BB must take views from stakeholders on monetary policy: MCCI
The central bank's consultation with trade body leaders and entrepreneurs prior to finalising its monetary policy will boost investor confidence and improve business climate, said the Metropolitan Chamber of Commerce and Industry (MCCI) yesterday.
The central bank released its mid-term monetary policy on Sunday, hoping for economic growth at 6 percent in fiscal 2009-10, despite global recession hurting exports.
According to Bangladesh Bank (BB), growth of gross domestic product (GDP) might fall to 5.5 - 6.0 percent in the current fiscal year, although the projection was termed conservative.
Speaking to The Daily Star on BB's latest monetary policy, MCCI President Abdul Hafiz Choudhury has said consultations with trade body leaders and entrepreneurs will pay off as the policy is designed for better economic management.
"We, industrialists and entrepreneurs, have several demands to smoothen business processes. We should have a good platform to discuss issues with the central bank governor before finalising the monetary policy," Choudhury said.
At present, the government and the central bank should sit together to solve the problems surrounding power and energy, infrastructure, special economic zones and other business related policies for better economic management, he said.
Choudhury appreciated the mid-term (July-December 2009) monetary policy statement for the central bank's decision to continue the accommodative monetary measures.
"We commend Bangladesh Bank's announcement that the credit needs of the productive sectors will be given priority and we support the different components of the new policy statement," Choudhury said.
He said such prioritisation was essential to control inflation and ensure a stable macroeconomic situation in the country.
The central bank cannot remain confined to monetary issues alone, as it will not be of any use to the economy on its own at this critical juncture, Choudhury added.
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