Does the Prime Minister know?
Thursday, 12 May 2011
Does the Prime Minister know the true state of the financial sector? Probably she is being fed sanitized information. The financial sector is indeed in an unprecedented bad shape. The reasons are best known to the key people in government. The first quarter results of the banking sector are being released and it gives a very bleak picture.
The Finance Minister made some mistakes in handling the stock market issue which he admitted in public. But he probably is continuing to commit mistakes after mistakes, for which the investors' confidence has been seriously shaken. If he makes so many mistakes in handling one single issue like stock market, how can we trust that other things in his portfolio are being rightly done?
It is the Finance Minister who said that the stock market was overvalued, but when the market collapsed he tried to artificially keep it up. He chose a banker as the probe committee chairman who once was a high ranking official of the Central Bank. Although there was serious lack in the Bangladesh Bank's monitoring role, he said nothing against it. If the SEC Chairman has to go for lack of monitoring, the Bangladesh Bank governor must also go.
And lately when the market went up very high, suddenly Bangladesh Bank pressurised the banks to bring down their investment! So shouldn't it be held is mainly responsible for the market fall?
Kazi Ahmed
Toronto,
Canada