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BANGLADESH. FINANCIAL SECTOR
Contents
Currency Equivalents
Abbreviations
Introduction
Macroeconomic Environment
The Financial Sector in Bangladesh
Financial Sector Development and Issues in Bangladesh. Principles in Identifying Issues
Structural Constraints
Banking Subsector. Recent Developments
Issues in the Banking Subsector
Securities Markets. Recent Developments
Capital Market Development Issues. Overall Issues
Debt Market Issues
Equity Market Issues
Nonbank Financial Subsector
Insurance and Pension Subsectors. Recent Developments
Insurance and Pension Subsector Issues
Rural Credit, Microfinance, and Small and Medium-Sized Enterprises. Recent Developments
Issues of Rural Credit, Microfinance, and Small and Medium-Sized Enterprises
Government’s Financial Sector Strategy
ADB’s Development Experience
Activities of Other Development Partners
Parallel Reforms to Ensure Financial Sector Development
ADB’s Financial Sector Strategy for Bangladesh
Monitoring and Implementation Issues
Appendix
AN AGENDA FOR FURTHER REFORMS
Syed Ali-Mumtaz H. Shah
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To evaluate the Bangladesh financial sector from a regional perspective, the combined share of banking and insurance in the country’s GDP stayed in the 1.5%–1.6% range during FY2002–FY2006, while in India this was the case in the late 1960s and early 1970s. The Indian share during FY2002–FY2005 averaged 6.6%, or over four times that of Bangladesh. On the level of financial deepening, as measured by the rate of monetization of the economy, the broad money (M2) to GDP ratio in Bangladesh stood at 45.3% for FY2007, compared to 24.5% for India and 39.2% for Sri Lanka in the same period. In terms of stock market capitalization, the market capitalization of the Dhaka Stock Exchange (DSE) stood at 17.8% of GDP at the end of FY2008,4 compared with 60.0% for the Mumbai Stock Exchange, 35.9% for the Karachi Stock Exchange, and 23.9% for the Colombo Stock Exchange. Market capitalization of DSE rose by 36.1% during FY2009 to reach $19 billion in June 2009 (or over 21% of GDP), reflecting the listing of companies and declaration of bonus shares in lieu of cash dividends. The development of the insurance subsector is comparable to that of Pakistan, but it lags behind both Sri Lanka and India by a considerable margin. The total premium income to GDP of Bangladesh reached a mere 0.6% in 2004, compared with 0.7% in Pakistan, 3.1% in India, and 1.6% in Sri Lanka.
Overview of recent key developments. The government launched a financial sector reform program in 1990. The program pursued a series of legal, policy, and institutional reforms to improve the process of financial intermediation, as well as to ensure more efficient allocation of financial resources and to improve the competitiveness of the private sector, thereby promoting investment and growth in the real sector. The thrust of the reform program is to improve the regulatory and governance environment and to enhance the ability of bank owners, management and regulators, and the markets themselves to provide for better governance and regulation to achieve the above-mentioned objectives. The reform program aims to (i) give greater autonomy to the Bangladesh Bank, (ii) strengthen the Bangladesh Bank’s capabilities and technical skills to perform its enhanced responsibilities, (iii) strengthen prudential regulation and supervision, (iv) restructure the management and internal processes of SCBs and ultimately privatize selected SCBs and specialized banks, (v) strengthen the legal and judicial processes, and (vi) improve the money and debt markets. Most recently, the reforms for developing the financial markets by the Bangladesh Bank and other authorities include development of the government securities market and the creation of an appropriate market support infrastructure.
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