The World Bank has extended its support by one year for the Central Bank Strengthening Project (CBSP) to December 2012.

The project, which was scheduled to end on December 31, 2011, supports the overall strengthening of Bangladesh Bank, the World Bank said in a statement.

The project helps automation of the central bank's core functions to enable it to effectively play its role as the country's monetary authority and banking regulator.

The government of Bangladesh has prioritised initiatives to build up a strong and effective regulatory and supervisory system for Bangladesh's banking sector, according to the statement.

In response to request from the government, the World Bank has extended the project period by one year.

The project has made significant progress, introducing automation system in Bangladesh Bank. All Bangladesh Bank branches are now connected to each other online and also to the Bangladesh Bank's Enterprise Resource Planning (ERP) and Banking systems.

The World Bank release said that Bangladesh Bank's IT organisation is now capable to conceptualise, procure and deliver large scale IT systems.

The implementation of the Credit Information Bureau and Automated Clearing House has also successfully taken off.

The Daily Star/Bangladesh/ 5th Jan 2012