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Economy in good shape: Kamal

Action will be taken against rawhide syndicate

Published : Friday, 16 August, 2019 at 12:00 AM  Count : 114
Business Correspondent

Finance Minister AHM Mustafa Kamal

Finance Minister AHM Mustafa Kamal

Finance Minister AHM Mustafa Kamal said the commerce ministry would take legal action if any syndicate had worked to create the chaotic situation relating to buying and selling of rawhide.
Briefing the newsmen after a meeting on Wednesday with senior officials of leasing companies and the non-banking institutions at NEC conference Room at Planning Commission, he mainly address issues relatied to economy saying it is in good shape.
It needs more concerted efforts from all concerned now to make it sustainable. "We'll have to   do much better with our economy so that everyone can lead a better and peaceful life," he said.
Bangladesh Bank Governor Fazle Kabir, Finance Secretary Abdur Rauf Talukdar and Financial Institution Division Secretary Md Asadul Islam were present at the briefing.
Chairman and Managing Director of the leasing companies and non-bank financial institutions were present at the meeting. The Minister said the decision to export raw leather is a good decision.
Kamal said, "We have to go a long way. To cross this way, we have to work for the people,  especially for those who are left behind. We are working to make everyone's dreams come true."
Regarding the formation of the Banking Commission, he said in the budget speech, "I have said the Banking Commission will be formed. But it does require some more time."
Mentioning that the private sector accounts for around 82 percent of the country's economy, Kamal said the economy of Bangladesh cannot progress further without the private sector.
"We say when trade and commerce will deepen the economy will further deepen."
Asked whether the government would go forward with the decision to form banking commission, Kamal said he would stick to his budget speech in this regard.
The government, he said, cannot move forward with the exit clause for the loan defaulters        due to a writ petition filed with the higher court challenging the government circular in this regard.
Kamal said until the matter is settled in the court, he cannot comment further on the issue. He, however, informed that the Banking Commission would be formed within a reasonable timeframe.
About the state of the leasing companies, he said the leasing companies are playing an important role in the country's economy over the years investing over $8 billion in the market and thus playing a pivotal role in the economy.
Referring to the operations of three to four leasing companies, Kamal said it is their suspicion that their funds have been spent on other purposes, but not in business purposes.
"Though it's a suspicion, but we'll conduct special audits in those companies and if found irregularities, we'll take necessary actions," he added.
Answering to a question, he said that the government would name those leasing companies, which spend their funds in other purposes.
The Finance Minister said the total size of the cattle market has been estimated at about Taka 40,000 crore during this Eid-ul-Azha which was 29 percent higher than the previous year. "It proves the enhanced capacity of our people."

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