The country is under the grip of the manipulators Last time it happened with the same or larger magnitude was in 1996. Many people, some I knew personally who lost their last savings or assets under the hands of the manipulators of the share market. Losing all his pension amount the old man could not sleep for days. The then Finance Minister shrugged off everything from his shoulder by saying 'he does not understand the catalyst of the share market'. No one from the shrine of the elites looked down upon the 'first class first' economist and the then lord of the country's financials. The share market manipulators made their billions and carried away their cash out side the country -that is our financial system at ease and comfortably leaving behind the thousand small investors at dire state. Only last week our Central Bank's governor told the nation point blank that Central Bank has no role in the share market, I guess many people believed him. He also championed himself as pro poor and came from a very poor background. And, after the steep and great fall in one day that surpassed all previous records and all norms and rational of share market operation, central bank instructed commercial banks to buy shares to bring a buoyancy. What makes him to get involved is everyone's guess. Commercial banks and many commercial and financial organizations getting involved in share market hood winking their prescribed business licensing criteria. People even say that banks use the depositors fund to invest in share trading violating the statutory reserve limits that might have caused the call money rate sky rocketing, again surpassing all previous records. Same are happening to many other type of organizations that reflects on their balance sheet as Other Income (who ever discloses it). All were possible because of central bank's lax or intended over sight. All these led one to believe that country is in the hands of manipulators and certainly not under legitimate regulators. Speculation is ripe so are the manipulation and lies. Even the PM is speculating that had it been under the rule of BNP rice price would have been 100 taka and there are people who believes her. Regulators where are you talking us? |
__._,_.___
