Business News

IMF shifts office to WB premises from BB after 44 years

The International Monetary Fund has shifted its office to World Bank premises in the city’s Agargaon area from the Bangladesh Bank wherefrom it ran its operation for last 44 years. Officials told New Age on Monday that shifting of the IMF office to its new location was completed last month. But the IMF officials informed the ministry of foreign affairs, ministry of finance, economic relations division and the international organisations in the country about the shifting through letters on July 20. IMF resident reprehensive Stella Kaendera said they shifted the office to the World Bank premises because it is convenient for them.  She, however, said traditionally the central bank became the home of the IMF’s resident offices across the world. She said the IMF would still have space in the central bank despite shifting the main office to the city’s WB office.
On August 17, 1972, Bangladesh joined the IMF. Since then the IMF has been running its operation from the fourth floor of the main building of the BB headquarters. The IMF strengthened its presence in Bangladesh since 1994 when the country accepted the obligations under Article VIII, Sections 2, 3 and 4 which are linked to the country’s monetary policy formulated by the BB.  The shifting of IMF office to the new location would not hamper its activities with the central bank, said BB spokesperson Subhankar Saha. Replying to a query whether the IMF shifted its office to WB on security reason, Saha said the IMF never complained about security they received in the BB.
In response to another question whether local intelligence agencies recommended shifting of the IMF from the BB premises after the heist of BB’s forex reserve from New York Federal Reserve in February 2016, Saha expressed his ignorance about such recommendation.  He said the IMF officials had chosen the new location in the city as they found the place convenient for its operation. The country’s left leaning parties have been demanding for removing IMF office from the BB premises for long, saying the IMF interfered in the central bank’s activities.  Experts including former BB deputy governor Ibrahim Khaled called the shifting of the IMF office to the WB office a positive move.

Source: The Financial Express, 25.07.2017