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Bangladesh Bank Essay

673 words - 3 pages

Bangladesh Bank

Bangladesh Bank, the central bank of the country, was established as a body corporate vide the Bangladesh Bank Order, 1972 (P.O. No. 127 of 1972) with effect from 16th December, 1971. The powers and functions of Bangladesh Bank are governed by various laws and acts including the Banker's Books Evidence Act 1891, Insolvency Act 1920, Banking Companies Ordinance 1962, Foreign Exchange (Regulation) Act 1986, Money Loan Court Act 1990, Banking Companies Act 1991, Financial Institutions Act 1993 and Rules 1994, Companies Act 1994 and Bankruptcy Act 1997.
Bangladesh Bank performed all the traditional central banking functions including the sole responsibilities of issuing ...view middle of the document...

The governor and the deputy governors of the Bank are appointed by the government for a period not exceeding five years and are eligible for reappointment.

The general superintendence and direction of affairs and business of
the Bank are entrusted to a nine member Board of Directors which
consists of the Governor as chairman, a Deputy Governor, three senior
government officials and four persons having experience and proven
capacity in the fields of banking, trade, commerce, industry or
agriculture - all nominated by the government. The board, which is the
highest policy making body, meets at least six times a year and at
least once every quarter under the chairmanship of the Governor. The
Governor, appointed by the government as the chief executive officer,
directs and controls all the affairs of the Bank on behalf of the Board.

The broad objectives of the Bank are:

a) To regulate the issue of the currency and the keeping of reserves;
b) To manage the monetary and credit system of Bangladesh with a view to stabilizing domestic monetary value;
c) To preserve the par value of the Bangladesh Taka;
d) To promote and maintain a high level of production, employment and real income in Bangladesh; and to foster growth and development of the country's productive resources for the national...

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