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Inflation will be under control: Finance Minister

Finance Minister AHM Mustafa Kamal on Monday assured the parliament that inflation will be brought under control due to the steps taken by the government.

Highlighting the steps including the declaration of market-based exchange rate with the US dollar and other foreign currencies, the finance minister said this will result in rapid inflation control, improve the balance of payment situation, and stabilise the exchange rate of foreign currencies.

He said while responding to a tabled question from ruling party MP Momtaz Begum with Speaker Dr. Shirin Sharmin Chaudhury on the chair.

Mustafa Kamal presented several steps in the parliament. These are making the exchange rate with the US dollar and other foreign currencies market-based; ensuring import of goods at the right price to rebuild reserves; reducing foreign exchange holding limits in commercial banks; Obligation to show source of expatriate income of more than 5000 dollars is abolished; expediting the disbursement of foreign financing in the pipeline.

In response to the question of Jamalpur-5 MP Mozaffar Hossain, the Finance Minister said that a high-powered task force was formed in 2009 to solve the problem of stagnant industries.

According to their decision, 279 sick garments in 2010 and 2012 and 100 sick textile industries in 2011 and 2015 were issued debt cancellation circulars.

To a question from Mymensingh-11 MP Kazim Uddin Ahmed, the finance minister said that in the current fiscal year 2023-24, an allocation of Tk 35,000 crore has been set for distribution in the form of loans in the agriculture and rural credit sector through banks in the ‘Agriculture and Rural Credit Policy and Programme’.