Cenbank is the most dictatorial institution now: Abdul Awal Mintoo

Abdul Awal Mintoo, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), today (17 November) voiced strong criticism of the Bangladesh bank, claiming it has become the nation's most dictatorial institution.

Mintoo, also BNP vice chairman, alleged that the central bank's actions have severely damaged the stability and performance of commercial banks across Bangladesh.

Speaking at a dialogue titled "Business Environment Reform in Bangladesh: Agenda for the Interim Government" organised by the Centre for Policy Dialogue (CPD) at the BRAC Center auditorium in Dhaka's Mohakhali, he suggested that the first step towards reform is to restructure the central bank.

"The central bank urgently needs restructuring to put an end to its authoritarian practices. Those most affected by these dictatorial approaches must be included in the process of forming banking policies," the BNP leader said.

He further said, "Everyone is talking about reform, but who will do it? The interim government? This is an ongoing process, and a country cannot be reformed completely within a short time."

Photo: TBS

Emphasising political reform first, the former FBCCI president said, "It must be prioritised above all else. Otherwise, what hasn't been achieved in the last forty years will remain out of reach in future as well.

"If corrupt individuals are the ones carrying out reforms, it will not yield any positive results," he added.

Addressing CPD Research Director Khondaker Golam Moazzem's suggestion about closing down some banks, Mintoo said, "I disagree with the idea of closing down banks indiscriminately. If someone commits corruption in the banking sector, they should be punished, but we cannot say that all banks should be closed."

Professor Lutfey Siddiqi, chief adviser's special envoy for international affairs, CPD Executive Director Fahmida Khatun, and other business representatives were present at the event.