118-605: Bangladesh Bank ( Bengali : বাংলাদেশ ব্যাংক ) is the central bank of Bangladesh and is a member of the Asian Clearing Union . It is fully owned by the Government of Bangladesh . The bank is active in developing green banking . and financial inclusion policy and is an important member of the Alliance for Financial Inclusion. Bangladesh Financial Intelligence Unit (BFIU), a department of Bangladesh Bank,
236-449: A market trend indicator. The mere expectation or rumor of a central bank foreign exchange intervention might be enough to stabilize the currency. However, aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in
354-601: A Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade,
472-500: A bid to lessen this burden on young learners, efforts have been made by educational institutions in the two main Bengali-speaking regions (West Bengal and Bangladesh) to address the opaque nature of many consonant clusters, and as a result, modern Bengali textbooks are beginning to contain more and more "transparent" graphical forms of consonant clusters, in which the constituent consonants of a cluster are readily apparent from
590-483: A business in the United States to import goods from European Union member states, especially Eurozone members, and pay Euros , even though its income is in United States dollars . It also supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. In a typical foreign exchange transaction,
708-520: A currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: 1 USD is worth X CAD, or CHF, or JPY, etc. The foreign exchange market works through financial institutions and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market
826-596: A different word from a speaker of Standard Bengali in Bangladesh, even though both words are of native Bengali descent. For example, the word salt is লবণ lôbôṇ in the east which corresponds to নুন nun in the west. Bengali exhibits diglossia , though some scholars have proposed triglossia or even n-glossia or heteroglossia between the written and spoken forms of the language. Two styles of writing have emerged, involving somewhat different vocabularies and syntax : Linguist Prabhat Ranjan Sarkar categorises
944-480: A diphthong. The total number of diphthongs is not established, with bounds at 17 and 31. An incomplete chart is given by Sarkar (1985) of the following: In standard Bengali, stress is predominantly initial. Bengali words are virtually all trochaic ; the primary stress falls on the initial syllable of the word, while secondary stress often falls on all odd-numbered syllables thereafter, giving strings such as in সহযোগিতা shô -hô- jo -gi- ta "cooperation", where
1062-692: A large scale and were communally limited. Owing to Bengal's geographic location, Bengali areas bordering non-Bengali regions have been influenced by each other. Small numbers of people in Midnapore , which borders Odisha , have used the Odia script to write in Bengali. In the border areas between West Bengal and Bihar , some Bengali communities historically wrote Bengali in Devanagari , Kaithi and Tirhuta . In Sylhet and Bankura , modified versions of
1180-437: A little short-term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational corporations (MNCs) can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants. National central banks play an important role in the foreign exchange markets. They try to control
1298-682: A majority in Bangladesh speaks dialects notably different from SCB. Some dialects, particularly those of the Chittagong region, bear only a superficial resemblance to SCB. The dialect in the Chittagong region is least widely understood by the general body of Bengalis. The majority of Bengalis are able to communicate in more than one variety – often, speakers are fluent in Cholitobhasha (SCB) and one or more regional dialects. Even in SCB,
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#17327732240361416-570: A monopoly over the issue of currency and banknotes (except for the one, two and five taka notes and coins, which are the responsibility of the Ministry of Finance of the Government of Bangladesh). The major functional areas include: The bank's highest official is the governor. His seat is in Motijheel , Dhaka. The governor chairs the board of directors. The executive staff, also headed by
1534-692: A part in the adoption of the English alphabet to write Bengali, with certain social media influencers publishing entire novels in Roman Bengali. Foreign exchange market The foreign exchange market ( forex , FX (pronounced "fix"), or currency market ) is a global decentralized or over-the-counter (OTC) market for the trading of currencies . This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume , it
1652-563: A party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II . Countries gradually switched to floating exchange rates from
1770-576: A rounded total of 280 million) worldwide. The Bengali language is native to the region of Bengal , which comprises the present-day nation of Bangladesh and the Indian state of West Bengal . Besides the native region it is also spoken by the Bengalis living in Tripura , southern Assam and the Bengali population in the Indian union territory of Andaman and Nicobar Islands . Bengali is also spoken in
1888-408: A special diacritic, called the hôsôntô (্) , may be added below the basic consonant grapheme (as in ম্ [m] ). This diacritic, however, is not common and is chiefly employed as a guide to pronunciation. The abugida nature of Bengali consonant graphemes is not consistent, however. Often, syllable-final consonant graphemes, though not marked by a hôsôntô , may carry no inherent vowel sound (as in
2006-581: A state language of the then Dominion of Pakistan . On 21 February 1952, five students and political activists were killed during protests near the campus of the University of Dhaka ; they were the first ever martyrs to die for their right to speak their mother tongue. In 1956, Bengali was made a state language of Pakistan. 21 February has since been observed as Language Movement Day in Bangladesh and has also been commemorated as International Mother Language Day by UNESCO every year since 2000. In 2010,
2124-463: A vowel in isolation from any preceding or following consonant, the independent form of the vowel is used. For example, in মই [moj] "ladder" and in ইলিশ [iliʃ] "Hilsa fish", the independent form of the vowel ই is used (cf. the dependent form ি) . A vowel at the beginning of a word is always realised using its independent form. In addition to the inherent-vowel-suppressing hôsôntô , three more diacritics are commonly used in Bengali. These are
2242-500: Is Bangladesh's national march, written by The National Poet Kazi Nazrul Islam in Bengali in 1928. It was adopted as the national marching song by the Bangladeshi government in 1972. Additionally, the first two verses of Vande Mataram , a patriotic song written in Bengali by Bankim Chandra Chatterjee , was adopted as the "national song" of India in both the colonial period and later in 1950 in independent India. Furthermore, it
2360-468: Is a cursive script with eleven graphemes or signs denoting nine vowels and two diphthongs , and thirty-nine graphemes representing consonants and other modifiers. There are no distinct upper and lower case letter forms. The letters run from left to right and spaces are used to separate orthographic words . Bengali script has a distinctive horizontal line running along the tops of the graphemes that links them together called মাত্রা matra . Since
2478-459: Is a large purchase occurred after the close). In developed nations, state control of foreign exchange trading ended in 1973 when complete floating and relatively free market conditions of modern times began. Other sources claim that the first time a currency pair was traded by U.S. retail customers was during 1982, with additional currency pairs becoming available by the next year. On 1 January 1981, as part of changes beginning during 1978,
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#17327732240362596-462: Is a member FIU of the Egmont Group of Financial Intelligence Units . Bangladesh Bank is the first central bank in the world to introduce a dedicated hotline (16236) for people to complain about any banking-related problem. Moreover, the organization is the first central bank in the world to issue a "Green Banking Policy". To acknowledge this contribution, then-governor Dr. Atiur Rahman was given
2714-421: Is also no convincing evidence that they actually make a profit from trading. Foreign exchange fixing is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate the behavior of their currency. Fixing exchange rates reflect the real value of equilibrium in the market. Banks, dealers, and traders use fixing rates as
2832-572: Is also spoken by the Bengali diasporas ( Bangladeshi diaspora and Indian Bengalis) across Europe, North America, the Middle East and other regions. Bengali was accorded the status of a classical language by the government of India on 3 October 2024. It is the second most spoken and fourth fastest growing language in India , following Hindi in the first place, Kashmiri in the second place, and Meitei ( Manipuri ), along with Gujarati , in
2950-400: Is an abugida , a script with letters for consonants, with diacritics for vowels, and in which an inherent vowel (অ ô ) is assumed for consonants if no vowel is marked. The Bengali alphabet is used throughout Bangladesh and eastern India (Assam, West Bengal, Tripura). The Bengali alphabet is believed to have evolved from a modified Brahmic script around 1000 CE (or 10th–11th century). It
3068-647: Is as follows: Currency trading and exchange first occurred in ancient times. Money-changers (people helping others to change money and also taking a commission or charging a fee) were living in the Holy Land in the times of the Talmudic writings ( Biblical times ). These people (sometimes called "kollybistẻs") used city stalls, and at feast times the Temple's Court of the Gentiles instead. Money-changers were also
3186-707: Is believed by many that the national anthem of Sri Lanka ( Sri Lanka Matha ) was inspired by a Bengali poem written by Rabindranath Tagore , while some even believe the anthem was originally written in Bengali and then translated into Sinhala . After the contribution made by the Bangladesh UN Peacekeeping Force in the Sierra Leone Civil War under the United Nations Mission in Sierra Leone ,
3304-420: Is by far the largest market in the world, followed by the credit market . The main participants in this market are the larger international banks . Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set
3422-721: Is considered a separate language, although it shares similarities to Northern Bengali dialects. During the standardisation of Bengali in the 19th century and early 20th century, the cultural centre of Bengal was in Kolkata , a city founded by the British. What is accepted as the standard form today in both West Bengal and Bangladesh is based on the West-Central dialect of Nadia and Kushtia District . There are cases where speakers of Standard Bengali in West Bengal will use
3540-603: Is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually resulting in a free-floating currency system. After the Accord ended in 1971, the Smithsonian Agreement allowed rates to fluctuate by up to ±2%. In 1961–62, the volume of foreign operations by the U.S. Federal Reserve was relatively low. Those responsible for managing exchange rates then found the boundaries of
3658-531: Is due to a number of factors: the growing importance of foreign exchange as an asset class, the increased trading activity of high-frequency traders , and the emergence of retail investors as an important market segment. The growth of electronic execution and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in
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3776-404: Is known as Apabhraṃśa , by the end of the first millennium. The Bengali language evolved as a distinct language over the course of time. Though some archaeologists claim that some 10th-century texts were in Bengali, it is not certain whether they represent a differentiated language or whether they represent a stage when Eastern Indo-Aryan languages were differentiating. The local Apabhraṃśa of
3894-490: Is set out below in the International Phonetic Alphabet (upper grapheme in each box) and romanisation (lower grapheme). Bengali is known for its wide variety of diphthongs , combinations of vowels occurring within the same syllable . Two of these, /oi̯/ and /ou̯/ , are the only ones with representation in script, as ঐ and ঔ respectively. /e̯ i̯ o̯ u̯/ may all form the glide part of
4012-498: Is sometimes called the " interbank market " (although a few insurance companies and other kinds of financial firms are involved). Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits
4130-405: Is the fifth most spoken native language and the seventh most spoken language by the total number of speakers in the world. It is the fifth most spoken Indo-European language . Bengali is the official , national , and most widely spoken language of Bangladesh , with 98% of Bangladeshis using Bengali as their first language. It is the second-most widely spoken language in India . It
4248-686: Is the official language of the Indian states of West Bengal and Tripura and the Barak Valley region of the state of Assam . It is also the second official language of the Indian state of Jharkhand since September 2011. It is the most widely spoken language in the Andaman and Nicobar Islands in the Bay of Bengal , and is spoken by significant populations in other states including Bihar , Arunachal Pradesh , Delhi , Chhattisgarh , Meghalaya , Mizoram , Nagaland , Odisha and Uttarakhand . Bengali
4366-699: Is usually a physical delivery of currency to a bank account). It is estimated that in the UK, 14% of currency transfers/payments are made via Foreign Exchange Companies. These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services. The volume of transactions done through Foreign Exchange Companies in India amounts to about US$ 2 billion per day. This does not compete favorably with any well developed foreign exchange market of international repute, but with
4484-509: The Aesop's Fables in Bengali was printed using Roman letters based on English phonology by the Scottish linguist John Gilchrist . Consecutive attempts to establish a Roman Bengali have continued across every century since these times, and have been supported by the likes of Suniti Kumar Chatterji , Muhammad Qudrat-i-Khuda , and Muhammad Enamul Haq . The Digital Revolution has also played
4602-615: The Arabic , Persian , and Turkic languages . The arrival of merchants and traders from the Middle East and Turkestan into the Buddhist -ruling Pala Empire , from as early as the 7th century, gave birth to Islamic influence in the region. In the 13th century, subsequent Arab Muslim and Turco-Persian expeditions to Bengal heavily influenced the local vernacular by settling among the native population. Bengali absorbed Arabic and Persian influences in its vocabulary and dialect, including
4720-730: The Bangladesh Bank Building in Motijheel, which has two general managers. The executive staff is responsible for daily affairs and includes the governor and four deputy governors. Under the governors, there are executive directors and an economic advisor. The directors of the departments come under the executive directors and are not part of the executive staff. The four deputy governors are: Nurun Nahar, Dr. Md. Habibur Rahman, Md. Zakir Hossain Chowdhury and Dr. Md. Kabir Ahmed . The general supervision and direction of
4838-635: The Bretton Woods Accord was signed, allowing currencies to fluctuate within a range of ±1% from the currency's par exchange rate. In Japan, the Foreign Exchange Bank Law was introduced in 1954. As a result, the Bank of Tokyo became a center of foreign exchange by September 1954. Between 1954 and 1959, Japanese law was changed to allow foreign exchange dealings in many more Western currencies. U.S. President, Richard Nixon
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4956-474: The Constitution of Bangladesh states Bengali to be the sole official language of Bangladesh. The Bengali Language Implementation Act, 1987 , made it mandatory to use Bengali in all records and correspondences, laws, proceedings of court and other legal actions in all courts, government or semi-government offices, and autonomous institutions in Bangladesh. It is also the de facto national language of
5074-579: The Kaithi script had some historical prominence, mainly among Muslim communities. The variant in Sylhet was identical to the Baitali Kaithi script of Hindustani with the exception of Sylhet Nagri possessing matra . Sylhet Nagri was standardised for printing in c. 1869 . Up until the 19th century, numerous variations of the Arabic script had been used across Bengal from Chittagong in
5192-577: The Kingdom of England and the County of Holland . Alex. Brown & Sons traded foreign currencies around 1850 and was a leading currency trader in the USA. In 1880, J.M. do Espírito Santo de Silva ( Banco Espírito Santo ) applied for and was given permission to engage in a foreign exchange trading business. The year 1880 is considered by at least one source to be the beginning of modern foreign exchange:
5310-723: The Middle Indo-Aryan dialects were influential in the first millennium when Bengal was a part of the Greater Magadhan realm. The local varieties had no official status during the Gupta Empire , and with Bengal increasingly becoming a hub of Sanskrit literature for Hindu priests, the vernacular of Bengal gained a lot of influence from Sanskrit. Magadhi Prakrit was also spoken in modern-day Bihar and Assam , and this vernacular eventually evolved into Ardha Magadhi . Ardha Magadhi began to give way to what
5428-524: The Nadia region . Bengali shows a high degree of diglossia , with the literary and standard form differing greatly from the colloquial speech of the regions that identify with the language. Modern Bengali vocabulary is based on words inherited from Magadhi Prakrit and Pali, along with tatsamas and reborrowings from Sanskrit and borrowings from Persian , Arabic , Austroasiatic languages and other languages with which it has historically been in contact. In
5546-620: The People's Bank of China allowed certain domestic "enterprises" to participate in foreign exchange trading. Sometime during 1981, the South Korean government ended Forex controls and allowed free trade to occur for the first time. During 1988, the country's government accepted the IMF quota for international trade. Intervention by European banks (especially the Bundesbank ) influenced
5664-607: The University of Karachi (established by East Pakistani politicians before Independence of Bangladesh ) also offers regular programs of studies at the Bachelors and at the Masters levels for Bengali Literature. The national anthems of both Bangladesh ( Amar Sonar Bangla ) and India ( Jana Gana Mana ) were written in Bengali by the Bengali Nobel laureate Rabindranath Tagore . Notuner Gaan known as " Chol Chol Chol"
5782-499: The boldface represents primary and secondary stress. Native Bengali words do not allow initial consonant clusters ; the maximum syllabic structure is CVC (i.e., one vowel flanked by a consonant on each side). Many speakers of Bengali restrict their phonology to this pattern, even when using Sanskrit or English borrowings, such as গেরাম geram (CV.CVC) for গ্রাম gram (CCVC) "village" or ইস্কুল iskul (VC.CVC) for স্কুল skul (CCVC) "school". The Bengali-Assamese script
5900-475: The gold standard began in that year. Prior to the First World War, there was a much more limited control of international trade . Motivated by the onset of war, countries abandoned the gold standard monetary system. From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of 10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913. At
6018-402: The money supply , inflation , and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses as other traders would. There
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#17327732240366136-557: The phonology of Eastern Bengali is seen through the lack of nasalised vowels and an alveolar articulation of what are categorised as the "cerebral" consonants (as opposed to the postalveolar articulation of western Bengal). Some varieties of Bengali, particularly Sylheti , Chittagonian and Chakma , have contrastive tone ; differences in the pitch of the speaker's voice can distinguish words. Kharia Thar and Mal Paharia are closely related to Western Bengali dialects, but are typically classified as separate languages. Similarly, Hajong
6254-623: The 16th century, Portuguese missionaries began a tradition of using the Roman alphabet to transcribe the Bengali language. Though the Portuguese standard did not receive much growth, a few Roman Bengali works relating to Christianity and Bengali grammar were printed as far as Lisbon in 1743. The Portuguese were followed by the English and French respectively, whose works were mostly related to Bengali grammar and transliteration. The first version of
6372-684: The 1992–93 European Exchange Rate Mechanism collapse, and in more recent times in Asia. Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases. Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with
6490-652: The 19th and 20th centuries, there were two standard forms of written Bengali: In 1948, the government of Pakistan tried to impose Urdu as the sole state language in Pakistan, giving rise to the Bengali language movement . This was a popular ethnolinguistic movement in the former East Bengal (today Bangladesh ), which arose as a result of the strong linguistic consciousness of the Bengalis and their desire to promote and protect spoken and written Bengali's recognition as
6608-505: The 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged US$ 7.5 trillion per day in April 2022. This is up from US$ 6.6 trillion in April 2019. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2022, at US$ 3.8 trillion per day, followed by spot trading at US$ 2.1 trillion . The $ 7.5 trillion break-down
6726-593: The 6th century, which competed with the ancestor of Bengali for some time. The ancestor of Bengali was the language of the Pala Empire and the Sena dynasty . During the medieval period, Middle Bengali was characterised by the elision of the word-final অ ô and the spread of compound verbs, which originated from the Sanskrit Schwa . Slowly, the word-final ô disappeared from many words influenced by
6844-619: The Agreement unrealistic. As a result, it led to its discontinuation in March 1973. Afterwards, none of the major currencies (such as the US dollar, the British pound, the euro, or the Japanese yen) were maintained with a capacity for conversion to gold. Instead, organizations relied on reserves of currency to facilitate international trade and back the value of their own currency. From 1970 to 1973,
6962-661: The Bangladesh Bank has had 13 governors: The Bangladesh Bank Award was introduced in 2000. The winners are: Bengali language Bengali , also known by its endonym Bangla ( বাংলা , Bāṅlā , [ˈbaŋla] ), is a classical Indo-Aryan language from the Indo-European language family native to the Bengal region of South Asia. With over 237 million native speakers and another 41 million as second language speakers as of 2024, Bengali
7080-537: The Bank's affairs and business are entrusted to a Board of Directors. This Board can exercise all powers and perform all acts on behalf of the Bank. Composition of the Board: Bangladesh Bank publishes a range of periodical publications, research papers and reports that contain monetary and banking developments, economic reviews and various other statistical data. These include: Since its conception,
7198-456: The Bengali equivalent of a full stop – have been adopted from Western scripts and their usage is similar. Unlike in Western scripts (Latin, Cyrillic, etc.) where the letter forms stand on an invisible baseline, the Bengali letter-forms instead hang from a visible horizontal left-to-right headstroke called মাত্রা matra . The presence and absence of this matra can be important. For example,
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#17327732240367316-426: The Bengali script is an abugida, its consonant graphemes usually do not represent phonetic segments , but carry an "inherent" vowel and thus are syllabic in nature. The inherent vowel is usually a back vowel , either [ɔ] as in মত [m ɔ t] "opinion" or [o] , as in মন [m o n] "mind", with variants like the more open [ɒ] . To emphatically represent a consonant sound without any inherent vowel attached to it,
7434-524: The Forex market on 27 February 1985. The greatest proportion of all trades worldwide during 1987 were within the United Kingdom (slightly over one quarter). The United States had the second highest involvement in trading. During 1991, Iran changed international agreements with some countries from oil-barter to foreign exchange. The foreign exchange market is the most liquid financial market in
7552-504: The US by the Commodity Futures Trading Commission and National Futures Association , have previously been subjected to periodic foreign exchange fraud . To deal with the issue, in 2010 the NFA required its members that deal in the Forex markets to register as such (i.e., Forex CTA instead of a CTA). Those NFA members that would traditionally be subject to minimum net capital requirements, FCMs and IBs, are subject to greater minimum net capital requirements if they deal in Forex. A number of
7670-427: The aim of generating profits as well as limiting risk. While the number of this type of specialist firms is quite small, many have a large value of assets under management and can, therefore, generate large trades. Individual retail speculative traders constitute a growing segment of this market. Currently, they participate indirectly through brokers or banks. Retail brokers, while largely controlled and regulated in
7788-409: The bank created the nostro (from Italian, this translates to "ours") account book which contained two columned entries showing amounts of foreign and local currencies; information pertaining to the keeping of an account with a foreign bank. During the 17th (or 18th) century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of
7906-536: The basis of modern standard colloquial Bengali. In the dialects prevalent in much of eastern and south-eastern Bangladesh ( Barisal , Chittagong , Dhaka and Sylhet Divisions of Bangladesh), many of the stops and affricates heard in West Bengal and western Bangladesh are pronounced as fricatives . Western alveolo-palatal affricates চ [ tɕɔ ] , ছ [ tɕʰɔ ] , জ [ dʑɔ ] correspond to eastern চ [tsɔ] , ছ [tsʰɔ~sɔ] , জ [dzɔ~zɔ] . The influence of Tibeto-Burman languages on
8024-428: The bid and ask prices widens (for example from 0 to 1 pip to 1–2 pips for currencies such as the EUR) as you go down the levels of access. This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of access that make up the foreign exchange market are determined by
8142-469: The consonant which comes first is put on top of or to the left of the one that immediately follows. In these ligatures, the shapes of the constituent consonant signs are often contracted and sometimes even distorted beyond recognition. In the Bengali writing system, there are nearly 285 such ligatures denoting consonant clusters. Although there exist a few visual formulas to construct some of these ligatures, many of them have to be learned by rote. Recently, in
8260-413: The country's central bank and apex regulatory body for the country's monetary and financial system. The 1972 Mujib government pursued a pro-socialist agenda. In 1972, the government decided to nationalise all banks to channel funds to the public sector and to prioritise credit to those sectors that sought to reconstruct the war-torn country – mainly industry and agriculture. However, government control of
8378-455: The country. In India, Bengali is one of the 23 official languages . It is the official language of the Indian states of West Bengal , Tripura and in Barak Valley of Assam . Bengali has been a second official language of the Indian state of Jharkhand since September 2011. In Pakistan , Bengali is a recognised secondary language in the city of Karachi mainly spoken by stranded Bengalis of Pakistan . The Department of Bengali in
8496-467: The credit market and increases competition. They involved banks providing loans on a commercial basis, enhancing bank efficiency and limiting government control to monetary policy only. The FSRP forced banks to have a minimum capital adequacy, to systematically classify loans and to implement modern computerised systems, including those that handle accounting. It forced the central bank to free up interest rates, revise financial laws and increase supervision in
8614-567: The credit market. The government also developed the capital market, which was also performing poorly. The FSRP became defunct in 1996. Afterwards, the Government of Bangladesh formed a Bank Reform Committee (BRC), whose recommendations were largely unaddressed by the then-government. Currently, it has ten offices located in Motijheel, Sadarghat, Chittagong, Khulna, Bogra, Rajshahi, Sylhet, Barisal, Rangpur and Mymensingh in Bangladesh; total manpower stands at 5807 (officials 3981, subordinate staff 1826) as of 31 March 2015. Bangladesh Bank performs all
8732-696: The customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or "mark-up" in addition to the price obtained in the market. Dealers or market makers , by contrast, typically act as principals in the transaction versus the retail customer, and quote a price they are willing to deal at. Non-bank foreign exchange companies offer currency exchange and international payments to private individuals and companies. These are also known as "foreign exchange brokers" but are distinct in that they do not offer speculative trading but rather currency exchange with payments (i.e., there
8850-604: The development of Dobhashi . Bengali acquired prominence, over Persian, in the court of the Sultans of Bengal with the ascent of Jalaluddin Muhammad Shah . Subsequent Muslim rulers actively promoted the literary development of Bengali, allowing it to become the most spoken vernacular language in the Sultanate. Bengali adopted many words from Arabic and Persian , which was a manifestation of Islamic culture on
8968-537: The early 2000s.” (2004) In addition, he notes, “Hedge funds have grown markedly over the 2001–2004 period in terms of both number and overall size”. Central banks also participate in the foreign exchange market to align currencies to their economic needs. An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have
9086-700: The east to Meherpur in the west. The 14th-century court scholar of Bengal, Nur Qutb Alam , composed Bengali poetry using the Persian alphabet . After the Partition of India in the 20th century, the Pakistani government attempted to institute the Perso-Arabic script as the standard for Bengali in East Pakistan ; this was met with resistance and contributed to the Bengali language movement. In
9204-553: The eastern subcontinent, Purbi Apabhraṃśa or Abahatta (lit. 'meaningless sounds'), eventually evolved into regional dialects, which in turn formed three groups, the Bengali–Assamese languages , the Bihari languages , and the Odia language . The language was not static: different varieties coexisted and authors often wrote in multiple dialects in this period. For example, Ardhamagadhi is believed to have evolved into Abahatta around
9322-632: The efficiency of the banking sector could not be improved. The Financial Sector Adjustment Credit (FSAC) and the Financial Sector Reform Programme (FSRP) were formed in 1990, upon contracts with the World Bank . These programs sought to remove government distortions and lessen the financial repression . Policies made use of the McKinnon-Shaw hypothesis, which stated that removing distortions augments efficiency in
9440-505: The emergence of Bangladesh in 1971. In 1999, UNESCO recognised 21 February as International Mother Language Day in recognition of the language movement. Although Sanskrit has been spoken by Hindu Brahmins in Bengal since the 3rd century BC, the local Buddhist population spoke varieties of the Prakrit . These varieties are generally referred to as "eastern Magadhi Prakrit ", as coined by linguist Suniti Kumar Chatterji , as
9558-514: The end of 1913, nearly half of the world's foreign exchange was conducted using the pound sterling . The number of foreign banks operating within the boundaries of London increased from 3 in 1860, to 71 in 1913. In 1902, there were just two London foreign exchange brokers. At the start of the 20th century, trades in currencies was most active in Paris , New York City and Berlin ; Britain remained largely uninvolved until 1914. Between 1919 and 1922,
9676-741: The entry of online Foreign Exchange Companies the market is steadily growing. Around 25% of currency transfers/payments in India are made via non-bank Foreign Exchange Companies. Most of these companies use the USP of better exchange rates than the banks. They are regulated by FEDAI and any transaction in foreign Exchange is governed by the Foreign Exchange Management Act, 1999 (FEMA). Money transfer companies /remittance companies perform high-volume low-value transfers generally by economic migrants back to their home country. In 2007,
9794-418: The erstwhile judicial system was so expensive that loan recovery was abysmally poor. While the government made a point of intervening everywhere, it did not set up a proper regulatory system to diagnose such problems and correct them. Hence, banking concepts like profitability and liquidity were alien to bank managers, and capital adequacy took a backseat. In 1982, the first reform program was initiated, wherein
9912-466: The final ন in মন [m o n] or the medial ম in গামলা [ɡamla] ). A consonant sound followed by some vowel sound other than the inherent [ɔ] is orthographically realised by using a variety of vowel allographs above, below, before, after, or around the consonant sign, thus forming the ubiquitous consonant-vowel typographic ligatures . These allographs, called কার kar , are diacritical vowel forms and cannot stand on their own. For example,
10030-465: The foreign exchange brokers operate from the UK under Financial Services Authority regulations where foreign exchange trading using margin is part of the wider over-the-counter derivatives trading industry that includes contracts for difference and financial spread betting . There are two main types of retail FX brokers offering the opportunity for speculative currency trading: brokers and dealers or market makers . Brokers serve as an agent of
10148-407: The foreign exchange market. By 2010, retail trading was estimated to account for up to 10% of spot turnover, or $ 150 billion per day (see below: Retail foreign exchange traders ). Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the interbank foreign exchange market , which is made up of the largest commercial banks and securities dealers . Within
10266-466: The functions that a central bank in any country is expected to perform. Such functions include maintaining price stability through economic and monetary policy measures, managing the country's foreign exchange and gold reserve, and regulating the banking sector of the country. Like all other central banks, Bangladesh Bank is both the government's banker and the banker's bank, a "lender of last resort". Bangladesh Bank, like most other central banks, exercises
10384-463: The government denationalised two of the six nationalised commercial banks and permitted private local banks to compete in the banking sector. In 1986, a National Commission on Money, Banking and Credit was appointed to deal with the problems of the banking sector and several steps were taken for the recovery targets of the nationalised commercial banks and development financial institutions (as well as prohibiting defaulters from getting new loans). Still,
10502-726: The government of Ahmad Tejan Kabbah declared Bengali as an honorary official language in December 2002. In 2009, elected representatives in both Bangladesh and West Bengal called for Bengali to be made an official language of the United Nations . Regional varieties in spoken Bengali constitute a dialect continuum . Linguist Suniti Kumar Chatterji grouped the dialects of Bengali language into four large clusters: Rarhi , Vangiya , Kamrupi and Varendri ; but many alternative grouping schemes have also been proposed. The south-western dialects ( Rarhi or Nadia dialect) form
10620-429: The governor, is responsible for the bank's day-to-day affairs. Bangladesh Bank also has a number of departments under it, namely Debt Management, Law, and so on, each headed by one or more general managers. The Bank has 10 physical branches: Mymensingh, Motijheel, Sadarghat , Barisal , Khulna , Sylhet , Bogra , Rajshahi , Rangpur and Chittagong ; each is headed by an executive director. Headquarters are located in
10738-499: The graph মি [mi] represents the consonant [m] followed by the vowel [i] , where [i] is represented as the diacritical allograph ি (called ই-কার i-kar ) and is placed before the default consonant sign. Similarly, the graphs মা [ma] , মী [mi] , মু [mu] , মূ [mu] , মৃ [mri] , মে [me~mɛ] , মৈ [moj] , মো [mo] and মৌ [mow] represent the same consonant ম combined with seven other vowels and two diphthongs. In these consonant-vowel ligatures,
10856-412: The graphical form. However, since this change is not as widespread and is not being followed as uniformly in the rest of the Bengali printed literature, today's Bengali-learning children will possibly have to learn to recognise both the new "transparent" and the old "opaque" forms, which ultimately amounts to an increase in learning burden. Bengali punctuation marks, apart from the downstroke । daṛi –
10974-822: The history of 1976 was when the West German government achieved an almost 3 billion dollar acquisition (a figure is given as 2.75 billion in total by The Statesman: Volume 18 1974). This event indicated the impossibility of balancing of exchange rates by the measures of control used at the time, and the monetary system and the foreign exchange markets in West Germany and other countries within Europe closed for two weeks (during February and, or, March 1973. Giersch, Paqué, & Schmieding state closed after purchase of "7.5 million Dmarks" Brawley states "... Exchange markets had to be closed. When they re-opened ... March 1 " that
11092-472: The interbank market, spreads represent the gap between the bid (the highest price a buyer is willing to pay) and ask (the lowest price a seller is willing to accept) prices in trading. Relationships play a role in a bank's access to interbank market liquidity. Banks with reserve imbalances may prefer to borrow from banks with established relationships and can sometimes secure loans at more favorable interest rates compared to other sources. The difference between
11210-494: The language as: While most writing is in Standard Colloquial Bengali (SCB), spoken dialects exhibit a greater variety. People in southeastern West Bengal, including Kolkata, speak in SCB. Other dialects, with minor variations from Standard Colloquial, are used in other parts of West Bengal and western Bangladesh, such as the Midnapore dialect, characterised by some unique words and constructions. However,
11328-547: The language. Major texts of Middle Bengali (1400–1800) include Yusuf-Zulekha by Shah Muhammad Sagir and Srikrishna Kirtana by the Chandidas poets. Court support for Bengali culture and language waned when the Mughal Empire conquered Bengal in the late 16th and early 17th century. The modern literary form of Bengali was developed during the 19th and early 20th centuries based on the west-central dialect spoken in
11446-428: The letter ত tô and the numeral ৩ "3" are distinguishable only by the presence or absence of the matra , as is the case between the consonant cluster ত্র trô and the independent vowel এ e , also the letter হ hô and Bengali Ôbogroho ঽ (~ô) and letter ও o and consonant cluster ত্ত ttô . The letter-forms also employ the concepts of letter-width and letter-height (the vertical space between
11564-543: The neighbouring states of Odisha , Bihar , and Jharkhand , and sizeable minorities of Bengali speakers reside in Indian cities outside Bengal, including Delhi , Mumbai , Thane , Varanasi , and Vrindavan . There are also significant Bengali-speaking communities in the Middle East , the United States , Singapore , Malaysia , Australia , Canada , the United Kingdom , and Italy . The 3rd article of
11682-534: The number of foreign exchange brokers in London increased to 17; and in 1924, there were 40 firms operating for the purposes of exchange. During the 1920s, the Kleinwort family were known as the leaders of the foreign exchange market, while Japheth, Montagu & Co. and Seligman still warrant recognition as significant FX traders. The trade in London began to resemble its modern manifestation. By 1928, Forex trade
11800-517: The parliament of Bangladesh and the legislative assembly of West Bengal proposed that Bengali be made an official UN language. As of January 2023, no further action has been yet taken on this matter. However, in 2022, the UN did adopt Bangla as an unofficial language, after a resolution tabled by India. In 2024, the government of India conferred Bengali with the status of classical language . Approximate distribution of native Bengali speakers (assuming
11918-484: The previous exchange rate regime , which remained fixed per the Bretton Woods system. The foreign exchange market is unique because of the following characteristics: As such, it has been referred to as the market closest to the ideal of perfect competition , notwithstanding currency intervention by central banks . According to the Bank for International Settlements , the preliminary global results from
12036-548: The silversmiths and/or goldsmiths of more recent ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I 59021 (c.259/8 BC), shows the occurrences of exchange of coinage in Ancient Egypt . Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, pottery , and raw materials. If
12154-612: The size of the "line" (the amount of money with which they are trading). The top-tier interbank market accounts for 51% of all transactions. After that, smaller banks, large multinational corporations (requiring risk hedging and cross-border payroll), major hedge funds, and even a few retail market makers come into play. According to Galati and Melvin, “ Pension funds , insurance companies , mutual funds , and other institutional investors have played an increasingly important role in financial markets in general, and in FX markets in particular, since
12272-427: The so-called "inherent" vowel [ɔ] is first expunged from the consonant before adding the vowel, but this intermediate expulsion of the inherent vowel is not indicated in any visual manner on the basic consonant sign ম [mɔ] . The vowel graphemes in Bengali can take two forms: the independent form found in the basic inventory of the script and the dependent, abridged, allograph form (as discussed above). To represent
12390-536: The superposed chôndrôbindu (ঁ) , denoting a suprasegmental for nasalisation of vowels (as in চাঁদ [tʃãd] "moon"), the postposed ônusbar (ং) indicating the velar nasal [ŋ] (as in বাংলা [baŋla] "Bengali") and the postposed bisôrgô (ঃ) indicating the voiceless glottal fricative [h] (as in উঃ! [uh] "ouch!") or the gemination of the following consonant (as in দুঃখ [dukʰːɔ] "sorrow"). The Bengali consonant clusters ( যুক্তব্যঞ্জন juktôbênjôn ) are usually realised as ligatures, where
12508-603: The third place, according to the 2011 census of India . Bengali has developed over more than 1,400 years. Bengali literature , with its millennium-old literary history, was extensively developed during the Bengali Renaissance and is one of the most prolific and diverse literary traditions in Asia. The Bengali language movement from 1948 to 1956 demanding that Bengali be an official language of Pakistan fostered Bengali nationalism in East Bengal leading to
12626-821: The title 'Green Governor' at the 2012 United Nations Climate Change Conference , which was held at the Qatar National Convention Centre in Doha . On 7 April 1972, after the Bangladesh Liberation War and the eventual independence of Bangladesh, the Government of Bangladesh passed the Bangladesh Bank Order , (P.O. No. 127 of 1972), reorganising the Dhaka branch of the State Bank of Pakistan as Bangladesh Bank,
12744-742: The total, making it by far the most important center for foreign exchange trading in the world. Owing to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the International Monetary Fund calculates the value of its special drawing rights every day, they use the London market prices at noon that day. Trading in the United States accounted for 19.4%, Singapore and Hong Kong account for 9.4% and 7.1%, respectively, and Japan accounted for 4.4%. Turnover of exchange-traded foreign exchange futures and options
12862-663: The trading of derivative products (such as futures and options on futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Some governments of emerging markets do not allow foreign exchange derivative products on their exchanges because they have capital controls . The use of derivatives is growing in many emerging economies. Countries such as South Korea, South Africa, and India have established currency futures exchanges, despite having some capital controls. Foreign exchange trading increased by 20% between April 2007 and April 2010 and has more than doubled since 2004. The increase in turnover
12980-549: The ultimate ineffectiveness of the Bretton Woods Accord and the European Joint Float, the forex markets were forced to close sometime during 1972 and March 1973. This was a result of the collapse of the Bretton Woods System, as major currencies began to float against each other, ultimately leading to the abandonment of the fixed exchange rate system. Meanwhile, the largest purchase of US dollars in
13098-484: The visible matra and an invisible baseline). There is yet to be a uniform standard collating sequence (sorting order of graphemes to be used in dictionaries, indices, computer sorting programs, etc.) of Bengali graphemes. Experts in both Bangladesh and India are currently working towards a common solution for this problem. Throughout history, there have been instances of the Bengali language being written in different scripts, though these employments were never popular on
13216-435: The vocabulary may differ according to the speaker's religion: Muslims are more likely to use words of Persian and Arabic origin, along with more words naturally derived from Sanskrit ( tadbhava ), whereas Hindus are more likely to use tatsama (words directly borrowed from Sanskrit). For example: The phonemic inventory of standard Bengali consists of 29 consonants and 7 vowels, as well as 7 nasalised vowels . The inventory
13334-427: The volume of trading in the market increased three-fold. At some time (according to Gandolfo during February–March 1973) some of the markets were "split", and a two-tier currency market was subsequently introduced, with dual currency rates . This was abolished in March 1974. Reuters introduced computer monitors during June 1973, replacing the telephones and telex used previously for trading quotes. Due to
13452-452: The world. Traders include governments and central banks, commercial banks, other institutional investors and financial institutions, currency speculators , other commercial corporations, and individuals. According to the 2019 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was $ 7.5 trillion in April 2022 (compared to $ 1.9 trillion in 2004). Of this $ 6.6 trillion , $ 2.1 trillion
13570-427: The wrong sectors prevented these banks from functioning well. This was compounded by the fact that loans were handed out to the public sector without commercial considerations; banks had poor capital lease, provided poor customer service and lacked all market-based monetary instruments. Because loans were given out without commercial considerations (and also took a long time to call a non-performing loan ), recovery under
13688-490: Was growing rapidly in 2004–2013, reaching $ 145 billion in April 2013 (double the turnover recorded in April 2007). As of April 2022, exchange-traded currency derivatives represent 2% of OTC foreign exchange turnover. Foreign exchange futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are traded more than to most other futures contracts. Most developed countries permit
13806-500: Was integral to the financial functioning of the city. However, during the 1930s, London's pursuit of widespread trade prosperity was hindered by continental exchange controls and additional factors in Europe and Latin America . Some of these additional factors include tariff rates and quota, protectionist policies, trade barriers and taxes, economic depression and agricultural overproduction, and impact of protection on trade. In 1944,
13924-426: Was spot transactions and $ 5.4 trillion was traded in outright forwards, swaps, and other derivatives . Foreign exchange is traded in an over-the-counter market where brokers/dealers negotiate directly with one another, so there is no central exchange or clearing house . The biggest geographic trading center is the United Kingdom, primarily London. In April 2022, trading in the United Kingdom accounted for 38.1% of
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