Stock market has become a ‘den of robbers’: Press Secretary

The country’s stock market has become a 'den of robbers', said Shafiqul Alam, Press Secretary to the Chief Adviser. He remarked, “When one robber leaves, another comes in. Major reforms are needed in this sector.” The Chief Adviser has also emphasized the need for reform in the capital market.

He made these remarks on Sunday (May 25) at a program titled “CMJF Talk with Shafiqul Alam,” organized by the Capital Market Journalists’ Forum (CMJF) at Paltan in the capital.

The event was presided over by CMJF President Golam Samdani Bhuiyan and moderated by General Secretary Abu Ali.

Shafiqul Alam said that small investors have been victims of fraud for a long time. Those who were responsible for reforming the capital market actually worked to protect the interests of various groups. As a result, ordinary investors have been deprived.

He said the Chief Adviser, Professor Yunus, wants impartial and deep reforms. Plans have been made to work with international experts of global standards. They will provide recommendations within three months, and actions will be taken accordingly.

Shafiqul Alam said that once the reforms are implemented, no group will be able to control the stock market, and the interests of general shareholders can be protected.

He also mentioned that the interim government's main responsibilities are elections, justice, and reforms — and the government is working on all three fronts. He added that through economic reforms, the overall economy of the country will improve, and the capital market will rise to new heights.

He said, “We are trying to build a broader economic platform from where Bangladesh’s economy can take off. As the economy improves, it will directly impact the stock market, taking it to a new level.”

Talking about the banking sector, he said, “It was in a fragile, earthquake-like condition. We are working to lift the banking sector from that pit and bring it to the mountain top.”

He noted that even after implementing the currency float decision two weeks ago, there hasn’t been major devaluation of the Taka, which sends a positive signal about the reforms.

Clearing the uncertainty around elections, the Press Secretary said that the national election will be held by June 30, 2026. There is no chance of it being delayed beyond that.

On port development, Shafiqul Alam said the Chattogram terminal is not being handed over to anyone. Instead, the goal is to allow major global companies to invest and manage the ports to improve efficiency. So far, $3 billion in investment commitments have been received.

He said discussions are ongoing with DP World (Dubai), A.P. Moller-Maersk (Denmark), and the Port of Singapore Authority to increase port capacity. He mentioned that global protectionism is rising in trade, and in this context, Bangladesh is a promising destination. “We want to turn Bangladesh into a manufacturing hub. But the first condition for that is upgrading our ports to international standards,” he said.

He further stated that the government is working to increase foreign investment. In June, a delegation of 150 members led by China’s Commerce Minister will visit Bangladesh. They have shown interest in investing.

Regarding tax collection, he said there have been problems for a long time. One of the government’s priorities has been to divide the National Board of Revenue (NBR) into two parts. This will help increase tax collection and government revenue.

He also said that reducing inflation is a major challenge. After raising interest rates, inflation has already started to decrease. “We hope it will come down to below 5 percent by the end of the year,” he added.