Bangladesh's Nobel Peace Prize winner Muhammad Yunus says he is abandoning plans to form a new political party.
On Thursday in an open letter, he said he had failed to form a strong political team to steer the country towards prosperity and democracy.
Yunus also said he was inspired to enter politics because of the public's support for him. But he added that he realized he was not able to recruit backers for his party.
Yunus formally announced his decision to form an alternative party in February, saying he wanted to change the country's political culture which he described as plagued with corruption.
In January, a political crisis in Bangladesh led to an election delay and the imposition of a state of emergency under a military-backed interim government.
Last year, Yunus and his micro-credit bank that specializes in small loans to the poor were jointly awarded the Nobel Peace Prize.
Matiur Rahman Choudhury has more on the story.