The New Nation - Internet Edition

Every body knows country is passing though a severe economic crisis. Unbridled inflation is galloping at an unprecedented speed. Prices of the essential commodities have risen to a point beyond the reach of the ordinary masses. A vast multitude of young people is without employment. Continuously our domestic currency is falling in terms of par value. The harsh reality is that our economy is gradually loosing its internal and external equilibrium in a precarious manner.

Now, question could be asked to the role of our central bank i.e. BB with respect to the internal and external disequilibria of the economy (BB is entrusted with the responsibility to maintaining the internal and external equilibrium of the economy as per Bangladesh Bank Order of 1972).

If we analyse the present economic scenario of the country it will not be exaggerated to say that BB has failed utterly in containing the inflation, generating employment and restoring the external value Taka. There are many internal and external factors that have contributed to the negative performance of our central bank. Among these professional incompetence and corruption on the part of the high ups of BB are two important doctors.

The dismal truth is that due to the incompetence of our central bank the declared monetary policy of BB has never been implemented effectively. Another disappointing fact is that BB's institutional leadership has never been up to expectation. As because, except a few instances, almost all of the BB's past governors were bureaucrats without having any banking experience. These bureaucrats cum-bankers-have always fallen pawn at the hands of high-ups of the central bank that have permanent employment, in running the bank and regulating the banking sector as well.

And the present governor is no exception. Inside the permanent bureaucracy of the Central Bank there is vested interest group who are master in bending the national policies much to the profit of their personal gains. They are not only manipulators but alleged to be highly corrupt also. There is a need to break this interest group's chain.

As the performance of the economy depends on the performance of the central bank, Nation cannot accept the kind of leadership in our Central Bank that has failed to prove its worthiness in this time of danger. In other words, BB needs new blod.

Ali Ahmed

Dhaka