DSE demands Tk 300cr refinance fund released by this monthStaff Correspondent
The Dhaka Stock Exchange on Tuesday urged the authorities concerned to take immediate step to disburse the first Tk 300 crore tranche of the government refinance fund worth Tk 900 crore for the investors affected by the stock market crash in 2010-2011 and to inject the fund into the capital market within this year.
DSE present Ahasanul Islam made the call in a meeting with Bangladesh Bank governor Atiur Rahman held at the BB headquarters in the capital.
DSE senior vice-president Mohammad Shahjahan, vice-president Mizanur Rahman Khan and DSE managing director Swapan Kumar Bala were also present in the meeting, among others.
‘As per the government’s policy decision Bangladesh Bank had already released Tk 300 crore out of the Tk 900-crore fund for disbursement,’ the DSE president told reporters after the meeting.
Ahasanul said, ‘The government decision cannot be foiled due to some conditions set by the supervision committee for the fund, it should be done within time.’
‘Injecting fund in the capital market should be the priority not the conditions,’ he said.
He also called upon the authorities to release the fund on institution basis, not on individual investor basis as ‘the institutions are willing to take the risk to repay the fund.’
The supervision committee set 18 conditions to release the fund.
The DSE in its three-point proposal to the BB governor also requested the central bank to calculate the bank and financial institutions’ capital market investment excluding the respective organisations’ equity investment in the capital market.
‘The BB would make its decision on the matter as per the applications of the organisations concern,’ Ahasanul said.
The bourse in its proposal also requested the BB to allow the banks and financial institutions another year to keep provisioning against their unrealised losses in the capital market.
‘As of October 31, banks and financial institutions investment in the capital market is 33 per cent. If the BB does not allow the institutions another year, that will hit the capital market as their will be no option for the institutions except reducing investment in the capital market,’ DSE president said.
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