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Abstract clear understanding of factors that create economic growth, both in the short and long time perspectives. A good knowledge of the general roles of institutions in economic development. A deep analysis of specific institutional traits and arrangements influencing the development of a specific country, business sector, or individual enterprise or business project.A through examination of the interplay among specific economic actors and their institutional contexts. A general discussion of characteristics of the analyzed case compared to similar in other high growth economics.

Factors that influence economic growth

A central bank in a developing country plays a much wider role than in a developed country. In developing countries, central banks not only perform conventional functions, but also undertake responsibility of economic growth. On the other hand it is known that developing countries do not have properly maintained money and capital markets (Akther, 2013). Therefore central bank also plays a crucial role to establish banking and banking and financial system of the country. Some major activities that central bank in a developing country plays are stabilizing economic growth, facilitating internal stability, establishment of baking system, expansion of branch, establishment of banking habits, delivering training amenities and developing proper interest rest structure.

Besides, central bank also helps to create the machinery that is required for financing development activities and in ensuring that the finance available flows in the direction intended. Bangladesh Bank is the central bank of Bangladesh that was established in the year of 1971 through the Presidential Order No. 127 of 1972. Bangladesh Bank is a member of Asian Clearing Union and the first bank in Bangladesh that facilitated a dedicated hotline (16236) for the consumers to report any kind of baking related issues (bb.org.bd, 2017).It also allowed the private banks to compete in the banking sector. Bangladesh Bank is continuously working to improve the economy of Bangladesh along with reducing its poverty levels and inflation rate.

The mission and vision of Bangladesh bank is mentioned below from which it can be understood that the bank has major contribution in Bangladesh. In this report, the role of Bangladesh Bank is discussed in a detailed manner. It has been found that Bangladesh Bank is helping tp reduce inflation rate in the country.Bangladesh Bank is continuously keeping its policy rates steady at 7.75 percent with an aim to bring down inflation to 7 percent. However, they are also making sure that enough credit growth is there to stimulate inclusive economic growth. The management of the bank is using both monetary and financial sector policies to achieve its inflation goals and contain reserve money growth to 17 percent and broad money growth to 18 percent (Shakil et al., 2014).

Within its previous last policy statement in the year of 2013, the organization wanted to limit reserve money growth to 16 percent and broad money growth to 17 percent. On the other hand, the organization is also expecting a further build-up of foreign reserves in the latest fiscal year via a more moderate pace than previous year when international reserves rose to nearly US$19 billion by the end of December from $16 billion which is enough to five and half month’s imports (Ullah, 2013).

Economic factors in economic establishment

The primary vision of Bangladesh Bank is to manage the financial and credit system of Bangladesh with view to develop domestic financial value.It is also responsible to maintain a spiritedperipheral per value of Bangladesh’s currency towards nurturing growth and expansion of country’s prolific resources in the best national interest. In order to accomplish these objectives, the organization has adopted missions that are to conduct monetary policy, regulate banks and NBFIs (Non-banking Financial Institutes) to establish a proper financial system.

Mission

Vision

Formulation fiscal policies and credit policies

Poverty eradication in Bangladesh

Handling currency problem and regulating payment system

Maintaining stability in terms of price and financial system

Handling exchange and regulation foreign exchange

Being capable and dedicated professionals of high principled standards.

Two types of determinants mainly exist that influence the economic establishment of a country. Those are economic factors and non-economic factors. In this part of the assignment, economic factors that help economic development will be discussed.

According to Allard et al., (2013), in a country’s economic establishment, the role of economic factors is vital. The stock of capital and the rate of capital accretionfix onwhether at a given point f time a country will grow or not. Factors under economic development are hereby mentioned below.

Capital configuration: The strategic function of capital in improving the level of construction has conventionally been documented in economics. It is already admitted worldwide that a country that wants to pick up the paceof growth will have to save a higher amount of its income in order to improve the level of investment (Ennis& Weinberg, J2016). It is risky to rely on foreign aid and therefore, must be avoided.

Profitable remaining of Agriculture: Improvement in agriculture fabrication accompanied by increase inefficiency is significant from the point of view of the establishment of a country. However, what is more significant is that the profitable remaining of cultivation increases (Bruno& Shin, 2015). The word profitable surplus means the overload of yield in the agricultural division over and above what is needed to allow the countryside inhabitants to exist.

Foreign trade situations: Number of economists has always used the Classical Theory of trade while arguing that trade between countries is always beneficial. In the current context, theory states that less developed countries mist specialize in the production of primary products as they have relative cost advantage in their construction.

Interest rate policy: Managing interest rate policy is another major factor that ensures economic growth of a country (Christensen & Krogstrup, 2015). It is significant to maintain interest rates by charging higher amount of rates for non-supplementary and non-productive loans and low rates for prolific loans. If interest rate in a country stays low, investments are motivated in especially agricultural sectors and in other industries also. Low interest rate policy also brings down the prices and helps to keep the cost of servicing public debit low which in turn enhances financial institutions.

Creating and expanding Financial Institutions

Liability Management: Through debt management, government bonds are issuedat appropriate times that help to alleviate price and minimizes the cost of servicing community debt (Cunningham& Friedrich, 2016). This operation is also performed by the central bank of a country that is responsible for selling and buying government bonds and implementing timely alterations in the arrangement and symphony of public debt.

In a developing country, there are several factors that are impacted by the central bank of that country (Khandker and Samad 2016). Those factors put positive impact on that country’s economy. Some of those factors that put positive impact on a country’s economic growth are hereby mentioned below.

One of the main objectives of a central bank in an undersized country is to enhance its money and recognition system. In order to set up bigger credit amenities and to redirect charitable savings into prolific channels, it is required to have more number of banks and financial institutions. According to Sufian and Kamarudin (2014), financial institutions are mostly located in big cities in case of under developing countries that deliver credit amenities to estates, plantations and business houses.

In order to cure this, central bank in an under developing country extends division banking to countryside areas that helps to make credit obtainable to peasants, small businessman and traders. In under developed countries, marketable banks only deliver short-term loans. In the case of rural areas, credit facilities do not exist (Cunningham & Friedrich, 2016). Therefore, presence of central bank in such areas obviously improves the way of living.

Central bank in an under developed or developing country plays a significant responsibility in bringing about an appropriate modification between stipulate for and supply for money. Any disparity between these two can be seen in the price level. A shortage of money supply will restrain enlargement while a surfeit of it will lead to inflation. As mentioned by (Akther et al., 2013), when economy of a county develops, it is expected that demand for money will go up due to regular monetization of the non-monetized segment and the boost in agriculture and industrial production and prices. The central bank in a country pedals the uses of currency and credit by a suitable financial guideline (Babar 2016). In under developed country central bank controls the supply in a manner that price level cannot raise without impacting investment and production adversely.

Central bank de-motivates the flow of possessions into tentative borrowing and speculation. It maintains a guiding principle of prejudiced interest rates by charging higher amount of rates for non-essential and uncreative loans and low rates for prolific loans (Islam & Chowdhury, 2016). As a result of low interest, investments are encouraged in agriculture and other industries. Besides, low interest rate policy also makes things cheap and keeps the cost of servicing public debit low that helps in financing financial institution.

Bangladesh Bank is continuously working to improve the economy of Bangladesh. Bangladesh Bank has facilitated monetary policies to accomplish dual objectives of maintaining price constancy and sustaining faster economic growth of Bangladesh (Babar 2016).Bangladesh Bank is continuously trying to influence real sector price levels through financial sector prices by superseding policy interest rate. Besides it is also looking to influence real sector prices through extent theory based money stock targeting. As mentioned by Islam and Chowdhury, (2016), primary objectives taken by the Bangladesh Bank while developing monetary policy are,

  • Price stability; both internally and externally
  • Sustainable growth and establishment
  • Using resources economically and efficiently
  • Higher amount of employment
  • Stability of monetary and payment system

Bangladesh Bank is also promoting and maintaining a high level of production, employment and real income of Bangladesh which will foster growth and establishment of the country’s productive resources for national interests (Ullah, 2013). In order to do so, Bangladesh Bank works as the controller of the country’s financial system and executes its responsibilities with the view to accomplish its objectives that either directly or indirectly impacts on Bangladesh’s financial growth.

In order to strengthen the economy of Bangladesh, Bangladesh Bank has taken an objective of maintaining high intensity of manufacture, service and real profits of Bangladesh. It will definitely improve the expansion and improvement of the country’s fruitful possessions for national wellbeing (Kayeser Fatima & AbdurRazzaque, 2014).

Currently, Bangladesh Bank is responsible for developing correspondent relationship with several international and foreign central banks. Some popular banks within this list are Bank of Canada, Bank De France, and the Federal Bank of India and Reserve Bank of India(Kayeser et al.,. 2014). On the other hand, Bangladesh bank has invested its international exchange reserves with 14 banks at dissimilar worldwide financial centers.

In order to help Bangladesh to improve its economy, the Bangladesh Bank has taken a huge initiative that will reduce the cost of printing currency notes from foreign countries. According to this initiative, the organization has implemented a Security Printing Project. It was later altered into a limited organization named as The Security Printing Corporation Ltd. on 18th October 1992. This organization is now working to print all currency and bank notes in Bangladesh, This organization is now also responsible to printing postal envelop stamps, revenue stamps, band rolls for customs and cheque books of different private banks. However, it is true that the country is still dependable on foreign counties for minting coinage (Uddin et al., 2014). Bangladesh Bank is expected to take proper steps so that the country can perform this activity on its own.

Bangladesh Bank is also improving its operations related to infrastructural development as it is very important for fiscal progress. A taka 200 crore refinance line is introduced in FY 2009-10 against bank loans for atmosphere friendly investments in solar energy and Effluent Treatment Plants (ETP) (Saha et al., 2014). On the other hand, Bangladesh Bank is also persuading commercial banks to invest in power generation plant underneath the PPP which is Public Private Partnership. Bangladesh Bank has also announced annual agriculture and rural credit policy and program. It is expected that, this credit policy of the bank will help the government of Bangladesh to execute their vision to reduce poverty by 15% till 2021 (Al Karim & Alam, 2013).

Bangladesh Bank has adopted strategic planning that includes 16 core objectives. From these objectives it will more clear that how the organization is planning to improve the economy of the country. Those objectives are hereby mentioned below.

  • Revisit the currency monetary policy framework to make sure that monetary policies are effective.
  • Strengthen authoritarian and managerial framework to improve financial sector flexibility and stability.
  • To strengthen monetary markets in Bangladesh.
  • Financial enclosure and expansion of admittance
  • Establishing more competent money administration and compensation system.
  • Improve authoritarian and managerial structure against money laundering.
  • Introducing comprehensive guideline and administration for Islamic banking.
  • Establishing effective administration of management domestic debt.
  • Streamlining and transforming data reporting, processing and broadcasting though ICT framework
  • Complete computerization of credit information bureau.
  • Minimizing or eliminating the gaps in legal empowerment of Bangladesh Bank in separate functional sectors.
  • Allure, retain and develop people by making sure they receive sound organizational development.
  • Empowering risk based internal control to add value to the risk management method in Bangladesh Bank.
  • Promoting activities related to corporate social activity so that climate change can happen in Bangladesh with conductive policy direction.
  • Establishing efficient channels for interacting policies of Bangladesh bank to stakeholders which will improve efficacy of execution
  • Developing a tactical planning and harmonization unit as method owner of Bangladesh Bank calculated plan.

Bangladesh Bank is also responsible for minimizing the inflation rate in the country. The bank has successfully kept its policy rates stable at 7.75 percent. However, the management of the bank is planning to reduce this rate up to 7 percent in the upcoming years. This was the story for the fiscal year of 2014 (Muttakin & Khan, 2014). During that time, the bank management said in its monetary policy that they are planning to use both the monetary and financial sector policy instruments to accomplish its inflation goals and to restrain reserve money growth to 17 percent and broad money growth to 17.2 percent by the end of June 2014.

Recently, Bangladesh Bank has announced that they are planning to deliver higher economic growth along with lower inflation rate for fiscal 2016-17 (Rahman et al., 2015). In order to achieve that, the organization is will totally depend on low worldwide commodity prices in the international market and proactive management of marker liquidity. Financial Minister AMA Muhith has set a GDP target of 7.3 percent and inflation rate target of 6 percent (Sufian,  et al., 2014). During the last fiscal year, Bangladesh was able to achieve higher GDP in terms of GDP and accomplished lower inflation rate. As a result, Bangladesh Bank is encouraged to set higher economic growth and lower inflation targets.

According to Rahman et al., (2013), inflation was stopped at 5.92 percent on average in the last year, which is the lowers in last 12 years. It was possible because of satisfactory agricultural production, reduction in prices of commodities in the foreign market and continuous flow in the supply of goods. According Bangladesh Bank, inflation rate is high in the country because of high food prices. Inflation related to non-food items has declined continuously from 12 percent to 5 percent due to slower economic activity and lower consumer demand. For the year of 2016 and further up to 2020, the organization has targeted higher economic growth but lower inflation rate. The government of Bangladesh is increasing its investment in big infrastructure projects, health exports and a big wage increase in the public sector with an aim to accomplish 7 percent growth. According to Muttakin and Khan (2014), the new monetary policy has helped to reduce inflation by 6 percent in December 2016.  As a result, average annual inflation has come down to 5.5 percent which is benefitted from both favorable food and non-flood inflation dynamics. Non-food inflation has reduced to 4.5 percent that December when it was 7.1 percent (Shohrowardhy et al., 2016). As per mentioned by the management of Bangladesh Bank, they are expecting an inflation rate of 6 percent by the end of 2017.

Bangladesh Bank has shown great activism while performing its developmental role with monetary and credit policy stance supporting attainment of the government’s inclusive growth and poverty reduction goals based on national aspirations and global visions such as UN MDGs. It is said that one can accomplish inclusive growth in economy when comparatively weaker section of a country that includes agriculture and small scale industries are nurtured (Saha et al., 2014). The rules and guideline driven “financial inclusion” efforts of Bangladesh Bank is allocating specific focus on the vulnerable area of the population such as low income group, women, and small business organizations. Ten Taka (12 cents) bank accounts are available for millions of farmers along with school banking, bank-led mobile banking and small and medium enterprise loans (Shakil et al., 2014).

Bangladesh Bank has also undertaken an inclusive financial inclusion operation to reach out with financial services to the underprivileged inhabitants of the country, along with ethical suasion, some strategy measures casing the opening of bank branches.

As a result of those financial inclusion initiatives, Bangladesh Bank was able to reduce the rate of Poverty in Bangladesh up to 13 percent in the year of 2016 (Shohrowardhy et al., 2016). On the other hand, the management of the bank has also helped the tenant farmers by providing agricultural credits. As the agriculture and the economy of the country experienced a steady growth, the level of poverty automatically was reduced.

In Malaysia, the role of Central Bank is given to Bank Negara Malaysia. This bank is responsible for the establishment of the monetary structure and participating in the overall financial establishment of the nation. Currently, Bank Negara Malaysia is mostly focusing on the three responsibilities of the fundamental banking that are monetary constancy, payment systems and financial stability. Besides, Bank Negara Malaysia is also responsible for development works related to economic management, institutional building and establishment of the monetary system (Smith& Chan, 2015). The objectives and roles played by Bank Negara Malaysia are,

  • To establish sound fiscal policy and fiscal configuration
  • To operate as financier and fiscal advisor for the administration of Malaysia
  • To provide money and hold assets that safeguards the significance of the money
  • To manipulate the credit condition to the benefit of the nation

Monetary stability means stability of Malaysian currency, Ringgit (MYR). Bank Negara is accountable for maintaining monetary stability and makes sure that value of MYR is preserved. This helps the bank to make certain that price raises rate in Malaysia stays low and constant. It also makes necessary changes in the monetary policy in order to make sure that purchasing power of Ringgit is not diminished.

As a central bank of Malaysia, Bank Negara also plays a noteworthy role in economic progress of the country. It includes establishing important institutions and market place structure to the establishment of contemporary and strapping fiscal system that can strengthen the economy. In order to accomplish this goal, the bank has also developed a strong payment system (Musa, 2015). This system is updated regularly to meet the impact technology on the banking system. On the other hand, to encourage a positive credit behavior among all the banking institutes, Bank Negara also handles the Central Credit Reference Information System. This is a unique arrangement that gathers and disseminates credit knowledge on all borrowers. As a result, this system is useful to make knowledgeable decisions on loan applications.

The payment scheme developed by the Bank Negara delivers way of transferring money between parties and for profitable dealings in an efficient way. Just like Bangladesh Bank, it also works as a financial advisor and economic advisor of the administration. It delivers valuable advices to administration on the supervision of its conjugal and exterior debts and the stipulations and timing of administration loan programs (Lee, 2015). At the time of negotiation and concluding loan agreement, the management of the bank acts as an agent of government. Besides, while fulfilling its responsibility as an economic advisor to the government, Bank Negara suggests policy recommendations at customary briefing to the Minister of Finance. Along with these responsibilities, Bank Negara is also responsible for trading, settlement, registering and redemption administrative securities via its computerized systems such as RENTAS, FAST AND BIDS (Mahtab and Abdullah 2016).

In contrast, Bangladesh bank has been proven to be major contributor of the economic growth and development in Bangladesh. In order to help Bangladesh to improve its economy, the Bangladesh Bank has taken a huge initiative that will reduce the cost of printing currency notes from foreign countries. According to this initiative, the organization has implemented a Security Printing Project. It was later altered into a limited organization named as The Security Printing Corporation Ltd. on 18th October 1992 (Lee 2015). This organization is now working to print all currency and bank notes in Bangladesh, This organization is now also responsible to printing postal envelop stamps, revenue stamps, band rolls for customs and cheque books of different private banks. However, it is true that the country is still dependable on foreign counties for minting coinage (Uddin et al., 2014). Bangladesh Bank is expected to take proper steps so that the country can perform this activity on its own.         

Bangladesh Bank is also improving its operations related to infrastructural development as it is very important for fiscal progress. A taka 200 crore refinance line is introduced in FY 2009-10 against bank loans for atmosphere friendly investments in solar energy and Effluent Treatment Plants (ETP) (Saha et al., 2014). On the other hand, Bangladesh Bank is also persuading commercial banks to invest in power generation plant underneath the PPP which is Public Private Partnership. Bangladesh Bank has also announced annual agriculture and rural credit policy and program. It is expected that, this credit policy of the bank will help the government of Bangladesh to execute their vision to reduce poverty by 15% till 2021 (Al Karim & Alam, 2013).

From the above analysis it can be seen that Bank Negara is doing exactly the same thing that Bangladesh Bank is doing in Bangladesh. Both of these central banks are working to ensure strong and stable economic growth of Malaysia and Bangladesh. However, economy of Malaysia is stronger than Bangladesh. As a result, Bank Negara’s operations are limited (Clemens and Kremer 2016). On the other hand, Bangladesh Bank‘s operations are more deep as it is still trying to develop a strong economy in the country.

On the other hand, Bank Negara is not provided with the authority to provide banking license in Malaysia. However, In Bangladesh, Bangladesh Bank has the full authority to provide license and monitor the banking activities of other banks. Besides, if a bank wants to change their branch location, it will have to seek for permission from Bangladesh Bank. Besides, from a recent incident, operational difference between these two banks can be understood. Devaluation of Malaysian Ringgit shows that Bank Negara was unable to develop a strong economy, where because of Bangladesh Bank; Bangladesh has reduced its poverty levels to a great extent. In order to compare Bangladesh Bank with other central banks in developing countries, another comparison is provided below with Reserve Bank of India.

In other countries where economic growth is higher than in Bangladesh, central bank almost plays the similar role as Bangladesh Bank. When compared with the central bank of India which is Reserve Bank of India (RBI), it can be seen both RBI and BB are doing similar jobs. RBI in India entirely controls the credit crating by the help of commercial banks. In order to do that, RBI is using both of their quantitative and qualitative methods. By controlling the credit, RBI accomplishes the following things,

  • Maintains the required level of circulation of money in the economy
  • Monitors the stability in the price level prevailing in the economy
  • Maintains the effects of trade cycles
  • Maintains the fluctuations in the international exchange rate
  • Channelizes credit to the productive sectors of the economy

Reserve bank of India has motivated development of main banking and non-banking institutions to provide to the credit demands of miscellaneous sectors of the financial system (Christensen & Krogstrup, 2015). On the other hand, just like Bangladesh Bank, RBI has provided unique concentration for the recognition demands of agriculture and allied activities. RBI has successfully rendered service in this area by increasing the flow of credit to this sector. In the case of stipulation of industrial finance, Reserve Bank of India has been instrumental in setting u special financial institutions such as ICICI Ltd. IDBI, SIDBI and EXIM Bank for enough and appropriate accessibility of credit to small, medium and large industries.  On the other hand, the central bank of India which is RBI also collects process and circulates statistical data of number of topics. This helps policy makers and researches of India.

RBI also gathers and publishes data on several sectors of the Indian economy that includes RBI weekly reports RBI annual reports just like Bangladesh Bank. It is already mentioned that Bangladesh Bank is trying to reach to the people who are living in rural areas. The same operation is done by the Reserve Bank of India. RBI is continuously promoting banking habits in the country (Ennis & Weinberg, 2016). RBI also performs a number of supervisory functions. The management of the bank has the power to standardize and oversee the complete banking and financial system. Some of its primary decision-making functions are conceding license to banks, controlling NBFIs and bank inception.

Reserve Bank of India provides license to banks for carrying its business. License is also provided for opening conservatory counters, new branches and to close down existing branches. Bangladesh Bank does have the same authority in Bangladesh as it has the power to make sure soundness of the banking system of Bangladesh. Without obtaining license of permission from Bangladesh, no bank can commence banking business in the country. Even without the permission of Bangladesh Bank, no bank can shift their branch from one place to another. The Non-Bank Financial institutions are not predisposed by the working of a monitory policy.

However, Reserve Bank of India has the authority to issue directions to the NBFIs regularly related to their performance. Again, Bangladesh Bank does not have this authority. However, it is also true that Reserve Bank of India has some major issues while operating in India (Rahman et al., 2013). The lack of well-established and well-integrated money market in India is affecting the operations of the bank. On the other hand, instability can be seen in the internal and external value of rupee. Besides, RBI is yet not declared as a Completely Autonomous Institution.

Conclusion

In the end, it can be concluded that being a central bank of Bangladesh, Bangladesh Bank is performing its operations brilliantly. The primary vision of Bangladesh Bank is to manage the financial and credit system of Bangladesh with view to develop domestic financial value. It is also responsible to maintain a spirited peripheral per value of Bangladesh’s currency towards nurturing growth and expansion of country’s prolific resources in the best national interest. While reducing poverty levels in Bangladesh, the bank not only targeted to reduce inflation rate, but also understood the importance of agriculture industry in the country. The stock of capital and the rate of capital accretion fix on whether at a given point f time a country will grow or not.

The major economic factors that help economic development are capital configuration, profitable remaining of agriculture, foreign trade situations, interest rate policy, liability management, creating and expanding financial institutions, adjustment between demand and supply money, as well as interest rate policy. Besides, it has also taken several initiatives to promote banking habits in the rural sectors of the country. As the bank is operating in a country that is still developing, its tasks are much more complicated and sensitive. From its performance it can be said that it has done a great job as it could reduce the inflation rate in the country. It is the operations of Bangladesh Bank that has helped the country to become economically stable. Bangladesh Bank has also promoting and maintaining a high level of production, employment and real income of Bangladesh which will foster growth and establishment of the country’s productive resources for national interests.

At the right time, Bangladesh Bank made right decisions and joined its hands with other central banks of some developed countries. However, it is also true that the road in the future is not going to be easy. Ringgit devaluation is going to affect the economy of Asia. It will reduce the cost of printing currency notes from foreign countries. Therefore, it will be something to watch how Bangladesh Bank is going to react in this scenario to minimize the effects of Ringgit devaluation on Bangladesh. Bangladesh Bank is playing a major role in accomplishing economic growth of Bangladesh through several measures discussed above. Bangladesh Bank is promoting economic growth of the country with stability and helping to attain complete employment of resources. It is helping the country to overcome balance of payment disequilibrium and to stabilize exchange rates.

On the other hand, Bangladesh Bank is also improving its operations related to infrastructural development as it is very important for fiscal progress. Bangladesh Bank is following a cautiously accommodative monetary policy to sustain a powerful public, especially private sector credit demand. The Bangladesh Bank is operating in several areas; however, the major functional areas of this bank are formulation and implementation of monetary and credit policies.

Bangladesh Bank has shown great activism while performing its developmental role with monetary and credit policy stance supporting attainment of the government’s inclusive growth and poverty reduction goals based on national aspirations and global visions such as UN MDGs.On the other hand, it is also responsible for regulation and supervision of banks and non-bank financial institutions, promoting and establishing domestic financial markets. However, for Bangladesh Bank it will be quite a tough task to manage inflation rate in Bangladesh in the future. The issue related to terrorism is delivering several challenges to the country. On the other hand, it is also expected that devaluation of Ringgit will also affect the economy of Asian countries, including Bangladesh.

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