No more political appointments in financial sector: Finance minister

Finance and Planning Minister Amir Khosru Mahmud Chowdhury today (22 May) announced a complete ban on political appointments in the country's financial sector, including the securities regulator, as part of a broader reform agenda aimed at restoring investor confidence and strengthening governance.

"We are going to appoint strictly professional people. There will be absolutely no political appointments in the financial sector, including the BSEC," he said while addressing a policy symposium in the capital.

He said visible structural reforms in the capital market would emerge within the next two months.

The minister made the remarks at a symposium titled "Post-Uprising Economy & Geopolitics of Budget (Reminiscing the legacy of M Saifur Rahman)" organised by the M Saifur Rahman Smriti Porishad at a hotel in Dhaka this evening.

Emphasising the need for professional governance, he said weak financial reporting and poor oversight in the past had contributed to banking irregularities and eroded confidence in the capital market.

He also reiterated the government's plan to transition Bangladesh's stock market from a frontier market to an emerging market in a bid to attract large-scale institutional investments.

"Frontier markets have access to a global fund pool of only $5 billion to $6 billion, whereas emerging markets have access to trillions of dollars," he said.

The minister noted that the domestic stock market has remained overly dependent on retail investors, which he described as an unsustainable model.

"No capital market can develop solely on retail business; its core strength lies in institutional investment," he added.

He further said the government would focus on improving auditing and financial disclosure standards to attract global investors and rebuild market credibility.

Addressing the technology sector, he criticised spending by the previous administration, claiming that between Tk60,000 crore and Tk70,000 crore had been spent on IT initiatives with "nothing to show for".

"Had that fund been utilised efficiently, Bangladesh would have surpassed Estonia, the global benchmark for IT," he said.

However, he assured technology entrepreneurs of better prospects ahead, saying, "Good days are coming for those in the IT sector."

The minister also announced plans to integrate artificial intelligence into key policymaking institutions, including the Economic Relations Division and the Ministry of Finance.

He further outlined plans to promote a "creative economy" by integrating rural artisans, weavers and cultural workers into formal economic activities through branding, design support and digital marketplaces.

"Economic planning in the past overlooked the rural workforce. We want to support their products with modern design, branding, and marketing on global platforms like eBay and Amazon," he said.