Central Bank: Are we making mistakes in economic management?

Bangladesh’s reserves have now become a matter of concern for everyone and according to indications from the IMF and other international agencies, it is feared that the reserves will fall to $20 billion by the end of the year. There has also been a decline in economic growth, resulting in a decline in bank deposits. Problems have also arisen in the balance of payments. Revenue is not increasing; On the contrary, it is decreasing proportionately. Remittance is not coming. The stock is not increasing. Also, due to political reasons the central bank is not able to make even minimal reforms.

According to news reports, central bank officials have said that the steps they have taken may not seem appropriate to everyone, but the central bank has taken into account the circumstances and reality while formulating these policies. In recent times we have seen that the central bank has started consulting experts regarding its plans and policies. Its main objective is probably to sharply reduce inflation and get the economy moving once again.

Global Finance magazine in its report basically stated that the biggest weakness of Bangladesh Bank is the structural weakness of the economy and the government’s control over the central bank. It was basically for this reason that the Governor of Bangladesh Bank was given ‘D’ grade. Earlier, the Governor of Bangladesh Bank from 2012 to 2014 had received ‘C’ grade. In 2015, the then governor scored a ‘B-‘. Then that governor had to resign due to the reserve robbery of $80 million. The next governor’s grades fluctuated between ‘B’ and ‘C’ and sometimes even ‘D’.

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