Commission to be formed to bring sustainable reforms to banking sector

The interim government has decided to form a commission to bring sustainable reforms to the country’s banking sector, according to the chief adviser's press wing.

Besides, the government will formulate an action plan on the overall situation and reforms needed for the financial sector and publish it within 100 days of the formation of the interim government.

The decisions were taken at a meeting of the interim government’s chief adviser, Prof Muhammad Yunus, and Bangladesh Bank Governor Ahsan H Mansur on Sunday.

According to the chief adviser's press wing, the current state of the banking sector was discussed in detail, in the context of which the issue of reforms came up. A banking commission will be formed to take swift action to bring about sustainable reforms in the banking sector.

In the meeting, it was decided to increase the existing band for inter-bank foreign exchange transactions from 1% to 2.5% as an initiative to increase liquidity in the foreign exchange market.

At the same time, the office of the chief adviser urged everyone to be patient to get the benefits of the measures taken to bring down inflation.

The current inflation in the country should be brought down through proper management of demand and supply. This requires keeping monetary policy in a contractionary mode while improving the supply situation.

The appropriate action has been taken, but patience is required for everyone to fully benefit from inflation.