WB extends support by one year for Central Bank Strengthening Project

Dhaka, Jan 4 (UNB) - The World Bank has extended its support by one
year for the Central Bank Strengthening Project (CBSP) till December

The project, which was scheduled to end on December 31, 2011, is
supporting the overall strengthening of Bangladesh Bank, said a World
Bank press release.

The project helps automation of central bank’s core functions to
enable Bangladesh Bank to effectively play its role as the country's
monetary authority and bank regulator.

The release said that the government of Bangladesh has prioritized
initiatives to build up a strong and effective regulatory and
supervisory system for Bangladesh’s banking sector.

In response to request from the government, the World Bank has
extended the project period by one year.

The project has made significant progress, introducing automation
system in Bangladesh Bank. All Bangladesh Bank branches are now
connected to each other online and also to the Bangladesh Bank’s
Enterprise Resource Planning (ERP) and Banking systems.

The World Bank release said that Bangladesh Bank’s IT organization is
now capable to conceptualize, procure and deliver large scale IT
systems. The systems’ ERP and Core Banking Solution have gone live.

The implementation of the Credit Information Bureau and Automated
Clearing House has also successfully taken off.

To achieve the project objectives, complete implementation of the
National Payment Switch and Bangladesh Bank’s Office Modernization
components has to be accomplished.

Once these two activities take off, Bangladesh Bank will be on its
way to successfully achieve the objectives of this project.

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