Festive boon for the economy

WITH Eid-ul-Fitr around the corner, retailers are rushing to meet the huge demand for apparels by opening new stores and keeping shops open for longer. Pre-Eid shopping is seen as one of the biggest revenue generating periods for our economy. This is when local retail outlets are buoyed both by the seasonal demand and the substantial inflow of remittance sent by Bangladeshi people living abroad for the purpose of Eid shopping. For this reason, it is a halcyon time for our economy as the exchange of money from buyers to sellers creates a favourable multiplier effect. At the same time, the flow of remittance has increased the supply of dollars in the economy, making the local taka stronger.

Crucial to this uplifting of the economy is the recent political calm and stability inside the country. Many traders believe that a calm political atmosphere is fundamental to the boost in shopping by the locals. We hope that this calm political atmosphere prevails well beyond Eid-ul-Fitr so that we are able to build on the uplift provided by Eid sales. The boom in shopping not only leads to increased sales but also demands in other sectors of the economy as well, such as the banking and advertising sectors as buyers and sellers interact vigorously during this time-frame. It is thus a responsibility of the government to fully utilize the potential of Eid-ul-Fitr to impact our economy positively.