Businesses want increased cash supply in banks

Staff Correspondent | Published: 22:11, Apr 08,2020

 
 

Businesses have proposed that the government should ensure an increased cash supply in the banking system for the implementation of the government-announced stimulus packages to combat the coronavirus outbreak fallout.

They came up with the proposal at an online discussion held on Tuesday, according to a statement issued by Metropolitan Chamber of Commerce and Industry president Nihad Kabir on Wednesday.

The Bangladesh Investment Development Authority organised the discussion where the prime minister’s private sector industry and investment adviser Salman F Rahman, BIDA executive chairman Md Sirazul Islam, Nihad Kabir, Foreign Investor’s Chamber of Commerce and Industry Rupali Chowdhury, MCCI vice-president Anis A Khan, former MCCI president Syed Nasim Manzur and Chittagong Stock Exchange chairman Asif Ibrahim, among others, were present.

At the meeting, the businesses stressed the importance of social distancing and isolation for containing the spread of coronavirus, the MCCI statement said.

Mentioning the short- and mid-terms plans taken by the government vital, they suggested the formation of a taskforce to expedite the implementation of the plans.

Considering the existing situation, the businesses at the meeting proposed increasing cash supply in banks, the statement said.

Speaking about different circulars and directives of the government’s different agencies on business-related issues, the businesses also requested the government agencies to discuss with them before the issuance of any such circular.

They said that if the authorities discussed the circulars with them before their issuance, the inclusion of different nitty-gritty would be easier and such inclusion of nitty-gritty would reduce the requirement of amendments to the instructions.

For the latest instance, the finance ministry and the Bangladesh Bank had issued a circular on dissemination of Tk 5,000 crore in loans to the readymade garment sector for the payment of workers’ wage without taking a number of issues into consideration.

The businesses at the meeting thanked Salman and Sirazul for organising such a digital meeting during the coronavirus pandemic and allowing the businesses to express their concerns and expectations.

Standard Chartered Bank Bangladesh chief executive officer Naser Ezaz Bijoy, MCCI secretary general Farooq Ahmed, high officials of International Finance Corporation Bangladesh office and BIDA, among others, attended at the meeting.

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