Bangladesh Bank (BB) Governor Dr Ahsan H Mansur has said that the banking sector requires drastic reforms, describing it as the backbone of the financial sector.
Speaking as the chief guest at the ‘Mastercard Excellence Awards 2024’ held at a city hotel on Saturday evening, the governor acknowledged past irregularities in the sector and the central bank’s shortcomings in regulatory affairs.
He, however, assured that drastic reforms would be implemented to ensure fairness and restore trust.
“Irregularities happened in banks for a long period with state sponsors. It will take time to restore trust in our banking system domestically and globally,” Dr Mansur said.
He said that banking sector reforms alone would not be enough and highlighted the need for other state organs and political commitment to achieve a robust financial system.
Dr Mansur dismissed fears of Bangladesh facing a crisis like Sri Lanka’s, affirming that there are no severe risks in the banking sector at present.
“The government is confident in restoring good governance in the financial sector,” he added.
bd-pratidin/GR
