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Finance Adviser Dr Salehuddin Ahmed on Saturday said the government is working to establish a national single window that will centralise all relevant data for businesspeople.
"Currently, businesspeople have to visit multiple places to gather information. The single window will provide all required data in one place," Dr Ahmed said while unveiling the 6th edition of the Banking Almanac, a comprehensive resource on 60 banks and financial institutions.
The event was held at the CIRDAP auditorium in the city.
Highlighting the importance of accurate data, Dr Ahmed noted that donor agencies still question the reliability of national data.
"We have instructed the Ministry of Planning to provide real data-whether it is higher or lower, people deserve the exact figures," he said.
Dr Ahmed underscored the need for timely data, pointing out that some data being produced now pertain to events that occurred 10-15 years ago.
He suggested that earlier policymakers often concealed actual information.
"We can now understand what the actual situation was at the time," he said, adding that the Bangladesh Bureau of Statistics (BBS) is currently providing accurate inflation data.
"Previously, inflation data was manipulated to appear at 8-9 per cent under the previous government, which had its own 'narratives'," he stated.
Although some unintentional mistakes contributed to inaccuracies in inflation and GDP data, Dr Ahmed accused policymakers of deliberately hiding information.
He stressed that proper financial and social policies cannot be formulated without reliable data.
Dr Ahmed also said the interim government is not seeking to showcase its 'power' but to address inconsistencies in 15 years of data.
On the capital market, Dr Ahmed said that the regulator bears responsibility for the poor performance of the sector.
"Weaknesses of both the regulator and market players are to blame for the lingering volatility in the stock market," he said.
Criticising investors for purchasing worthless 'Z-category' shares, he warned that these shares would soon lose all value.
"You're buying Z-category stocks, which essentially don't exist. When share prices fall, you protest. I don't support this," he said, addressing market investors.
He further remarked, "Investors are protesting and demanding the removal of the Bangladesh Securities and Exchange Commission (BSEC) chairman because share prices are falling. Yet, these same investors continue to buy Z-category shares, which will turn into waste paper in a few days."
While presiding over the event, Banking Almanac Chairman and former caretaker government adviser Dr Hossain Zillur Rahman stressed the need for financial discipline.
"The foremost priority is to restore financial discipline to keep the wheels of the macroeconomy moving forward," Dr Rahman said, adding that maintaining data authenticity is equally critical.
He identified inflation as a major challenge, stating, "Inflation has a profound impact on families, even if the overall economy remains stable."
"Oligarchic market power is a reality and a pressing concern," Dr Rahman who chaired the function noted.
Finance Division Senior Secretary Dr Khairuzzaman Mozumder, who was also present, stated, "The government is working to restore discipline across various sectors. We've sought assistance from development partners to bring order to the financial sector and have already made changes to several boards."
Abdul Hai Sarker, chairman of the Bangladesh Association of Banks (BAB), said the Banking Almanac would be beneficial for both the public and private sectors, provided it is based on accurate data.
"Outdated and false information helps no one," he said.
Mr Sarker stressed the need for greater interaction between policymakers and stakeholders.
Other speakers at the event included Bangladesh Bank Deputy Governor Ms Nurun Nahar and former banker Nurul Amin.