Full autonomy of Bangladesh Bank: What finance adviser said in letter to governor
It will not be realistic to introduce sweeping amendments to the law during the tenure of the current interim government, he wrote
Finance Adviser Salehuddin Ahmed has withheld approval of a draft ordinance seeking full autonomy for Bangladesh Bank, sending a letter to Governor Ahsan H Mansur.
In the letter sent on Thursday (5 February), the finance adviser stated, "It would not be realistic to introduce sweeping amendments to a fundamental law like the Bangladesh Bank Order, 1972 during the tenure of the current interim government. It would be more appropriate to review and amend this order, as needed, after the next elected government assumes office."
Here's a translated version of the letter:
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Best wishes. I draw your attention to your recent letter regarding the proposed amendments to the Bangladesh Bank Order, 1972, aimed at further strengthening the independence and good governance framework of Bangladesh Bank. Your continued efforts to make the country's central bank stronger, more credible, and to consolidate its policy independence are undoubtedly commendable.
Interim govt will not amend Bangladesh Bank Order to ensure full autonomy: Finance adviser
I have carefully reviewed various aspects of your proposed amendments, particularly those concerning appointments and removals to top positions, enhancement of the governor's rank, changes in the board structure, the republic's independence in incurring financial liabilities, and measures to prevent conflicts of interest. Since the Bangladesh Bank Order, 1972 is a fundamental law of the country's central banking system, it is essential to consider the rationale of these proposed amendments very carefully. A detailed review and consultation with key stakeholders and experts would be appropriate before implementing any changes.
In my opinion, it would not be practical to introduce sweeping amendments to a fundamental law such as the Bangladesh Bank Order, 1972 during the tenure of the current interim government. It would be more reasonable to take initiatives to review and amend this order as needed after the next elected government assumes office.
Wishing you good health and long life.
Read the letter here:
