Some of the country's weak banks have been identified, said Finance Advisor. Salehuddin Ahmed said financial assistance will be given to weak banks. However, no bank will be closed in any way.
He said this at a press conference called on the occasion of '100 days of the Interim Government' at the Multipurpose Hall of the Ministry of Finance of the Secretariat on Tuesday (November 19). The press conference was attended by Chairman NBR, Secretary Finance, Secretary Banking Division and Secretary Economic Relations Department (ERD).
The financial adviser said that during the previous government's rule, disobeying the law was a major problem in the banking sector. There was also a deficiency in the supervision of the central bank. Due to which this plight of the banking sector has arisen.
The financial advisor also commented that the country's financial sector is facing a 'terrible challenge'.
Pointing out that the government is trying to stop corruption and irregularities and increase the speed of implementation of necessary projects, he said that efforts are being made to control all kinds of unnecessary expenses except the essential ones. Purchase of all types of vehicles has been stopped. Increasing revenue is the big challenge right now. Failure to do so will hamper developmental activities.
Regarding the price inflation in the market, the advisor said, inflation did not happen in one day. Earlier, 60 thousand crore rupees were printed; Which is one of the reasons for the rise in inflation. Also unnecessary expenditure has been incurred on various projects. Bridging the Padma has eased people's communication, but its benefits have yet to trickle down to the financial sector. Due to these reasons inflation has increased. The government has reduced tariffs on some products to control inflation; Which will be valid till next month of Ramadan.
