Referring to the writings of American economist Joseph Stigliz, H.E.
Ambassador Saida Muna Tasneem cautioned that the asymmetric nature of
political, health and environmental crises around the planet are
unsettling financial stability in the twenty-first century. Climate
change is a looming threat to all nations, and will greatly test
economies trying to recover from recent financial meltdowns.
Against the complex matrix of global challenges, central banks –
through their monetary and fiscal policies – have a key role to play in
balancing financial forces which left unchecked can greatly damage
countries and societies, as witnessed by the collapse of many blue-chip
financial institutions in 2008, the diplomat said.
Bangladesh Bank’s renowned drive for inclusive banking was a strong
reason the developing country weathered the recent global economic
storms and subsequently prospered, Tasneem said. Today it offers a
powerful example for other Asian financial policy-makers for achieving
economic growth by engaging and financially empowering large segments
of a country's population previously left out.
Lauding her country’s central bank for its stabilizing influence under
the tutelage of Governor Dr. Atiur Rahman, the ambassador said its
policies to extend loans to the poor, small-scale farmers, women, SMEs
and green industry has seen huge societal dividends for the
country.
“The impoverished person in the street now has access to personal
banking,” she said. IT-enabled mobile phone banking has transformed the
lives of twenty-five million people nationwide who now benefit from
financial services.
The ceremony on February 20 saw nine bankers from the Bangladesh Bank
and two bankers from Sampath Bank PLC, Sri Lanka awarded with academic
transcripts after completing the nine-month specialized PMBF master’s
program at AIT. The program is jointly offered by the AIT School and
Management and AIT Extension in cooperation with commercial banks and
central banks in Asia.
Bangkok Bank Executive Director Mr. Ahsan Ullah, who spearheaded the
program with AIT, commented on the country’s recent economic
performance and its efforts to tame inflation. Bangladesh has witnessed
annual economic growth rates of 6 percent, and has lowered its yearly
rate of inflation from the double digits to a current range of 6.5 to
7.5 percent, he said. He indicated the central bank would like to see
the figure drop below the 5 percent threshold in the near future.