No stimulus fund enters stock market

Finance Minister AHM Mustafa Kamal has said that remittance and undisclosed money have gone to the country’s stock market.

“But no money from the government’s stimulus package went to the stock market,” he said while briefing reporters after a meeting of the Cabinet Committee on Public Purchase on Wednesday.

He made the remarks responding to a question regarding the media report that a massive amount of money from the stimulus packages was diverted to the stock market by a section of business.

The government had provided financial support to different sectors under the stimulus package to revive business from the shock of the Covid-19 pandemic.

Kamal also defended the government’s position, saying that remittance is absolutely owned by the senders.

“If any remittance earner or anybody invests in the capital market after whitening the undisclosed money, the government has nothing to do. It is their own choices where to invest their money legally,” he said.

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

He said the declining trend of inward remittance in July would have no significant 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.