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BB aims to cut inflation to 5%: Governor
Bangladesh Bank Governor Dr Ahsan H Mansur on Tuesday said the central bank is aiming to bring inflation down to 5 percent, a more ambitious target than the government's official goal of 6.5 percent.
"If we can achieve this, we will consider ourselves successful," Dr Mansur made the remarks at the launch event of Google Pay in Bangladesh, held at a hotel in Dhaka.
The event was also attended by Tracy N. Jacobson, Chargé d'Affaires of the US Embassy, and Hossain Khaled, Vice Chairman of City Bank, as special guests.
Other notable attendees included Masrur Arefin, Managing Director and CEO of City Bank; Shammi Quddus, Group Product Manager at Google Payments; Mohammad Kamal, Country Manager of Mastercard Bangladesh; and Sabbir Ahmed, Country Manager of Visa Bangladesh, along with senior officials from the participating organisations.
Reaffirming the central bank’s commitment to a digital future, Dr Mansur said, “We are striving to enter a cashless world, and it is already becoming possible. With the launch of Google Pay in the country, Bangladesh has taken another step forward towards a cashless society.”
He also highlighted the importance of attracting foreign businesses to the country. “We hope there will be more gatherings of local and foreign entrepreneurs in Bangladesh. When foreigners complete work in Bangladesh, the country ultimately benefits,” he said.
Talking about broader reforms in the financial sector, the Governor said initiatives are underway to gradually bring school-aged children into the formal banking system.
He said risk-based audits have been completed for 20 banks, with another 7 expected to be finalised by the end of July. “Under no circumstances will the banking sector be allowed to return to its previous state.”
Speaking on the exchange rate of the US dollar, Dr Mansur remarked, “The price of our country’s dollar will not be determined from Dubai. That is why the dollar has been released into the market.”
Masrur Arefin, Managing Director and CEO of City Bank, commented on the partnership: “This partnership reflects our commitment to Bangladesh’s future-oriented digital payment system. We are proud to bring more smart and convenient payment solutions to our customers.”
He said with the introduction of Google Wallet, City Bank has once again demonstrated its leadership in digital innovation, offering secure, modern and internationally standard financial services, reports UNB.