In finance , an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro .
116-714: The Mitali Express (13131/13132) train ( Bengali : মিতালী এক্সপ্রেস ) is an international express rail service which connects the Indian city of Siliguri with the Bangladeshi capital Dhaka every week. Together with the Maitree Express train and the Bandhan Express train, the Mitali Express train is the third modern-day fully air conditioned passenger train link between the Indian state of West Bengal and Bangladesh. Both
232-492: 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
348-550: A consequence of changes in key economic fundamentals. According to this method, the BEER is the RER that results when all the economic fundamentals are at their equilibrium values. Therefore, the total RER misalignment is given by the extent to which economic fundamentals differ from their long-run sustainable levels. In short, the BEER is a more general approach than the FEER, since it is not limited to
464-452: A country's balance of payments. An overvalued RER means that the current RER is above its equilibrium value, whereas an undervalued RER indicates the contrary. Specifically, a prolonged RER overvaluation is widely considered as an early sign of an upcoming crisis, due to the fact that the country becomes vulnerable to both speculative attacks and currency crisis, as happened in Thailand during
580-475: A currency by shorting in order to force that central bank to buy their own currency to keep it stable. (When that happens, the speculator can buy the currency back after it depreciates, close out their position, and thereby make a profit.) For carrier companies shipping goods from one nation to another, exchange rates can often impact them severely. Therefore, most carriers have a CAF charge to account for these fluctuations. The real exchange rate ( RER )
696-716: A currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $ 1. China was not the only country to do this; from the end of World War II until 1967, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system . But that system had to be abandoned in favor of floating, market-based regimes due to market pressures and speculation, according to President Richard M. Nixon in
812-590: 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
928-480: 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
1044-431: A hybrid. In free-floating regimes, exchange rates are allowed to vary against each other according to the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets , mainly by banks , around the world. A movable or adjustable peg system is a system of fixed exchange rates , but with a provision for the revaluation (usually devaluation) of
1160-672: 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
1276-660: 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,
SECTION 10
#17328699877291392-586: A part in the adoption of the English alphabet to write Bengali, with certain social media influencers publishing entire novels in Roman Bengali. Exchange rate The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 141 Japanese yen to the United States dollar means that ¥141 will be exchanged for US$ 1 or that US$ 1 will be exchanged for ¥141. In this case it
1508-513: 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
1624-408: 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
1740-620: A speech on August 15, 1971, in what is known as the Nixon Shock . Still, some governments strive to keep their currency within a narrow range. As a result, currencies become over-valued or under-valued, leading to excessive trade deficits or surpluses. Research on target zones has mainly concentrated on the benefit of stability of exchange rates for industrial countries, but some studies have argued that volatile bilateral exchange rates between industrial countries are in part responsible for financial crisis in emerging markets. According to this view
1856-467: A stable Current account (balance of payments)current account balance. A nation with a trade deficit will experience a reduction in its foreign exchange reserves, which ultimately lowers (depreciates) the value of its currency. A cheaper (undervalued) currency renders the nation's goods (exports) more affordable in the global market while making imports more expensive. After an intermediate period, imports will be forced down and exports to rise, thus stabilizing
1972-575: 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,
2088-463: 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
2204-458: Is depreciating , the exchange rate number increases. Market convention from the early 1980s to 2006 was that most currency pairs were quoted to four decimal places for spot transactions and up to six decimal places for forward outrights or swaps. (The fourth decimal place is usually referred to as a " pip "). An exception to this was exchange rates with a value of less than 1.000 which were usually quoted to five or six decimal places. Although there
2320-441: 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
2436-536: 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 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
SECTION 20
#17328699877292552-468: 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
2668-400: 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
2784-668: 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 ,
2900-699: 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
3016-445: Is continuous: 24 hours a day except weekends (i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday). The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from
3132-484: Is crucial for policymakers. Unfortunately, this variable cannot be observed. The most common method in order to estimate the equilibrium RER is the universally accepted Purchasing Power Parity (PPP) theory, according to which the RER equilibrium level is assumed to remain constant over time. Nevertheless, the equilibrium RER is not a fixed value as it follows the trend of key economic fundamentals, such as different monetary and fiscal policies or asymmetrical shocks between
3248-404: Is highly correlated to a country's level of business activity, gross domestic product (GDP), and employment levels. The more people that are unemployed , the less the public as a whole will spend on goods and services. Central banks typically have little difficulty adjusting the available money supply to accommodate changes in the demand for money due to business transactions. Speculative demand
3364-404: 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
3480-462: Is much harder for central banks to accommodate, which they influence by adjusting interest rates . A speculator may buy a currency if the return (that is the interest rate) is high enough. In general, the higher a country's interest rates, the greater will be the demand for that currency. It has been argued that such speculation can undermine real economic growth, in particular since large currency speculators may deliberately create downward pressure on
3596-437: Is no agreement in the economic literature on the optimal national exchange rate policy (unlike on the subject of trade where free trade is considered optimal). Rather, national exchange rate regimes reflect political considerations. In floating exchange rate regimes, exchange rates are determined in the foreign exchange market , which is open to a wide range of different types of buyers and sellers, and where currency trading
Mitali Express - Misplaced Pages Continue
3712-683: Is no fixed rule, exchange rates numerically greater than around 20 were usually quoted to three decimal places and exchange rates greater than 80 were quoted to two decimal places. Currencies over 5000 were usually quoted with no decimal places (for example, the former Turkish Lira). e.g. (GBPOMR : 0.765432 - : 1.4436 - EURJPY : 165.29). In other words, quotes are given with five digits. Where rates are below 1, quotes frequently include five decimal places. In 2005, Barclays Capital broke with convention by quoting spot exchange rates with five or six decimal places on their electronic dealing platform. The contraction of spreads (the difference between
3828-400: Is referred to as the bid–ask spread . Retail foreign exchange trading is a small segment of the larger foreign exchange market where individuals speculate on the exchange rate between different currencies. This segment has developed with the advent of dedicated electronic trading platforms and the internet, which allows individuals to access the global currency markets. As of 2016, it
3944-425: Is said that the price of a dollar in relation to yen is ¥141, or equivalently that the price of a yen in relation to dollars is $ 1/141. Each country determines the exchange rate regime that will apply to its currency. For example, a currency may be floating , pegged (fixed) , or a hybrid. Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency. There
4060-477: 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
4176-545: 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 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
4292-500: 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 is also spoken by the Bengali diasporas ( Bangladeshi diaspora and Indian Bengalis) across Europe, North America,
4408-422: Is the purchasing power of a currency relative to another at current exchange rates and prices. It is the ratio of the number of units of a given country's currency necessary to buy a market basket of goods in the other country, after acquiring the other country's currency in the foreign exchange market, to the number of units of the given country's currency that would be necessary to buy that market basket directly in
4524-424: Is viewed as a normative measure of the RER since it is based on some "ideal" economic conditions related to internal and external balances. Particularly, since the sustainable CA position is defined as an exogenous value, this approach has been broadly questioned over time. By contrast, the BEER entails an econometric analysis of the RER behaviour, considering significant RER deviations from its PPP equilibrium level as
4640-420: The 1997 Asian financial crisis . On the other side, a protracted RER undervaluation usually generates pressure on domestic prices, changing the consumers' consumption incentives and, so, misallocating resources between tradable and non-tradable sectors. Given that RER misalignment and, in particular overvaluation, can undermine the country's export-oriented development strategy, the equilibrium RER measurement
4756-500: 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
Mitali Express - Misplaced Pages Continue
4872-660: 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
4988-468: 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
5104-564: 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
5220-520: 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
5336-590: 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"
5452-499: 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
5568-417: The foreign exchange market . Currencies can be traded at spot and foreign exchange options markets. The spot market represents current exchange rates, whereas options are derivatives of exchange rates. A country may gain an advantage in international trade if it controls the market for its currency to keep its value low, typically by the national central bank engaging in open market operations in
5684-557: 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
5800-608: 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
5916-637: 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
SECTION 50
#17328699877296032-576: 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
6148-426: The Bangladesh side, stopping at Parbatipur and Chilahati and then crosses the border to Haldibari . The distance between Dhaka and Chilahati is 453 km and from Chilahati to New Jalpaiguri is 71 km. Two extra coaches are added at Chilahati for passengers travelling from that area to India. The train then crosses the Indian side, stopping at Haldibari before reaching New Jalpaiguri railway station . While
6264-451: 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,
6380-426: 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,
6496-521: The Current Account (CA). On the other hand, a currency depreciation generates an opposite effect, improving the country's CA. There is evidence that the RER generally reaches a steady level in the long-term, and that this process is faster in small open economies characterized by fixed exchange rates. Any substantial and persistent RER deviation from its long-run equilibrium level, the so-called RER misalignment, has shown to produce negative impacts on
6612-604: The Eurozone) is known as indirect quotation or quantity quotation and is used in British newspapers; it is also common in Australia , New Zealand and the Eurozone. Using direct quotation, if the home currency is strengthening (that is, appreciating , or becoming more valuable) then the exchange rate number decreases. Conversely, if the foreign currency is strengthening and the home currency
6728-459: The Japanese often quote their currency as the base to other currencies. Quotation using a country's home currency as the price currency is known as direct quotation or price quotation (from that country's perspective) For example, €0.8989 = US$ 1.00 in the Eurozone and is used in most countries. Quotation using a country's home currency as the unit currency (for example, US$ 1.11 = €1.00 in
6844-520: 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 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,
6960-458: The Prime Minister of Bangladesh for the name of the new train. These were Mitali , Sampriti , Suhrid and Bondhu . Prime Minister Sheikh Hasina chose the name Mitali. Mitali Express similar to Maitree Express and Bandhan Express is a Bengali name. The Bengali word Mitali means Friendship in English ( Bengali : বন্ধুত্ব ). The train starts at Dhaka Cantonment railway station on
7076-407: The US dollar should depreciate against the Japanese yen by an amount that prevents arbitrage (in reality the opposite, appreciation, quite frequently happens in the short-term, as explained below). The future exchange rate is reflected into the forward exchange rate stated today. In our example, the forward exchange rate of the dollar is said to be at a discount because it buys fewer Japanese yen in
SECTION 60
#17328699877297192-484: The ability of emerging market economies to compete is weakened because many of the currencies are tied to the US dollar in various fashions either implicitly or explicitly, so fluctuations such as the appreciation of the US dollar to the yen or deutsche Mark have contributed to destabilizing shocks. Most of these countries are net debtors whose debt is denominated in one of the G3 currencies . In September 2019 Argentina restricted
7308-500: The ability to buy US dollars. Mauricio Macri in 2015 campaigned on a promise to lift restrictions put in place by the left-wing government including the capital controls which have been used in Argentina to manage economic instability. When inflation rose above 20 percent transactions denominated in dollars became commonplace as Argentines moved away from using the peso. In 2011 the government of Cristina Fernández de Kirchner restricted
7424-402: The achievement of internal and external balances at the same time. Internal balance is reached when the level of output is in line with both full employment of all available factors of production, and a low and stable rate of inflation. On the other hand, external balance holds when actual and future CA balances are compatible with long-term sustainable net capital flows. Nevertheless, the FEER
7540-451: The additional time and cost of clearing the document. On the other hand, cash is available for resale immediately, but incurs security, storage, and transportation costs, and the cost of tying up capital in a stock of banknotes (bills). Currency for international travel and cross-border payments is predominantly purchased from banks, foreign exchange brokerages and various forms of bureaux de change . These retail outlets source currency from
7656-535: The balance of payments, thus balancing the deficit in the current account. The increase in capital flows has given rise to the asset market model effectively. The increasing volume of trading of financial assets (stocks and bonds) has required a rethink of its impact on exchange rates. Economic variables such as economic growth , inflation and productivity are no longer the only drivers of currency movements. The proportion of foreign exchange transactions stemming from cross border-trading of financial assets has dwarfed
7772-536: 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
7888-449: The bid and ask rates) arguably necessitated finer pricing and gave the banks the ability to try to win transactions on multibank trading platforms where all banks may otherwise have been quoting the same price. A number of other banks have since followed this system. Countries are free to choose which type of exchange rate regime they will apply to their currency. The main types of exchange rate regimes are: free-floating, pegged (fixed), or
8004-469: 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
8120-503: 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
8236-587: 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
8352-476: The dollar price of the market basket (dollars per goods unit), and hence is dimensionless. This is the exchange rate (expressed as dollars per euro) times the relative price of the two currencies in terms of their ability to purchase units of the market basket (euros per goods unit divided by dollars per goods unit). If all goods were freely tradable , and foreign and domestic residents purchased identical baskets of goods, purchasing power parity (PPP) would hold for
8468-404: The dollar. The Real Exchange Rate (RER) represents the nominal exchange rate adjusted by the relative price of domestic and foreign goods and services, thus reflecting the competitiveness of a country with respect to the rest of the world. More in detail, an appreciation of the currency or a high level of domestic inflation reduces the RER, thus reducing the country's competitiveness and lowering
8584-672: 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
8700-549: 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
8816-569: The economic literature are the Fundamental Equilibrium Exchange Rate (FEER), developed by Williamson (1994), and the Behavioural Equilibrium Exchange Rate (BEER), initially estimated by Clark and MacDonald (1998). The FEER focuses on long-run determinants of the RER, rather than on short-term cyclical and speculative forces. It represents a RER consistent with macroeconomic balance, characterized by
8932-412: The exchange rate and GDP deflators (price levels) of the two countries, and the real exchange rate would always equal 1. The rate of change of the real exchange rate over time for the euro versus the dollar equals the rate of appreciation of the euro (the positive or negative percentage rate of change of the dollars-per-euro exchange rate) plus the inflation rate of the euro minus the inflation rate of
9048-408: The extent of currency transactions generated from trading in goods and services. The asset market approach views currencies as asset prices traded in an efficient financial market. Consequently, currencies are increasingly demonstrating a strong correlation with other markets, particularly equities . Like the stock exchange , money can be made (or lost) on trading by investors and speculators in
9164-466: 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,
9280-581: The first day of that month. As the train will solely be operated and maintained by Indian Railways , the rates of ticket fare will also be at their discretion. A 5% GST will be added to basic fare as well. In India, the tickets will be available at the dedicated PRS counter of New Jalpaiguri railway station , Guwahati Railway Station and Kolkata railway station . Since its inauguration, the Bi-weekly train runs on Sundays and Wednesdays from New Jalpaiguri and on Mondays and Thursdays from Dhaka Cantonment. However
9396-413: The foreign exchange market, or through preventing the exchange of foreign currency for domestic notes. The People's Republic of China has been periodically accused of exchange rate manipulation, notably by Donald Trump during his successful campaign for the US presidency. Other nations, including Iceland , Japan , Brazil , and so on have had a policy of maintaining a low value of their currencies in
9512-441: The forward rate than it does in the spot rate . The yen is said to be at a premium. UIRP showed no proof of working after the 1990s. Contrary to the theory, currencies with high interest rates characteristically appreciated rather than depreciated on the reward of the containment of inflation and a higher-yielding currency. The balance of payments model holds that foreign exchange rates are at an equilibrium level if they produce
9628-446: The given country. There are various ways to measure RER. Thus the real exchange rate is the exchange rate times the relative prices of a market basket of goods in the two countries. For example, the purchasing power of the US dollar relative to that of the euro is the dollar price of a euro (dollars per euro) times the euro price of one unit of the market basket (euros/goods unit) divided by
9744-714: 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
9860-499: 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,
9976-412: 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 –
10092-445: The home country and abroad. Consequently, the PPP doctrine has been largely debated during the years, given that it may signal a natural RER movement towards its new equilibrium as a RER misalignment. Starting from the 1980s, in order to overcome the limitations of this approach, many researchers tried to find some alternative equilibrium RER measures. Two of the most popular approaches in
10208-441: The home country price level. Compared to NEER, a GDP weighted effective exchange rate might be more appropriate considering the global investment phenomenon. In many countries there is a distinction between the official exchange rate for permitted transactions within the country, and a parallel exchange rate (or black market , grey, unregulated, unofficial, etc. exchange rate) that responds to excess demand for foreign currency at
10324-401: The hope of reducing the cost of exports and thus bolstering their economies. A lower exchange rate lowers the price of a country's goods for consumers in other countries, but raises the price of imported goods and services for consumers in the low value currency country. This practice is known as "modern mercantilism", namely lowering the exchange rate below its real and fair price, to increase
10440-496: The interbank markets, which are valued by the Bank for International Settlements at US$ 5.3 trillion per day. The purchase is made at the spot contract rate. Retail customers will be charged, in the form of commission or otherwise, to cover the provider's costs and generate a profit. One form of charge is the use of an exchange rate that is less favourable than the wholesale spot rate. The difference between retail buying and selling prices
10556-483: 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,
10672-510: 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 the Middle Indo-Aryan dialects were influential in the first millennium when Bengal
10788-535: 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
10904-428: 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
11020-533: The local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency. The quoted rates will incorporate an allowance for a dealer's margin (or profit) in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash, a documentary transaction or for electronic transfers. The higher rate on documentary transactions has been justified as compensating for
11136-508: The long-term perspective, being able to explain RER cyclical movements. Bilateral exchange rate involves a currency pair, while an effective exchange rate is a weighted average of a basket of foreign currencies, and it can be viewed as an overall measure of the country's external competitiveness. A nominal effective exchange rate (NEER) is weighted with the inverse of the asymptotic trade weights. A real effective exchange rate (REER) adjusts NEER by appropriate foreign price level and deflates by
11252-530: 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
11368-476: The official exchange rate. The degree by which the parallel exchange rate exceeds the official exchange rate is known as the parallel premium. Unofficial transactions of this nature may be illegal. Uncovered interest rate parity (UIRP) states that an appreciation or depreciation of one currency against another currency might be neutralized by a change in the interest rate differential. If US interest rates increase while Japanese interest rates remain unchanged then
11484-514: 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
11600-519: The previous Siliguri route between India and Bangladesh. A valid visa and passport is required beforehand to purchase a ticket for the Mitali Express train. Tickets are available at Dhaka Kamalapur railway station in Dhaka, Bangladesh and at New Jalpaiguri railway station in Siliguri, India. Though the train was inaugurated on 26 March 2021, but in the wake of the global COVID-19 pandemic , its commercial run
11716-429: The prime ministers of the two neighbouring countries officially inaugurated the non-stop passenger train with ten compartments on the new 513 km route from Dhaka on 26 March 2021, the day Bangladesh celebrated the golden jubilee of its independence. The prime minister of India was in Dhaka to mark the auspicious occasion of fifty years of independence of Bangladesh. After 56 years of stoppage, this train route recreates
11832-509: The proposed halts of the train on the Indian side do not include Jalpaiguri railway station , there are long-standing demands for a stoppage at Jalpaiguri town. The fare is expected to be calculated on the basis of US Dollars . Though at the New Jalpaiguri station, the transactions will be made using Indian rupee . The ticket fare for a particular month will be decided on the basis of the exchange rate of Indian rupee with US Dollars on
11948-424: The purchase of dollars leading to a rise in black market dollar purchases. The controls were rolled back after Macri took office and Argentina issued dollar denominated bonds , but when various factors led to a loss in the value of the peso relative to the dollar leading to the restoration of capital controls to prevent additional depreciation amidst peso selloffs. A market-based exchange rate will change whenever
12064-477: The retail market in the United Kingdom , EUR and GBP are reversed so that GBP is quoted as the fixed currency to the euro. In order to determine which is the fixed currency when neither currency is on the above list (i.e. both are "other"), market convention is to use the fixed currency which gives an exchange rate greater than 1.000. This reduces rounding issues and the need to use excessive numbers of decimal places. There are some exceptions to this rule: for example,
12180-427: 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
12296-549: The stoppages at Haldibari and Chilahati are technical halts only. Passengers boarding or deboarding are not allowed at these two stations. Timings as of now are: – Pure LHB coach in red-grey (used by Rajdhani Expresses ) and sky blue-grey (used by Shatabdi Expresses ) manufactured in India, are used for this train. The train has 10 coaches. 4 AC Executive Class, 4 AC Chair Car and 2 power car brake vans. Bengali language Bengali , also known by its endonym Bangla ( বাংলা , Bāṅlā , [ˈbaŋla] ),
12412-536: 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
12528-409: The trade balance and bring the currency towards equilibrium. Like purchasing power parity, the balance of payments model focuses largely on tradeable goods and services, ignoring the increasing role of global capital flows. In other words, money is not only chasing goods and services, but to a larger extent, financial assets such as stocks and bonds . Their flows go into the capital account item of
12644-541: The values of either of the two component currencies change. A currency becomes more valuable whenever demand for it is greater than the available supply. It will become less valuable whenever demand is less than available supply (this does not mean people no longer want money, it just means they prefer holding their wealth in some other form, possibly another currency). Increased demand for a currency can be due to either an increased transaction demand for money or an increased speculative demand for money. The transaction demand
12760-484: 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
12876-435: 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
12992-554: 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
13108-597: 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 the emergence of Bangladesh in 1971. In 1999, UNESCO recognised 21 February as International Mother Language Day in recognition of
13224-698: Was in Dhaka to celebrate the fifty years of Independence of Bangladesh. The train service was inaugurated on the occasion of Bangabandhu Sheikh Mujibur Rahman's birth centenary and the golden jubilee (fifty years) of Independence of Bangladesh . However, the train could not be operated till June 2022 since its inauguration due to COVID-19 pandemic related restrictions. On 1 June 2022, Minister of Railways of India Ashwini Vaishnaw and his Bangladeshi counterpart Md. Nurul Islam Sujon from Delhi flagged off its first commercial run through video conference from Indian Railways Board's Conference Room at New Delhi, India. Railway officials proposed four different names to
13340-402: Was postponed since its inauguration. However, the train made its first commercial run and resumed normal operations on 1 June 2022. The Prime Minister of India, Narendra Modi , together with the Prime Minister of Bangladesh, Sheikh Hasina , jointly flagged off the New Jalpaiguri to Dhaka Mitali Express train service via video conference from Dhaka on 26 March 2021. Prime Minister Narendra Modi
13456-504: Was reported that retail foreign exchange trading represented 5.5% of the whole foreign exchange market ($ 282 billion in daily trading turnover). There is a market convention that rules the notation used to communicate the fixed and variable currencies in a quotation. For example, in a conversion from EUR to AUD, EUR is the fixed currency, AUD is the variable currency and the exchange rate indicates how many Australian dollars would be paid or received for 1 euro. In some areas of Europe and in
#728271