Finance Advisor Salehuddin Ahmed has clarified that the rising inflation rate is a true reflection of the economy, rejecting claims of manipulation.
He explained that the Bangladesh Bureau of Statistics, or BBS, was instructed to release the data that was available, with no attempt to hide information.
Speaking at the launch of the sixth edition of the Banking Almanac at Dhaka’s CIRDAP auditorium on Saturday, Salehuddin acknowledged past discrepancies in data related to inflation and gross domestic product, or GDP, attributing them to both unintentional mistakes and attempts by policymakers to conceal information.
Despite multiple interest rate hikes, inflation has continued to rise in Bangladesh, hitting 11.38 percent in November, up from 10.87 percent in the previous month.
This means that a basket of goods and services that cost Tk 100 in November 2023 would cost Tk 111.38 in November 2024.
The finance advisor said that the interim government is not here to show off its capacity, but to address discrepancies in the last 15 years of data.
He said efforts are underway to correct and revise this information, which was previously concealed.
He also said donor organisations have raised questions about the issue, but the interim government have clarifying that the earlier data was hidden and that they are now presenting the correct figures.
The advisor also highlighted issues in the capital markets, criticising investors for buying worthless “Z-category” shares with no real value, warning that these will soon become worthless.
He urged investors to be cautious and criticised market players and regulators for their roles in the ongoing issues.
