Unrest is impacting economic stability of Bangladesh

The recent regime change in Bangladesh, with erstwhile Prime Minister Sheikh Hasina resigning amidst widespread protests, has significant financial implications.

The violence and looting in Bangladesh have led to significant financial losses. The unrest, which includes widespread protests, vandalism, and looting, has disrupted businesses and daily life. The destruction of property and looting of state resources have been particularly damaging. The overall economic impact of the protests and violence is substantial, affecting various sectors and leading to a broader economic slowdown. These events highlight the severe economic consequences of political instability and social unrest. Bangladesh is currently going through a dangerous phase of chaos and vacuum in the wake of Hasina’s ouster. Vital institutions, including the central bank, the secretariat, and the National Board of Revenue (NBR) —key regulatory authorities for the business and financial sectors — have remained very under-functional for the past few days. The Bangladeshi Taka has seen increased volatility against major currencies, reflecting market uncertainty.

Banks are struggling to refill cash at ATMs and branches, as private cash carrier agencies like G4S and Elite are unwilling to operate under such insecure conditions. Business leaders have voiced their grave concerns about the ongoing destructive activities targeting industrial and commercial establishments at a program organised by ICC Bangladesh.

(The Singapore Post)

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