Business Desk :
Dhaka Chamber of Commerce and Industry (DCCI) led by its President Abul Kasem Khan said that in order to develop capital market, cooperation and coordination between Bangladesh Bank, Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange, Chittagong Stock Exchange, Insurance Development Authority are needed. He said it a called on Bangladesh Bank Governor Fazle Kabir on Thursday at his office, said a press release.
Abul Kasem Khan said, private sector credit growth aimed to be 16.8 percent in the current monetary policy compared to 16.3 percent in the last monetary policy. To achieve this target, the cost of credit must be maintained at single digit. He also proposed to give special focus on SME and provide collateral free single digit interest loans to SMEs for empowering SMEs businesses improving access to market and finance. He proposed to develop a National Infrastructure Development Monitoring Advisory Authority (NIDMAA) Bond/Fund for arranging financing in infrastructure development from local and foreign sources. He said the overall non-performing loan (NPL) is at alarming state and stood at Tk. 80,307 crore in September 2017. He said all commercial banks should take proper measures to recover their defaulted loans as soon as possible. From January 2003 to March 2017 banks’ wrote off loans is worth Tk. 44,412.03 crore. He also proposed to make Alternative Dispute Resolution (ADR) mandatory to reduce the huge backlog of cases of financial sector. To increase the FDI inflow in growing and thrust industries, relevant regulatory and process reforms are to be addressed which are under the purview of Bangladesh Bank. He said to raise investment to GDP ratio by only 1%, which means injecting of money close to Tk. 20,000 crore into the economy and this extra money can be collected through capital market, bond market and through various funds.
Bangladesh Bank Governor Fazle Kabir presided over the meeting while Change Management Adviser Allah Malik Kazemi, Banking Reform Adviser SK Sur Chowdhury and Dr. Faisal Ahmed Chief Economist of the were also present at that time.
Fazle Kabir said that Bangladesh Bank has taken initiative to discourage remittance inflow through non-banking channels and now remittance through proper banking channel has been increased. He echoed the proposal of DCCI President and said that for long term financing for large mega infrastructure projects, we should have bond system in capital market as the banks are not financing for long tenure. He said we need to create profitable large projects then financing will not be a problem. He informed that the existing liquidity crisis is a very temporary matter and very soon there will be no liquidity crisis in the money market. He requested the businessmen of Bangladesh to invest their money in Bangladesh to create more jobs. He said there are many incentives for non-resident Bangladeshis if they invest in Bangladesh.
Dhaka Chamber of Commerce and Industry (DCCI) led by its President Abul Kasem Khan said that in order to develop capital market, cooperation and coordination between Bangladesh Bank, Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange, Chittagong Stock Exchange, Insurance Development Authority are needed. He said it a called on Bangladesh Bank Governor Fazle Kabir on Thursday at his office, said a press release.
Abul Kasem Khan said, private sector credit growth aimed to be 16.8 percent in the current monetary policy compared to 16.3 percent in the last monetary policy. To achieve this target, the cost of credit must be maintained at single digit. He also proposed to give special focus on SME and provide collateral free single digit interest loans to SMEs for empowering SMEs businesses improving access to market and finance. He proposed to develop a National Infrastructure Development Monitoring Advisory Authority (NIDMAA) Bond/Fund for arranging financing in infrastructure development from local and foreign sources. He said the overall non-performing loan (NPL) is at alarming state and stood at Tk. 80,307 crore in September 2017. He said all commercial banks should take proper measures to recover their defaulted loans as soon as possible. From January 2003 to March 2017 banks’ wrote off loans is worth Tk. 44,412.03 crore. He also proposed to make Alternative Dispute Resolution (ADR) mandatory to reduce the huge backlog of cases of financial sector. To increase the FDI inflow in growing and thrust industries, relevant regulatory and process reforms are to be addressed which are under the purview of Bangladesh Bank. He said to raise investment to GDP ratio by only 1%, which means injecting of money close to Tk. 20,000 crore into the economy and this extra money can be collected through capital market, bond market and through various funds.
Bangladesh Bank Governor Fazle Kabir presided over the meeting while Change Management Adviser Allah Malik Kazemi, Banking Reform Adviser SK Sur Chowdhury and Dr. Faisal Ahmed Chief Economist of the were also present at that time.
Fazle Kabir said that Bangladesh Bank has taken initiative to discourage remittance inflow through non-banking channels and now remittance through proper banking channel has been increased. He echoed the proposal of DCCI President and said that for long term financing for large mega infrastructure projects, we should have bond system in capital market as the banks are not financing for long tenure. He said we need to create profitable large projects then financing will not be a problem. He informed that the existing liquidity crisis is a very temporary matter and very soon there will be no liquidity crisis in the money market. He requested the businessmen of Bangladesh to invest their money in Bangladesh to create more jobs. He said there are many incentives for non-resident Bangladeshis if they invest in Bangladesh.
