Shawn Kelly :”The global financial crisis is not over,” Bangladesh’s ambassador to Thailand told a gathering of senior Asian bankers, diplomats and dignitaries attending a recent Asian Institute of Technology (AIT) professional master’s in banking finance program completion ceremony in Bangkok. Referring to the influential writings of American economist Joseph Stigliz, Ambassador Saida Muna Tasneem cautioned that the asymmetric nature of political, health and environmental crises around the planet are unsettling financial stability in the twenty-first century. Climate change is a looming threat to all nations, and will greatly test economies trying to recover from recent financial meltdowns.Against the complex matrix of global challenges, central banks – through their monetary and fiscal policies – have a key role to play in balancing irresistible financial forces which left unchecked can greatly damage countries and societies, as witnessed by the collapse of many blue-chip financial institutions in 2008, the diplomat indicated.Bangladesh Bank’s renowned drive for inclusive banking was a strong reason the developing country weathered the recent global economic storms and subsequently prospered, Tasneem said. Today it offers a powerful example for other Asian financial policy-makers for achieving economic growth by engaging and financially empowering large segments of a population previously left out. Lauding her country’s central bank for its stabilizing influence under the tutelage of Governor Dr. Atiur Rahman, the ambassador said its policies to extend loans loan to the poor, small-scale farmers, women, SMEs and green industry has seen huge societal dividends for the country. “The impoverished person in the street now has access to personal banking,” she said, citing how IT-enabled mobile phone banking has transformed the lives of twenty-five million people nationwide who now benefit from financial services. The ceremony on Feb. 20 marked the formal graduation of a nine bankers from the Bangladesh Bank and two officials from Sampath Bank PLC., Sri Lanka who completed a nine-month specialized PMBF master’s program at AIT. The program is jointly offered by the AIT School and Management and AIT Extension in cooperation with regional central banks. Bangkok Bank Executive Director Mr. Ahsan Ullah, who spearheaded the degree program tailor-made for senior level bankers, commented on the monetary authority’s recent economic performance and its efforts to tame inflation. Bangladesh has witnessed annual economic growth rates of 6 percent, and has lowered its yearly rate of inflation from the double digits to a current range of 6.5 to 7.5 percent, he said. He indicated the central bank would like to see the figure drop below the 5 percent threshold in the near future. Shawn Kelly is Senior Media Specialist at the Asian Institute of Technology in Thailand.
