BB announces monetary policy for fiscal year 2019-20

Senior Correspondent,
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Bangladesh Bank (BB) has projected domestic credit growth ceiling at 15.9 percent in the fiscal year 2019-20 (FY20) accommodating 14.80 percent credit growth in private sector and 24.30 percent in public sector.

The Central Bank Governor Fazle Kabir announced the monetary policy for FY20 at a press conference at the central bank headquarters saying, “The new monetary policy is cautiously accommodative for achieving the targeted GDP growth and creating employment opportunities.”

He said the policy direction for FY20 is to pursue a stance that would provide sufficient monetary accommodation for attaining the government’s FY20 GDP growth target.

“Bangladesh Bank’s FY20 monetary policy stance will as always cautiously accommodate monetary and credit expansion needs of all productive pursuits for attaining the FY20 real GDP growth target of 8.2 percent while also keeping CPI inflation contained within the target ceiling of 5.5 percent,” he added.

The governor mentioned that risk factors to attainment of FY20 monetary programme objectives will be closely monitored and addressed if and when the need arises.

He said the monetary policy stance and monetary programme for FY20 was prepared with dual objectives of maintaining price stability and supporting inclusive, equitable and environmentally sustainable job-rich economic growth in turn with the government’s strategies and goals for sustainable growth and development.

According to the MPS, the policy rates, including CRR (cash reserve requirement), SLR (statutory liquidity ratio), Repo, and Reverse Repo, remained unchanged for the current fiscal year.

Fazle Kabir said priority of green transition of output practices for environmental sustainability will also continue to be in focus.

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