No inflation in Bangladesh: Finance Minister Daily StockBangladesh

Staff Reporter: A virtual press conference was held on Saturday (January 1) in the wake of the UN General Assembly’s approval of Bangladesh’s recommendation to move from LDCs to developing countries. Speaking at a press conference, Finance Minister AHM Mustafa Kamal said that despite the recent rise in diesel prices, the general public was reassured by the price hike, but the prices of commodities remained at a tolerable level. He asserted that although there is inflation all over the world, there is no inflation in Bangladesh.

“Inflation is all over the world,” he said. There is no inflation in Bangladesh. In the last 15 years, the inflation rate has fluctuated between 5 and 5 percent on an average. Other countries in the world had higher inflation at this time. So I would say, Bangladesh is a wonderful country. We don’t have inflation here.

The Bangladesh Bureau of Statistics (BBS) on December 26 released point-to-point (monthly) inflation data. This shows that inflation is rising. Inflation has been rising for five consecutive months in the current financial year. Monthly inflation rose to about 6 percent.

In view of the increase in the price of fuel oil in the international market, the price of diesel in the country was increased from Tk 15 to Tk 60 per liter at the beginning of November. This has put pressure on the people.

Giving good news for the expatriates at the press conference, the Finance Minister said, ‘Good news has been given for the expatriates in the new year. The incentive on remittances sent by expatriates has been increased from the existing 2% to 2.5%.

As a result, it is hoped that expatriates will be more encouraged to send remittances through legal channels, i.e. banking channels. Remittances will come more when there are two Eids ahead. Last year, remittances reached ২৫ 25 billion. This year, a target of ৬ 26 billion has been set. To achieve this goal, the incentive has been increased from 2 percent to 2.5 percent.

The finance minister said, “When I was the planning minister, a survey showed that 49 per cent of the total remittances came illegally, through hundi. The policy decision was made to encourage remittances to come legally.

He said that remittances in legal way are actually dynamic in the economy. In view of this, for the first time in the fiscal year 2019-20, 2 percent incentive was given on remittances. Since then, remittances have risen from িয়ন 14 billion to ৮ 16 billion. In the last financial year, remittances came to ২৫ 25 billion. It is expected to reach ৬ 26 billion this year.


Source: Daily StockBangladesh by www.dailystockbangladesh.com.

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