Resolving the prevailing financial-sector problems and bringing changes in Bangladesh economy constitute top priorities of new Finance Minister Abul Hassan Mahmood Ali as he takes office and seeks time to deliver.
"I am observing, trying to understand, and will try to resolve (the problems). Give me some time," he told journalists at the debut on Sunday.
The minister said solutions cannot come overnight.
To a question regarding the commodity prices, as the holy month of Ramadan begins in March, the finance minister said he would "definitely try" to do something in this regard.
"Whatever jobs I did in the past, the responsibilities bestowed upon me, I tried my best to fulfil them," said Mr Ali said. "I am not a person to sit idle."
The minister was replying to newsmen's queries on the first day in office as finance minister, after a meeting with the ministry officials.
On a significant fall in the value of the taka against the US dollar, he said in many countries the depreciation was much higher than of the Bangladeshi currency.
Earlier, while addressing the top officials working in deferent offices under the ministry, Mr Ali sought cooperation of all in facing the challenges successfully.
"Our main target is success, but, at the same time, setback may come," he said.
The new minister in charge of finance at a critical juncture feels that major correction is needed in many sectors and all development processes require correction.
"Let us give it a try, one more time," he told the functionaries under his ministry's jurisdiction, striking a note of resolve: "Challenges will remain… and we have to overcome those."
On this occasion, Bangladesh Bank Governor Abdur Rouf Talukder briefed the finance minister about the present economic condition of the country, highlighting signs of recovery.
The county's macroeconomic fundamentals are very strong. "If you check our real sector, our agriculture production is rising every year. This year Aman production was robust," he said.
Private-and public-sector investments, despite Covid impacts and the Ukraine war, increased.
Also, Mr Talukder found the country's economic growth prospect "very well", and in South Asia, Bangladesh's growth this year would stay just behind the Indian one.
He briefed that Bangladesh's debt-to-GDP ratio is much lower compared to many counties.
Furthermore, the governor said, despite various problems like hundi and money laundering, inflow of remittance last year increased and this year would also increase.
He mentioned that the government contained imports which helped in creation of balance in current account but problem remained with the financial account.
"In our monetary sector the main problem is inflation. We raised policy rate, interest rate, and deposit rate to contain inflation," the central-bank custodian said.
"If inflation once rises very fast, it takes time to lessen," he said, as prices still stay steep.
On exchange-rate volatility, he said the central bank is working on to make exchange rate market-based in two to three months.
Terming the buildup of non-performing loans or NPLs as one of the big problems in financial sector, the governor said a roadmap has been prepared for a remedy.
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