As Bangladesh’s duration in-between authorities gears for reforms to stabilise the financial system, a assorted to find released by the Financial Intelligence Bangladesh (EIB) this day (1 October) identifies checking corruption and money laundering, inflation support watch over, and rebuilding international exchange reserves as the pressing priorities.
The to find, conducted by The Industry Well-liked in collaboration with DataSense in September 2024, calm insights from 12 prominent economists and academics across Bangladesh.
A inserting 42% of the economists ranked combating corruption and money laundering as the most pressing scenario, underscoring its deep-rooted affect on Bangladesh’s financial system.
To address this scenario, Professor Mustafizur Rahman, wisely-known fellow of the Centre for Policy Dialogue (CPD), informed, “Corruption and money laundering can also furthermore be checked by proactively making exhaust of well suited methodology to raise the perpetrators to justice.
“Moreover, we are in a position to companion with international locations to recover stolen wealth and hire globally reputed mavens in the space of asset recovery. Neighborhood teams can also furthermore be organised who will act as watchdogs against corruption,” he added.
Inflation support watch over got right here in as the 2d-very most life like precedence, with 25% of economists highlighting its significance amid rising prices which are straining household budgets.
Historic lead economist of the World Monetary institution Zahid Hussain believes the duration in-between authorities must “prioritise controlling predominant food inflation, neutralise the syndicates on extortion in the provision chain and deter collusive practices by gigantic players in markets akin to rice, ata, lentil, onions, suitable for eating oil and such assorted predominant objects.”
Additionally, 17% of respondents emphasised the significance of rebuilding international exchange reserves, highlighting the nation’s pressing must stabilise its international exchange scrape amidst global financial volatility.
Dr M A Razzaque, chairman of RAPID, highlighted that, “For rebuilding reserves, a market-pleasant exchange fee machine must be fostered with sturdy and exemplary measures against corruption, as money gathered by cross practices are in overall siphoned off from the nation striking stress on the reserve arena.”
He also said, “Mortgage terms must be renegotiated to minimize the stress on repayments in any case to future.”
“Concessional loans with a longer grace duration and maturity (especially for export sector construction in divulge that export earnings raise, ideally by a diversified export structure for which tariff rationalisation will also be critical precedence) must be sought while steps are desired to diagram international funding (especially into the export sectors),” he further acknowledged.
Collectively the economists who participated in the to find highlighted the urgency of swift and decisive action to foster steadiness and lay the groundwork for sustainable progress.
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