New governor announces measures to revive closed factories: Spokesperson

Newly appointed Governor Mostaqur Rahman has announced measures to revive closed factories through targeted policy support on his first day in office.

The central bank’s spokesperson Arief Hossain Khan shared the governor’s vision with journalists on Thursday.

It followed an informal briefing between the governor, deputy governors, and executive directors.

According to the official, the governor outlined a strategic roadmap for the future operations of Bangladesh Bank and detailed his initiatives for driving the economy forward.

Mostaqur, an eminent businessman from the garment sector, was appointed to the helm of the central bank by the Tarique Rahman-led BNP government amid a day of high-tension developments on Wednesday.

He arrived at the central bank in his private vehicle at 10:40am.

After proceeding to his office and signing his appointment letter, he met with senior officials.

Breaking with a long-standing tradition where the three previous governors addressed the media personally on their first day, Mostaqur opted to speak through a representative.

Arief, however, addressed journalists on the governor’s behalf at 2pm.

"My words are the governor’s words," he said. "I am here to speak for him."

Quoting the governor, the spokesperson noted: "Initiatives will be taken to reopen closed factories.

 “Measures will be implemented to energise the economy, boost growth, and create employment."

When asked why the governor is prioritising the reopening of factories immediately upon taking office, Arief said: "When a factory closes, employment is stifled. To revitalise the economy, investment must increase.

 “Therefore, policy support will be provided to these industries."

To facilitate this, Bangladesh Bank will direct commercial banks to reschedule defaulted loans and provide new working capital to get production lines running again.

Elaborating on the governor’s plan, Arief said: "Individuals may commit offences, but the institution can still be kept operational."

Following the fall of the Awami League government in a mass uprising and the subsequent takeover by the interim government, several businessmen with close ties to the former administration went into hiding.

Salman F Rahman, co-founder of the Beximco Group, is currently in prison, while others have fled the country.

Thus, factories belonging to groups such as Beximco, S Alam, and Nassa have ceased operations in the absence of their proprietors.

Addressing concerns over why the central bank would initiate new lending to these entities, the spokesperson said: "This is being done in the interest of the economy.

 “If a factory employs 10,000 people and they lose their jobs, it creates social anarchy.

 “For the sake of economic stability, banks will disburse loans, and Bangladesh Bank will supervise the process."

The spokesperson also noted that the governor intends to limit his direct engagement with the press.

"The governor will not be a regular fixture in the media. He will speak only when absolutely necessary; otherwise, communication will be handled through the spokesperson."