• Tuesday, Feb 25, 2020
  • Last Update : 11:26 am

Inflation projected at 5.5% in FY20

  • Published at 05:06 pm June 13th, 2019

The average inflation rate stands at 5.4% as of March 2019, Bangladesh Bureau of Statistics says

The government has forecast a 5.5% inflation during the 2019-20 fiscal year.

Prime Minister Sheikh Hasina announced the projection in parliament on Thursday, as she took over the presentation of the Tk523,190-crore national budget for the upcoming fiscal year.

As of March 2019, the average inflation rate stands at 5.4%, according to the data provided by the Bangladesh Bureau of Statistics (BBS). 

“The inflation rate during this year is projected at 5.5%. Our goal for the 2019-20 fiscal year will be to enhance the competitiveness in all our business sectors, including agriculture, industry, commerce, exports, real estate, and services sectors,” she said in the budget speech.

The purpose is to reduce poverty, generate employment, and attract foreign investment, the prime minister said.

The government will also adopt special measures for small and medium enterprises to facilitate the assimilation of the marginal people into mainstream development, and take steps to reduce income inequality, she further said.

The announcement for the proposed national budget for 2019-20 fiscal year began around 3pm on Thursday. 

The budget amounts to Tk523,190 crore – the biggest-ever in the country’s history.

Finance Minister AHM Mustafa Kamal began reading out his budget speech, but could not continue due to severe illness. 

Prime Minister Sheikh Hasina then took over from Kamal, and finished the speech. 

This was Kamal’s maiden budget.