Business suffers for mob violence
Business and commercial activities in the capital remained almost suspended yesterday due to the ongoing sporadic clashes between police and agitating people.
Business activities at corporate hub Motijheel, and wholesale supply markets at Babubazar, Moulvibazar, Chawkbazar and at other parts of the old town were badly affected due to mob violence.
Major shopping complexes at Dhanmondi, New Market, Elephant Road and Mouchak remained closed due to the citywide clashes.
The city wore a hartal-like look as most of the roadside shops at Gulistan, Nababpur Road, Tantibazar, Lalbagh and other parts of the old town kept their shutters closed.
Very poor transactions at all private and government commercial banks were witnessed when rumour-struck general public were seen on the city roads rushing to safety.
A high official of a leading private bank said very few monetary transactions, withdrawals or deposits, took place at most branches of his bank.
Business leaders anticipated that the interrupted goods transport network caused by unrest and violence might trigger a further rise in prices of essentials across the country.
"Countrywide production in small and medium industries will be disrupted as the major raw materials and capital machinery supplying hub -- the old town -- remained closed for the last two days," said Hossain Khaled, president of Dhaka Chamber of Commerce and Industry (DCCI).
The business community has already lost confidence in the present government due to its countrywide demolition, anti-hoarding drives and other measures that are hurting the economy, he said.
The present crisis will deepen and prices will skyrocket as the government's initiatives squeezed the normal supply and import of essentials as well as hampered local production, resulting in a supply-demand gap, he observed.
Mir Nasir Hossain, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), now on a trip to Kula Lumpur, told The Daily Star over telephone that the government needs to restore confidence of the businesspeople to bring normalcy in the economy.
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Anwarul Alam Parvez, said the crisis is yet to affect production at garment factories.
He, however, feared that if this situation continues, it would seriously hamper the overall production and export of RMG products during peak export season.
Comments