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Country's financial sector attains international standards by 2003

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December 14, 2000 

Dhaka-- (UNB) – If the current pace of reform and guidance from the government continue, country’s financial sector will attain international standards by year 2003, hopes the Finance Minister.

“Discipline started returning in the banking and insurance sectors. We hope the financial sector will reach international levels within next two or three years,” Shah AMS Kibria told his audience at the inauguration of an insurance company.

He elaborated government steps taken and being implemented in last four and half a years for economic reform and the successes, specially in the agriculture and industrial sectors. “This year we need not import food grain.”

Giving macroeconomic data, including 14.5 percent rise in industrial production, 27 percent rise in exports and the lowest level of inflation, the Finance Minister said all the economic indicators were on up-trend.

The inaugural function of Union Insurance began one hour behind the schedule as the chief guest, Kibria, was trapped in traffic jams on his way to the venue at Sonargaon Hotel. The function began still keeping him on the road.

Special guest Commerce Minister Abdul Jalil was also late by one hour. Chairman of Union Insurance Mozaffar Hossain Paltu, an Awami League leader, also came late and was seen telling another special guest, Industries Minister Tofail Ahmed, that he had to walk down through traffic congestion.

In the rush of Dhaka traffic and buying binge ahead of eid the government leaders discerned another economic indicator, on the upswing.

As Kibria said the price of daily necessaries in Ramadan remained stable, Tofail Ahmed elaborated his experiences that there is huge rush on the Eid market this year. “The rush proves the economic condition of the country is good,” said the Industries Minister.

Commerce Minister Jalil had a caution to the entrepreneurs of the new insurance company. “For some people, the entire sector got a bad impression. If you help us, we will find out the unscrupulous people and take action.”

Bangladesh Governor Dr Mohammad Farashuddin said he was told that there are some influential directors who enjoy insurance facility without premium. “I don’t want to believe, but I’ll urge the Commerce Ministry to inquire into it.”

He had also a lot of statistics to support the government claim that the economy is very good. Those included growth in GDP 6 percent, 15 percent in bank deposit, 10-12 percent in trading expansion, in import 22 percent and in export 25 percent.

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