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ASIAN COUNTRIES LAUD BANGLADESH BANK POLICIESDHAKA, Jun 17, 2009 (AsiaPulse via COMTEX) -- Governors and representatives of the central banks of Asian countries have commended the policies adopted by Bangladesh Bank in the wake of global recession. The remarks came after Bangladesh Bank Governor Dr Atiur Rahman briefed the session on BB policies at the 38th meeting of Board of Directors of Asian Clearing Union (ACU) in Colombo, according to a message received here Tuesday. Governor Atiur Rahman informed the session that the domestic financial market in Bangladesh has remained free of toxic assets and contagion from the global financial turmoil because of the limited openness of Bangladesh economy, particularly to short-term capital flows. This is how the impact of global economic recession on the real economy of the country has also remained moderate. Dr Rahman cautioned that the next financial year is likely to be more challenging for the economies of all countries unless the global economy recovers fast. He stressed the importance of enhanced regional cooperation in the field of exchange of expertise and views, provisions for videoconferences among the central bank governors of the ACU members and increased interactions among the central banks of the member countries to work together to face the economic challenges of the current time. The Board of Directors of the Asian Clearing Union observed with predilection the commitments of the government and of the central bank of Bangladesh to people-focused interventions and co-opting initiatives of the financial system, including microfinance NGOs, in the countrys preparedness to face a prolonged global downturn as described by Governor Rahman. The Board of Directors of ACU comprises the Governors of Central Banks/Heads of Monetary Authorities of the eight-member countries -- Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka. Set up in 1974, the principal advantage of the ACU is that it allows members two months credit in settling their payments relating to trade transactions among member countries which are channeled through the respective central banks/monetary authorities. The ACU headquarters is based in Tehran. Later, Bangladesh Bank Governor Dr Atiur Rahman met Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal his office on Monday and exchanged views on collective efforts in facing the economic recession. (UNB) |