The Bangladesh Bank on Monday showed a rosy picture of the country’s economy during the last four years comparing with the period of 2002-2005 and in the process it did not mention anything about the biggest ever banking scam by Sonali Bank and Hallmark Group this year.

The central bank in a report circulated on the day said that the country’s economy was progressing well despite the global economic recession and the average GDP growth soared to 6.21 per cent in 2009-2012 compared with the 5.47 per cent growth in 2002-2005.

The BB report, however, avoided the economic data in the 2006-2009 period mainly to show comparison between the tenure of the government of the BNP-led alliance in 2002-2005 and the current tenure of Awami League-led alliance, said BB officials.

Bangladesh Bureau of Statistics data showed that the GDP growth rate had increased to 6.63 per cent in 2005-2006 before coming down to 6.19 per cent in 2006-2007. The GDP growth in 2010-2011 soared to 6.71 per cent but came down to 6.32 per cent in the last fiscal year.

The report showed that the average annual inward remittance grew to $11.29 billion in 2009-2012 from $3.20 billion in 2002-2005 while the foreign exchange reserve soared to $12.70 billion from $2.93 billion.

But, when the BB report compared the capital adequacy in the banking sector, it showed the adequacy increased to $56,201 crore in June 2012 from Tk 20,578 crore in June 2008. The data in 2002 was not mentioned in the report.

It also showed the classified loan in the banking sector came down to 7.17 per cent in June 2012 from 13.60 per cent in June 2005.

The BB report, however, did not mention the incidence of embezzlement of around Tk 4,000 crore by five companies including Sonali Bank this year.

The central bank has widely been criticised for its role and failure to stop the biggest ever banking scam in the country.
Besides, the report also avoided the central bank’s role in the biggest ever stock market crash in 2010-2012. 

The market bubbled in late 2010 because of huge purchase of shares by banks going beyond the legal limit.
The BB took no action against the banks.

The market crashed after the banks withdrew huge profits leaving thousands of small investors in losses.
Share investors in rowdy street demonstrations demanded resignation of the BB governor, Atiur Rahman, for the central bank’s role in the stock market bubble and burst.

The BB  report showed that the country’s average annual export earning soared to $19.75 billion in 2009-2012 from $7.08 billion in 2002-2005 while the average import payment increased to $28.94 billion from $10.56 billion.

It also showed an increase in agriculture loan, marginalised sharecroppers loan, opening of bank accounts for farmers and school students, expansion of bank branches and introduction of mobile banking.

It said that the global rating agencies Standard and Poor’s and Moody’s gave stable rating to the Bangladesh economy in 2010-2012.