IMF satisfied with Bangladesh’s reserves and inflation
NN ONLINE:
The International Monetary Fund (IMF) has expressed satisfaction with Bangladesh’s performance in controlling inflation and maintaining foreign currency reserves.
These observations followed the first round of meetings held in the city today as part of the IMF’s 5th Review Mission to Bangladesh.
The IMF team arrived in Dhaka to review progress on loan conditions. The mission, led by Chris Papageorgiou, will remain in the country until November 13 for a comprehensive review and talks with the Bangladesh Bank and various ministries.
Talking to BSS, a senior official of Bangladesh Bank said that the IMF had reviewed the country’s reserve position and expressed satisfaction with the current level. He said, the IMF team mentioned that inflation has been trending downward in recent months.
“The IMF representatives acknowledged the improvement but advised that the central bank continue its contractionary monetary policy to maintain this trend,” he added.
The meetings with the Bangladesh Bank, presided over by Deputy Governor Nurun Nahar, focused heavily on ongoing reforms and the stability of the banking sector.
Key topics of discussion included liquidity monitoring, implementation of risk-based supervision, restrictions on deposit withdrawals in certain banks and the financial health of merged banks.
Earlier in the day, IMF officials paid a courtesy call on Finance Secretary Md Khairuzzaman Mozumder. Later, they held separate meetings with officials from the Macro-Economic and Budget Wings of the Finance Division.