Dhaka, Bangladesh (BBN) – The central bank of Bangladesh, for the first time, has started preparation to formulate a five-year strategic plan for the country’s banking sector, officials said.

The Bangladesh Bank (BB) has already hired Insight and Ideas Limited, a consulting firm, to facilitate the preparation of the important national document.

Besides, the central bank has formed a seven-member sub-committee, headed by General Manager of the Department of Off-site Supervision of the BB Shitangsu Kumar Sur Chowdhury to provide inputs for preparation of the document.

The members of the sub-committee will hold discussion with officials concerned about improvement of efficiency through modernizing the function of the central bank.

“The main goal of the plan is to update its services at par with international standard,” a member of the sub-committee told the FE Saturday, adding that the committee would complete its task before November this year.

The sub-committee will also work to make success the executive retreat programme, scheduled to be held on November 13-14 this year outside of the capital, the officials confirmed.

“The central bank will finalize the draft of the document in the two-day program,” another BB official said, adding the BB has planed to complete preparation of the document after consultation with stakeholders by the end of this calendar year.

BB Governor Atiur Rahman earlier told reporters that the central bank was thinking of starting its implementation from January 1, 2010.

However, about the five-year strategic plan, he said the plan will be for the country’s other banks as well as for the central bank itself, focusing on different aspects including monetary policy, human resource development, automation and credit information bureau (CIB).

BBN/SS/SI/AD-07September09-1:41am (BST)