A misstep by the central bank 

The country's central bank has restricted the entry of journalists into its premises. Officially, there is no bar, but the procedures that are now in place amount to gross restrictions. A special entry pass has been introduced for journalists to meet the spokesperson only. Mediamen will not be allowed to go elsewhere with that pass. Moreover, if any journalist wants to meet any officer, the latter must only issue the pass. These measures are intended to restrict the movement of media people into Bangladesh Bank without imposing any wholesale ban. The new measures will help the authorities track journalists' movement inside the central bank. The record will be there on who is meeting whom and when. As a result, officials other than the spokesperson will avoid media people for fear of being detected.  

Journalists have already raised strong objections to the measures.  Different organisations of journalists have also issued statements protesting the central bank's move. Civil society organisations have also expressed their solidarity with journalists and requested the authorities to withdraw the restrictive measures. Nevertheless,   the central bank authorities until now have stuck to the restrictive regime. They also are receiving backing from some government's top policymakers. Appreciating the central bank governor for restricting journalists, some policymakers argued that the step would help stop distortion of information. The senior policymaker, however, suggested that the BB governor developed some effective means to maintain regular communication with the media.

 So, what prompted the central bank authorities to impose such a restriction? One needs to go deep into the past to find the answer. Over the years, the country's banking sector has witnessed a series of irregularities, some of which are unprecedented in nature. As a regulator, the role of the central bank also comes under scrutiny for failing to step in on time to check the wrongdoings. Again, being the country's monetary authority, the BB needs to make a timely move to contain inflation through an effective credit policy. Instead, market distorted moves in determining interest and exchange rates led to volatility and uncertainty in the financial market.

Newspapers and media continue to publish news on irregularities and mismanagement, questioning the role of the central bank. Though there have been some distorted and misleading news, for which a section of the media's unprofessional and irresponsible attitude is to blame, overall the media have been fair and objective. The central bank authorities, seemingly, have become growingly uncomfortable with the media. So, to overcome the situation, they have finally come up with restrictive measures. This also goes against its own communication policy, which was adopted two decades ago.

Restricting the pressmen by the central bank is both a sad and ominous development. It has already widened the scope of various speculations about the central bank's irregularities and inefficiencies, which are not desirable at all. 

Despite some limitations, the BB has become one of the few national institutions to maintain dignity and reputation over the decades. It has developed its research capacity significantly and strengthened its database by making it comprehensive and updated. It has also emerged from the shadow of the finance ministry and can assert its independence to a certain extent. All the developments are still being optimised, and the central bank needs to go a long way to attain practical autonomy. On this arduous journey, the media can be a trusted partner. It is a misstep not to take them into confidence.

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