Who is right, FBCCI or BB?
Bangladesh Bank (BB) has claimed that the apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) lobbied with it to extend the deadline for bringing down the bank's exposure to the stock market. But the FBCCI said neither it nor any business organization made such lobby. The FBCCI also added that in the early 2010, the index was 4,200 and crossed 6,000 by June. The central bank gave only warning but did not fix CRR (Cash Reserve Requirement). As a result, banks made huge investment that took index unusually to 8,900.
The BB announced CRR for banks in December, they made unusual profits by selling shares resulting in a debacle, and thus small investors suffered huge losses.However, if these two organizations are busy refuting each other's claim, we can guess the fate of the small investors. We do not know who is right, FBCCI or BB. We urge them to work for saving the small investors and stop blaming each other.
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