2024-05-03 06:42:44
Our country’s debt default, tax default and money laundering are linked to the same formula. Due to the rescheduling of loans, the bank has suffered a financial squeeze. For this money has to be provided by printing money through bonds. As a result inflation is not reducing. Therefore, the defaulted debt must be collected with a strong hand. We need someone to convince policy makers of these issues.
Former Governor of Bangladesh Bank Mohammad Farasuddin said these things in an event organized by Economic Reporters Forum (ERF) on Thursday (May 2).
He said that everyone in the country is enjoying the benefits of freedom. But some are much more and some are very little. I agree that Bangladesh Bank has deteriorated compared to before. Why is the government silent about money laundering? But it is very harmful for the country.
Regarding the defaulters in the country, he said, if the defaulters become too big, then there is a problem. If he defaults on an agricultural loan of 10,000 rupees, I will put him in jail, but if he defaults on 10,000 crore rupees, I will salute him. This cannot happen. Debts must be recovered by taking action against them.
Regarding price inflation, Farasuddin said some unscrupulous food officials and mill owners are cheating. As a result, the price of food in the country has increased at a large rate. Therefore, the government is unable to reduce food inflation even if it wants to. In this case, the former governor advised to increase the stock of the government’s warehouse and to bring relief to the country by taking some special measures.
He said that the disparity between the rich and the poor existed before and still exists. However, the money gap between the rich and the poor has increased more than before. Reducing this inequality requires not only economic but also political action.
He also said that the central bank has already decided to merge weak banks. It is a globally recognized process. But this is not the only process, there are more options. A bad bank cannot be made good by merging one bank with another. It is also necessary to form a banking reform commission to solve the overall problems of the banking sector of the country.
ERF President Mohammad Refayet Ullah Mridha presided over the event moderated by ERF General Secretary Abul Kashem. Media workers from various media were present at the event.