Dhaka, Jan 26 (bdnews24.com)?The central bank#39;s new monetary policy has once again exposed deep cracks in the economy, the BNP remarked on Thursday.

Announcing a contractionary monetary policy earlier in the day, Bangladesh Bank revised down its growth target and said inflation may shoot the estimated 7.5 per cent for the ongoing fiscal.

BNP spokesperson Mirza Fakhrul Islam Alamgir issued a reaction hours later, saying, The nation is heading towards destruction.

The banks are broke from loaning out excessively [to the government], three million investors in the stock market have lost everything. The Bangladesh Bank policy reflects this scenario.

Fakhrul said the government and its wrong policies were to be blamed for inflation.

The food price inflation is already 13 percent. The growth target set in budget will not be attained, he said.

Industries are shutting down, the garment sector is becoming weak. Exporters say orders have gone down 17 percent. The labour market is also shrinking, the acting secretary-general added.

It central bank projects 6.5 per cent to 7 per cent growth and 9 per cent inflation, and private sector credit growth target at 16 per cent. The finance minister had set targets of 7 per cent growth and 7.5 per cent inflation for this fiscal in his budget speech. But average inflation stood at 10.7 per cent until December.

Fakhrul said the president#39;s opening speech for the year-opening session in parliament was #39;divorced from reality#39;.

We respect the president, but he does what Awami League says. He praised Awami League in parliament, reading from a speech like a parrot. It had no connection to reality, he said.

In fact, the ruling party was to be blamed for an #39;ongoing political crisis, the BNP leader said.

The fifteenth amendment abolished the neutral caretaker government system from the state, and yet the president is praising the fifteenth amendment, the former state minister added.

bdnews24.com/sm/sh/bd/2032h