To increase the mobility in the stock market Prime Minister Sheikh Hasina has given directions on several issues. PM gave this instruction in a meeting with Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam on Sunday (January 15) at Ganabhaban.
The source is known from the meeting.
Shibli Rubayat-Ul-Islam briefed Prime Minister Sheikh Hasina about the capital market situation in the meeting today. During that time, he pointed the various steps taken for the development of the stock market. The prime minister gave necessary directions to develop the stock market in the same way as the country’s economy is developing.
In the meeting, it was discussed about the intervention of Bangladesh Bank was to keep investment in bonds out of stock market exposure, to keep the Investment Corporation of Bangladesh (ICB) depository fund out of the stock market exposure limit and to keep 1 percent common (provisioning) against loans to stock market-related institutions.
However, the Prime Minister directed to take urgent measures regarding the policy changes or steps that need to be taken in the progress of the stock market.
From the sources, with the intervention of Bangladesh Bank, an initiative has been taken to amend the Bank Company Act to keep investment in bonds out of stock market exposure. According to reliable sources, this law will be passed in the next cabinet meeting. And the prime minister as of now seriously looked at the fact that it should be passed quickly.
Meanwhile, an initiative has been taken to keep ICB Depository Fund outside the ambit of stock market exposure limit. This initiative has been taken with the aim of increasing the purchasing power of ICB and making the stock market progressive. If this initiative is implemented, ICB will regain the ability to invest about 6 thousand crores in the stock market. And the Prime Minister has given directions for the speedy implementation of this matter. ICB will prepare a proposal through a board meeting and send it to Bangladesh Bank. Later, the head of government said that Bangladesh Bank will take necessary steps to pass this matter quickly.
Hence, Bangladesh Bank DGM Md Aminur Rahman Chowdhury has been plotting for 12 years with the aim of obstructing the progress of the stock market and destroying the image of the government. He has tried to destroy the stock market in various ways during his tenure in Bangladesh Bank’s Department of Off-Site Supervision. This has been brought to the notice of the Chief Minister. The Prime Minister directed to take urgent measures regarding the policy changes or steps that need to be taken in the progress of the stock market. And the Prime Minister said that she will give directions to assist the concerned departments in the quick implementation of these steps, which she herself will supervise.
