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Bangladesh Bank (BB) Governor speaks in the Ethics and Finance
session of the IMF conference on Future of Finance at
Washington DC
Commenting on the deliberations of distinguished panelists in the Ethics and Finance session of the
high level IMF Conference on Future of Finance on 12 th October 2014 at George Washington University
at Washington DC, BB Governor Dr. Atiur Rahman said that Bangladesh Bank recognized early on the
danger of greed driven short-termism as one of the root causes of Global Financial Crisis which
originated in advanced economies, and responded strategically with initiative of ingraining greater
socially and environmentally responsible inclusive, sustainable financing ethos. This motivational drive
for financial inclusion helped maintain not only stability of the sector but was also deemed to be
ethical by the ordinary people of the country. Beginning with opening remarks from David Lipton, First
Deputy Managing Director of IMF, the session was moderated by Sean Hagan, General Counsel and
Director of the IMF Legal Department. The other panelists of the session included Mark Carney,
Governor, Bank of England, Philipp Hildebrand, Vice-Chair, BlackRock Inc., Christine Lagarde, Managing
Director, IMF, Kok-Song Ng, GIC Chair of Global Investments and The Most Reverend Justin Welby,
Archbishop of Canterbury.
Governor Dr. Atiur went on to add that growth generated by mainstream global trends of conventional
financing continue to remain inequitable and largely indifferent to environmental degradation
concerns; despite urgencies of shift to equitable and environmentally sustainable options echoing
loudly everywhere, including in the advanced economies. In 2008, BB launched the campaign of
sensitizing financial sector towards its social and environmental obligations and in motivating banks
and financial institutions into spontaneous engagements in inclusive, environmentally sustainable
financing as integral parts of their community engagements fulfilling their Corporate Social
Responsibility (CSR) obligations. To provide the financial sector an enabling environment for inclusive,
sustainability focused financing a number of support initiatives were undertaken inter alia including a
massive modernization of our financial sector IT infrastructure facilitating mobile phone/ smart card
cost efficient off branch financial services delivery, issuance of guidelines for environmental risk
assessment of financing proposals, low cost refinance support lines against farm and non-farm SME
financing and green financing, facilitating regional clustering of SMEs to facilitate networking and
value chain interlinking and so forth. Not a single bank or financial institution, local or foreign, private
or public sector demurred or raised dissenting voice, all have embraced the inclusivity and
sustainability ethos with enthusiasm, and have engaged themselves in innovating appropriate new
approaches in reaching out to their new client bases. Inclusive financing initiatives have broadened
their deposit and investment bases, enhancing institutional stability by reducing risks from high
dependence on narrow bases of few large clients.
Both IMF Managing Director and Reverend Archbishop of Canterbury lauded the inclusive financing
strategy, particularly the regulatory support to mobile financial services in Bangladesh which has been
helping greater access to finance at the bottom of the pyramid.

M. Bangladesh Mobile +88 01676659986 Email abul. Abul Kalam Azad Deputy General Manager & General Manager (Protocol) current charge Governor Secretariat Bangladesh Bank Dhaka.