Central Bank in Bangladesh – Bangladesh Bank, the central bank of Bangladesh, was established as a body corporate vide the Bangladesh Bank Order, 1972 (P.O. No. 127 of 1972) with effect from 16th December 1971. It is fully owned by the Government of Bangladesh.
Central Bank (Bangladesh Bank):
Bangladesh Bank (BB) is the central bank of Bangladesh and a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh. Bangladesh Bank, the central bank and apex regulatory body for the country’s monetary and financial system, was established in Dhaka as a body corporate via the Bangladesh Bank Order, 1972 (P.O. No. 127 of 1972), effective from 16th December, 1971. It currently has ten offices located at Motijheel, Sadarghat, Chittagong, Khulna, Bogra, Rajshahi, Sylhet, Barisal, Rangpur, and Mymensingh in Bangladesh. As of March 31, 2015, the total manpower stood at 5,807 (3,981 officials and 1,826 subordinate staff).
See also:
❏ Banks in Bangladesh
Mission of Bangladesh Bank:
- To regulate and supervise the monetary and financial system of Bangladesh.
- To promote economic growth and stability by formulating and implementing monetary policy.
Functions of Bangladesh Bank:
- Monetary Policy: Formulates and implements monetary policy to maintain price stability and support economic growth.
- Financial Supervision: Regulates and supervises banks and financial institutions to ensure their soundness and stability.
- Currency Issuance: Issues and manages the country’s currency.
- Foreign Exchange Management: Manages the country’s foreign exchange reserves and oversees foreign exchange transactions.
- Payment Systems: Oversees and promotes the smooth operation of payment systems.
Branches of Bangladesh Bank:
- Bangladesh Bank has ten offices located in Motijheel, Sadarghat, Chittagong, Khulna, Bogura, Rajshahi, Sylhet, Barisal, Rangpur, and Mymensingh.
Significance of Bangladesh Bank:
- Bangladesh Bank plays a critical role in maintaining financial stability and fostering economic development in Bangladesh. It ensures the proper functioning of the country’s financial system and acts as a regulatory authority for all banking and financial institutions within the country.
This description provides a comprehensive overview of Bangladesh Bank, the central bank of Bangladesh.
