Chittagong Stock Exchange requests Tk1,050 crore stimulus
The port city bourse made the request in a letter sent to the BSEC, who were then asked to forward it to the finance ministry
The Chittagong Stock Exchange (CSE) has requested the government to provide a Tk1,050 crore stimulus package for itself, its members and small investors as the Covid-19 pandemic and the ongoing shutdown have escalated their sufferings.
In a letter to the Ministry of Finance via the Bangladesh Securities and Exchange Commission (BSEC), the port city bourse on Monday requested an interest waiver of Tk400 crore for margin loans taken by small investors.
The exchange wanted a subsidy of Tk80 crore for CSE brokers' office expenses, employee salaries and Eid bonuses, or working capital loans at 2 percent interest.
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The CSE demanded an around Tk20 crore stimulus in the form of reduction of its own corporate tax to 10 percent from the current 35 percent.
The letter also seeks a Tk 50 crore waiver in beneficiary owner's (BO) accounts' renewal fees for this year, and reduction of advanced income tax on securities trading to 0.0025 percent from the existing 0.05 percent.
Besides, as CSE members are in extreme financial pressure, the exchange also sought a TK500 crore in special loans for them to get stronger in operations and play a better role in the development of the country's capital market.
The Chattogram bourse sent the letter to the BSEC online so that it could forward the letter to the Ministry of Finance for consideration, confirmed officials of the exchange.
