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Bangladesh to clock 7 pct GDP growth in 2011-12 fiscal: central bank

01-31-2011 09:41 BJT

DHAKA, Jan. 30 (Xinhua) -- The central bank of Bangladesh Sunday rolled out its monetary policy for the second half of the current fiscal year ending June 2011, and predicted more than 7.0 percent GDP growth for the South Asian country in the 2011-12 fiscal year.

Bangladesh Bank (BB) said the half yearly monetary policy, spanning from January to July 2011, is designed to support the government's policies and programs in pursuit of faster inclusive economic growth and poverty reduction.

The monetary program like previous one for July to December period has been chalked up in line with the national budget for 2010-11 (July 2010-June 2011) fiscal year which set the country's real GDP target at 6.7 percent, it said.

"There is a bright possibility of achieving 6.7 percent GDP growth in the current fiscal year unless the country faces any crisis," BB Governor Atiur Rahman said, unveiling the policy at a press conference Sunday.

He said, "The country's GDP growth will be more than 7.0 percent in the next 2011-12 fiscal year (July 2011-June 2012) if its current growing trend remains unfaltered."

The current fiscal year's GDP growth target should be attainable subject to favorable weather conditions for agriculture, robust growth in export and urgent sustainable increase in power and gas supplies, Rahman explained.

He said the new half yearly monetary policy focuses higher growth but lower inflation. But Rahman feared that the rate of 12 months' average inflation in the current fiscal year may reach near about 7.0 percent overshooting the government's target.

The Bangladeshi government in its national budget had earlier targeted to keep average inflation at 6.50 percent in the current fiscal year. The BB data showed the country's inflation in November last year stood at 8.14 percent while food inflation in the same month reached 9.80 percent.

"Monetary policies will be maintained on a growth supportive stance to help promote faster inclusive economic growth, with due vigil against inflationary pressure," he said.

The BB governor, however, said the central bank will continually monitor the unfolding domestic and external developments, and will stand ready to take appropriate measures to meet challenges for macro economic stability.

Bangladesh's first-ever monetary policy statement was formally published in January 2006 and the BB announced that the policy would be published on a half-yearly basis.

Editor:Du Xiaodan |Source: Xinhua

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