IT could be a good news for the country’s economy when the Finance Minister announced that five state-run banks are set to get listed on the stock market by September as part of the government’s efforts to gear-up the capital market. The decision was taken in a meeting with Bangladesh Bank Governor, Bangladesh Securities and Exchange Commission Chairman and managing directors and chairmen of the five banks on Sunday. But what’s true is that the stock market has already lost investors’ confidence due to widespread irregularities and corruption making thousands of middle-income group people penniless. As per the government’s plan, a quarter of the shares of Sonali, Agrani, Janata, Rupali and Bangladesh Development Bank would be offloaded on the stock market. A couple of former finance ministers earlier several times had promised the same but failed to do that. It is learnt that the shares will be offloaded in phases based on demand.
Though there is widespread speculation that the stock market might add to the pile of problems the bourse is now facing, the finance minister is optimistic as all five banks are “profitable” now so their impact on the market will be positive. He also thinks that the overall economic situation is good enough. But the people know very well what the real situation of the economy is. The government has no control on the market of essential commodities. Nobody knows when the prices would jump to go out of the common people’s reach. The banks are almost empty and overburdened with a large amount of bad loans while the lion’s portion of the defaulted loans are likely unrecoverable. Apparently, there is no efficient administration in the banking system and perhaps no guideline is followed to keep the system efficient. Despite the critical condition in the financial sector, private banks are getting permission one after another under political consideration.
Those who looted banks and public funds are safe under the present government. They will not be asked to bring back their money from abroad. The government borrowed heavily from banks. Now Finance Minister Mustafa Kamal directed the banks to invest in the stock market. May be some few people will get the last chance to make dishonest money. This foolish step in no way will revive the economy.
