Deputy Governor of Bangladesh Bank Abu Farah Md. Nasser on Thursday stressed the need for taking proper, visible and fast actions to ensure good governance in the banking sector for addressing monumental challenges faced by the sector.

The deputy governor was addressing the 11th Financial Sector Development Working Committee (FSDWC) meeting virtually on Thursday. Business Initiative Leading Development (BUILD) organised the event.

Barrister Sameer Sattar, president of Dhaka Chamber of Commerce and Industry, co-chaired the meeting. 

He hoped that the present situation of investment and trade will get momentum after the upcoming election and new administration will boost the confidence of the investors.

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“From Bangladesh Bank, we have adopted a single exchange rate policy despite it is fixed by the ABB and BAFEDA, we are strictly monitoring the rate. To manage the exchange rate fluctuation, the central bank is in contact with the Reserve Bank of India,” he said.

The DCCI president stressed the importance of governance in managing non-performing loans, advocating for a swift recovery plan to revitalize the financial sector. He commended Bangladesh Bank for streamlining loan processes, facilitating easier access to financing, said a press release.

BUILD CEO Ferdaus Ara Begum, presented a policy paper recommending an increase in the ceiling of the Export Facilitation Pre-Financing Facility (EFPF) to Tk 30,000 crore.

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Experts at the meeting, including Prof Dr Mahmood Osman Imam and ICAB Vice President Md. Yasin Miah FCA, echoed the importance of good governance, fiscal prudence, and accountability to attract deposits and investments, it added.