In a first, Bangladesh Bank to publish monetary policy statement online

For the first time in its history, the Bangladesh Bank decided to publish its monetary policy statement (MPS) online instead of releasing it by holding press conferences where mainstream media reporters and senior journalists gather to discuss the MPS .

Confirming the matter to The Business Standard today (11 July), central bank spokesperson and Executive Director Saiful Islam said, " The MPS will be updated online at 3:00 pm on 18 July. No press conference will be held.

"We have made the decision as the Economic Reporters Forum has boycotted our programmes."

The new cenbank move goes against instructions of the International Monetary Fund (IMF) as the global lender recommends publishing MPS through a press conference.

The Bangladesh Bank needs to enhance communication practices and improve decision-making for monetary policy transparency, said the International Monetary Fund in its latest review report. 

The Bangladesh Bank move comes after governor Abdur Rauf Talukder banned media workers from entering the Bangladesh Bank in early June.

Reporters covering the economy boycotted the governor's speech at the post-budget press conference on 7 June to protest the non-removal of the ban even after a long time and the obstruction to ensure free flow of information.

The IMF released its second review report under the Extended Credit Facility arrangement on 25 June.

"Improvements to decision-making and communications will be needed to support the transition to the modernised policy framework," said the IMF review report.

"In this respect, the Bangladesh Bank is committed to publishing the schedule of regular Monetary Policy Committee (MPC) meetings starting from FY25 and aims to start publishing a quarterly monetary policy report before the IMF-supported programme ends. Further IMF capacity development (CD) assistance will be needed to help enhance BB's communication practices," according to the report.

The Bangladesh Bank's commitment to enhancing communication follows its recent dispute with the media community, which arose when it restricted journalists' access to the central bank premises for information gathering. 

This informal restriction was imposed on 21 March, marking a first in the central bank's history.

Previously, journalists could enter the central bank premises by obtaining a pass and registering their name and organisation.

Later, the Economic Reporters Forum (ERF), the biggest platform for business journalists, Transparency International Bangladesh (TIB), the Newspaper Owners' Association of Bangladesh (Noab) and the Editors Council condemned the entry restriction, demanding a withdrawal of this decision.

The BB authorities have yet to grant journalists access to the central bank.