Salehuddin reiterates govt’s stance to curb extortion for containing inflation

Adviser to the interim government on the Ministries of Finance and Commerce Dr Salehuddin Ahmed has reiterated the government’s stance to curb extortion for putting a positive impact on the market and thus containing inflation further.

“I’ve said time and again to take steps to curb extortion. We’ve never said anything negative in this regard. We’ll definitely take steps,” he said.

The Finance Adviser was replying to queries of reporters after UNDP Resident Representative Stefan Liller met him at the finance ministry office at the secretariat today.

Mentioning that the issue of curbing extortion is not only an economic and trade related decision, Dr Salehuddin said, that it has also some political aspects associated with some social values.

“Nothing remains a vacuum as new elements fill the blank space. New people are filling up the vacuum of those who have already left … it will definitely take some time,” he added.

Asked about the current inflationary situation as the general point to point inflation rate still hovers around 10.49 per cent in August, the Adviser said that the people are starting to get the message as inflation is already on the downtrend.

“It’s not only work through boosting the supply side as some other issues are also related. We didn’t stop the supply side as we’re bringing more commodities like soybean oil and rice bran oil so that there is the deficit in the supply side,” he said.

The Adviser went on to say, “Retail prices also matter … My stance is that no added pressure is put on the consumers,” he said, adding that the Directorate of National Consumer Rights Protection (DNCRP) has been enforcing strict market monitoring in this regard.

Dr Salehuddin also suggested honestly looking into the government’s strict measures for market monitoring as the price of essentials would not come down all of a sudden.

He alleged that there were many reasons for the high inflation trend in the past regime as more money was printed unwisely and it had also an impact on the market. “It will take some certain time to put everything on the right track,”

The general point-to-point inflation rate in July 2024 was 11.66 per cent, according to BBS.

Asked about the meeting outcomes, the Finance Adviser said that apart from continuing their ongoing funded projects, the UNDP has come up with ideas for some new projects.

He said the UNDP has also expressed their interest in providing support in the government’s reform initiatives, in green technology, and continuing support in the health and education sector side by side in Bangladesh’s transition to LDC graduation.

Responding to a question, the Finance Adviser said it requires technical assistance for carrying out any sort of reform while the UNDP is likely to provide technical assistance with expertise in this regard.

“They (UNDP) were very much responsive and strongly said that they are committed to helping us,” Salehuddin added.