Investment Corporation of Bangladesh (ICB), five state-owned commercial banks (SCBs) and Sadharan Bima Corporation have taken a move to create a special fund to help overcome the present debacle of the stock market, officials said.
The move came following the failure of the recent measures to restore stability in the country's stock market, as all the indices are showing a downward trend in absence of investors' confidence.
The declaration of forming the special fund came at a press briefing, held Monday at the office of the state-owned ICB.
Before the press briefing, the representatives of ICB, five SCBs -- Sonali, Rupali, Janata, Agrani and Bangladesh Development Bank Limited (BDBL) -- and Sadharan Bima Corporation held a meeting regarding formation of the special fund.
ICB managing director Md Fayekuzzaman told the reporters that the special fund would be created immediately after getting approval of the board of directors of the organisations.
"The state-owned enterprises are now playing an active role to restore stability in the market," he said.
When asked about the size of the proposed fund, the ICB managing director said they would try to create the fund, so that it can meet the necessity of the stock market.
Fayekuzzaman said at the meeting the representatives of ICB, SCBs and Sadharan Bima fixed some strategies to overcome the present situation in the stock market. The draft of the strategies will be submitted to the government also.
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