United News of Bangladesh

A draft of the Bangladesh Bank Ordinance (Amendment) has been prepared, bringing major changes to the Bangladesh Bank Order 1972, including a proposal for the governor’s appointment by the President and an extension of the tenure. A senior official of the central bank, seeking anonymity, said the draft aims to enhance the autonomy of Bangladesh Bank by altering the process of appointing the governor and revising the tenure. As per the Bangladesh Bank Order 1972, the government currently holds the authority to appoint the governor and one or more deputy governors. The proposed amendment seeks to vest this power in the President. The official said until now, the prime minister could appoint the governor without the president’s consent or advice. Bangladesh Bank likely to ease monetary policy amid interest rate shift Under the draft, the President would appoint the governor in consultation with the prime minister. Parliamentary consent for the appointment has also been proposed. Other proposed changes include revising the oath-taking process and upgrading the rank of the governor and deputy governors. Under the 1972 law, the governor’s current tenure is four years. The draft proposes extending it to six years. Speaking at a recent programme on amending the banking law, Bangladesh Bank Governor Ahsan H Mansur said major reforms are being brought to strengthen the central bank’s authority and ensure its autonomy by freeing it from political influence. Bangladesh Bank spokesperson Areif Hossain Khan also said the draft ordinance has been prepared. “Which proposals will be incorporated in the final version will be known only after the ordinance is issued,” he added.

The Advisory Council meeting on Thursday gave final approval to the draft of 'Security of Family Members of the Father of the Nation (Repeal) Ordinance, 2024', subject to vetting by the Legislative and Parliamentary Affairs Department. Interim Government Chief Adviser Professor Muhammad Yunus chaired the meeting at state guesthouse Jamuna. “Our government is an outcome of anti-discrimination movement. It (the security ordinance) was seen as discriminatory,” Adviser on Environment, Forest, and Climate Change Syeda Rizwana Hasan told reporters after the meeting. The Public Security Division of the Ministry of Home Affairs initiated the issue as they feel there is “no necessity” of such special security. As per the decision of the previous government, the 'Father of the Nation Security of Family Members Act, 2009' (Act No. 63 of 2009) was enacted and promulgated. Later, a gazette was issued to provide special security and facilities as per the Act. The law was enacted only to provide state privileges to members of a family which is a clear discrimination, said the Advisory Council. The current interim government is committed to eradicating all discrimination after the anti-discrimination student uprising, according to the press wing of the Chief Adviser. It is necessary to take immediate action and issue an ordinance to repeal this Act, the Council viewed. The family members of Father of the Nation Bangabandhu Sheikh Mujibur Rahman were getting foolproof state security everywhere in the country, including their residences and free utility services. Meanwhile, the Advisory Council in its meeting also gave final approval to the draft of 'Special Security Force (Amendment) Ordinance, 2024'. The 'Special Security Force Act, 2021' was formulated to provide security to the President, Prime Minister of the People's Republic of Bangladesh, family members of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. In view of the popular uprising of the students, an interim government was formed on August 8, 2024, consisting of the Chief Adviser and other advisers. In such a changing situation, it is necessary to ensure the security of the Chief Adviser under the 'Special Security Force Act, 2021'. It was also necessary to cancel some of the provisions of the said law with the addition of the security provision of the Chief Adviser to the Interim Government of the People's Republic of Bangladesh. 'Special Security Force Amendment Ordinance 2024' was unanimously approved in the advisory council meeting.