Dhaka, Bangladesh (BBN) - The country's four regulators in the financial sector-- Bangladesh Bank (BB), Securities and Exchange Commission (SEC), Insurance Development and Regulatory Authority (IDRA) and Microcredit Regulatory Authority (MRA) – have joined hands to build effective communication, exchange information and coordinate activities.
Executive Director of Bangladesh Bank SM Moniruzzaman, IDRA member Naba Gopal Banik, Executive Director of SEC Saifur Rahman and MRA Director Shazzad Hossoin signed a memorandum of understanding (MoU) on behalf of respective institutions.
The central bank Governor Atiur Rahman was present during the agreement signing ceremony held at the conference room of BB on Sunday.
If a regulator of these four takes any decision it creates impact on the others as they are related with one another. The MoU was signed with a view to coordinating regulators' activities before taking any decision.
"The MoU will help coordinate activities of regulatory bodies in the financial sectors effectively," the BB governor said adding that it would also help build trust and supportive attitude among the regulators through exchanging important information and mutual dialogue of the financial sector.
BBN/SSR/AD-24Sept12-11:10 am (BST)
