Download Bangladesh working towards credit upgrade -central bank

5/18/2015
Bangladesh working towards credit upgrade ­central bank governor | Reuters
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Bangladesh working towards credit upgrade -central
bank governor
DHAKA | BY SERAJUL QUADIR
May 16 Bangladesh's central bank governor said on Saturday the economy remained
stable despite months of political unrest that has killed 120 people and slashed domestic
output, and it was working towards a credit upgrade from Standard & Poor's.
Talking to Reuters on the sidelines of an international conference on the economy, Atiur
Rahman said the bank's proactive approach to promote economic stability during three
months of turmoil helped Bangladesh to keep its stable credit outlook.
"Despite more than three months long political unrest the outlook of country's economy is
stable, and this has been confirmed by Standard & Poor's," Atiur said.
On Wednesday, Standard & Poor's reaffirmed Bangladesh's BB­/B foreign and local
currency sovereign credit ratings, saying the stable outlook balanced healthy growth
prospects and an improving external profile against fiscal weaknesses and development
needs.
Atiur said S&P could upgrade Bangladesh's ratings if measures to expand the revenue
base and boost collection efficiency materially improved fiscal performance.
"Maintaining exchange rate stability and prudent monetary policy has helped keep inflation
low along with deeper coordination between fiscal policy and monetary policy," he said.
He added that the central bank measures to promote stability included financial inclusion,
modernizing the payment system and improving transparency in the financial sector.
The political turmoil has already shaved the equivalent of 0.55 percent of Bangladesh's
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annual GDP, according to the Centre for Policy Dialogue, a leading think tank.
The unrest started in January when the country's largest opposition party, Bangladesh
Nationalist Party (BNP), called a country­wide general strike and blockade after refusing to
take part in last year's general election, saying it was rigged.
Prime Minister Sheikh Hasina has refused BNP demands to step down, instead tightening
her grip by arresting key opposition leaders and clamping down on media critical of her
government. (Reporting By Serajul Quadir; editing by Clelia Oziel)
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