Chairman of the Bangladesh Securities and
Exchange Commission (BSEC) Professor Shibli Rubayat Ul Islam today said that
they would lift the floor price once the capital market comes into a firm
position.
“Whenever we’ll see that the capital of the investments is safe, then we’ll
remove the floor price. We’re also eagerly waiting when we’ll be able to
remove the floor price,” he said.
The BSEC chairman said this while addressing a seminar titled “Economic
challenges for the Bangladesh’s capital market: Possible remedies” held at
the auditorium of the Economic Reporters Forum (ERF) in the capital.
Shibli said the current tenure of the BSEC is three years and two months as
most of the countrymen were forced to remain at home when the office bearers
took charge during the peak time of the pandemic.
“Then there were no such economic activities during that time which was
followed by the Russia-Ukraine War and it appeared before us as an unexpected
event,” he added.
He said there is much pressure on the capital market as the index often
witness fluctuation even because of the remarks of the concerned
stakeholders.
“On the other hand, we came to see that the supply side had started to fall
alongside the reserve coupled with the downtrend in market index. That is why
floor price was imposed for the sake of the investors,” he added.
The BSEC Chairman said that the current account flow has become normal again
due to the timely steps of the government and the central bank for which
there is no such complexity now regarding opening up of LCs.
“Hopefully, the foreign currency reserve will increase again while the Dollar
rate will fall. The situation will become normal again. Once the price of
essentials fall, then the purchasing capacity of the commoners will be
increased.” he said, adding that the most negative effect of the liquidity
crisis was put on the capital market.
Noting that bonds and treasury bills are safe products for the investors,
Shibli said that they have provided around Taka 60,000 crore to Taka 70,000
crore to the government through issuing bonds.
Presided over by ERF President Refayet Ullah Mirdha, Capital Market
Stabilization Fund Chairman Md Nojibur Rahman, Dhaka Stock Exchange (DSE)
Chairman Dr Hafiz Mohammad Hasan Babu, Chattogram Stock Exchange (CSE)
Chairman Asif Ibrahim, NRB Commercial Bank Chairman SM Parvez Tomal, and
Association of Asset Management Companies and Mutual Fund (AAMCMF) Chairman
Hasan Imam spoke as the guests of honour.
On the occasion, ERF member Mohammad Mufazzal Hossain presented the key-note
paper.
Source: Bangladesh Sangbad Sangstha