Bangladesh Bank
The Bangladesh Bank (Bengali: বাংলাদেশ ব্যাংক) is the central bank and monetary authority of Bangladesh. Established on 16 December 1971, it is responsible for managing the country's currency, Bangladeshi taka (৳), formulating monetary policy, and overseeing the banking sector. Its headquarters is located in Dhaka, with branch offices in major cities.[1]
| Bangladesh Bank | |
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| Logo of Bangladesh Bank | |
| Headquarters | Dhaka, Bangladesh |
| Website | [www.bb.org.bd Official website] |
History
Bangladesh Bank was founded in 1971 following the independence of Bangladesh. It was created by adapting the operations of the Dhaka branch of the State Bank of Pakistan under the Bangladesh Bank Order, 1972.[2]
Functions
Bangladesh Bank performs several key functions as the central bank of the country:
- Issuance of Currency: The bank is the sole authority to issue the national currency, the Bangladeshi taka.
- Monetary Policy: It formulates and implements monetary policy to ensure price stability and economic growth.
- Regulation and Supervision: Oversees and regulates commercial banks, financial institutions, and non-banking financial companies.
- Foreign Exchange Management: Manages the country's foreign currency reserves and regulates foreign exchange transactions.
- Developmental Role: Supports financial inclusion, SME development, and environmental sustainability through green banking initiatives.[3]
Structure
The bank is governed by a Board of Directors, led by the Governor, who is appointed by the Government of Bangladesh. The current Governor is Abdur Rouf Talukder (as of 2024).[4]
Branches
Bangladesh Bank operates through its headquarters in Dhaka and nine branch offices located in major cities such as:
Currency and Reserves
The bank issues and regulates the Bangladeshi taka and manages the country's foreign currency reserves, which stood at approximately $36 billion in 2024. It also ensures the stability of the financial system.[6]
Digital Initiatives
Bangladesh Bank has implemented various digital banking initiatives, including:
- Launch of the National Payment Switch Bangladesh (NPSB).
- Implementation of real-time gross settlement (RTGS) systems.
- Promotion of mobile banking to enhance financial inclusion.[7]
Notable Incidents
In 2016, the Bangladesh Bank became the victim of a significant cyberattack, where hackers stole $81 million from its account at the Federal Reserve Bank of New York. This highlighted the need for enhanced cybersecurity measures.[8]
See also
References
- ↑ Bangladesh Bank Accessed: December 15, 2024.
- ↑ History of Bangladesh Bank Accessed: December 15, 2024.
- ↑ Functions of Bangladesh Bank Accessed: December 15, 2024.
- ↑ Current Governor of Bangladesh Bank Accessed: December 15, 2024.
- ↑ Branch Offices Accessed: December 15, 2024.
- ↑ Reserves of Bangladesh Bank Accessed: December 15, 2024.
- ↑ Digital Banking in Bangladesh Accessed: December 15, 2024.
- ↑ 2016 Bangladesh Bank Cyber Heist Accessed: December 15, 2024.