Oligarchic market power, inflation among problems plaguing economy: Hossain Zillur Rahman

Hossain Zillur Rahman, chairman of the Almanac and a former adviser to the caretaker government, today (21 December) identified five problems that are plaguing the economy.

While presiding over the unveiling event of the sixth edition of 'Banking Almanac', he said, "One of the problems is financial discipline and balance in the overall economy. Another one is the accuracy of information and professionalism. The government has made improvements on these two issues, and the economy has bounced back slightly from a weak position."

Terming discipline in the financial sector as very important, Zillur added that the wheels of the economy must be in motion.

"The processes need to be sped up. Inflation is another big challenge, as its impact is huge on families despite the overall economy being stable. Another challenge is oligarchic market power," Zillur said.

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The finance ministry alone cannot turn the wheels of the economy, he said. "Although the government is eager enough, the private sector needs to be made more active. The lack of trust among everyone from the root level to the mid-level businesses in the SME sector should be eradicated. Law and order situation has to be improved."

Finance Secretary Khairuzzaman Mozumder, who was also present at the event, said, "The government is trying to bring back discipline in various sectors. We have asked for the assistance of our development partners to bring back discipline in the financial sector. The government has already made changes to different boards."

Abdul Hai Sarker, chairman of Bangladesh Association of Banks, said "The Banking Almanac will be useful for public and private sectors if it is based on real data. Old and false information does not help anyone."

Deputy Governor of Bangladesh Bank Nurun Nahar also advised presenting the almanac more effectively.