BB needs to improve communication practices: IMF
The IMF released its second review report under the Extended Credit Facility arrangement on 25 June.
The Bangladesh Bank needs to enhance communication practices and improve decision-making for monetary policy transparency, said the International Monetary Fund in its latest review report.
The IMF released its second review report under the Extended Credit Facility arrangement on 25 June.
"Improvements to decision-making and communications will be needed to support the transition to the modernised policy framework," said the IMF review report.
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"In this respect, the Bangladesh Bank is committed to publishing the schedule of regular Monetary Policy Committee (MPC) meetings starting from FY25 and aims to start publishing a quarterly monetary policy report before the IMF-supported programme ends. Further IMF capacity development (CD) assistance will be needed to help enhance BB's communication practices," according to the report.
Before the IMF approved the release of the $1.15 billion third tranche of Bangladesh's $4.7 billion loan package, the Bangladesh Bank also committed to enhancing communication through quarterly meetings and initiating the issuance of policy press releases.
When contacted, a senior executive of Bangladesh Bank told TBS that enhancing communication involves disseminating information through press conferences, press releases, and regularly updating information on its website.
The Bangladesh Bank's commitment to enhancing communication follows its recent dispute with the media community, which arose when it restricted journalists' access to the central bank premises for information gathering.
This informal restriction was imposed on 21 March, marking a first in the central bank's history.
Previously, journalists could enter the central bank premises by obtaining a pass and registering their name and organisation.
Later, the Economic Reporters Forum (ERF), the biggest platform for business journalists, Transparency International Bangladesh (TIB), the Newspaper Owners' Association of Bangladesh (Noab) and the Editors Council condemned the entry restriction, demanding a withdrawal of this decision.
The BB authorities have yet to grant journalists access to the central bank
