Demand to ensure full autonomy to central bank

Bangladesh Bank Officers Welfare Council has demanded to ensure full autonomy to strengthen the central bank. This demand was made in a memorandum given to the Finance Adviser of the Interim Government.

Bangladesh Bank Officers Welfare Council leaders said these things in a press conference on Thursday (August 15). Acting President of the Council Tanveer Ahmed and General Secretary AKM Masum Billah and others were present in the press conference.
Bangladesh Bank Officers Welfare Council has demanded the immediate implementation of these proposals to prevent money laundering and bring back the good governance of the country's financial sector.
It also states that the Bangladesh Bank Order, 1972 should be amended and revised to ensure full autonomy of the Bangladesh Bank, i.e. administrative, operational and financial independence. Apart from this, reforming the country's financial sector and central bank in various areas.

Their demands include the abolition of the Financial Institutions Department of the Ministry of Finance to prevent conflict of interest and dualism in the banking sector. Related laws, regulations and other reforms aimed at bringing back good governance in the banking and financial sector.

Structural reform of Bangladesh Bank's board of directors, inclusion of the post of Bangladesh Bank's governor in the constitutional position, full ministerial status and appointment of renowned economists or central bank officials as governors. Converting the post of Deputy Governor and Head of BFIU to the regular posts of Bangladesh Bank and giving the post of Senior Secretary.

Besides, the Officers' Welfare Council has demanded that the important work of Bangladesh Bank, such as interest rate, exchange rate, licensing of banks or financial institutions, etc., should be kept free from political interference and influence.

It has been demanded that the post of Executive Director of Bangladesh Bank be promoted to Grade-1, Director's post to Grade-2 and Additional Director (08) to Grade-3 and to include the officials of this Central Bank in the rank.

Along with that, according to the recommendation of the Eighth Pay Commission, there has been a demand to introduce a separate salary structure for the officers and employees of Bangladesh Bank like other central banks of the world.

The Officers Welfare Council also demanded the reinstatement of the benefits which have been canceled or reduced in the past for Bangladesh Bank officers and employees. Besides, in order to increase the flow of inward expatriate income and foreign investment, it has been demanded to create the post of banking attaché in the Bangladesh missions or embassies and appoint central bank officials.