Our trading partners and Friday

By Adnan Siddiky Ottawa, Ontario, Canada
7 June 2005, 18:00 PM
This is in response to Mr. MZ Islam's letter. One should not forget that Asian countries also have substantial economic ties with Bangladesh - please ask these countries to also close their businesses on Friday so that Mr. Islam and his company can have a peaceful prayer day!

To give Mr. Islam one example, consider the fate of just one small bank in Bangladesh's banking sector. Each Friday this bank does not operate, it is losing about USD 5,000 (a very conservative figure) in FX trading/trade finance. Multiply that with 50 Bangladeshi financial organisations operating and 50 working Fridays in a year. This costs Bangladesh about 12.5 million dollars of potential foreign reserves earning in just one year from just one sector! Guess what this bank does on Sundays - just sits around and kills flies! I am speaking from 10 years of experience in FX trading in a bank.

Going by your logic - please explain why are Indonesia, Pakistan and Malaysia open for Friday business? I guess they must not be very faithful to their religion! I state again - one does not need Friday holiday to be religious - all one needs is faith in the Almighty!