The Minister of Finance calls stock market fluctuations a normal phenomenon
AHM Finance Minister Mustafa Kamal said on Tuesday that ups and downs are common in the stock market and advised people to invest with caution.
“If you think the ups and downs won’t happen in the stock market, that’s wrong,” he said.
He added that there is no reason to be concerned if the government is working closely with investors to overcome the situation.
The Minister was speaking as the main guest in a virtual discussion on “The Golden Jubilee of Independence: Achievements and Prospects of the Bangladesh Capital Market in Light of Bangabandhu Vision”.
The Dhaka Stock Exchange (DSE) organized the meeting marking the “Centenary of Mujib and the Golden Jubilee of Independence”, chaired by its president Eunusur Rahman.
The minister said that the country’s capital market is now stronger than before as the government has strived to build a strong and stable market by implementing different initiatives.
“The government is providing all kinds of support to create a strong capital market. If we can strengthen the capital market, our economy will be accelerated,” he said.
Mr. Kamal mentioned that Bangabandhu Sheikh Mujibur Rahman has given the people geographic freedom and that his daughter, Prime Minister Sheikh Hasina, is working to ensure economic freedom.
“Bangabandhu Sheikh Mujibur Rahman fought for the establishment of a developed Bangladesh without poverty and without hunger. He gave us geographic freedom,” he said.
“He (Bangabandhu) started to secure economic freedom, but was unable to do so. (But) following Bangabandhu’s path, Prime Minister Sheikh Hasina is working to secure the economic emancipation of the people,” added the Minister.
Through the implementation of different initiatives, said Mr. Kamal, Bangladesh is moving forward to achieve the Sustainable Development Goals (SDGs) by 2030 and Vision-2041.
Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof. Shibli Rubayat-Ul-Islam said Bangabandhu had worked his whole life for poverty reduction, economic freedom, the independence of the people and the country.
“Bangladesh could have made a lot of progress if Bangbandhu had been alive for a long time,” he said.
Mr Islam said the capital market is now moving forward with an appropriate mission and vision, although it has seen turbulence in the past.
He focused on the full-fledged digitization of the stock market which can help improve disclosures, reduce corruption and enhance transparency in the functioning of the market.
He informed that the World Bank has agreed to provide grants for the development of information technology capital market infrastructure.
Dhaka Chamber of Commerce and Industry (DCCI) chairman Rizwan Rahman said there was no alternative to invest more in establishing Golden Bangladesh, which Bangabandhu had dreamed of.
“In some cases, the banks cannot provide us with long-term loans. We are in dire need of long-term loans focused on the stock market,” he added.
Mr Rahman praised the government for bringing in Sukuk and said the introduction of long-term bonds for large investments was at an advanced stage. “Bangabanhdu has given us a great vision and we must realize it through combined efforts,” he said.
DSE COO, Mr. Shaifur Rahman Mazumder, presented the main document.
DSE Director Rakibur Rahman, Former DSE Chairman Shakil Rizvi, Senior Secretary of Financial Institutions Division Ashadul Islam, Chairman of Financial Information Board Hamid Ullah Bhuiyan and Chairman of Brokers Association of the DSE Sharif Anwar Hossain also took the floor, among others, on this occasion.