the problem.

The meeting was attended by FBCCI director Hafez Haji Haroon-or-Rashid, Hafez Haji Mohammad Enayet Ullah, Azizul Haque, Kausar Ahmed, Md. Niaz Ali Chisti, Haji Alauddin, Md. Abul Hashem, Price Monitoring Committee members, market committee leaders and business leaders.

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Exim and Padma Bank are merging



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

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Private Padma Bank is going to merge with Exim Bank. In the meantime, Bangladesh Bank has also been informed about the merger of the two banks.

This decision was taken unanimously in the board meeting of Exim Bank on Thursday (March 14).

Chairman of Exim Bank Nazrul Islam Mazumder confirmed this to the media.

According to a director of Exim Bank, a decision has been taken to merge private Padma Bank with Exim Bank. Soon it will be sent to Bangladesh Bank for permission. It will come into force after the approval of the regulatory body.

The same information was also known from a related official of Padma Bank.

Earlier, Bangladesh Bank had said that weak banks would be allowed to voluntarily merge by December. Failing this, a final decision on them will be taken in March.

Recently, Bangladesh Bank published the Banks Health Index (BHI) and Heat Map. According to that report, Padma Bank is in the red zone and Exim Bank is in the yellow zone.

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Signing agreement of Global Islami Bank Plc with Bangladesh Bank



Staff Correspondent, Barta24.com, Dhaka
Signing agreement of Global Islami Bank Plc with Bangladesh Bank

Signing agreement of Global Islami Bank Plc with Bangladesh Bank

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Two agreements have been signed between Global Islami Bank PLC and Credit Guarantee Department of Bangladesh Bank. The agreement was signed to provide credit guarantee facilities to women entrepreneurs and the agricultural products processing sector with the aim of achieving the desired expansion of small scale industries, job creation and economic growth.

The agreement was signed on Tuesday (March 12) at Jahangir Alam Conference Hall of Bangladesh Bank, Head Office.

Under these two agreements, Global Islami Bank will be able to make unsecured investments in women entrepreneurs and agricultural products processing sector by taking the credit guarantee facility of Bangladesh Bank.

In the presence of Bangladesh Bank Deputy Governor Noorun Nahar and Executive Director Mohammad Jamal Uddin, Managing Director Syed Habib Hasnat on behalf of Global Islami Bank and Nahid Rahman, Director of Credit Guarantee Department on behalf of Bangladesh Bank signed the agreement. Global Islami Bank's Executive Vice President and Head of Investment Division SM Mizanur Rahman was also present on the occasion.

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