DHAKA, Aug 14, 2024 (BSS) - Dr Ahsan H Mansur, the new governor of the Bangladesh Bank (BB), today said the key priority of the central bank will be to control inflation.

"High inflation and the foreign exchange reserve crisis are the two headline challenges for the economy. Bangladesh Bank's central responsibility is to control inflation," he said at a media briefing on the first day in his office at BB headquarters in the city.

He said they have to try to bring down the inflation rate as well as increase the level of foreign exchange reserves.

The twin crises will not go away fully within a year but the highest effort will be initiated to normalise the situation as soon as possible, he added.

"I'll try to bring transparency to the system and help the markets with data and qualitative information," he said.

Mansur, however, said efforts will continue to recover the money from launderers. 

"We will coordinate with the government to stop money laundering and work through national as well as international laws," he added.

Mentioning that the Bangladesh Bank also has weaknesses due to the prevailing situation in the country's economic sector, he said, "Now there is no scope to keep any central bank report, or audit report in the drawer. There is no scope for any kind of data manipulation."

"To get the real picture of banks, I will find out the real picture of the central bank itself, as well as coordinate with newspaper reports," he added.

The defaulted loans of many banks are much higher than the actual figure, he said, adding, "Those can no longer be kept a secret."

Eight banks were dominated by a certain group, which was responsible for the loan irregularities of those banks, he said.

"At the same time, the Bangladesh Bank's role will also be identified," he added.