Muhith downplays stocks crash
No one looted money from the share market; it only changed hands, Finance Minister AMA Muhith yesterday said.
The minister’s remarks came as a response in parliament to the opposition’s criticism over the stock market crash in early 2011.
The capital market burst following sharp but irrational gains in 2010. The country’s stock market has been on a downward trend since the crash. The government has taken many steps to pull it back but to no avail while the opposition puts the blame on the Awami League-led grand alliance, saying people with ties to the ruling party had siphoned money from the stock market.
“Nothing (money) evaporates from the share market, some people get it. Most of them belong to your party (the opposition),” Muhith said before passing the budget yesterday.
Regarding various scams in the banking sector, including that of Hall-Mark, Muhith said the condition of the banking sector in the country had never been as good as it was now. The amount of total credit in the banks at present is Tk 401,00,000 crore and a small portion of that, Tk 5,000crore, has been swindled, he added.
About siphoning of money, the finance minister said, “You [opposition] are very vocal about money laundering. We could not catch much laundering except for that by two persons (alluding to two sons of BNP Chairperson Khaleda Zia).
Muhith told the opposition lawmakers that propaganda replete with exaggeration over trifles blemished Bangladesh’s position to the world.
Source: The Daily Star