A platform of the central bank officers has demanded complete autonomy for the Bangladesh Bank (BB) by establishing administrative, operational and financial-expenditure independence.
To ensure full independence, BB officers under the banner of the Bangladesh Bank Officers Welfare Council on Thursday urged the interim government to amend the Bangladesh Bank Order 1972.
The council submitted a memorandum to the interim government's finance adviser and later appeared at a press conference at BB headquarters to present an 11-point plan to ensure BB's autonomy and eliminate discrimination.
The central bank officers also called for the abolition of the Financial Institutions Division (FID) under the Ministry of Finance to prevent conflicts of interest and dualism in the banking sector.
The council sought amendments to related laws, rules and other reforms to restore good governance in the banking and financial sector.
It recommended that the BB be kept free from political interference and influence while carrying out its multiple functions, including setting interest rates, exchange rates and licensing banks or financial institutions.
Tanveer Ahmed, acting president of the council and a central bank joint director, said the BB needs reform. Those who had engaged in corruption and damaged the banking regulator's reputation should be investigated and brought to justice.
"The state-owned banks are under the Financial Institutions Division. So the central bank cannot independently take action against them. So, the division needs to be discarded," said AKM Masum Billah, general secretary of the council and a central bank additional director.
The council also demanded that the Bangladesh Bank governor's post be made a constitutional position with full ministerial status and that a renowned economist or central bank official be appointed to the role.
The posts of deputy governor and chief of the Bangladesh Financial Intelligence Unit (BFIU) should be converted into regular Bangladesh Bank positions, equivalent in rank to senior secretary positions, they said.
Council leaders believe such moves would reduce the unhealthy competition observed in recent days.
The council demanded the reinstatement of benefits for BB officers and employees that were cut or reduced during the previous governor's term.
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