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26 Jul 2014   09:19:36 PM   Saturday BdST A- A A+ Print this E-mail this

BB sets cautious monetary policy

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The growth of credit flow to private sector has been set at 16.3 percent in the half-yearly monetary policy for the current fiscal year though the target for the last year could not be reached for government effort to contain inflation.      

Bangladesh Bank (BB) announced the monetary policy statement (MPS) for the first half of the current 2014-15 financial year (FY15). BB Governor Dr Atiur Rahman unveiled the monetary policy statement Saturday at a press conference at the central bank headquarters.

According to BB officials, the central bank has prepared the new MPS with special focus on some measures for increasing credit flow and spurring local and foreign investment, keeping the rate of inflation at a manageable level.

According to the BB statement, the central bank in its two past MPS had kept private- sector credit growth to 16.5 percent to manage inflation at a comfortable level, which had been soaring due to price rises.

The inflation at the end of June dropped to a 17-month low to 6.97, creating the scope of credit expansion, particularly to the productive sectors.

“The persisting inflationary pressures over the past few months with the risks ahead related to the inflation outlook imply that achieving the FY15 inflation target of 6.5 percent will be challenging,” says the statement.

The central bank earlier had set July 27 for announcing the MPS, but rescheduled the date because of Eid vacation, beginning July 29.

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