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Financial sector needs homegrown reforms

BEA seminar observes

STAR BUSINESS REPORT
Homegrown reforms are needed to bring discipline in the country's financial sector, speakers at a seminar said yesterday in Dhaka.
They also said the IMF (International Monitory Fund) has failed to find out the basic problems of Bangladesh's banking system.
They said the reform process started after the liberation of Bangladesh but the country is yet to reap the benefit, thanks to lack of political commitment and effective monitoring by the Bangladesh Bank (BB).
The speakers also stressed the need for enhancing authority of the BB governor. They said if the governor can unilise his power independently, the ongoing reform process will be successful.
They were speaking at the seminar on financial sector reform, presided over by Kazi Kholiquzzaman, president of Bangladesh Economic Association (BEA). BEA organised the seminar where Jamaluddin Ahmed and M Taher Uddin, members of BEA, presented two keynote papers.
Speaking at the seminar, Bangladesh Bank Governor Salehuddin Ahmed said, "Definitely, the reforms process of the financial sector should be homegrown. But we should not avoid all the ideas from foreign advisors. We can take their
good advice matching with our ideas."
The governor said the central bank's surveillance activities are very strong now.
"We should be pragmatic in carrying out reforms in the market economy. Market fundamentals decide the flow of market economy where central bank has nothing to
do," the governor said.
Salehuddin also said political commitment above all is the key to reform process in the financial sector.
Managing Director of Pubali Bank Ibrahim Khaled said market should fix the dollar prices. BB should not intervene in free-floating system of money market.
He also stressed the need for
reforms in nationalised commercial banks.
BEA General Secretary Prof Abul Barakat and Bangladesh Institute of Bank Management's Prof Towfiq Ahmed Chowdhury also spoke at the seminar.