No banking reform commission, says Muhith

Staff Correspondent: Finance Minister Abul Maal Abdul Muhith has said no banking reform commission will be formed during the current tenure of the government.

He said, “Many people of the country have yet not got banking services. Even after, the volume of the banking sector has been very big. Though it has increased dimensionally, services have not enhanced. I had desired to form a banking commission. But I retreated from that. However, I’m keeping at my hands all necessary documents prepared for this which will be placed to the next government.”

The Minister said this while replying to a question at a crowded post budget press conference held at the Osmani Memorial Auditorium in the capital on Friday afternoon.

Replying to another question, Muhith said that the interest rates on various savings certificates are not permanent and those are reviewed in every two to three years.

He said this time there has been a delay in this regard adding that a meeting is likely to be held in the next month to review the interest rates on various savings tools.

Asked about the slashing of the corporate tax rate by 2.5 percent, Muhith said that 40 percent corporate tax rate is very rare in the world adding that this time the corporate tax rate has been reduced in a very planned way as this was done not all on a sudden, even the matter was discussed with the prime minister.

The finance minister termed his each and every budget as ‘election budget’ saying that being an important member of the ruling party, he has to deliver such budget which is being liked by the countrymen. “So, this budget is not for the election year, rather like other years,” he added.

The minister also claimed that he has been able to keep up the promise of not imposing any new tax in the proposed budget.
 

risingbd/Dhaka/June 08, 2018/Asad/A K Azad