Reported by: Hasn Arif
Written by: Eshan Maitra
New VAT law & 2nd-term Gas Price Increases, initiation failed and greatly threatens the upcoming budget. Finance Minister is under pressure. Therefore, again the topic of forming Financial Stability Council (FSC) rose for the need of time. The council will be bestowed with the power of dissolving banks & financial institutions.
Use of Government treasury in Bank Law, acting as coordinator in time of sorting structural crisis of a bank, keeping the stability of national economy and in preventing & sorting national or international financial crisis in the future. These will be the sole duties of the FSC. The council will always look for wide initiation & providing governmental support in all kind of financial issues.
The final decision for forming this council was taken at a conference meeting at the Ministry of Finance, on Thursday. It was hosted by the Finance Minister Abul Mal Muhit. Including from BSEC, IDRA, NBR & BB, many important financial institution representatives were present at the meeting.