Staff Correspondent, Dhaka
Finance Adviser Dr Salehuddin Ahmed has said Bangladesh's economy is beginning to stabilize despite earlier challenges, with foreign currency reserves showing positive growth.
He credited foreign partner organizations for their encouraging response to the current economic measures.
Dr Salehuddin said this on Saturday at a business conference organized by the Dhaka Chamber of Commerce and Industry (DCCI) in Dhaka.
The finance adviser acknowledged that undoing the irregularities and corruption inherited from the previous government is a gradual process.
“Rectifying what happened in the economic sector over the last 15 years is unimaginable within two to four months. However, in the future, no one will be able to launder money,” he asserted.
He also highlighted recent interventions, saying: “Tk22,000 crore was recently provided to banks. The central bank governor was initially reluctant, but I insisted on stabilizing the situation. However, newspapers have reported that new currency will be printed. Naturally, money must be printed, as currency depreciates over time. What else can Bangladesh Bank do? But this isn’t like printing Tk60,000 crore as before.”
Dr Salehuddin added that the government is taking measures to ensure the credit supply to the private sector does not shrink significantly, though it has slightly declined.
On private sector credit, he noted that the policy rate will not be increased for now. “The government is focused on maintaining credit flow to the private sector,” he said.
Dr Salehuddin stressed the need to separate revenue collection from policymaking within the National Board of Revenue (NBR). He assured that the country’s graduation from LDC (Least Developed Country) status would not have a negative impact on the garment industry.
