Dhaka, Bangladesh (BBN) – The Central Bank of Bangladesh is moving ahead in achieving an effective regulatory and supervisory system for the country’s banking sector, the World Bank (WB) said on Monday.

“The government initiative for strengthening the Bangladesh Bank (BB), the country’s central bank, to enable it to play its due role as the country’s monetary authority and bank regulator and supervisor is moving ahead,” the WB said in an ‘Information Note’ issued in Dhaka.

A WB team supporting the CBSP recently had fruitful discussions with the government on the achievements of the project as well as areas where improvements are needed.

All the automation packages are at various stages of procurement and three automation projects have recently been awarded, according to the Note.

“Despite the earlier delay in the project, now the central bank management has demonstrated serious commitment to its successful completion,” the WB said, adding that the BB has also resolved the issues related to procurement of automation packages.

The WB also said the central bank has made significant progress in the area of accounting and audit and is now preparing to formally launch the Enterprise Resource Planning (ERP).

BBN/SS/SI/AD-23June09-1:30am (BST)