No Need to Buoy ‘Dysfunctional’ Banks by Printing Money: Ahsan H Mansur
The anticipation of significant reforms within the financial sector was a prominent discussion topic prior to recent elections. Promises were made, expectations set high, but six months post-election, the reality appears starkly different, leaving much to be desired in terms of tangible financial restructuring. The imperative for financial reforms within the sector cannot be overstated, especially in light of the country’s pressing needs.
In an insightful commentary on the current state of financial affairs, Ahsan H Mansur emphasizes the critical nature of these reforms. “The current incentive on remittance should be stopped, since the dollar price is now market-based,” he suggests, shedding light on an issue that has been a topic of much debate. The incentive structure in question, apparently advantageous mainly to certain Dubai-based institutions through collusion with vested interests, underscores a broader issue of inefficiencies and improprieties within the financial sector.
Reflecting on the promises made during the election period, Mansur reiterates the urgency and the unfulfilled potential of realigning the sector towards more efficient and effective operations. “It was said before the elections that massive reforms would be done in the financial sector. But nothing happened though six months have already passed,” he recalled, highlighting a gap between promises and action—a gap that needs bridging not only for the welfare of the financial sector but for the broader interest of the country.
The call for financial reforms is not just about enhancing operational efficiencies or streamlining processes. It is about rectifying a system perceived as dysfunctional by many, a system where the printing of money to support failing banks seems to be a considered contingency. This practice not only underlies systemic weaknesses but also threatens the stability and integrity of the sector, warranting an immediate cessation.
As the country navigates these challenging financial waters, the voice of experienced professionals like Ahsan H Mansur serves as a critical reminder of the importance of undertaking meaningful, impactful reforms. The financial sector, pivotal to the nation’s overall economy, stands at a crossroads, necessitating a turn towards accountability, efficiency, and above all, functionality. The path forward involves a concerted effort to forego short-term fixes in favor of long-term stability, with an eye towards establishing a financial foundation that is robust, equitable, and reflective of the needs and aspirations of the nation as a whole.
The imperative for financial reforms, as articulated by Mansur, serves as a call to action—a reminder that the time for significant and meaningful change is not only now but has been overdue. The sector awaits a transformation that aligns with the collective interest of the country, an overhaul that moves beyond the confines of election-time promises into the realm of tangible, sustained progress.
