EID ul-Fitr, one of the major festivals in Bangladesh marks the end of Ramadan. The social meaning of Eid is joyful festival, while its etymological meaning denotes returning repeatedly.

The Eid ul-Fitr effect exists around the festivity, has an impact in the socio economic arena. Markets for clothes, footwear, cosmetics, jewelry and electronic gadgets witness bumper sales hovering around hundreds of billion taka ahead of Eid. Commercial banks witness a heavy rush for money transaction as a huge number of clients withdraw from and deposit cash in the banks only few days ahead of Eid-ul-Fitr. The commercial banks, which face liquidity shortage, borrow from the call money market to tackle the rush. Banks and non-bank financial institutions made a record of transaction on the call money market alone ahead of Eid ul Fitr by borrowing collectively Tk 8,218 crore from the market in a day. Bangladesh Bank has had to pump a record amount of money into the banking system as clients flooded almost all the branches of banks across the country before the start of Eid vacation. On a single day last year the banks wanted to borrow Tk 14,258 crore through special Repo but the central bank gave them Tk 9,878 crore and provided Tk 6,644.37 crore as liquidity support. Given that the majority of Muslim businessmen spend a substantial amount of cash for the festival remittances poured into Bangladesh economy. A special business spree starts for transportation sector as large number of people travel to their village homes.

Festivals are common to all societies and cultures. Although most of the festivals were related to religions, these did not evolve on account of religions - they originated spontaneously in the society. Later on, they assumed more formal character. As for example, not very long ago, singing and music, Khatak dance, kite flying, horse race, boat race was a part of the Eid festival of the Muslims of Bengal, which was an expression of spontaneity. Now it is not there.

However ,the Eid festival is so deeply rooted in the social organism that they continue to entertain people from generation to generation. It also bears the mark of the community and nation, has the stamp of religion, and again bears the impress ofpolitics.

The writer is former Secretary to the Government and former Chairman, NBR. E-mail: mazidl273@hotmail.com