Published:  04:04 AM, 07 December 2017

Central bank should be treated at par with rest

Fingers are being raised at the age limit for officials of different posts in terms of the central bank's regulations. Bangladesh Bank's code shows that the age limit for governors is 65 years and the same age limit applies for people holding the post of managing directors in banks. Deputy governors can hold their posts up to 62 years of age.

But the chairman posts in private and state-owned banks have no age limit as far as the existing system is concerned. On the other hand, general employees in state-run banks are allowed to continue working till the age of 59 years and the age limit for employees from freedom fighters quota is 60. Connoisseurs often say that such disparity between the age limit for officials holding different posts clearly unveils the discrimination which has been prevailing in banking administration for quite long.

Eminent economists have laid emphasis on eradicating such inequity regarding age limit among bankers for the prevalence of professionalism and corporate dexterity among bank employees. Besides, economists have strongly referred to the importance of treating the central bank at par with the rest of the banks regarding age limit and other service rules. In the wake of continuous  failures by Bangladesh Bank to constitute integrity, order and accountability in the country's banking sector, blazing questions have come up about the capability of the central bank for addressing the nation's banking requisites which includes keeping the banking arena free of corruption and irregularities.

Financial experts have repeatedly stated that the country's people are on the verge of losing their confidence on banking sector due to widespread malpractices and shady phenomenon which have eclipsed banking functionalities. Points and counterpoints have also come up whether the central bank should be left as it is or it should be placed under Finance Ministry as a minor department under this portfolio.

Bangladesh Bank's inability to fight loan scams and financial disorder has subjected the organization to grievous criticisms and worries are constantly mounting about the country's banking turf under the circumstances which appear to have run totally out of the central bank's control. In this way the dysfunctional status of Bangladesh Bank is becoming more and more vivid day by day.

While both state-run and private banks are heavily inflicted with defaulted loans of approximately 1 lakh 30 thousand crore taka including Bangladesh Bank's written off credits, apprehensions have been triggered by allowing another three new banks to emerge.

The existing scenario of financial and banking pastures is very much pessimistic tattered with mishandled loans, money laundering, unrestrained graft, burgeoning trade deficit and other perils in the middle of which setting up new banks will certainly aggravate the plight according to financial analysts. Moreover, several economists have blamed Finance Ministry and Bangladesh Bank both for failing to halt the unhealthy rise of monopolies in financial services.

Bangladesh Bank's former governor Dr. Mohammed Farashuddin has recently told at a program that USD 65 billion was illegally transferred from Bangladesh to foreign countries from 2004 to 2014. A number of Swiss banks and reports by Global Financial Integrity from Washington have provided similar information but it is highly disappointing that the central bank and Finance Ministry have not yet initiated any remarkable measures to crack down on culprits involved with money laundering and loan defaulting, civil society members have expressed this opinion.

Financial experts have also warned that the ongoing rampage across banks may be further widened and intensified by the proposed law enabling four members of the same family to enter the directorial boards of different banks for up to nine years. Such regulations will fortify the grip of influential people on banks and thus banks and financial organizations are likely to head for more disastrous consequences in days to come, relevant angles have stated.

Economists have advised Bangladesh Bank to be far more dynamic and courageous in materializing its policies otherwise the country's economic growth may run into deadly impediments.

Bangladesh Bank's Governor Fazle Kabir did not consent to remark on these issues when The Asian Age communicated with him over phone. Rather Fazle Kabir asked this correspondent to seek comments from Bangladesh Bank's spokespersons.

Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB) said to The Asian Age, "Dissimilarity between higher officials and other employees regarding age limit is not desirable. Age limit for jobs should be equal for all as our average longevity has increased."

Bangladesh Bank's former governor Dr. Saleh Uddin Ahmed said to The Asian Age, "Authorities concerned should keep up uniformity between the age limit of the central bank's governor, deputy governors and general employees. Simultaneously, variation of age limit between governor and deputy governors should be mitigated."

Bangladesh Bank's former deputy governor Murshid Kuli Khan told The Asian Age, "There is lack of competent bankers in our country. A sound balance regarding the age limit of bank officials should be sustained."

Mustafizur Rahman, Distinguished Fellow of Center for Policy Dialogue said to The Asian Age, "We are not being able to place the right officials for the right posts. Qualified and transparent people should be appointed for higher posts but things are quite different in our country."

Leave Your Comments

Latest News

More From Frontpage

Go to Home Page »

Site Index The Asian Age