The interim government is undertaking reforms to create broad space for the economy to take off, which would take the share market to a new height, said Shafiqul Alam, press secretary to the chief adviser.
Bangladesh’s share market has become a “den of robbers”, with one robber’s exit ushering in another, for which the chief adviser has laid emphasis on bringing about major reforms in this sector, he said.
For all latest news, follow The Daily Star’s Google News channel. Alam made these remarks at an event organised by the Capital Market Journalists’ Forum (CMJF), a platform of capital market reporters, at its office in the capital’s Paltan yesterday.
The event, titled “CMJF Talk with Shafiqul Alam”, was presided over by CMJF President Golam Samdani Bhuiyan and moderated by General Secretary Abu Ali.
Alam said historically, those who brought about reforms in Bangladesh’s share market always prioritised the interests of vested groups.
As a result, it has always provided advantages to the big investors. In contrast, small investors have mostly been victims of manipulation and fraud, he said.
Therefore, those who are now implementing reforms must have no connection to vested groups, while the reforms must be beneficial for all, said Alam.
He said some groups have manipulated the stock market in a highly organised manner. “However, no government has taken strong action against them,” he said.
As per the chief adviser’s suggestion, foreign experts would be engaged to give advice on ways to take the share market to international standards within three months, and steps will then be taken accordingly, he said.
“The share market does not involve rocket science such that a foreigner wouldn’t understand the scenario in Bangladesh. Globally, there are standard procedures and norms for the stock market,” said Alam.
“Our fear is that if we appoint a local expert for reforms, they might be bought off by a vested group. And we won’t be able to oversee that. That’s why we are insisting on foreign experts,” he said.
“Such reforms have already been carried out in Sri Lanka and India. If they can do it, why can’t we?” he asked.
Regarding the national elections, he said all uncertainties have been cleared as it would be held by June 30 next year.
On salvaging the banking sector from high levels of non-performing loans, weak governance, and liquidity issues, the press secretary said the taka has not lost value since a market-based exchange rate was adopted two weeks back.
This is a good sign, he said.