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The interest rate will move to a fully market-based system "very shortly", Bangladesh Bank Governor Abdur Rouf Talukder has signalled – apparently in line with the IMF prescription over a $4.7 billion loan package. "I think we are very close to a market-based interest rate. We are expecting that very shortly we will be moving to a fully market-based interest rate," he said at
Central bank governor yesterday ruled out the possibility for a floating exchange rate although many economists have long suggested Bangladesh put in place a market-determined price
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Political support and a strong Bangladesh Bank are crucial to deal with the challenges, including high non-performing loans (NPLs), in the banking sector, said Mustafa K Mujeri, a former chief economist of the central bank, yesterday.
The implementation of the market-driven exchange rate will be difficult in the existing model, said economist Zahid Hussain, suggesting that the central bank seek an alternative model.