Bangladesh Bank’s newly appointed Governor, Mostaqur Rahman, on Thursday announced a review of high interest rates.
On his first day in office, a day after his appointment, the new governor held a meeting with deputy governors and executive directors at Bangladesh Bank to outline his vision and priorities.
Addressing journalists present at the time, the Governor said briefly: “Work comes first; we will speak later.” Prior to formally taking charge, he visited the Ministry of Finance to complete necessary formalities before proceeding to the central bank.
The newly appointed Governor has announced that the issue of high interest rates will be reviewed in order to stimulate investment. After assuming office, he held a meeting with Deputy Governors and Executive Directors, during which he outlined a series of plans for the country’s financial sector.
He said that the interim government had moved the economy from a fragile position to a low-level equilibrium. “Our responsibility now is to ensure macroeconomic stability while introducing investment-driven growth that generates employment,” he said.
Addressing officials, the Governor stressed that growth must be achieved while maintaining macroeconomic stability. Employment should be expanded through inclusive growth, he added. Reopening shuttered factories and business establishments would help inject momentum into the economy.
He reaffirmed that the high-interest-rate regime would be reviewed to encourage greater investment. Inflation must be controlled through price stability, and good governance must be ensured. Decisions in various cases would be taken in a targeted manner, he said, adding that rule-based management would be implemented within the central bank.
To accelerate work, delegation of authority should be expanded, and greater coordination with other government agencies should be maintained. Above all, the image and credibility of the Bangladesh Bank must be upheld.
Earlier on Wednesday, the government cancelled the remaining contractual tenure of outgoing Governor Dr Ahsan H Mansur. At the same time, Md Mostaqur Rahman was appointed as the new Governor.
With more than 33 years of professional experience, Md Mostaqur Rahman is a Cost and Management Accountant (CMA) and is widely recognised as an experienced expert in the country’s financial and industrial sectors.
