The value of Bangladesh’s currency will be determined by the country itself and it will not be devalued by even a single paisa without a justified and rational reason.
Bangladesh Bank (BB) Governor Ahsan H Mansur said after officially unveiling Google's flagship fintech service during a function held at a hotel in Dhaka on Tuesday.
Calling upon the financial stakeholders to work together to achieve the goal, the BB governor said Bangladesh possesses great potential, but there is also a significant risk of squandering the opportunity.
It may be pointed out that the country’s central bank primarily determines the value of the Bangladeshi Taka (BDT), while the value is ultimately influenced by the global market.
Apart from this, the BB formulates and implements monetary policy to maintain price stability, manage the balance of payments and promote economic growth, all of which affect the currency’s value.
About the irregularities in the country’s banking sector, he said the government will undertake a ‘risk-based supervision policy’ from January next year to lead the banks onto the right track.
A total of 20 banks have already been brought under the purview of the policy, the BB governor said, adding that the main responsibility of the central bank is to contain inflation and ensure stability in the financial sector.
Inflation is gradually coming down, but it will take more time to return to normal, he said.
Claiming that the desired change in the sector will remain impossible without the political decision, Mansur said that the government is planning to merge several banks by December to maintain stability in the financial sector.
He also urged the depositors not to be worried about the merger and said there will be no loss to them as they will be able to continue their banking activities with their respective branches.
Bd-pratidin English/ ANI
