cently, Bangladesh Bank announced a new monetary policy. This was the second monetary policy for the current fiscal year (2024-25) and the first one formulated under the present interim government. For quite some time, economists had been discussing the proposed monetary policy. Given the ongoing trend of high inflation in the country for nearly three years, there was significant interest in what kind of monetary policy would be adopted
After assuming office, the interim government formed a committee to prepare a white paper to understand the real state of the country's economy. The committee has already officially handed over its report to the chief advisor. The information about corruption and irregularities revealed in the white paper will alarm any conscientious person. It is undeniable that the country's economic condition is far from good. On August 5, following the student movement, former Prime Minister Sheikh Hasina resigned and left the country, and on August 8, the interim government assumed power.
In developed countries, entrepreneurs typically rely on the capital market to meet long-term capital needs. However, the capital market in our country is struggling to develop properly. For various reasons, both entrepreneurs and investors are not very enthusiastic about raising capital through the capital market. Instead, they tend to seek their desired capital from the banking sector. Yet, the capital market is the most suitable place for long-term funding.
After Prime Minister Sheikh Hasina’s resignation, the country was effectively without a government for four days. During this period, a group of miscreants caused widespread destruction in various locations, resulting in significant loss of life and property. In his speech, the Army Chief stated that every killing will be brought to justice. As citizens, we also demand that those responsible for each murder and the destruction of state infrastructure be identified and brought to justice. It must be ensured that no wrongdoer escapes punishment, while also ensuring that innocent individuals are not wrongfully punished or harassed.
Finance Minister Abul Hasan Mahmud Ali has presented the budget for the fiscal year 2024-25 in the National Parliament. Budget allocation for the new fiscal year was indeed a very crucial task. The new Finance Minister has efficiently accomplished this task.
A few years back, I said in an interview that there is no political violence or instability in the country. However, a certain kind of uncertainty persists. It is still unclear whether any progress has been made in the current situation.