Financial sector reforms to help achieve faster growth: BB governor
Sunday, 16 December 2007
Bangladesh Bank Governor Dr Salehuddin Ahmed Saturday said the reform measures taken for the financial sector would help Bangladesh have a faster economic growth, paving the way for it to become a middle-income country by the end of the next decade, reports UNB.
"The strategies that have been initiated and the reform programmes taken in the financial sector with the support and help from all concerned would not only help the economy grow at a faster rate but also pave the way for Bangladesh to become a member of the middle income countries by the end of the next decade," he told the inaugural session of a workshop here.
The workshop, 'Emerging Changes in the Financial Sector of Bangladesh' was organised by the Institute of Cost Management Accounts of Bangladesh (ICMAB) at Bangladesh-China Friendship Conference Centre.
The Bangladesh Bank Governor expressed the optimism at a time when the country has suffered two back-to-back floods and one devastating cyclone.
To get a faster growth, Dr Salehuddin said, there are some challenges, including implementation of Basel II, for the financial sector. "Compliance of Basel Core Principles (BCPs) requires providing a solid foundation for the eventual implementation of the new accord," he said.
The central bank chief said they had indicated five risks-credit risk, asset and liability/balance sheet risk, foreign exchange risk, internal control and compliance risk and money laundering risk -- in implementing the accord.
Stressing the importance of the role of management accountants, Dr Salehuddin said the management accountants with their trained mind of accounting, finance, commerce, regulatory framework with analytical ability can better serve the banks in discharging their obligations to the stakeholders, regulators and above all the society.
"The strategies that have been initiated and the reform programmes taken in the financial sector with the support and help from all concerned would not only help the economy grow at a faster rate but also pave the way for Bangladesh to become a member of the middle income countries by the end of the next decade," he told the inaugural session of a workshop here.
The workshop, 'Emerging Changes in the Financial Sector of Bangladesh' was organised by the Institute of Cost Management Accounts of Bangladesh (ICMAB) at Bangladesh-China Friendship Conference Centre.
The Bangladesh Bank Governor expressed the optimism at a time when the country has suffered two back-to-back floods and one devastating cyclone.
To get a faster growth, Dr Salehuddin said, there are some challenges, including implementation of Basel II, for the financial sector. "Compliance of Basel Core Principles (BCPs) requires providing a solid foundation for the eventual implementation of the new accord," he said.
The central bank chief said they had indicated five risks-credit risk, asset and liability/balance sheet risk, foreign exchange risk, internal control and compliance risk and money laundering risk -- in implementing the accord.
Stressing the importance of the role of management accountants, Dr Salehuddin said the management accountants with their trained mind of accounting, finance, commerce, regulatory framework with analytical ability can better serve the banks in discharging their obligations to the stakeholders, regulators and above all the society.