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Welcoming BB initiatives

February 03, 2023 00:00:00


According to the media, Bangladesh Bank (BB) has recently initiated several measures to ensure financial integrity and digitalisation in the financial sector. We welcome the moves taken up by the central bank that include setting up modern digitalised and cutting edge technology system such as Real Time Gross settlement (RTGS), Electronic Fund Transfer (EFT), Mobile Financial System (MFS), etc. These steps towards achieving financial integrity and good governance by the BB are really appreciable. In addition, the BB has already established a Corporate Memory Management System (CMMS) and Complaint monitoring system (CMS) to prevent fraudulent activities in the financial industry and monitor complaints by customers.

Recently, the BB in its monetary policy statement put an emphasis on non-performing loans (NPLs) and good governance issues. In September 2022, the share of NPLs was reportedly 9.36 per cent of total outstanding loans in the banking sector. However, we are eagerly looking forward to seeing these measures initiated by the BB to bring back orderliness in the financial sector. Moreover, the government should lend its helping hand to the bank for overcoming these challenges.

Rabiul Hasan,

Student of Department of Economics,

Jagannath University, Dhaka


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