The Bangladesh government is on the right track to maintain domestic macroeconomic stability the way it has been reacting to the various challenges arising out of global conditions, private industry and investment adviser to the prime minister Salman F Rahman recently said.

The opening up of letters of credit (LCs) would be eased further, while foreign currency reserves would be stable by June, he told a pre-budget discussion of the Dhaka Chamber of Commerce and Industry (DCCI).

The country's tax-to-gross domestic product (GDP) ratio is still lower compared to other countries, but there is a need to further widen the tax net, for which automation is crucial, he said.

If the revenue board develops a uniform import duty, various problems can be addressed, but the revenue would fall in that case, he said.

He suggested revitalising the bond market, giving the same facility to other export-oriented sectors apart from readymade garments, and ensuring diversification of exportable items, a news agency reported.

Fibre2Fashion News Desk (DS)

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Bangladesh on track to keep macroeconomic stability: Advisor to PM