• Friday, Sep 24, 2021
  • Last Update : 01:28 am

Kamal: No stimulus money will enter stock market

  • Published at 08:55 pm August 4th, 2021
Finance Minister AHM Mustafa Kamal
Finance Minister AHM Mustafa Kamal virtually briefs the media on the outcomes of the Cabinet Committee on Public Purchase meeting on Wednesday, June 23, 2021 PID

The government had provided financial support to different sectors under stimulus package to revive businesses from Covid-19 shocks

Finance Minister AHM Mustafa Kamal has said that remittances and undisclosed money have gone to the country’s stock market.

“But no money from government’s stimulus package went to the stock market”, he said while briefing reporters after the meeting of the Cabinet Committee on Public Purchase on Wednesday.

He made the remarks responding to a question regarding the media report that huge amount of money from stimulus package was diverted to the stock market by a section of business.

The government had provided financial support to different sectors under stimulus package to revive business from the shock of the Covid-19 effects.

Kamal also defended the government’s position saying that remittance is absolutely owned by the senders.

“If any remittance earner or anybody after whitening the undisclosed money invests in the capital market, the government has nothing to do. This is their own choices where to invest their money in legal way”, he said.

He also said that the government has no plan to increase the current rate of incentives from 2% on remittances.

He said declining trend of inward remittance in July will have no big impact on the economy. 

Replying to another question on the World Bank’s proposal on Rohingya rehabilitation the finance minister said he had no idea about the matter.

“If any suggestion comes from the World Bank with due merit to consider, concerned ministries would consider it. But if the suggestion does not carry any merit, they would not consider”, he said. 

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