Tuesday, 7 December, 2021

Dr Atiur aplauds Bangladesh Bank role in Int'l conference

  • Staff Correspondent
  • 26th November, 2021 04:19:35 PM
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Dr Atiur aplauds Bangladesh Bank role in Int'l conference

The developmental central banking helped Bangladesh to overcome global financial crisis and pandemic situation, said former Bangladesh Bank Governor Dr Atiur Rahman.

Addressing an international conference in Nepal on Friday, Prof Atiur Rahman focused on Bangladesh Bank initiatives to  pursue multiple targets with multiple instruments.

Dr Atiur presented keynote at the international meeting organised by Nepal Rastra Bank at Hotel Marriot in Kathmandu.

Former Governor of Reserve Bank of India Dr D Subbarao was also present as guest of honour at the meeting presided by NRB Governor Maha Prasad Adhikari.

Nepal Rastra Bank organised the meeting to share knowledge on central banking with its high officials including deputy governors, board members, executive directors and directors.

In presentation, Dr Atiur further said that the the central banking in Bangladesh is well known for its innovative programs like financial inclusion, promotion of agriculture and SMEs, women empowerment through refinance, green finance and supporting the government with enough money by expanding its own balance it.

"Its environment, social and governance risk management policy has been pioneering in the world to address climate change. While doing all this it never forgot its main job of inflation control as well," he said.

A strong financial sector also helped Bangladesh reach the bottom of the social pyramid to promote social protection and the real economy, according to the eminent banker.

He said the digital financial services through mobile financial services and agent banking proved critical in early recovery of Bangladesh from the pandemic.

"This policy worked for many and not a few. The early policy moves including a huge stimulus package of nearly five percent of GDP helped distressed people cope with the crisis and provided cushion during the shocks,"

The sustainable finance policy of Bangladesh’s central bank will surely reinforce longer-term climate-friendly initiatives of the government, added Dr Rahman.

He said the central banking in Bangladesh has proved that developing countries must avoid the policy of ‘ one size fits all’ and broaden its focus beyond inflation targeting to support broad-based development processes.

Former RBI governor Dr Subbarao said that Bangladesh central banking has been led by its leadership with heart and not only head in promoting innovations.

While talking about his own experiences Dr Subbarao emphasized on credible, down to earth and precise communication by the central bankers to give right signal to the markets.

He also favored financial inclusion and making central bank a knowledge institution.

The NRB Governor Maha Prasad Adhikari welcomed the knowledge sharing among the central bankers particularly in the wake of the pandemic which has created so nany challenges for the economy.

He also called for more connectivity and bilateral cooperation in the subregion.