Bangladesh Government On Track To Maintain Macroeconomic Stability

The Bangladesh government is on the right track to maintain domestic macroeconomic stability by responding to the various challenges posed by global conditions, according to private industry and investment adviser to Prime Minister Salman F Rahman.

Letters of credit (LCs) would be opened more easily, and foreign currency reserves would be stable by June, he said at a Dhaka Chamber of Commerce and Industry pre-budget discussion (DCCI).

The country's tax-to-GDP ratio is still lower than in other countries, but there is a need to broaden the tax net, for which automation is critical, he said.

Various problems can be addressed if the revenue board develops a uniform import duty, but revenue would fall in that case, he said.

He proposed revitalising the bond market, extending the same facility to other export-oriented sectors other than readymade garments, and ensuring the diversification of exportable items, according to a news agency.