Dhaka Bank Of Bangladesh

Bangladesh Bank is the Central bank of Bangladesh. It is the monetary authority of the country. It came into existence under the Bangladesh Bank Order 1972 (Presidential Order No. 127 of 1972) which took effect on 16 December 1971. Through this order, the entire operation of the former State Bank of Pakistan in the eastern wing was transferred to Bangladesh Bank.

Bangladesh Bank has 9 branch offices, two in Dhaka city (sadarghat and Motijheel), and one each in Chittagong, Khulna, Rajshahi, Sylhet, Bogra, Rangpur and Barisal. The head office discharges its duties with 28 departments.

History

After the liberation war, and the eventual independence of Bangladesh, the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country, and named it Bangladesh Bank. This reorganization was done pursuant to Bangladesh Bank Order, 1972, and the Bangladesh Bank came into existence with retrospective effect from 16 December 1971.

Objectives

As the central Bank of Bangladesh, the broad objectives of the Bank are :

a) To regulate currency issuance and to keep foreign exchange reserves.

b) To manage the monetary and credit system of Bangladesh with a view to stabilizing domestic monetary value.

c) To preserve the par value of the Bangladeshi Taka.

d) To promote and maintain a high level of production, employment and real income in Bangladesh; and to foster growth and development of the country's productive resources.

e) To Reserve all the rights of the bank.

Functions

Bangladesh Bank performs all the functions that a central bank of any country is expected to perform, and such functions include maintaining the price stability through economic and monetary policy measures, managing the country’s foreign exchange and the gold reserve and regulating the banking sector of the country. Like all other central banks across the globe, Bangladesh Bank is both the Government’s banker and the banker’s bank, a “Lender of the Last Resort”. Bangladesh Bank, like most of the central banks of different countries, exercises monopoly over the issue of currency and the banknotes. Except for the 1 and 2 taka notes, it issues all other denominations of Bangladeshi Taka.

Bangladesh Bank has been entrusted with all the traditional central banking functions including the sole responsibilities of issuing currency, keeping the reserves, formulating and managing the monetary policy and regulating the credit system of Bangladesh with a view to stabilizing domestic and external monetary value and promoting and maintaining a high level of production, employment and real income in the country. The bank acts as the banker to the government and accepts government deposits, cheques and drafts, and undertakes collection of cheques and drafts drawn on other banks. The government deposits all its cash balances with the Bangladesh Bank free of interest. The bank transfers government funds from one place to another as requested by the government and its agencies.

Bangladesh Bank is empowered to act as the watchdog of the country's banking system, and all scheduled banks are accountable to Bangladesh Bank, which has extensive powers to ensure soundness of the banking system. No bank can commence banking business in Bangladesh and no existing bank can open a new branch in or outside the country or shift any branch from one place to another without obtaining a license/permission from the Bangladesh Bank.

Organisation

The highest official in the bank is the Governor (currently Dr. Atiur Rahman). The Governor chairs the Board of Director. The Executive Staff, also headed by the Governor, are responsible for the day to day affairs.

Current Board of Directors

Chairman

• Dr. Atiur Rahman

Director

• Md. Nazrul Huda
• Dr. Wahid Uddin Mahmud
• Dr.Momtaz Uddin Ahmed
• Dr.Sufia Ahmed
• Dr. Hossain Zillur Rahman
• Dr.Mohammad Tareque
• Mr.Jafar Ahmad Chowdhury
• Mr. Muhammad Abdul Mazid

Secretary

• Mir Abdur Rahim

Current Executive Staff

Governor

• Dr. Atiur Rahman

Deputy Governor

• Md. Nazrul Huda
• Ziaul Hasan Siddiqui
• Md. Murshid Kuli Khan

Economic Advisor

• Habib Ullah Bahar

Executive Director

• Khandakar Muzharul Haque
• Md. Abul Quasem
• A.T.M. Nasiruddin
• Chowdhury Mohidul Haque
• Mir Abdur Rahim
• Md. Harunur Rashid Chowdhury
• Md. Mofiz Uddin Chowdhury
• Nazneen Sultana
• Md. Mofizuddin Chowdhury
• Devaki Kumar Saha
• A. H. M. Kai Khasru

Former Governors

• A.N.M. Hamidullah 1972-1974
• A.K.N. Ahmed 1974-1976
• M. Nurul Islam 1976-1987
• Shegufta Bakht Chaudhuri 1987-1992
• Khorshed Alam 1992-1996
• Lutfar Rahman Sarkar 1996-1998
• Dr. Mohammed Farashuddin 1998-2001
• Dr. Fakhruddin Ahmed 2001-2005
• Dr. Salehuddin Ahmed 2005-2009
• Dr. Atiur Rahman 2009-

Foreign Relation

Bangladesh Bank has correspondent relationships with one international and 8 foreign central banks viz., the Federal Reserve Bank of New York, Bank of Canada, Bank of England, Banque de France, Deutsche Bundesbank, Bank of Japan, Sveriges Riksbank of Stockholm, Reserve Bank of India and the Bank for International Settlements, Basle. Besides, Bangladesh Bank has now invested its foreign exchange reserves with 14 banks at different international financial centers.

See also

• Bangladeshi taka
• Economy of Bangladesh

External links

• Bangladesh Bank official site

References

1. ^ Banglapedia Article on Bangladesh Bank

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