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Mps By Bangladesh Bank 2015 Essay

4677 words - 19 pages

Monetary Policy Statement Team
Chief Advisor:
Atiur Rahman, PhD, Governor
Policy Advisors:
Md. Abul Quasem, Deputy Governor
Abu Hena Mohd. Razee Hassan, Deputy Governor
S.K. Sur Chowdhury, Deputy Governor
Nazneen Sultana, Deputy Governor
Allah Malik Kazemi, Change Management Advisor
Faisal Ahmed, PhD, Senior Economic Advisor
Lead Author:
Biru Paksha Paul, PhD, Chief Economist
Analysts and Contributors:
Md. Akhtaruzzaman, PhD, Economic Advisor
Begum Sultana Razia, GM, Chief Economist’s Unit (CEU)
Md. Abdur Rouf, GM, Monetary Policy Department (MPD)
Md. Ezazul Islam, PhD, DGM, CEU
Md. Abdul Kayum, DGM, MPD
Forecasting and Support Team:
Dr. Sayera Younus, DGM, MPD
Mahmud ...view middle of the document...

............ 5
Foreign and Domestic Assets .............................................................. 6
Credit Growth ......................................................................................... 6
Exchange Rate and Foreign Reserves ................................................. 7
Balance of Payments ............................................................................. 7
Banking Governance ............................................................................. 8
Stock Market ........................................................................................... 8
Financial Stability .................................................................................. 9
New Lending Facilitation Initiatives .................................................. 9
Selective Easing ...................................................................................... 9
Developmental Central Banking ....................................................... 10

Highlights
 Broad money (M2) is projected to grow at 15.0 percent in June 2016 from 14.2 percent
in December 2015. M2 is adequate to support the growth and inflation targets. It has
also taken the growth rates of both public and private credit into account.

 Domestic credit is projected to grow at 15.5 percent at the end of the fiscal year 2016
from 10.9 percent in December 2015. Private sector credit is projected to grow at 14.8
percent in June 2016 from 13.8 percent in December 2015. Public sector credit is
expected to grow at 18.7 percent from a negative number of 1.7 percent in December
2015.

 Inflation is expected to land in 6.07 percent in June 2016 from 6.20 percent in December
2015. Some effects of pay rise in the government sector are likely to be canceled out by
the dampening fuel and commodity prices.

 After keeping a static set of policy rates: repo and reverse repo rates for a while,
Bangladesh Bank now decides to lower the repo rate and reverse repo rate by 50 basis
points, sending the repo to 6.75 percent and reverse repo to 4.75 percent from the
current rates. This move will attempt to dampen other interest rates in the market and
thus will help investment stimulate. Necessary market alignments warranted this
change.

 This is an investment stimulating monetary policy that will focus on quality credit
expansion through an inclusivity approach. Selective easing for agricultural and other
productive sectors will draw enhanced attention.

 The falling fuel and commodity prices have globally created a low-inflation environment,
paving the way for a considerable reduction in policy rates and thus signaling the market
to raise investment when macro stability is commendable.

 Bangladesh Bank made a strategic shift in loan disbursement policy. All banks will be
encouraged to substantially increase advances for micro, small, and medium
enterprises.

 Bangladesh Bank's supervisory vigilance on banking...

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