We’re correcting 15 years of inaccurate data: Salehuddin

Finance Adviser Dr Salehuddin Ahmed said the interim government is trying to correct 15 years of inaccurate data. 

"We are not manipulating any data, rather we are trying to correct 15 years of inaccurate data. Data on export, GDP, and even inflation were manipulated during that time," he said on Saturday.

He was speaking at the launching ceremony of the 6th edition of Banking Almanac.

Regarding data manipulation during the Awami League regime and its consequences, he stated: “Now whenever we present any data, everyone asks whether the data is correct or not.”

“Accurate data is necessary not only for banks, but also investors, since accurate data helps in proper decision-making,” the former Bangladesh Bank governor added.

He also mentioned the necessity of data management through the integration of all types of data in a single window for the convenience of businesses.

However, the renowned economist believed that not only data but also its proper analysis is important. 

“Data analysis is important because it helps in understanding the reasons behind it. However, for this, quality of data is important as well as real-time data is needed. Many websites still show data from 15 years ago.”

Dr Hossain Zillur Rahman, acting chairman, board of editors, Banking Almanac and also chaired the event.

He said: "Oligopolistic market power has gone to another level in the last 15 years."

Oligopolistic market power is the ability of a small number of large firms to control the market, including prices and output levels.

The former adviser of the Caretaker Government also said: “Now, one of the two most important issues for us is to restore financial discipline to keep the wheels of the macroeconomy moving. Second, to maintain the data's authenticity.”

Regarding the availability of data in the book, Hossain Zillur said that all the banks have provided data on their initiative. 

In addition to the data, the book also includes the changes that Bangladesh Bank has brought to its regulations.

Abdul Hai Sarker, chairman, Bangladesh Association of Banks (BAB); Nurun Nahar, spokesperson, Bangladesh Bank; Md Khairuzzaman Mozumder, secretary, Finance Division, Ministry of Finance, were also present at the event and thanked the people behind Banking Almanac.