Millions of dollars were siphoned off the country on 5 August: commerce adviser

The newly appointed Commerce Adviser Sheikh Bashir Uddin has said millions of dollars had been siphoned off the country even on 5 August.

"The freedom that we achieved in exchange of 2,000 lives can't go astray," the adviser said at an event titled '3rd Bangladesh Economic Conference' organised by the national daily Banik Barta at Pan Pacific Sonargaon Hotel in the capital today (11 November).

The theme for the 3rd conference was 'Discrimination, financial crimes and remedy of Bangladesh's Economy'.

"Sometimes I feel ashamed of identifying myself as a businessman due to the politicisation of this profession. I'll try my best to ease the cost of doing business in the country," the adviser said.

During the event, the Governor of Bangladesh Bank, Dr Ahsan H Mansur, said his organisation had not printed a single taka in the last three months.

"We did not sell any dollar from our reserve, either. There is no shortage of dollars in the market. Anyone can bring taka and buy it. Though the Power Development Board is facing problems in clearing their overdue payments, it's not my job to fix it," the governor said.

While mentioning that at least 12 months are needed to control inflation, the governor said as Bangladesh raised its policy rate just four months ago, the country needs to wait another eight months to tame inflation.

"We have reviewed data from developed countries like the US and reached this conclusion," the governor added.

Stating macroeconomic stability as a must to bring investment, the governor further said it's not possible to increase investment for him or anyone right after taking responsibility.

"Although we won't go into recession, the growth can become slower. We could've faced a situation like Sri Lanka, but that did not happen," the governor said.

The BNP has decided to allocate 10% of the GDP for health and education if it forms the government, said BNP Standing Committee member and former commerce minister Amir Khasru Mahmud Chowdhury.

"We have decided two things very clearly- we will allocate 5% of the GDP for health and 5% for education. This is our decision," Amir Khasru said.

"It's because if we can provide the citizens with universal health care, their health will be good, and they will better contribute to the nation. Bangladesh failed to invest to reap the demographic dividend. The low investment in health and education is decreasing people's purchasing power," he added.

Around 400 guests, including government officials, economists and university faculty, attended the event.