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For a robust banking sector

  • Published at 06:01 pm November 27th, 2017
  • Last updated at 10:25 pm November 27th, 2017
For a robust banking sector

Institutions form the foundation of a nation, and strong institutions can make the difference between a corrupt, failing nation and a thriving, successful one.

But sadly for us, our institutions are being methodically weakened by the current government, which has been overriding our central bank -- Bangladesh Bank -- on major decisions in critical areas that it has no business meddling in.

The finance ministry has been sneakily but steadily taking over control of the banking sector right under our noses and without consultation with or approval from the Bangladesh Bank, which is the body that should really be in charge of the sector.

Although the ministry must get approval from BB before it can set up a private bank, it has managed to find ways around that after its proposals to set up new banks were rejected.

It has even established its own banking division, thus effectively bypassing the central bank.

Furthermore, various government agencies are deliberately ignoring the basic level of coordination and consultation with our central bank that is needed, which can potentially destabilise the economy if critical policies are not properly aligned.

That is not how an efficient banking sector should run.

The architects of democratic government understood the pitfalls that exist within the system, which can be avoided with proper checks and balances; that is why they made sure that certain institutions and authorities, the central bank among them, are allowed to operate independently and autonomously.

Without that autonomy, we have a severe deficiency in accountability to the public.

If we want to uphold democracy and protect the interests of the majority against the encroachment of a powerful minority, we must prevent this from happening.

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