A Study on Major Macroeconomic Aggregates of Bangladesh of the period Q4 2010 Q4 2011

A Study on Bangladesh Economy Q4 2010 Q4 2011

Prepared For Dr. Zayed Bakht (Course Teacher)

Prepared By Md. Raiyan Hossain ID: 083-571-060

North South University Dhaka, Bangladesh. April 15, 2011

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Acknowledgement

First of all we would like to thank the Almighty for giving us the strength, and the aptitude to complete this report within due time. We are deeply indebted to our course teacher, Dr. Zayed Bakht for assigning us such an interesting topic. We also express the depth of my appreciation to our honorable course teacher for his suggestion and guidelines, which helped us in completing this report.

Executive Summary Inflation, unemployment, export and import are the major factor of macro economics. Losing the purchasing power and increasing the cost of production indicates the high rate of inflation. Unemployment occurs when people are without jobs and they have actively looked for work within the past four weeks. The trend of the growth of the real GDP is called Growth Trend. Economic growth is primarily driven by improvements in productivity. However, inflation & growth rate have both positive & negative relationship depending on situation. Moreover, inflation and unemployment have a negative relationship. If we analyze the economical condition of our country it is clear that inflation is higher in recent years comparing with past decade. Growth trend is upward till the inflation rate is 7 percent. After that the trend gets downward. At the same time unemployment rate is inverse all the time with inflation rate maintaining contractionary & expansionary policy. Inflation fluctuates all the time because of the fluctuation of the money supply. But in recent years, we came to know that international affairs are influencing to increase the inflation rate. Consistent budget deficit and exchange rate deteriorate the economic growth which directly relates with unemployment & inflation. Export Volume of All Items Including Goods and Services (Percent Change) for Bangladesh in year 2010 is 13.112. This makes Bangladesh No. 47 in world rankings according to Export Volume of All Items Including Goods and Services (Percent Change) in year 2010. The world's average Export Volume of All Items Including Goods and Services (Percent Change) value is 7.69 %; Bangladesh is 5.42 more than the average.In the previous year, 2009, Export Volume of All Items Including Goods and Services (Percent Change) for Bangladesh was 9.42 % Export Volume of All Items Including Goods and Services (Percent Change) for Bangladesh in 2010 was or will be 39.15% more than it was or will be in 2009.In the following or forecasted year, 2011, Export Volume of All Items Including Goods and Services
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(Percent Change) for Bangladesh was or will be 14.77 %, which is 12.67% more than the 2010 figure. Import Volumes of Goods Only (Percent Change) for Bangladesh in year 2010 is 11.958 % This makes Bangladesh No. 56 in world rankings according to Import Volumes of Goods Only (Percent Change) in year 2010. The world's average Import Volumes of Goods Only (Percent Change) value is 8.25 %; Bangladesh is 3.71 more than the average.

Table of Contents Page 1. Introduction 2. Inflation 1 2

3. Unemployment

4. Causes of Unemployment

5. Export

6. Export receipts by mode of financing 7. Import 11

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8. Import payments by mode of financing

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9. Conclusion

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Bibliography

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Introduction In mainstream economics, the word inflation refers to a general rise in prices measured against a standard level of purchasing power. Inflation in urban areas rose even faster than the national average, hitting 12.29 percent in September on a 14.67 percent surge in food prices and 9 percent advance in non-food prices.Inflation in rural areas hit 11.85 percent, with a 13.35 percent rise in food prices and a 8.69 percent rise in non-food prices.
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Food prices have rocketed in recent months. Unemployment is one of the most serious problems in Bangladesh and its increasing at rapid pace. The unemployment rate is defined as the level of unemployment divided by the labour force. The employment rate is defined as the number of people currently employed divided by the adult population (or by the population of working age). In these statistics, self-employed people are counted as employed. Export Volumes of Goods Only (Percent Change) for Bangladesh in year 2010 is 12.23 %. This makes Bangladesh No. 66 in world rankings according to Export Volumes of Goods Only (Percent Change) in year 2010. Import Volumes of Goods Only (Percent Change) for Bangladesh in year 2010 is 11.958 % This makes Bangladesh No. 56 in world rankings according to Import Volumes of Goods Only (Percent Change) in year 2010.

Inflation In mainstream economics, the word inflation refers to a general rise in prices measured against a standard level of purchasing power. Previously the term was used to refer to an increase in the money supply, which is now referred to as expansionary monetary policy or monetary inflation. Inflation is measured by comparing two sets of goods at two points in time, and computing the increase in cost not reflected by an increase in quality. There are, therefore, many measures of inflation depending on the specific circumstances.

The inflationary situation in Bangladesh is on the rising trend, especially since August 2009, primarily owing to the soaring increase in food prices. The food price hike has accelerated the general inflation rate in the country. If the food price level rises at an existing rate of 1.31 percent per month and if adequate anti inflationary measures are not taken, the overall general
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inflation might touch a double digit figure. The current rate of rise in inflationary pressure suggests that the rate of general inflation might reach to 10.71 percent by the end of this fiscal year and the food inflation may reach to 12.84 percent in June 2011. Should there be a double digit inflation, this would pose a severe threat to the macro-economic stability in the country. Bangladesh has already experienced a double-digit food inflation rate on point-to-point basis since July 2007. The soaring prices of essential commodities, especially, food prices could hurt the poor and worsen equity. Persistent high inflation may unleash forces that jeopardize macroeconomic stability and economic growth. Last year, the International Monetary Fund (IMF) also warned Bangladesh that excess liquidity and resurgent international commodity and food prices might push inflation to double-digit levels by year-end (The Daily Star, 30 October 2009).

Food inflation leaves a harmful impact on the purchasing power when the per capita GDP does not correspond with inflation. From August 2009 to June 2010, the food inflation has risen by 5.7 percent whereas GDP growth rate has fallen by 0.1 percent, indicating that the purchasing power of the people shrunk drastically. The point to point variation in the national inflation rate during the last one year varied between 4.6 percent and 9.1 percent. It came down from 8.7 percent in June 2010 to 7.26 percent in July and went up to 7.61 percent in September 2010. The dominance of food inflation is still substantial in the overall inflation, with 10.8 percent in January 2011, making overall inflation in that month at 8.99 percent. This is mainly due to the high price of rice in the domestic market. The overall food price situation in the country has raised serious concerns. Prices of essential food commodities particularly, rice has shot up even after good harvest of Boro crop. The retail prices of food grain in the local market
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have increased significantly in the recent months and likely to increase further until the next harvest. Prices of other essential food commodities like wheat flour and rice have also gone up. The wholesale prices of both wheat and rice rise at a higher rate than those of the retail prices of both the commodities during the year 2010. During January to December 2010, the wholesale average price of rice increased by 25 percent while the wheat price has risen up by 16.67 percent. At the same time the retail prices of rice have gone up by 20 percent while the wheat prices have increased by 13.04 percent. The gap between wholesale and retail price of rice is 5 percent while for wheat it is 3.63 percent. The main reason of enormous gap between the wholesale prices and retail prices is liable to the hoarding of food grains by the wholesalers. This provides room for the wholesalers to maneuver the prices in favor of them. This maneuverability allows them to dictate retail price at the cost of the consumers. Rice and wheat are the staple food of Bangladesh. Change in prices of these food stuff affects the people most adversely than changes in prices of any other commodities. In Bangladesh, prices for rice and wheat have risen quite abruptly in the first quarter of the current budgetary cycle. The price surge in the international market is due to shortage of supply, especially for export ban imposed by many countries (e.g. Russia, Ukraine) and natural disaster occurred in some of the major food exporting countries. Between September 2009 and September 2010, the nominal rice and wheat prices increased by 63 percent and 33 percent respectively. The corresponding real prices also have risen by 53 percent and 24 percent, with a substantial rate of increase in rice prices. During the last quarter of the year 2010, the average global food price index increased by 2.93 percent whereas the average local food price increased by 0.70 percent and the general inflation rate of Bangladesh in the last quarter increased by 0.53 percent. From the above calculation of the period of October December 2010, it is found that if the world food price increases by
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1 percent, the food price in Bangladesh increases by 0.23 percent and the general inflation by 0.18 percent. A dramatic increase in the world food price is observed in the recently published FAO food price index. The continued increase in food prices has led many a commentators to suggest of a global crisis and increasing political and economical instability, particularly in the under developed and developing countries. The price that drastically increased in 2007 had faced a downward trend after June 2008. But from 2009 the price has started to rise again and has continued till then. The FAO Food Price Index (FFPI) has risen for the seventh consecutive month, averaging 231 points in January 2011, up by 3.4 percent from December 2010.The FAO Cereal Price Index has averaged 245 points in January, up 3 percent from December which was the highest since July 2008, but it is 11percent less than April 2008 price index. The increase in January mostly reflected continued increases in international prices of wheat and maize, amid tightening supplies, while rice prices fell slightly, as the timing coincides with the harvesting of main crops in major exporting countries. Time Period (2010) January-March April-June July-September OctoberDecember
Table1: World food price index, Bangladesh food price index and Bangladesh General Inflation in the year 2010

World Food Price Index -7% -1.2% 12.79% 8.78%

Bangladesh Food Price Index 0.2% 0.4% -1.1% 2.11%

Bangladesh General Inflation 0.1% 0.3% -1.2% 1.6%

During the period of October to December 2010, the world food price index has risen by 8.78 percent that generated a steady increase in Bangladesh food price by 2.11 percent as well as the general inflation rate by 1.6 percent during the same period.

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Food inflation jumped to 13.75 percent in September from 12.70 percent in August, while non-food inflation edged up to 8.77 percent from 8.76 percent, the official at the Bangladesh Bureau of Statistics said. Price pressures are a major concern for the government as more than a third of the country's 160 million people live on less than $1.25 a day. Inflation in urban areas rose even faster than the national average, hitting 12.29 percent in September on a 14.67 percent surge in food prices and 9 percent advance in non-food prices. Inflation in rural areas hit 11.85 percent, with a 13.35 percent rise in food prices and a 8.69 percent rise in non-food prices. Food prices have rocketed in recent months -- despite plentiful stocks at government inventories and record crops -- with analysts blaming inefficient markets and hoarding. The government raised oil and gas prices in September for the second time since May to help to relieve state firms' hefty subsidy burden, a move that added more impetus to already high inflation. (Reporting by Ruma Paul; Editing by Sophie Walker)

Unemployment Unemployment is one of the most serious problems in Bangladesh and its increasing at rapid pace. The unemployment rate is defined as the level of unemployment divided by the labour force. The employment rate is defined as the number of people currently employed divided by the adult population (or by the population of working age). In these statistics, self-employed people are counted as employed. Variables like employment level, unemployment level, labour force, and unfilled vacancies are called stock variables because they measure a quantity at a point in time. They can be contrasted with flow variables which
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measure a quantity over a duration of time. Changes in the labour force are due to flow variables such as natural population growth, net immigration, new entrants, and retirements from the labour force. Changes in unemployment depend on: inflows made up of non-employed people starting to look for jobs and of employed people who lose their jobs and look for new ones; and outflows of people who find new employment and of people who stop looking for employment. When looking at the overall macroeconomy, several types of unemployment have been identified, including: 1.Frictional unemployment 2. Structural unemployment 3. Natural rate of unemployment 4. Demand deficient unemployment

Cause of unemployment: Bangladesh, suffers from large-scale underemployment; especially in agriculture, a large part of the population could be removed without reducing agricultural output. Beyond agriculture, disguised unemployment also exists in industries, offices and organizations, particularly in the public sector. Unemployment among the educated youths is rather high in Bangladesh. The unemployment rate for the population having secondary education and above is significantly higher than those with a lower level of education. The unemployment rate for educated women is higher compared to the male population. In Bangladesh salaried employment in the formal sectors is not big enough to take care of the huge number of unemployed. Employment promotion, especially, creation of self-employment opportunities, continues to be the most important function of the Bureau of Manpower Employment and Training. The Fifth Five-Year Plan (1997-2002)
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had set a target of creating additional employment of 6.35 million persons. Of this, 1,60,000 persons are expected to be engaged in self-employment. Emphasis had been given on training and credit support to women entrepreneurs in micro cottage industries and other traditional and nontraditional sectors including skill development for service industries and other non-farm activities. Bangladesh has a rather high rate of Inflation rate 10.2% also provides a vital role in Unemployment. Minimum wage law & Labour unions working for efficiency wages also a reason for unemployment as well-paid employees rarely leaves their job to create chance for the new workers. According to a study of the International Labour Organization (ILO),the rate of growth of unemployment in Bangladesh was 1.9 per cent in the nineties. But the growth in unemployment currently is 3.7 per cent. Inflation and Unemployment are the two closely watched indicators for evaluating the macroeconomic performance of a country. There exists a negative association between the inflation rate and the unemployment rate according to the articulation of A.W. Philips. It shows that if inflation is low, unemployment rate is high and if inflation is high, unemployment rate should be low. This relationship is known as The Philips Curve. Later Samuelson and Solow also supported that, the policymakers face a trade-off between inflation and unemployment and the Philips curve illustrates that trade-off. But the data of Bangladesh in recent years depict a different picture than the findings of Philips.
Surveys Inflation in corresponding years (%) LFS,1990-91 LFS,1995-96 LFS,19992000 LFS,2002-03 LFS,2005-06 MES,2009 LFS, 2010 LFS, 2011 8.3 6.7 2.79 4.38 7.71 7.31 8.1 10.7
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Unemployment Rate (%) 1.9 2.57 4.3 4.3 4.3 5.1 5.1 5

Average Inflation (5 Years) 8.3 5.24 5.62 3.04 6.49 7.94 6.34 6.40

Table 2: Inflation Rate and Corresponding Unemployment Rate in different years. Source: Bangladesh Economic Review, 2010, Bangladesh Bureau of Statistics and authors calculation of average inflation based on the data.

The Labour Force Survey (LFS) conducted by Bangladesh Bureau of Statistics (BBS) after every five years presents the unemployment situation of the country. In LFS 1990-91 unemployment rate was 1.9 percent and inflation in that year was 8.3 percent and after that in LFS 1995-96 unemployment increased to 2.57 percent but inflation in that year was lower than before with 6.7 percent rate and the average inflation of these five years also was low. Therefore, it supported the findings of the Philips curve. However, according to the Monitoring of Employment Survey -2009 (MES), the unemployment rate reached to 5.1 percent, the highest in the last twenty years and average five-year inflation rate was also highest in the last twenty years with a rate of 7.31 percent. Thus, in Bangladesh rate of unemployment is increasing along with increasing rate of inflation from FY 2005-06 and thus the relationship between inflation and unemployment has become positive. Thus, the economy of Bangladesh is heading towards a two-way trap; as high inflation is creating income erosion and increasing unemployment rate is preventing access of general people into income source. On an average, workers are losing Tk. 384.04 per month of their nominal earnings due to the effects of inflation in 2009 (till June) [Bangladesh Economic Update September, 2010, Unnayan Onneshan]. Simultaneously, decreasing scope of employment is triggering the poverty situation and creating inequality. Therefore, poor people are faced with a twin pressure of loss of income and scope of getting employed. Export Export Volumes of Goods Only (Percent Change) for Bangladesh in year 2010 is 12.23 %

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This makes Bangladesh No. 66 in world rankings according to Export Volumes of Goods Only (Percent Change) in year 2010. The world's average Export Volumes of Goods Only (Percent Change) value is 9.04 %; Bangladesh is 3.19 more than the average. In the previous year, 2009, Export Volumes of Goods Only (Percent Change) for Bangladesh was 8.46 % Export Volumes of Goods Only (Percent Change) for Bangladesh in 2010 was or will be 44.63% more than it was or will be in 2009. In the following or forecasted year, 2011, Export Volumes of Goods Only (Percent Change) for Bangladesh was or will be 16.24 %, which is 32.82% more than the 2010 figure. Import value has always been larger than exports for Bangladesh (Figure 8), keeping the trade balance in negative territory. Exports experienced a robust growth of 41% in the last six months of 2010 compared to the same period of 2009. Much of this export growth has been supported by readymade garments (RMG) with significant contributions from jute and jute goods, frozen foods, shrimp, and leather goods. The growth in garments export can be tracked to a change in the generalized system of preference rule to EU zone. On the other hand, imports also recorded a large increase of 37% over the same time horizon. Exports increased 39.9% to $12.18 billion in the July 2010 to January 2011 period compared with the same months a year earlier. That marks a sharp recovery from the 4.7% year-on-year decline during the first seven months of the 2009-1010 fiscal year and easily outpaces the nearly 12% increase recorded in July 2008 to May 2009 as the global financial crisis started to take its toll. Export growth was fueled by gains in the staple sectors of knitwear and woven garments, while relatively new industries such as shipbuilding also
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helped to make up for declines elsewhere, including engineering and petrochemicals. Knitwear exports gained 43% to $5.07 billion in the seven months to January and woven garments 39% to $4.39 billion. Home textiles from pillow covers to curtains jumped 87% to $376.8 million while frozen foods including fish, shrimps and other foods surged 52% to $384.3 million. Smaller sectors saw similar growth, as consumers in the European Union, which takes just over half of Bangladesh's exports, and the American region (one third of total exports) increased spending as the global recession eased. Footwear exports gained 50% to $172.6 million, leather 29% to $149 million and leather products 145% to $31.4 million. Cotton and cotton product exports rose 34%, rubber exports doubled and raw jute and jute goods surged 54%. Less impressively, exports in the engineering products sector, which includes iron and steel, bicycles, electronic products and engineering equipment, declined 7.5% to $165 million. Overseas sales of petroleum byproducts dropped 19% to $128.8 million and chemical products 21.4% to $51.9 million.
Export earnings for the 2009-10 fiscal was $16.2 billion against a target of $17.6 billion. That represented a 4 percent increase over the 2008-09 fiscal, even though it fell around 8 percent short of the target, private news agency UNB reported.

Economists say exports, especially the export of knitwear and woven garments could not reach the target in the last fiscal due to the effect of the global economic meltdown, labor unrest in the readymade garment (RMG) sector, and the crippling energy and power crisis. A over 10 percent increase in earnings for the highest export earning RMG sector (combining knitwear and woven garments), which contributed about 77.1 percent of the total export income of Bangladesh in 2009-10 fiscal year,
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has been proposed, even though it could not achieve its target in 2009-10 fiscal, said an EPB high official. Export receipts by mode of Financing (Quarterly data) Export Receipts of Bangladesh (including exports of EPZ) during the quarter October-December, 2011 stood at Tk.424160 million or US$ 5497 million. On the other hand Export Receipts for the quarters July-September, 2011 and October-December, 2010 were Tk.463543 million or US$ 6222 million and Tk.328951 million or US$ 4666 million respectively. Export Receipts for the quarter under review decreased by Tk. 39383 million (or 8.5%) or US$ 725 million (or 11.7%) and increased by Tk.95209 million (or 28.9%) or US$ 831 million (or 17.8%) over the quarters July-September, 2011 and OctoberDecember, 2010 respectively. A comparative position of Export Receipts for the quarters October-December, 2011, July-September, 2011, and OctoberDecember, 2010 is shown below in table - 1 & table - 1(A).
TABLE- I(A) OctoberJulyOctoberDecember, September, December, Change Changes s 2011 2011 2010 (1)-(2) (1)-(3) Amount Amount Amount 1 Cash Exports of EPZ Total (Changes in %) TABLE- I(B) (US dollar in Millions) OctoberJulyOctoberDecember, September, December, Change s 2011 2011 2010 (1)-(2) Amount Amount Amount 1
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Mode of financing

2 397794.0 65749.0 463543.0

3 286923.0 42028.0 328951.0

4 -37729 -1654 -39383 (-8.5)

5 73142 22067 95209 (28.9)

360065.0 64095.0 424160.0

Mode of financing

Changes (1)-(3) 5

Cash Exports of EPZ Total (Changes in %)

4668.0 829.0 5497.0

5339.0 883.0 6222.0

4070.0 596.0 4666.0

-671 -54 -725 (-11.7)

598 233 831 (17.8)

Source : Statistics Department, Bangladesh Bank. Import Import Volumes of Goods Only (Percent Change) for Bangladesh in year 2010 is 11.958 % This makes Bangladesh No. 56 in world rankings according to Import Volumes of Goods Only (Percent Change) in year 2010. The world's average Import Volumes of Goods Only (Percent Change) value is 8.25 %; Bangladesh is 3.71 more than the average. In the previous year, 2009, Import Volumes of Goods Only (Percent Change) for Bangladesh was 7.94 % Import Volumes of Goods Only (Percent Change) for Bangladesh in 2010 was or will be 50.68% more than it was or will be in 2009. In the following or forecasted year, 2011, Import Volumes of Goods Only (Percent Change) for Bangladesh was or will be 9.46 %, which is 20.93% less than the 2010 figure During 2008-2009 fiscal years, the import for food good items has increased from 10.218 percent to 10.875 percent. At the same time the import of capital goods has decreased from 55.619 percent in 2008-09 to 55.380 percent in FY 2009-10. This implies that in the FY 2009-10, the magnitude of import for capital good has decreased in comparison to the import of FY 2008-09 by 0.239 percent. The import share for yarn, textile has decreased in FY 2009-10 compared to FY 2008-09. The decrease in import was 8.756 percent for yarn and 4.854 percent for textile. This reduction also explains negative growth of export in our readymade garment sector. The import of iron and steel has decreased by 2.748 percent in FY 2009-2010 compared to FY 2008-09 which may have a negative effect on the infrastructural development of the country. The volume of import for capital machinery has increased by 12.998 in FY 2009-10 percent from those of FY 2008-09. Import payments by mode of Financing(Quarterly data)
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Total import payments of Bangladesh (including EPZ) during the quarter Oct-December' 2011 stood at To 695898 million (or US$ 9008.3 million) as compared to 654793 million (or US$ 8788.5 million ) for the quarter JulySeptember' 2011.A comparative position of import payments by mode of financing for the quarters October-December' 2011 and July-September' 2011 is given below in TABLE-I.

TABLE- I
(Amount in Millions) October-December, 2011 Import by mode of financing Amount Taka 1 Cash Loans/Grants Short term loans (IDB) Other unclassified imports A. Sub-total B. Imports of EPZ Total Import: (A+B) (cuff) USD 2 July-September, 2011 Changes Amount Percentag Percentag Taka USD e of total Taka USD e of total (1)-(4) (2)-(5) 3 4 5 6 7 8

629185 8150.5 13224 11946 2202 167.7 152.4 28.5

90.4 581791 7808.7 1.9 2186 29.4

88.9 47394 341.8 (+8.1) (+4.4) 0.3 11038 138.3 5.2 -22097 -304.2 0.3 268 2.3

1.7 34043 456.6 0.3 1934 26.2

656557 8499.1 39341 509.2

94.3 619954 8320.9 5.7 34839 467.6 100.0 654793 8788.5

94.7 36603 178.2 5.3 4502 41.6

695898 9008.3

100.0 41105 219.8 (+6.3) (+2.5)

Note: Figures in parentheses indicate percentage of change.

Import Payments, Import LC Settlements and Import LCs Opened

Import Payments Year (C&F) 2010-11 33657.5 0 (+41.79
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Import LCs settlement 2010-11 2009-10 31952.18 (+35.60) 23053.10 (+7.50)

Import LCs opened 2010-11 38581.12 (+34.04) 2009-10 28783.40 (+32.02)

2009-10 23738.40 (+5.47)

Month October November December

) 201011 2532.30 2699.60 2984.50

2009-10 2032.00 1820.50 2180.50

2010-11 2636.66 2601.89 2849.55

2009-10 2010.92 1717.80 2141.41

2010-11 3531.02 3520.88 3311.21

2009-10 2367.10 2355.51 2033.85

Source: Statistics Department, Bangladesh Bank.

Conclusion At the halfway mark of FY201011, there are several indications that the economy has gained some momentum, particularly due to the pick in external demand. Enhanced export receipts during the early months of FY201011 also speak about the upbeat manufacturing growth. Greater investment demand is reflected in strong industrial credit flow leading to growing imports demand for capital machinery and other production inputs. However there are a couple of disquieting factors which may subdue the GDP growth figure for the current fiscal year. The dismal performance of small manufacturing industries could inhibit the potential expansion of monetary output. The review of key economic variables suggests that macroeconomic stability in FY201011 is coming under some strains on a number of fronts. These emerging strains may have implications for attaining the GDP growth objective. In order to address the issue of rising commodity prices (including fuel and food), volatile capital market, slow recovery of investment demand and the pressure on balance of payment, appropriate fiscal and monetary policy support for facilitating the growth process will be required.

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Bibliography
1. http://www.bangladeshembassy.com.cn/em/bbs/bbs.asp 2. http://www.bids.org.bd/bds/34-2/khuda.pdf 3. http://www.bdresearch.org.bd/home/attachments/article/122/meu_Oct_201 0. 4. http://www.mof.gov.bd/en/index.php? option=com_content&view=article&id=191&Itemid=1&phpMyAdmin=GqNi sTr562C5oxdV %2CEruqlWwoM5&phpMyAdmin=XRGktGpDJ7v31TJLuZ5xtAQmRx9 5. http://www.atimes.com/atimes/South_Asia/MB23Df03.html 6. http://www.bangladesh-bank.org

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