Undisclosed income, remittances go to capital market: Finance Minister

Finance Minister AHM Mustafa Kamal said on Wednesday a portion of undisclosed money and remittances have gone to the capital market of the country.

"I did not know whether the money from stimulus packages went to the capital market or not. But a portion of undisclosed money and remittances have gone to the capital market," he said.

Earlier on Thursday last, journalists wanted to know from the finance minister whether the money from incentive loans is going to the capital market.

The minister could not give any information in this regard instantly.

But he provided journalists with the information when his attention was drawn on Wednesday.

The finance minister said, "If any remittance earner or anybody after whitening the undisclosed money invests in the capital market, the government has nothing to do. This is their choice, where to invest their money in a legal way."

Meanwhile, in a recent letter to the banks' managing directors, the Bangladesh Bank said that the incentive loans announced by the government and the central bank are being used in some unproductive sectors instead of being used in appropriate sectors.

The Center for Policy Dialogue (CPD), a private think tank, has suggested the authorities look into where the incentive money is going to the stock market instead of going to the productive sectors.

Meanwhile, in response to a question on remittances, the finance minister said, "Remittances have decreased due to various reasons including Eid. This situation will not exist. It will be better in the future."

In response to another question, he said, "There is no plan to increase the rate of remittance incentives at present. The 2% incentive that is being given is enough. But incentives for other sectors affected by the coronavirus pandemic are being reviewed."