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Bangladesh economy will soon return to old track: Finance minister

04 Aug '22
1 min read
Pic: Shutterstock
Pic: Shutterstock

Bangladesh's economy will return to old track soon after overcoming challenges posed by the COVID-19 pandemic and the Russia-Ukraine war, according to finance minister AHM Mustafa Kamal, who recently said high inflation in the country, which is due to the increase in the prices of goods in the international market, may become normal soon.

He said this after the meetings of the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Procurement (CCGP).

The price of the US dollar in the country will come down soon as well, he said.

Inflation in the country has increased as many products are bought from European countries, where inflation is high, he was quoted as saying by Bangladeshi media reports.

Kamal said there is no scope to raise interest rates in the country. "That is why inflation is controlled through different types of management. Various initiatives have been taken to control imports including increasing duty, and the LC [letter of credit] margin," he added.

Fibre2Fashion News Desk (DS)

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