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The Bangladesh Bank Order, 1972 (President's Order)


Chapter II


1[9A. (1) There shall be a Council for the co-ordination of fiscal, monetary and exchange rate policies, hereinafter called the Co-ordination Council, consisting of-
(i) Minister for Finance .......... Chairman.
(ii) Minister for Commerce .......... Member.
(iii) Governor, Bangladesh Bank .......... Member.
(iv) Secretary, Finance Division .......... Member.
(v) Secretary, Internal Resources Division .......... Member.
(vi) Member (Programming), Planning Commission .......... Member.
(2) The Co-ordination Council shall-
(a) co-ordinate the macro-economic framework including fiscal, monetary and exchange rate strategies and policies;
(b) ensure consistency among macro-economic targets of growth, inflation and fiscal, monetary and external accounts;
(c) meet for the purposes of clauses (a) and (b) before the finalization of the budget to determine the extent of public sector borrowing taking into account credit requirements of the private sector, monetary expansion based on projected growth, price inflation, and net foreign assets of the banking system;
(d) meet at least on a quarterly basis to review the consistency of macro-economic policies and to revise limits and targets set at the time of the formulation of the budget, keeping in view the latest developments in the economy;
(e) consider limits of the government borrowing as revised from time to time in the meetings to be held before and after passage of the annual budget.
(3) The Bangladesh Bank shall ensure that the macro-economic framework as co-ordinated by the Co-ordination Council is reflected in the policies of the Bangladesh Bank.
(4) The Bangladesh Bank shall place before the Co-ordination Council-
(a) relevant data relating to monetary expansion and Government borrowing from the banking system, and
(b) the assessment of the Bangladesh Bank regarding the impact of economic policies of the government on monetary aggregates and balance of payments.
(5) The Ministry of Finance shall, from time to time, bring to the notice of the Co-ordination Council the impact of tax, budget and debt management policies on overall macro-economic situation.
(6) The Ministry of Commerce shall from time to time, bring to the notice of the Co-ordination Council the impact of trade and tariff policies on overall macro-economic situation.]

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    Article 9A was inserted by section 7 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
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