No Stock Market Left in the Country: Amir Khosru

BNP Standing Committee member Amir Khosru Mahmud Chowdhury has said that “there is no such thing as a stock market anymore.” He observed that banks in Bangladesh are making long-term investments using short-term deposits, and it is “a matter of surprise” that the banking sector is still surviving under such circumstances.

He said, “Capital flight is one of the major reasons behind the current fragile state of the economy. Another key issue is management itself. The capital market and Bangladesh Bank must work in coordination. Long-term investments should come from the capital market. To curb corruption, automation is crucial. The less physical presence required, the less corruption there will be. We must move toward building a cashless society.”

He made these remarks on Tuesday while addressing a discussion titled “The Imperative of Central Bank Independence” as the chief guest at Hotel Amari in the capital’s Gulshan area.

The event was organized by the Policy Research Institute (PRI), a private think tank. The discussion was chaired by Dr. Sadiq Ahmed, Vice Chairman of PRI, while the keynote paper was presented by Dr. Ashikur Rahman, Principal Economist of the institute. Economists, business leaders, bankers, and representatives of Bangladesh Bank also took part in the event.

Most speakers presented arguments in favor of ensuring the central bank’s independence. They also suggested abolishing the Financial Institutions Division of the Ministry of Finance to end the dual control over the banking sector and recommended introducing transparent procedures for appointing the Governor and Deputy Governors of Bangladesh Bank.

Amir Khosru said, “We keep hearing about reform here and reform there. But to overcome the current economic crisis, ensuring the independence of Bangladesh Bank is absolutely essential. Autonomy is not enough — genuine independence must be granted through structural reform. During the BNP government, appointments to such institutions were never made on political considerations.”

He added that during the BNP government’s tenure, no politically motivated appointments were made to the central bank. “The Financial Institutions Division was abolished during our time but later reintroduced. There were no political appointments to the Bangladesh Securities and Exchange Commission (BSEC) either. The reforms introduced under the Bank Company Act in 2003 brought long-term benefits to the economy. Most of the key financial reforms were carried out during the BNP’s tenure.”

Amir Khosru emphasized that if Bangladesh Bank is to be made independent, it must be independent in every aspect. “The appointments of the Governor and Deputy Governors must be transparent. The central bank should have full freedom in financial, structural, legal, and human resource matters. However, it must also remain accountable for its actions,” he said.

The BNP leader further stated, “If the BNP returns to power, we will create one crore (10 million) new jobs within 18 months. Some call it an ambitious target — yes, it is ambitious, but we will achieve it. It will be done by strengthening the productive sectors, attracting domestic and foreign investment, and expanding employment-oriented industries and information technology. Unlike before, we will prioritize job-creating projects instead of merely large infrastructure projects.”