BB to announce new monetary policy on Sunday

Staff Reporter :
The Bangladesh Bank will announce its Monetary Policy Statement (MPS) tomorrow for the first half of the next fiscal year of 2023-24.

The central bank Governor Abdur Rouf Talukder will announce the MPS at a press conference at the central bank headquarters in the city, said a press release.

The governor will also brief journalists on the outcome of the current MPS in managing inflation, driving inflow of private sector credit and propelling economic growth.

Deputy Governors, the head of the Bangladesh Financial Intelligence Unit (BFIU), the chief economist, and other officials of the Bangladesh Bank will also be present on the occasion.

Earlier, on January this year, the BB unveiled a ‘cautiously accommodative’ MPS for the second half of financial year 2022-23.

In last MPS private sector credit growth was kept unchanged to 14.1 percent while the public credit growth ceiling increased to 37.7 percent for June from the previous ceiling of 36 percent.

BB had decided to increase its policy rates by 25 basis points, the repo rate to 6.00 percent from 5.75 percent, and the reverse repo rate to 4.25 percent from 4.00 percent in last policy stance for H2FY23.

Meanwhile, Bangladesh Bank (BB) again decided to formulate monetary policy twice a year in December last year as per the advice of the International Monetary Fund (IMF).

As a part of this, the coming MPS will be the first policy stance by the central bank for FY24.