Bringing GDP-inflation balance biggest challenge in 2023: Salehuddin

Former central bank governor Salehuddin Ahmed said Bangladesh's biggest challenge in 2023 will be to achieve a balance between GDP growth and inflation.

"We need three things. First, the capacity, which is not satisfactory. Besides, there are transparency and good governance," he said at the unveiling of the fourth edition of Banking Almanac (2020-21), a research book containing information on banks and financial institutions in Bangladesh.

While presiding over the event, Salehuddin, also chairman of the editorial board of the Almanac, called upon the planning minister to take quick, visible, and effective steps in these matters.

Planning Minister MA Mannan expressed hope that Bangladesh, like other small countries, would be able to survive the global economic crisis with manpower.

"We have manpower. All crises are solved from here. So, maybe we will not be so much affected by the global crisis," he said at the event.

Mentioning that they thought inflation would decrease, the planning minister said, "We had a study, and in the months of Baishakh and Agrahayan, almost every household across the country had enough rice to eat. From there, we deduced that inflation will fall in the near future."

Hossain Zillur Rahman, a former adviser to a caretaker government, said, "Rules, statistics, and human hands or management are the three pillars of economic governance. There are rules in the banking sector, but those who apply them may not work properly.

"Governance needs to be well explained to understand the whole situation of this sector."

Md Khalilur Rahman, former chairman of the Bangladesh Leasing and Finance Companies Association, also spoke at the event.

The speakers said the Banking Almanac is a research book containing updated information on all banks and financial institutions in the country. It provides information on 60 banks, 31 non-bank financial institutions, and four specialised banks. A comparative picture and dynamics of this sector emerge in the index of the book.

The Banking Almanac will make an important contribution to research for researchers and investors. It is very important, especially for domestic and foreign research institutes dealing with banks and financial institutions.

The speakers further said investors will find all the information about banks and financial institutions in Bangladesh together in this book, which will help them make investment decisions. Also, the book will strengthen the accountability of corporate governance for banks and financial institutions.