Business Desk :Bangladesh Bank (BB) is working to achieve inclusive economic growth through strengthening financial inclusion programmes across the country. “We’re facilitating inclusive green financing for achieving sustainable economic growth in Bangladesh,” BB Governor Dr Atiur Rahman said this while he was addressing at an international seminar as chief guest on Thursday.The seminar was on ‘Challenges of price stability, growth and employment in Bangladesh: Role of Bangladesh Bank,’ jointly organized by the central bank of Bangladesh and International Labour Organization (ILO). The central bank chief also said the BB’s sustained motivation, enablement and policy support efforts in promoting inclusive, green financing are paying off well for the Bangladesh economy, in terms of sustained stable six-plus percent real annual GDP growth spell for well over twelve years now amid persistent global growth slowdown, with stable downtrend in CPI inflation. “The inclusive quality of Bangladesh’s stable, steady growth is evidenced by rapid poverty decline with buoyant, vibrant employment growth in the rural economy supported by inclusive MSME financing of farm and off farm output activities,” BB Governor explained.Attention to adequacy of financing for crops, vegetables, dairy, poultry, fishery have yielded substantial output gains in these areas, including self-sufficiency in rice and exportable surplus in many agricultural produces, he added.”Employment gains in these output initiatives have already tightened the labour market substantially, evidenced by strong 3-4 fold rise in real wages in the rural labour markets. Employment and wage growth have held up well also in the urban economy, with enterprises supported by MSME financing creating numerous new manufacturing and service jobs,” the governor said.Because of inclusive stance of financing promoted by the BB, SMEs and other start-up businesses in Bangladesh have faced no credit crunch during or following the global financial crisis, unlike their counterparts in developed economies, where sluggishness in growth momentum is still lingering, according to the BB governor.Held at the central bank headquarters in the capital Dhaka, the seminar was attended by a large audience that included academics, experts, businessmen and policy makers from various government and non-governmental organizations.Regarding policy stance, the governor said the BB’s supply side monetary and financial policy stance for stimulation of output and employment have complemented rather than conflicting with the demand containment oriented monetary policy discipline on the demand side; helping the Bangladesh economy attain an enduring spell of sustained stable growth with strong gains in price stability, macroeconomic stability, and external sector viability. “Bangladesh’s entire financial sector is now fully on board with the BB in the commitment towards steady progress in mainstreaming inclusive and environmentally responsible financing in Bangladesh’s financial sector,” Dr. Rahman noted.Among others Allah Malik Kazemi, change management adviser of the central bank, SK Sur Chowdhury, deputy governor of BB, Dr. Muhammed Muqtada, former director and external expert of the ILO, Iyanatul Islam, chief employment and labour market policies branch of the ILO, Dr. Biru Paksha Paul, chief economist of BB, Srinivas Reddy, ILO country director and Dr. Noman Majid also spoke on the occasion.
