STAR BUSINESS REPORT

The BNP will abolish the Financial Institutions Division under the Ministry of Finance if it returns to power, said the party’s Standing Committee Member Amir Khosru Mahmud Chowdhury yesterday.

He alleged that the division was established to control state-owned banks by appointing cronies as managing directors and board members, turning it into a breeding ground for corruption and misuse of public funds.

“When the BNP was last in power, we abolished this division. But Sheikh Hasina reinstated it after assuming office. If we return to power, we will scrap it again,” Khosru said while speaking as the chief guest at the Economic Reform Summit held at a hotel in Dhaka’s Gulshan.

The event was jointly organised by Voice for Reform, BRAIN, Innovision Consulting, Fintech Society, and Citizen Coalition.

Khosru, a former commerce minister, pledged to implement major deregulation by easing government control and cutting bureaucratic red tape, empowering the private sector to steer Bangladesh’s economy toward inclusive growth if the BNP comes to power.

He urged trade bodies and entrepreneurs to prepare for a more private sector–driven, less bureaucratic economy.

To reform and restore discipline in the financial sector, he stressed the need to grant further independence to regulatory bodies like Bangladesh Bank.

“For real reform, institutions like Bangladesh Bank, the Securities and Exchange Commission, and BTRC must be fully independent.”

The politician claimed that under the BNP-led governments, no political appointments were made, preventing market manipulation and banking scams.

If it comes to power again, the BNP would undertake all necessary reforms to boost investment, he also said.

“If you want investment and trade to grow, you must create an open environment where bodies like the Bangladesh Investment Development Authority involve the private sector, not just bureaucrats.”

Referring to the recent division of the National Board of Revenue (NBR) into two separate entities, he questioned the effectiveness of the move.

“What benefit has it brought? Both parts are still controlled by bureaucrats,” he said, noting that the BNP has a different plan for the tax authority.

On the issue of bureaucracy, Khosru said the BNP would neither confront civil servants nor allow unaccountability to persist.