The Financial Express

No money from stimulus package enters stock market, finance minister says

| Updated: August 05, 2021 16:12:36

No money from stimulus package enters stock market, finance minister says

Finance Minister AHM Mustafa Kamal has said that remittances and undisclosed money have entered the stock market of the country.

“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, reports UNB.

The minister gave the information while responding to a question regarding the media report that a huge amount of money from the stimulus package was diverted to the stock market by a section of the businessmen.

The government had provided financial support to different sectors under the 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 a legal way”, he said.

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

The minister said the 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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