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14343553 Monetary Policy Of Bangladesh Essay

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REPORT ON
Monetary Policy of Bangladesh

PATUAKHALI SCIENCE AND TECHNOLOGY UNIVERSITY

Monetary Policy of Bangladesh

SUBMITTED TO
M. Kazi Tamim Rahman
Lecturer
Department of Agricultural Economics and Rural Sociology
Faculty of Business Administration and Management

SUBMITTED BY
Group: 01(Warrior)
Level-3, Semester-1
Faculty of Business Administration and Management

Name of the students

Reg. No.

Roll No.

Md. Kamruzzaman (L)

00660

01

Shuvradeb Barai

00668

09

Abu Zafour

00680

21

Sahana Parveen

00666

07

Nazmul Alam Siddiqui

00565

25

Money and Banking
Course code: FBK 312

SUBMISSION DATE:

PATUAKHALI SCIENCE AND TECHNOLOGY UNIVERSITY

Acknowledgement

At first we desire to express our deepest sense of gratitude of almighty Allah.

With profound regard we gratefully acknowledge our respected course teacher M. Kazi Tamim Rahman, Lecturer, Department of Agricultural Economics and Rural Sociology, Faculty of Business Administration and Management, for his generous help and day to day suggestion during the preparation of this report.

We like to give thanks especially to our friends and many individuals, for their enthusiastic encouragements and helps during the preparation of this report us by sharing ideas regarding this subject and for their assistance in typing and proof reading this manuscript.

Table of Contents

1. Introduction …………………………………………………………..…………………….. 01 ►1.1 Objective of the Study ………………………………………………………………. 02 ►1.2 Importance of the Study ……….………………………………………………...…... 02 ►1.3 Bangladesh Economy …………………………………………………………….….. 03 ►1.4 Condition of Investment Sector on Bangladesh Economy ……………………….…. 04 ►1.5 Condition of Industry Sector on Bangladesh Economy.………………………….….. 04 ►1.6 Condition of Textile Sector on Bangladesh Economy …………...………………….. 05

►2.1 Monetary Policy …………………………………………………………...………… 06 ►2.2 The Importance of Monetary Rule ………….……………………………………….. 07 ►2.3 Objectives of Monetary Policy ………………………………………………………. 08 ►2.4 Strategy of Monetary Policy ………………………………..……………………….. 12 ►2.5 Instruments of Monetary Policy …………...………………………………………… 12 ►2.6 Major Instruments Use by Bangladesh Bank ...……………………………………… 17 ►2.7 Frameworks of Bangladesh’s Monetary Policy ……………..………………………. 18 ●2.7.1 The Policy Target(s) ……………………………...…………………………... 18 ●2.7.2 Conducting of monetary policies ……………………………………….…….. 21

►Review of Literature ………………………………..……………………………………. 22

► Methodology of the Study ………………………………………………………………. 23

►5.1 Bangladesh’s Monetary Policy …………………………………………………….... 24

►6.1 MONETARY POLICY STANCE, JULY-DECEMBER 2007

● 6.1.1 A Brief Review …………………………………………..……………….….. 27 ● 6.1.2 Recent Global, Development …………...…………………………………… 28 ● 6.1.3 Recent Macroeconomic Development ……….…………………….………… 29 ● 6.1.4 Recent Inflationary Trends and FY08 Outlook ………………….…..………. 31 ● 6.1.5 Recent External Sector Developments …………………………….………… 33 ● 6.1.6 Fiscal Sector Developments …………..………………………….………….. 34 ● 6.1.7 Recent Monetary Developments ……………………………….……………. 36

►6.2 MONETARY POLICY STANCE, JANUARY-JUNE 2008 ……………………..… 38 ►6.3 Limitation of Monetary Policy in Developing Country ………………………..……. 41

► Conclusion ………………………………………………………………………………. 42 ► References ………………………………………………………………………………. 43 ► Glossary …………………………………………………… …………………………… x

CHAPTER­­I

INTRODUCTION

Monetary Policy the policy adopted by the central bank for control of the supply of money as an instrument for achieving the objectives of general economic policy. With the shifts of the policy stance of the government in various phases, necessary adjustments were made in the country's monetary policy. The Department of Research in the Bangladesh Bank plays an important role in the formulation of economic policies of the country.

The principal function of the Department is to help the bank in the formulation of monetary and credit policies and also to assist it in discharging its duty as adviser to the Government on economic and financial matters. To this end, the department keeps the top executives of the bank fully informed of latest economic development both at home and abroad, in a regular and systematic manner. For this purpose the Department keeps a close watch on trends in the domestic economy as well as on international economic developments with particular reference to monetary, fiscal and trade problems and policies.

Domestic and international economic developments are brought within the compass of comprehensive reports and reviews which are submitted for perusal of the Governor, Deputy Governor, and Senior Executives of the bank, as also the bank’s Board of Directors.

1.1 Objective of the Study
A clear objective help in preparation of well decorated report in which other take the right type of decision .So, we identifying objectives is very much important. Our objective of preparing the report is: ● To know about the Overview on Bangladesh economy

● To know about the Importance of Monetary Rules
● To know about the major Instruments Use by Bangladesh Bank ● To know about the Bangladesh’s Monetary Policy

1.2 Importance of the Study
In our Money and Baking course we will only study on our text book about the monetary policy, but its basic implication in a country is practically unknown to us. So for gathering the practical knowledge about monetary policy is only then can achieve, when a practical task or report will make over it. Here our report provides information about to the monetary policy, the important rules regarding the monetary policy, the instruments of monetary policy etc. On the second part of our report contains the economy condition of Bangladesh as well as its monetary system. So this report will help us to know about the monetary policy of Bangladesh at a glance with its application.

1.3 Bangladesh Economy
Bangladesh is primarily an agricultural country, with a growing industrial sector. The vast majority of its inhabitants are farmers, although few of them have actual ownership over the land that they farm. Throughout the 1980s, Bangladesh became highly dependent on foreign aid, although this brought little real change in the lives of its people. The economy of Bangladesh is the 31st largest economy in the world as measured by purchasing power parity (PPP). It has made significant strides in its economic sector since its independence in 1971. The Bangladeshi garments industry is one of the largest and most comprehensive industries in the world. Before 1980, Bangladesh's economy and foreign exchange earnings were driven by the jute industry. However, this industry started to fall dramatically from 1970, when polypropylene products gained popularity over the jute products. Current GDP per capita of Bangladesh registered a peak growth of 57% in the Seventies immediately after Independence. But this proved unsustainable and growth consequently scaled back to 29% in the Eighties and 24% in the Nineties. Bangladesh has also made major strides to meet the food needs of its increasing population, through increased domestic production. Currently, Bangladesh is the fourth largest rice producing country in the world. The land is devoted mainly to rice and jute cultivation, although wheat production has increased in recent years the country is largely self-sufficient in rice production. Nonetheless, an estimated 10% to 15% of the population faces serious nutritional risk. Bangladesh's predominantly agricultural economy depends heavily on an erratic monsoonal cycle, with periodic flooding and drought. Although improving, infrastructure to support transportation, communications, and power supply is poorly developed. The country has large reserves of natural gas and limited reserves of coal and oil. While Bangladesh's industrial base is weak, unskilled labor is inexpensive and plentiful.

Overview on Bangladesh Economy

● At the time of independence, Bangladesh pursued a socialist economic policy. ● By 1977, all nationalized institutions were returned to their former owners, but this resulted in little substantial economic progress. ● Between 60% and 75% of Bangladesh's population are landless. ● Bangladesh's GNP per capita is $360.

● Despite its low GNP per capita, Bangladesh has done better in areas of human and social advancement than many other countries with similar income. 1.4 Condition of Investment Sector on Bangladesh Economy

The stock market capitalization of the Dhaka Stock Exchange in Bangladesh crossed $ 10 billion in November 2007. The earliest strategy of the Bangladeshi government was to promote industrialization by making funds available for businessmen through subsidies and national banks. But this plan went awry, as the government lacked the political will to stop financing poorly-performing companies. As a result, the national banks had built large heaps of 'non-performing' loans which are unlikely to be ever repaid. The failure of the national banks discouraged investments by the emerging private financial sector. Currently, Bangladeshi entrepreneurs generally suffer from lack of funding as many banks are reluctant to invest in industry and have instead turned their attention to consumer credit. 1.5 Condition of Industry Sector on Bangladesh Economy

Fortunately for Bangladesh, many new jobs - mostly for women - have been created by the country's dynamic private ready-made garment industry, which grew at double-digit rates through most of the 1990s. By the late 1990s, about 1.5 million people, mostly women, were employed in the garments sector. During 2001-2002, export earnings from ready-made garments reached $3,125 million, representing 52% of Bangladesh's total exports.

Eastern Bengal was known for its fine muslin and silk fabric before the British period. The dyes, yarn, and cloth were the envy of much of the promoter world. Bengali muslin, silk, and brocade were worn by the aristocracy of Asia and Europe. The introduction of machine-made textiles from England in the late eighteenth century spelled doom for the costly and time-consuming handloom process. Cotton growing died out in East Bengal, and the textile industry became dependent on imported yarn. Those who had earned their living in the textile industry were forced to rely more completely on farming. Only the smallest vestiges of a once-thriving cottage industry survived.

At independence Bangladesh was one of the least industrially developed of the populous nations. Annual per capita consumption of steel and cement was only about one-third that of India, for example, and electric power consumption per capita was less than one-fifth.

1.6 Condition of Textile Sector on Bangladesh Economy
Bangladesh's textile industry, which includes knitwear and ready-made garments along with specialized textile products, is the nation's number one export earner. The sector, which employs 2.2 million workers, accounted for 75 per cent of Bangladesh's total exports of US$10.53 billion in FY2005-06, in the process logging a record growth rate of 24.44 per cent. However, since May of 2006 the industry has been plagued by on-going industrial unrest, as textile workers, who are among some of the most lowly paid in the world, have staged regular violent demonstrations in a bid to achieve a higher minimum wage, regular rest days and safer working conditions.

Following the worst of the unrest in late May, which saw at least one worker killed as police shot live rounds at protesters, the government formed a Wage Commission, ordering it to report on a suitable new minimum wage in three months.

The Commission, which included business and worker representatives, finally released its conclusions on October 9, recommending the wage be set at Tk1, 662.50, up from the current level of Tk950, but far below initial worker demands for Tk3, 000. Whether this new wage will placate workers, who allege years of unsafe and abusive conditions remains to be seen. Fresh outbreaks of violence occurred on Oct 2, 3 and 10, but at least some of these protests appear to have stemmed from factory-specific factors, rather than industry wide discontent.

CHAPTER­­2
Monetary Policy

2.1 Monetary Policy

Monetary policy is the term used by economists to describe ways of managing the supply of money in an economy. Monetary Policy is the management of money supply and interest rates by central bank to influence prices and employment for achieving the objectives of general economic policy. Monetary policy works through expansion or contraction of investment and consumption expenditure.

According to Paul Einzig
“Monetary policy includes all monetary decisions and measures irrespective of whether their aims are monetary and non-monetary, and all non-monetary decisions and measures that aim it affecting the monetary system.”

According to Harry G. Johnson
“Monetary policy employing the central band’s control of supply of money as an instrument for achieving the objectives of general economic policy.”

According to G.K. Shaw
“By monetary policy we mean any conscious action undertaken by the monetary authorities, to exchange the quantity, or cost (interest rate) of money.”

From the above discussion monetary policy may be defined as the central bank’s policy pertaining to the control of the availability, cost and use of money and credit with the help of monetary measures in order to achieve specific goals.

2.2 The Importance of Monetary Rule

There is a difference in between “pegged” and “fixed” rates, which lies in the adjustment system. A fixed exchange rate is the monetary rule that contains an equilibrating mechanism of the balance of payments. The gold standard was a good example of fixed rates. Countries defined their currencies in terms of weights of gold and exchange rates represented the ratios of the weights. This system got into trouble very rarely, as during war, countries turned to finance deficit etc. Success of gold depends on fiscal prudence.

A country fixes the exchange rate between its currency and an important foreign currency. A currency board works automatically to preserve equilibrium in the balance of payments. Some writers now speak of a “currency board” in order to describe a fixed exchange rate system because there is a common confusion between pegged and fixed exchange rate. A fixed exchange rate is a monetary rule that gives the country the monetary policy of the partner country. On the other hand pegged rate is an arrangement whereby the central bank intervenes in the exchange market to peg the exchange rate but still keeps an independent monetary policy.

A flexible exchange rate is consistent with any monetary policy at all hyperinflation. Some countries don’t have the option of fixing the exchange rate because some countries are too small but one of the countries is too large to fix, such as United States. This is because there is no currency to fix the US dollar. In this case the only choice is inflation targeting or monetary targeting, which depends on inflation rate. Stability of the inflation rate is an important policy and low inflation rate produce more stable inflation rate. It is very important that monetary aggregates contain important information about the economy. So from all of these discussion we see that how monetary rules affect the economy and its importance in fixing the exchange rate.

2.3 Objectives of Monetary Policy

Monetary policy aims and methods have changed over time. Both in developed and developing economies, monetary policies seek to maintain price stability by sustained stable output growth in the face of internal and external shocks that are faced from time to time.

In developed economies with production factors at or close to full employment, monetary policies are formulated typically with the output gap (difference between the actual and the longer run potential output) in view; the policy stance is eased to provide stimulus at times of slowdown when actual output lags the longer run potential, and the stance is tightened to slow things down when the economy overheats with actual output running ahead of the sustainable longer run potential. Diagnosing and treating asset price bubbles symptomatic of overheating are major issues of current debate in monetary policy.

For developing economies like Bangladesh with significant underemployment/ under exploitation of production factors, stimulating higher growth is imperative for rapid reduction and eventual elimination of endemic poverty, and is therefore an overriding priority. The stimulus provided by monetary policies in accommodating the growth aspirations must not however over step towards macroeconomic imbalance destabilizing and jeopardizing future growth; and the pursuit of monetary policies comprise the continual balancing act of supporting the highest sustainable output growth while adjusting smoothly to internal and external shocks that the economy encounter from time to time.

The primary objective of the Monetary Policy of Bangladesh is to outline the formulation and implementation of monetary policy of the Bangladesh Bank (BB), and to convey its assessment of the recent and the expected monetary and inflation developments to the stakeholders and the public at large.

The Bangladesh Bank Order of 1972 outlines the main objectives of monetary policy in Bangladesh, which comprises—

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