Bangladesh finance minister hopes to control inflation within 6 months

10 Jun '24

1 min read

Bangladesh finance minister hopes to control inflation within 6 months

Pic: Adobe Stock

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Abul Hassan Mahmood Ali has said another 6 months may be needed to bring inflation under control.
During post-budget press briefing, he also said the government's inflation control measures led to a tighter proposed budget.
He pointed to global foreign exchange issues worsened by Covid and Russia-Ukraine conflict, contributing to inflationary pressures.

Finance minister Abul Hassan Mahmood Ali said that efforts to control inflation may require an additional six months, emphasising the government's commitment to implementing necessary measures.

Speaking during a post-budget press briefing recently, the finance minister highlighted that the government's focus on inflation control influenced this year's tighter proposed budget.

The minister credited the Awami League government's actions for maintaining inflation within the 9 per cent range, noting that inflation had spiked to 10 per cent in 2010 after their assumption of power, up from around 9 per cent in 2009.

However, within two years, the government successfully reduced inflation to 5 per cent-6 per cent in the following decade.

Explaining recent challenges, Ali pointed to global foreign exchange issues worsened by the Covid-19 pandemic and the Russia-Ukraine conflict, contributing to inflationary pressures even as he assured that the government had implemented various measures to address inflation and was exploring additional strategies to mitigate its impact.

Fibre2Fashion News Desk (DR)

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