Salehuddin reiterates govt’s stance to curb extortion for containing inflation

Finance and Commerce Adviser Dr Salehuddin Ahmed has reiterated the government’s stance to curb extortion for putting a positive impact in the market and thus containing inflation further.

“I’ve said time and again to take steps for curbing extortion…we’ve never said anything negative in this regard. We’ll definitely take steps,” he told reporters after UNDP Resident Representative Stefan Liller met him at the finance ministry office at the Secretariat today.

Mentioning that the issue of curbing extortion is not only an economic and trade related decision, Dr Salehuddin said, but it also has some political aspects associated with some social values.

“Nothing remains vacuum as new elements fill the blank space. New people are filling up the vacuum of those who have already left…it will definitely take some time,” he added.

Asked about the current situation regarding inflation, as the general point to point inflation rate still hovers around 10.49 percent in August, the adviser said the people are starting to get the message as inflation is already on the downtrend.

“It’s not only work through boosting the supply side as some other issues are also related. We didn’t stop the supply side as we’re bringing more commodities like soybean oil and rice bran oil so that there is a deficit in the supply side,” he said.

The adviser went on saying, “Retail prices also matter … My stance is that no added pressure is put on the consumers,” he said, adding that the Directorate of National Consumer Rights Protection (DNCRP) has been enforcing strict market monitoring in this regard.

Dr Salehuddin also suggested looking into the government’s strict measures for market monitoring as the price of essentials would not come down all of a sudden.

He alleged that there were many reasons for the high inflation trend during the past government regime as more money was printed unwisely and it also had an impact on the market. “It will take some time to put everything in the right track.”

The general point-to-point inflation rate in July this year was 11.66 percent, according to the BBS.

Asked about the meeting outcomes, the finance adviser said apart from continuing their ongoing funded projects, the UNDP has come up with ideas on some new projects.

He said the UNDP has also expressed their interest in providing support in the government’s reform initiatives, in green technology, and continuing support in the health and education sector side by side in Bangladesh’s transition to LDC graduation.

Responding to a question, the finance adviser said it requires technical assistance for carrying out any sort of reform while the UNDP is likely to provide technical assistance with expertise in this regard.

“They [UNDP] were very much responsive and strongly said that they are committed to help us,” Salehuddin added.