Published:  01:01 AM, 12 October 2017

Banking sector on the brink of catastrophe

Is Governor sabotaging economy?

Banking sector on the brink of catastrophe Fazle Kabir

Bangladesh Bank's foreign currency reserve was very poor before 2009. As time went on the central bank's foreign currency reserve gradually gained mome-ntum under the dynamic functionalities of the grand alliance government and reached a very high status within a few years.

But following the plundering and rampage of banking sector during last couple of years World Bank has expressed worries that foreign currencies reserve may formidably decline in days to come which is an ominous sign for Bangladesh's economy.

With unabated incidence of financial scams like defaulted loans through insufficient mortgages, money laundering and other forms of irregularities and monetary crimes the banking arena of Bangladesh has now arrived on the brink of a catastrophic fall. 

But it sounds quite mysterious and absurd that Governor of Bangladesh Bank Fazle Kabir is not making any official statements on these terrible things to the country's people. Fazle Kabir has been avoiding media agencies since he joined Bangladesh Bank and his silence is all the time encouraging financial scammers to commit more crimes. Critics say Fazle Kabir has transformed Bangladesh Bank into a division under Finance Ministry.

In  this way Fazle Kabir has enabled corrupted people to mishandle huge sums of money from state-run and private banks through defaulted loans and forgery. At present there are over 1 lakh 10 thousand crore taka defaulted loans. Trade deficit has exceeded 10 billion US dollars. The state-owned banks have been nearly crippled in the meantime while over a dozen private banks are facing tremendous shambles.

Concerned sources have said approximately 9 billion US dollars have been illegally transferred to other countries from Bangladesh by money launderers but no action has been so far taken by Governor Fazle Kabir to halt capital flight. Global Financial Integrity and Swiss banks have reported that unbarred money laundering has been taking place from Bangladesh. Under these circumstances the inactivity of Fazle Kabir implies that he wants the country's economy to be totally ravaged by fraudsters and plunderers.

Reportedly Fazle Kabir is associated with communal outfits and he removed Rabindranath Tagore's photograph from his office room after taking over the post of Bangladesh Bank's Governor last year. Furthermore, some more sources have informed that Fazle Kabir is an ex student of Faujderhat Cadet College.

He has made a vested quarter with some likeminded government officials who are from Faujderhat Cadet College too and with this group of people he has deprived several bureaucrats in various ways by barring their promotions, sources close to administrative units have stated. Allegations further show that Fazle Kabir is assisting unscrupulous people in siphoning away money from banks.

Financial rackets like the ones committed by Hall Mark, Bismillah Group and Basic Bank have caused severe damages to the country's economy. Reportedly Basic Bank's former chairman Abdul Hai Bachchu is right now in Dhaka. But Bangladesh Bank's Governor has so far initiated no action to prosecute him.

Fazle Kabir even did not speak to the nation on Bangladesh Bank's cyber heist. How much money has been so far recovered and how much money is still to be rescued-Fazle Kabir has not stated anything so far on these points. Even Fazle Kabir remained absolutely mum when people from anti-independence platforms circulated misperceptions on facebook, you tube and other social networks about Sajeeb Wazed Joy and former governor Dr. Atiur Rahman regarding central bank's cyber hacking.

It astonished all concerned when Fazle Kabir accepted Bangladesh Nationalist Party's (BNP) inquiry report on cyber heist in which BNP leaders called it "digital theft" pointing fingers at Prime Minister Sheikh Hasina's son Sajeeb Wazed Joy and former governor Dr. Atiur Rahman. It shows Fazle Kabir is more submissive to BNP rather than to the government. 

By staying mute Fazle Kabir is violating people's rights to information and he is not even caring about citizens' charter. It has been obtained from relevant sources that Fazle Kabir has been getting support from a senior bureaucrat at present working at Prime Minister's Office and that bureaucrat has very close ties with the leaders of BNP and Jamaat-E-Islami.

Moreover, some more sources have informed that Fazle Kabir is intimately associated with BNP leader Mirza Abbas. Even it is also being reported by certain angles that Fazle Kabir is a beneficiary of BNP. He held the posts of deputy commissioner and some other higher designations while BNP and Jamaat were in power. In this way Fazle Kabir has developed a special kinship with BNP and Jamaat leaders which is why he is deliberately abstaining from doing his duties properly to stain the government's image, such apprehensions also have been conveyed by different sources.

Therefore, now it is most essential to set up a neutral inquiry team for investigating all the mishaps that have so far occurred in banking sector. Financial experts have laid emphasis on requesting International Monetary Fund (IMF) for carrying out an objective investigation about banking scams of Bangladesh.

Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB) said to The Asian Age, "The scenario currently prevailing in our banking sector indicates that it may totally collapse at any moment."Professor Anu Muhammad told The Asian Age, "The present Governor of Bangladesh Bank is not doing his duty in the right way and that's why financial crimes are increasing."

 On the other hand, former adviser to caretaker government Mirza Azizul Islam said to The Asian Age, "Lack of good governance, insufficient actions against corrupted officials are responsible for continuous financial crimes in banking sector. Banks themselves should come up to curtail graft and other illegal things."



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