Bangladesh Bank operating without a lead economist
Habibur, who was the executive director of the central bank’s research department for three years before assuming the role of chief economist, continues to handle crucial tasks related to the chief economist’s responsibilities.
The Bangladesh Bank is currently operating without a chief economist as Md Habibur Rahman, who previously held the position, transitioned to the role of deputy governor on 28 February this year.
Habibur, who was the executive director of the central bank's research department for three years before assuming the role of chief economist, continues to handle crucial tasks related to the chief economist's responsibilities.
Executive Director and Spokesperson for Bangladesh Bank, Mezbaul Haque, confirmed the vacancy and clarified that the administrative process to appoint a chief economist is underway.
Over the last decade, the central bank appointed individuals who are Bangladeshi nationals, employed at institutions like the World Bank and the International Monetary Fund (IMF), and hold degrees from foreign universities to serve as chief economists.
Upon Faisal Ahmed's departure from the chief economist position in January 2019, Habibur Rahman, the then executive director of the research department, was given the additional responsibility of chief economist, making him the first internal appointee to serve as the lead economist.
The central bank issued an order on his appointment on 13 February 2022. But, the position became vacant as he transitioned to the role of deputy governor.
Former lead economists of BB
From 2012 to 2014, the central bank's chief economist was Hassan Zaman, who previously served as the lead economist at the World Bank' Dhaka office.
Following Zaman's tenure, Biru Paksha Paul, an associate professor at the State University of New York at Cortland, held the position until 2016.
Subsequently, the Bangladesh Bank appointed Faisal Ahmed, an economist from the International Monetary Fund (IMF), as chief economist.
Key responsibilities of the chief economist
To streamline operations, the central bank established the Chief Economist's Unit (CEU), which undertakes several key functions:
1. Ensuring key Bangladesh Bank policy actions are underpinned by quality economic analysis working collaboratively with different departments.
2. The production of quality working papers as well as policy notes on issues relevant to Bangladesh Bank's objectives related to inflation, growth and financial stability.
3. The drafting of Bangladesh Bank's half-yearly Monetary Policy Statement (MPS) in collaboration with the Monetary Policy Department (MPD) and drafting of the Bangladesh Bank quarterly.
4. Provide guidance and support to relevant departments in drafting of annual Monetary Policy Review, Annual Report, Financial Stability Report, Banking CSR Report etc.
Additionally, the responsibilities of the chief economist include attending Senior Management Team (SMT) meetings, coordinating regular seminars, supervising the Open Data initiative, and fostering connections with internal and external research institutions.