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JS passes bill to cut govt control on BB

STAFF CORRESPONDENT
The Jatiya Sangsad yesterday passed three bills including one proposing formation of a Monetary and Fiscal Policies Coordination Council to lessen government's control on the Bangladesh Bank.
The two other bills aim at further strengthen the role of Bangladesh Bank and bringing about necessary reforms in the banking sector.
State Minister for Finance Shah Mohammad Abul Hossain on March 5 introduced the bills styled The Bangladesh Bank (Amendment) Bill 2003, The Bangladesh Bank (Nationalisation) (Amendament) Bill 2003 and The Bank Company (Amendment) Bill
2003.
Finance and Planning Minister Saifur Rahman sought their passage yesterday.
Opposition Awami League and Jatiya Party opposed passage of the bills without detailed discussion on those in parliamentary standing committees. The bills were passed by voice vote.
The finance minister termed the government initiative a timely approach for reforms and hoped this will bring dynamism in the banking sector.
A statement on the objectives of the Bangladesh Bank (Amendment) Bill 2003 says it provides for autonomy to the Bangladesh Bank to take decisions as per need.
The bill provides for establish-
ing a Monetary and Fiscal Policies Coordination Council so that the government's macroeconomic framework is reflected in the central bank's policy.
The proposed council, to be headed by the finance minister, will comprise six members and coordinate fiscal, monetary and exchange-rate policies.
The Commerce Minister, Governor of Bangladesh Bank, Secretary of Finance Division, Secretary of Internal Resources Division and Member (Programming) of the Planning Commission will be its other members.
In the bill the central bank gover nor has been made accountable to the parliamentary standing committee on finance, empowering the JS body to gather information on bank loans and to impose restrictions in case of appointment of the governor, deputy governor and directors of the bank.
The Bangladesh Bank (Nationalization) (Amendment) Bill 2003 enhances the supervisory powers of Bangladesh Bank on nationalised commercial banks.
It also empowers the central bank to give recommendation regarding appointment of managing director and deputy managing director of nationalised banks.
The Bank Company (Amendment) Bill 2003 seeks to strengthen activities in the banking sector and enhance the supervisory authority of Bangladesh Bank over nationalised banks.
It proposes raising the paid-up capital of commercial banks from Tk 20 crore now to Tk 100 crore.
Replying to opposition's criticism, the finance minister said the amount of paid-up capital will not be imposed overnight. The central bank will review it.
Opposition lawmakers Abdul Jalil, Abdus Shahid, AKM Jahangir Hossain, Rahmat Ali, Suranjit Sengupta, Mohammad Nasim, Atiur Rahman, Dr Abdur Razzak and Shamsur Rahman Sahrif of Awami League and Golam Mohammad Qadir and Golam Habib Dulal of Jatiya Party took part in the debate on the bills.