Bangladesh Bank (BB) Governor Atiur Rahman will announce the next monetary policy statement (MPS) later this month amid downside risks from divergent aspects, reports BSS.
"The monetary policy statement will be announced on January 29," Biru Paksha Paul, the newly-appointed chief economist of BB told the news agency. The economist, who was an associate professor of economics at a US university, did not want to make any comment on the forthcoming flagship policy instrument of the central bank.
Governor Rahman, however, already pointed out the downside risk factors while he was making some points on the country's economic outlook for 2015.
He cautioned about the possible inflationary pressure from implementation of the new pay scale, but said that BB would keep the issue in mind and design the upcoming monetary policy for expediting growth prospect.
He also put high hope on higher growth prospect provided that the political situation remains stable like last year.
"If the stimulation in domestic demand that the economy experienced at the fag end of 2014 is continued, earning a growth rate of 6.5 per cent or more will not be difficult in 2015," said the governor.
While announcing the MPS for the first half of the current 2014-15 financial year (FY15) on July 26 last year, the governor was cushioned with the already restored political, economic and social stability by the newly elected government under the leadership of Prime Minister Sheikh Hasina. This time the government has also committed of maintaining a political and social stability, but many expressed concern at the BNP-Jamaat's destructive activities in the name of politics.
Rahman said one of the main targets of the financial sector would be to increase the purchasing power of the lower and middle income people, and BB would focus on improving banking governance to help boost investment confidence, which would eventually create more jobs and increase trade and business.
Despite the risk factors, the governor will be comforted by the strong trend in the economy, which already achieved a 6.12 per cent growth rate against all political odds when the per capita income rose from $1044 in 2013-14 financial year (FY14) to $1190 in FY15.
The main objective of the BB's monetary policy stance - containing inflation - also came down to 25-month low at 6.11 per cent in December, very close the target, set out in the last MPS.
The last MPS targeted bringing the average inflation down to 6.5 per cent by June 2015, with ensuring that credit supply to private sector stimulates inclusive economic growth.
The global oil and food prices would also offer the governor a larger comfort zone to absorb some domestic jolts.
The oil price tumbled by 60 per cent in the last six months to $46 a barrel when the food prices showed down trend for the third consecutive years at the end of December.

KERANIGONJ: The 179th Branch of National Bank Limited has been inaugurated at Rajendrapur Bazar, South Keranigonj in Dhaka on yesterday, reports in a press release.
Shamsul Huda Khan, Managing Director of the Bank formally inaugurated the Branch as chief guest. A discussion meeting was held on the occasion. Mohammad Salim, Executive Vice President & Md. Jahangir Bin Hamid, Senior Vice President of the bank were present as special guest. Shahin Ahmed, Chairman of Keranigonj Upazilla presided over the meeting. Shamsul Huda Khan, Managing Director of the Bank in his inaugural speech mentioned that in future NBL will pay a remarkable contribution in the business development of Keranigonj area like other Branches of National Bank Ltd. Our Rajendrapur Bazar branch will fulfill the cherished desire of the people of this locality for modern banking facility he also added.
S M Sanaullah, Vice President & Manager of Islampur branch of the bank delivered his welcome addresses and Sheikh Mohammad Ashraf, Manager of Rajendrapur Bazar Branch delivered his vote of thanks. The elites, businessmen and huge numbers of people of the area were also present in the opening ceremony.

Islami Bank Bangladesh Limited opened its 293rd Branch at Dhulaikhal, Dhaka on 18 December 2014 Thursday, says a press release. Engr. Mustafa Anwar, Acting Chairman of the Bank inaugurated the Branch as Chief Guest. Mohammad Abdul Mannan, Managing Director of the Bank presided over the inaugural ceremony. Abdus Sadeque Bhuiyan, Executive Vice President and Head of Development Wing, Md. Obaidul Haque, Executive Vice President and Head of Dhaka South Zone of the Bank along with local businessmen, social elites and professionals were present on the occasion.

Dhaka: Al-Arafah Islami Bank Ltd. has congratulated the Governor of Bangladesh Bank Dr. Atiur Rahman for achieving the award of Central Bank Governor of the Year, Asia-Pacific for 2015 by UK based financial magazine The Banker. Managing Director of the Bank Md. Habibur Rahman congratulated Governor Dr. Atiur Rahman with flower bouquet at his office recently. General Manager of Bangladesh Bank A.F.M. Asaduzzaman, Deputy Managing Director of AIBL Kazi Towhidul Alam and Assistant Vice President Jalal Ahmed were present on the occasion.
The Banker, a UK based financial magazine of the Financial Times group has declared the award of Central Bank Governor of the Year, Asia-Pacific for 2015 to Bangladesh Bank Governor Dr. Atiur Rahman, in recognition of his work exemplifying how central banks can play essential role in promoting financing of socially and environmentally responsible initiatives without compromising on growth or macroeconomic stability. Besides Dr. Rahman’s award for the Asia-Pacific region, there are four other awardees for the other regions of the world.

                                    Md Sayedur Rahman.........................Abdul Jabbar Mollah

Md Sayedur Rahman and Abdul Jabbar Mollah have been elected vice chairmen of Social Islami Bank, the bank said in a statement yesterday.Sk Mohammad Rabban Ali, Md Abdur Rahman, and Nasiruddin have been elected chairman of executive committee, board audit committee and risk management committee of the bank respectively.Md Sayedur Rahman is currently the managing director of Lodestar Garments and Mid-Asia Fashions.Abdul Jabbar Mollah is a commercially important person (CIP) of Bangladesh, and currently serves as managing director of Jahanabad Sea Foods, Jalalabad Frozen Foods, and Jabbar & Co, it said.