A Few Individuals Destroyed the Financial Sector: Economic Adviser

On the occasion of July Mass Uprising Day, a discussion meeting was held on Monday at the Banking Hall of Bangladesh Bank. The chief guest, Economic Adviser Salehuddin Ahmed, delivered a speech during the event.

Salehuddin Ahmed stated that equal opportunities were not available for all in the country's business and commerce. Corruption had reached its peak, and a handful of individuals had destroyed the financial sector. He remarked, “The owner of a bank was also a member of parliament, a hotel owner, and a television channel owner. There was monopolistic dominance in every sector. However, we are now free from this. True freedom will come when this does not happen again, and everyone gets equal opportunities.”

The event, organized to commemorate the July Mass Uprising, was attended by Bangladesh Bank Governor Ahsan H. Mansur and Secretary of the Financial Institutions Division Nazma Mobarak as special guests. Other attendees included executive directors, directors, and officials of Bangladesh Bank, as well as families of the martyrs and participants of the July uprising. Salehuddin Ahmed further said, “We are here for a short time. We have made some efforts for reforms. Over the past 15 years, institutions, processes, and people have been ruined. It will take time to clear this debris. Finding capable people to carry out the work is challenging, but there are still gems among us. We need to undertake reforms with these people.” He added that the financial sector has somewhat recovered. “It was in the ICU, but we have moved beyond that stage. The economy is now moving from the cabin to home. It’s time to move forward.” Salehuddin emphasized that if the central bank can effectively oversee the banking sector, irregularities will be prevented. In his speech, Bangladesh Bank Governor Ahsan H. Mansur said, “We will not allow the financial sector to return to its previous state. We will strive to bring it to a better position. We have initiated several reform measures to strengthen the financial sector. Changes will be made to Bangladesh Bank’s operational methods to ensure autonomy. If we can execute these tasks properly, we will succeed.” The Governor added, “We must protect the interests of depositors. Their interests are the country’s interests. Safeguarding their interests means safeguarding the nation’s interests.” Nazma Mobarak, Secretary of the Financial Institutions Division, said, “Our people were deprived of their rights, which led to the mass uprising. This is why it is called the second independence. The debt to the martyrs and the injured cannot be repaid. However, we can honor their families. If we can work in the financial sector and bring about reforms, we will be able to fulfill the aspirations of the people.”