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Muhith: Capital market to be in good position in couple of years

  • Published at 07:40 pm April 10th, 2018
  • Last updated at 09:18 pm April 10th, 2018
Muhith: Capital market to be in good position in couple of years
The country's capital market will be in a good position in a few years and will be equipped to play a vital role in increasing investments, Finance Minister AMA Muhith said on Tuesday. “There are no scopes for large ups and downs in the capital market now as the government is working to develop the market. We have taken different initiatives to stabilize the capital market,” the finance minister said at a dividend handover ceremony of the Investment Corporation of Bangladesh (ICB) at the Ministry of Finance office in Dhaka. ICB shareholders approved 30% cash dividend and 5% stock dividend against each share worth Tk10 for the 2016-17 fiscal year in its 41st Annual General Meeting in December last year. The government received cash dividend amounting to Tk51.26 crore and around 8.54 million shares as bonus against about 17.1 million shares of ICB that it owns. ICB Chairman Prof Dr Mojib Uddin Ahmed and Managing Director Kazi Sanaul Hoq handed over the dividend to the finance minister. Speaking at the ceremony, Muhith said the Bangladesh Securities and Exchange Commission (BSEC) had been working to take the capital market in a good position since the market suffered a big fall six years ago. Because of the different initiatives undertaken via BSEC, the capital market will reach a good position in future, he said. Responding to a question, Muhith said the government would not impose any Value-Added Tax (VAT) on private universities, but owners of the universities would have to pay income tax on their income through the universities. He hoped that the GDP growth would be 7.5% in the 2017-18 fiscal year – higher than the budgetary target of 7.4%. “The Planning Commission has projected a 7.65% GDP growth in the current fiscal year. I think that the growth will not be less than 7.5%,” he added. The finance minister said the existing quota system for public jobs should be reformed. “Quota is essential for backward people, but the existing quota ratio is very high; it should be reformed,” he added. The ceremony was also attended Financial Institutions Division additional secretaries Manik Chandra Dey, Quamrun Naher Ahmed and Salma Nasreen, among others.