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Stealing money in chaos is easy but investment needs competent government

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13th-Aug-2020       
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MEDIA report in a national daily on Wednesday said Bangladesh Bank's special fund for capital market investment is facing setback because of lukewarm response from banks which were to make the fund available from their money for funding the ailing bourse. The five year special fund of Tk 100 billion has so far achieved investment of only Tk 2.54 billion while as the report said banks remained reluctant to come forward.  
Need no mention that the central bank has initiated fund and reached out banks as a detracting move for reducing pressure on the government in the wake of violent street protest against continued market fall to keep it afloat. What appears quite unusual is that banks as business entities usually run their investment on cost-benefit basis. They would naturally make investment in the bourse if they find it promising but anything like putting government pressure on banks is unjustified.  
This is a government totally corrupt and sinking on the weight of its manifold financial crimes. Banks and big financial institutions have been laundered and almost every segment of the national economy is sinking because of bizarre corruption at every level. The capital markets were repeatedly rubbed by powerful syndicates and still lack protection. It is a shame that many leaders of such syndicates are now top government leaders when the central bank is now asking every bank to invest Tk 2.0 billion each. This is in addition to forcing banks to provide fund for various government stimulus packages which runs over Tk 1.0 trillion at a time banks are facing serious liquidity crisis.
Most bank money belongs to depositors but the government is forcing banks to make all such risky investment.  Banks previously lost bigger part of their capital in 1996 and 2010 stock market debacles and their present reluctance is highly calculative. So far only 15 banks including four state owned banks have set up a fund of Tk 16.50 billion but their stock market investment runs quite low.
Please stop lying, enough lies were delivered by those who stole money and kept out knowing it would be soon difficult to enjoy the protection of a messy government. It is impossible to say investment position is improving in the chaotic situation under the government that losing grip. The more mismanagement in the government easier it is to steal public money. Investment is not attracted when the government is in mess.

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