Fazle appointed BB governor for 2 more yrs under amended law

Staff Correspondent | Published: 22:29, Jul 15,2020


Fazle Kabir

The government on Wednesday appointed Fazle Kabir governor of the Bangladesh Bank for two years until he becomes 67 under the amended Bangladesh Bank Act.

Kabir’s appointment came in just six days after a Gazette noticed was published on July 9 extending the age limit for holding office as the central bank governor by two years.

The Gazette notice on amending the Bangladesh Bank (Amendment) Bill, 2020 was published on the same day it was passed in parliament amid protests from the opposition lawmakers.

Under the appointment, Kabir would hold the post of the central bank governor till June 3, 2022.

The finance ministry issued a Gazette notice under Sections 10(3) and 10(5) of the Bangladesh Bank (Amendment) Act, 2020, appointing Kabir as the BB governor for the third time.

The ministry issued the notice with immediate effect at the order of president Abdul Hamid.

The government went through the entire process of amending the Bangladesh Bank Order, 1972 with the view to appointing Fazle as the BB governor.

The government moved to raise the age limit of the central bank governor mainly to keep Fazle, whose tenure as the governor expired on July 3 after he turned 65 years old on the day, in the position.

Finance minister Mustafa Kamal recently said that the move to extend the age limit for holding office as the central bank governor was taken for implementation of the government stimulus packages by reappointing Fazle Kabir to the post.

The implementation of the stimulus packages, announced to revive the country’s economy which has been suffering badly since March this year due to the coronavirus outbreak, largely depends on the banking system.

Opposition lawmakers M Harunur Rashid, M Mujibul Haque, Rowshan Ara Mannan and Pir Fazlur Rahman demanded that the bill should be sent for public opinion.

Ignoring the demands made by the opposition lawmakers, the bill was passed by majority in the house.

On June 8, the cabinet approved in principle the draft of the amendment to extend the age limit of the central bank governor by two years.

On March 20, 2016, the government appointed Fazle as the BB governor for four years after Atiur Rahman stepped down from the post following the historic $101 million reserve heist.

A major portion of the money stolen is yet to be recovered.

In February this year, Fazle was reappointed to the position.

Fazle joined the central bank as governor after 34 years of career in the civil service starting in 1980.

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