The government has finalised the draft of a proposed ordinance to elevate Bangladesh Bank to the rank of a constitutional body, effectively stopping the state’s executive branch from interfering in central bank affairs, reports the Daily Sun.
The International Monetary Fund (IMF) and the World Bank (WB) have already reviewed the draft of “Bangladesh Bank Order, 2025”, said sources within the central bank.
The ordinance, expected to be approved by year-end, would give the central bank sole authority over the country’s financial sector as well as monetary policymaking, and make it answerable only to the parliament. This means Bangladesh Bank would enjoy far-reaching autonomy, ending the era of government control and oversight over central bank’s affairs.
The governor and deputy governor would be appointed for six years. The prime minister would recommend a list of candidates and the parliament would give the final approval. Notably, the chief justice would administer oaths of office to the governor and deputy governor.
Bd-Pratidin English/ AM
