Govt okays ordinance

The cabinet yesterday finally approved the draft of Grameen Bank Amendment Act 2012 to turn the ordinance into a law in the current session of parliament.
The approval came 11 days after President Zillur Rahman promulgated an ordinance amending the Grameen Bank Ordinance, 1983.
Cabinet Secretary M Musharraf Hossain Bhuiyan briefed newsmen after the meeting.
According to the proposed amendments, the chairman of Grameen Bank in consultation with the board of directors will form a selection committee to prepare a three-member panel for appointing a managing director of the bank, he said.
The board, with an approval from the Bangladesh Bank, will appoint the MD from the panel, he added.
The cabinet secretary said Finance Minister AMA Muhith had apprised the cabinet of the progress in appointing a MD for the bank.
On August 23, the government issued a gazette notification to constitute a search committee for choosing a MD for the bank.
Frustrated at the government's action, Noble laureate and former MD of Grameen Bank Prof Muhammad Yunus described 'August 23' as a black day.
Earlier on August 2, the cabinet approved in principle the draft of the Grameen Bank Ordinance.