Financial sector 'returns home from ICU' in a year: Finance adviser

Finance Affairs Adviser Salehuddin Ahmed today said the country's financial sector has made a significant recovery over the past year, likening its progress to "returning home from the ICU."

Speaking at a programme held at Bangladesh Bank to mark the July Uprising Day, the adviser said, "The fallen Awami League government had plunged the country's financial sector into such a deep crisis that it was unimaginable."

"In the past year, we have managed to steer the financial sector away from the edge of the abyss and onto a path of stability," he added. "Full overhaul has not yet been achieved, and that will take time."

"Financial reform takes time. Corruption and mismanagement are deeply embedded in the institutions, processes, and individuals of the financial sector. However, there are still some honest and competent people, and we are trying to bring about reform through them."

The event also saw poignant testimonies from family members of those killed in the July uprising. 

Gaziur Rahman, father of martyred Syed Muntasir Rahman Alif, called for justice and institutional reform.  He said, "The families of the July martyrs do not want a national election without justice for the killings and significant reforms,"

"So far, we have seen no progress in the trial of the martyrs' killings. Even though we, the families of the martyrs, have filed cases, the accused are not being arrested," he said with frustration. 

Alif, student of Ta'mirul Millat Madrasa, was allegedly shot dead by police on 5 August in Jatrabari area. 

Mohiuddin Ahmed, father of Ashhabul Yamin—who died after being thrown from a police APC vehicle—criticised the continued presence of "fascism" in the banking sector. "Those who were cohorts of fascism must be brought to justice. Merely dissolving boards of some banks is not enough. Each official involved in the looting during the previous regime must be brought under punishment."

Bangladesh Bank Governor Ahsan H Mansur said, "We will not forget the sacrifices of the martyrs of July. The aspirations of 5 August will be implemented in the financial sector. We hope the Ministry of Finance and the Finance Adviser will extend their full cooperation."

He also addressed inflation concerns, noting, "Inflation has come down to 8% and will be brought down to 5%. To ensure qualitative changes in the banking sector, we need the cooperation of every official. The security of depositors will be the top priority."

Bangladesh Bank Executive Director Anisur Rahman said, "Officials of the central bank who were involved in corruption during the fascist regime must be identified and brought to justice so that they feel ashamed and it serves as a lesson for future generations."

As part of commemorating the uprising, financial support will be provided to victims' families.

Each of 852 families of the gazetted martyrs will receive Tk200,000 in financial assistance on 5 August. Additionally, Bangladesh Bank, in collaboration with scheduled banks, has launched an initiative to deliver aid packages to families of nearly 16,000 martyrs and the injured.