The Securities and Exchange Commission is likely to announce a complete package today to stabilise the troubled stockmarket, a member of the regulator said yesterday.
“We will disclose the final steps on the market stabilisation process through a press conference tomorrow [today],” said Helaluddin Nizami, the SEC member.
He made the statement after a follow-up meeting among the finance ministry, the central bank and the stockmarket regulator at the secretariat. The meeting was presided over by Finance Minister AMA Muhith.
“Some measures were finalised at today's [yesterday's] meeting, and you will know about these when the package will be announced,” he said.
When asked about the central bank's steps on cash reserve ratio (CRR) and statutory liquidity ratio (SLR), the SEC member told reporters that the Bangladesh Bank will decide on it.
“However, the decision would be positive,” he added.
Earlier, after a meeting between the government and the market stakeholders at the National Economic Council on Sunday night, Nizami said as per instructions of the prime minister and the finance minister, the commission will announce the market stabilisation package in a couple of days through a press conference.
The yesterday's meeting was part of a series of meetings between the government and market regulator after Wednesday's high-profile meeting with Prime Minister Sheikh Hasina where the premier instructed the regulators to take long- and short-term measures to stabilise the market.
After the meeting presided over by the prime minister, it was also decided that the government would start planning to compensate the investors who had lost money in downswings.
In line with the instructions from the prime minister, policymakers and market regulators have already held several meetings to finalise some measures to stabilise the market.
The investors were, however, a bit shaky seeing the delay in the announcement of the package.
The benchmark general index of the Dhaka Stock Exchange closed higher at 5,322 points after gaining marginally by 9 points, or 0.17 percent yesterday.
The investors, however, bought heavily into the market amid optimism that the package to be announced would stabilise the market. The single-day turnover rose to Tk 519 crore from previous day's Tk 475 crore.http://www.thedailystar.net/newDesign/news-details.php?nid=211150
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