Inflation to cool down soon: Finance Minister
"The rise of inflation in the country is due to the increase in the price of goods in the international market. Inflation may return to normal within the next two to one month," The finance minister said
Finance Minister AHM Mustafa Kamal has said inflation will be normal within the next one to two months due to commodity price fall in the international market.
After the cabinet committee meeting on public purchase on Wednesday, he said the US Dollar in the domestic market will also calm down soon following the boost in export earnings and remittance.
The minister said the US raises the policy rate to blunt inflation, but the policy cannot be adopted in Bangladesh. Therefore, the government is discouraging the import of non-essential goods, increasing the duty and widening the margin for letter of credit (LC) opening.
Keep updated, follow The Business Standard's Google news channel
"In the 2008-2009 fiscal year when the Awami League came to power, inflation was 12.3%. Since then, the government has been going through many ups and downs. We had to face global crises like the pandemic and the Russia- Ukraine war. In spite of the difficulties, the country's economy is faring well. Very soon the country's economy will return to its previous state," Kamal said.
In response to the query whether fertiliser prices have been increased on the advice of the International Monetary Fund (IMF), Mustafa Kamal said, "I don't understand what you are talking about. The government did not increase the prices on the advice of anyone."
About showing laundered money in income tax returns, he said, "There are various reasons as to why people cannot mention all assets in their income tax returns. There are also systemic complications in Bangladesh. That is why the scope has been provided to money laundered abroad. We expect positive outcomes in this regard."
He said that people who have assets abroad will declare it in the returns out of "responsibility and compassion for the country".
The cabinet committee meeting approved the Trading Corporation of Bangladesh (TCB) to purchase 3.30 crore litres of soybean oil at
Tk448.82 crore from the United Arab Emirates and Canada through direct purchase.
The import rate is $1.44 or Tk136 taka per litre. The oil will be supplied in two-litre bottles.
Besides, the Bangladesh Chemical Industries Corporation (BCIC) has been approved to purchase 60,000 tonnes of urea fertiliser from Karnaphuli Fertilizer Company Limited and Saudi Arabia's SABIC Agri-Nutrients.
