Bangladesh Bank
Bangladesh Bank Monogram
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| Headquarters | Dhaka, Bangladesh |
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| Established | December 16, 1971 |
| Governor | Fazle Kabir |
| Central bank of | Bangladesh |
| Currency |
Taka JBJ (ISO 4217) |
| Reserves | US$27 billion |
| Website | http://www.bb.org.bd |
| reserves data up to month of Aug 2015. source: "Bangladesh's forex reserves cross record $26 billion mark". bdnews24.com. bdnews24.com. 17 August 2015. Archived from the original on 10 Sep 2015. |
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Bangladesh Bank (Bengali: বাংলাদেশ ব্যাংক) is the central bank of Bangladesh and is a member of the Asian Clearing Union.
The bank is active in developing green banking and financial inclusion policy and is an important member of the Alliance for Financial Inclusion. Bangladesh Financial Intelligence Unit (BFIU), a department of Bangladesh Bank, has got the membership of Egmont Group.
Bangladesh Bank is the first central bank in the world to introduce a dedicated hotline (16236) for the general populace to complain any banking related problem. Moreover, the organization is the first central bank in the world to issue a "Green Banking Policy". To acknowledge this contribution, then-governor Dr. Atiur Rahman was given the title ‘Green Governor’ at the 2012 United Nations Climate Change Conference, held at the Qatar National Convention Centre in Doha .
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, naming it Bangladesh Bank. This reorganization was done pursuant to Bangladesh Bank Order, 1972, and the Bangladesh Bank came into existence retroactively from 16 December 1971.
The 1971 Mujib regime pursued a pro-socialist agenda. In 1972, the government decided to nationalize all banks in order to channel funds to the public sector and to prioritize credit to those sectors that sought to reconstruct the war-torn country – mainly industry and agriculture. However, government control of the wrong sectors prevented these banks from functioning well. This was compounded by the fact that loans were handed out to the public sector without commercial considerations; banks had poor capital lease, provided poor customer service and lacked all market-based monetary instruments. Because loans were given out without commercial considerations, and because they took a long time to call a loan non-performing, and once they did, recovery under the erstwhile judicial system was so expensive, loan recovery was abysmally poor. While the government made a point of intervening everywhere, it didn’t set up a proper regulatory system to diagnose such problems and correct them. Hence, banking concepts like profitability and liquidity were alien to bank managers, and capital adequacy took a backseat.
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