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Cabinet okays limited BB autonomy

STAR REPORT
The cabinet yesterday amended three banking laws aimed at giving limited autonomy to the Bangladesh Bank.
Under the proposed amendment, while a committee, led by the central bank governor and made up of economists and seasoned bankers, will recommend monetary policies, the bank will nonetheless need the finance ministry's approval for their implementation.
However, the governor from now on will be accountable to the parliamentary standing committee instead of the finance ministry.
The meeting yesterday, chaired by Prime Minister Khaleda Zia, also
approved amendment to three banking laws, namely the Bangladesh Bank Order, 1972, the Bank Company Act, 1991 and the Bangladesh Banks (Nationalisation) Order, 1972.
The amendments also opted for more secrecy in banking affairs and proposed enhancement of the financial penalty on any BB official or employee if found 'guilty' of divulging secret information.
The BB official or employee would face a fine of Tk 5 lakh for the offence, instead of the existing fine of Tk 500.
As an amendment to the Bank Company Act, 1991, inclusion of two depositors in the boards of commercial banks has been proposed to
protect depositors' interest.
Besides, people with economic and banking backgrounds, and not political elements, would be included in the boards for efficient running of the banks.
As per an amendment to the Bangladesh Bank Order, 1972, the central bank would fix the exchange rate of taka on the basis of the foreign exchange reserve.
The meeting also recommended that government control over the BB should be done away with.
It also proposed formation of a monetary and fiscal policy coordination committee, headed by the finance minister, reduction of tenure of the central bank governor to
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four years from five and waiver of the provision to appoint deputy governors for different tenures.
As per the proposed amendments, the BB governor cannot be appointed to any other post and the central bank can declare currency of any country as an approved foreign currency without a prior approval from the government.
The BB would also have the authority to sell and buy foreign currencies without government approval.