A gazette notification extending the age limit for the central bank’s governor by two years was published on July 9, the same day Jatiya Sangsad passed the Bangladesh Bank (Amendment) Bill, 2020 amid protests from opposition lawmakers.
The bill extending the age limit to 67 was passed in the parliament in voice-vote after it was placed before the house by planning minister MA Mannan on behalf of finance minister AHM Mustafa Kamal on July 8.
The government moved to raise the age limit for the central bank governor mainly to keep Fazle Kabir, whose tenure as the BB governor expired on July 3 as he became 65 years old on the day, as the central bank governor.
Mustafa Kamal recently said that the move to extend the age limit for the governor was taken for the implementation of the government stimulus packages by reappointing Fazle Kabir.
The implementation of the stimulus packages, announced to revive the country’s economy that has been suffering badly since March this year due to the outbreak of coronavirus, largely depends on the banking system.
The government had started the process of amending the rules before Fazle Kabir’s tenure ended on July 3 due to age limit.
With the latest change in the Bangladesh Bank Ordinance that came into force after the gazette notification was published, the age limit for the governor of the central bank is now 67 years.
Opposition lawmakers M Harunur Rashid, M Mujibul Haque, Rowshan Ara Mannan and Pir Fazlur Rahman demanded that the bill be sent for public opinions.
Ignoring the demands made by the opposition lawmakers, the bill was passed in majority votes in the house.
On June 8, the cabinet approved in principle the draft of the amendment extending the age limit for the governor of the central bank by two years.
On March 20, 2016, the government appointed Fazle Kabir as BB governor for four years after Atiur Rahman stepped down from the post following the historic $101 million reserve heist, major portion of the money yet to be recovered.
In February this year, Fazle Kabir was reappointed.
Fazle Kabir joined the central bank as governor after 34 years of civil service starting in 1980.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Banking