Bangladesh Bank without a Governor from July 4

Bangladesh Bank Governor Fazle Kabir comes to an end on Friday (July 3). Thursday was his last full day in the second term in government.

As a result, the office of the governor will be empty from next Saturday (July 4). Deputy Governor SM Moniruzzaman and Deputy Governor Ahmed Jamal will be acting Governors from next Saturday until the appointment of Fazle Kabir in the new term.

A letter in this regard was sent from the Central Bank Branch of the Financial Institutions Division of the Ministry of Finance on Thursday evening.

The letter signed by Deputy Secretary of Department Md Jehad Uddin was addressed to the two Deputy Governors of the Central Bank. A copy of the letter was also submitted to Governor Fazle Kabir. The Directive was given by the Ministry in order to maintain the day-to-day activities of the Bank in the absence of the Governor of the Central Bank.

Reports said that after issuance the directive, the two Deputy Governors had a meeting with Central Bank Governor Fazle Kabir on Thursday evening. During the meeting, the governor also sent them the necessary instructions.

Meanwhile, the government has decided to extend Fazle Kabir's term of office for another two years by amending Bangladesh Bank Order. However, the law can not be amended and can not be enforced until it is passed by Parliament.

According to finance ministry sources, a proposal to amend the law was approved by the cabinet on June 8 to increase the current age limit of the central bank’s governor from 65 to 67 years to extend current governor Fazle Kabir’s tenure. The amendment was later sent to the budget session at Parliament. The amendment was brought to the notice of the Parliament on June 29, but was not raised.

The session of the Parliament has been adjourned until 8 July. The Financial Institutions Department released an Office Order ordering two Deputy Governors to serve as Governors of the Central Bank before the amendment is passed. The two deputy governors may act as governors before the next governor is appointed by the government.