BB officials protest delay in decision on central bank autonomy

Bangladesh Bank (BB) officials today held a protest rally on the central bank premises, expressing dissatisfaction over the non-approval of the proposed amendment to the Bangladesh Bank Order during the tenure of the interim government.

The demonstration was organised under the banner of the Bangladesh Bank Officers’ Welfare Council, an association representing central bank officials.

At the rally, the officials demanded the resignation of Finance Adviser Salehuddin Ahmed for scrapping the proposal aimed at strengthening the central bank’s autonomy.

Speaking at the programme, AKM Masum Billah, president of the organisation, said the amendment proposal to the Bangladesh Bank Order was sent to the finance ministry in early October.

However, it was rejected without following proper procedure. When the current adviser served as governor, he supported the proposal. But recently, he informed the governor through a letter that it was no longer necessary.

“Due to this dual stance, we are demanding his resignation, even if it is for a single day,” he said.

Billah also noted that two major political parties contesting the upcoming election have expressed support for central bank autonomy in their election manifestos.

“We want whichever party forms the next government to quickly implement the autonomy of the central bank,” he added, announcing that the council would declare its next course of action after discussions with officials at all levels following the election on February 12.

In a written statement, the organisation’s general secretary, Golam Mostafa Srabon, said the amendment proposal to the Bangladesh Bank Order was sent to the finance ministry on October 9 with the objective of ensuring autonomy and strengthening the legal framework of the central bank.

Prior to that, the Officers’ Welfare Council had submitted a memorandum to Finance Adviser Salehuddin Ahmed regarding the issue, he said.

“Unfortunately, there has been no visible progress in ensuring effective autonomy of the central bank and strengthening it institutionally, despite the need to reinforce discipline and good governance in the financial sector,” the statement read.

He further said that although the interim government has undertaken various fundamental structural reforms, the long-awaited amendment ordinance to the Bangladesh Bank Order has not been enacted, leading to deep frustration and resentment among officials and employees of the central bank.

He emphasised that an independent and capable central bank is essential for financial sector reforms and maintaining economic stability.