Commerce advisor blames 'network of cronies' built by AL regime for market instability

The country’s reserves currently stand at $30 billion, he says

Commerce Advisor Sheikh Bashir Uddin has accused the deposed Awami League regime of fostering a "network of cronies" who destabilised the economy over the past 16 years.

Addressing the closing ceremony of a two-day international conference organised by Chittagong University's Bureau of Business Research in the port city on Friday, he blamed them for weakening market management.

On the current state of the economy, the advisor said: “After Sheikh Hasina’s fall, our reserves stood at about $10 billion, while our liabilities to different countries and institutions amounted to $6 billion. Under the leadership of Chief Advisor Muhammad Yunus, we repaid all debts. Currently, the country’s reserves stand at $30 billion.”

Asked about expectations from a future political government, Bashir said: “If future governments run the market democratically through coordinated initiatives and undertake impartial reforms, the market system will be strengthened and equitable distribution of resources will be ensured.”

On the importance of uninterrupted supply in market management, he noted that the supply chain remained normal and prices of essentials were low during the last Ramadan because of joint efforts by the Finance Division, central bank and commerce ministry.

Reflecting on the period after Aug 5 last year, he said: “You know many members of the so-called syndicates fled the country at that time. Keeping the supply side steady was extremely difficult.

“We were able to overcome that situation through the government’s collective efforts.”