Financial Inclusion Bolstering Inclusive Economic Growth in Bangladesh
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1 Financial Inclusin Blstering Inclusive Ecnmic Grwth in Bangladesh Atiur Rahman, PhD Gvernr, Bangladesh Bank 16 February,
2 Cntent Financial inclusin as a tl fr blstering inclusive grwth Bangladesh Bank (BB) initiatives fr inclusive financing Financial inclusin status in Bangladesh Grwth and stability utcmes Cncluding remarks 1
3 Financial Inclusin: hw des it accelerate inclusive grwth? Financial inclusin: a key element f scial inclusin necessary t fster inclusive grwth cmbats pverty by pening up blcked pprtunities Inclusive financing f farm/nn-farm utput initiatives generate new emplyment n the demand side matching new dmestic utput n the supply side 2
4 Why d we need inclusive financing Cnventinal mnetary and financial plicies d nt address inclusivity cncerns, liquidity flws int prfit seeking frm speculative pursuits. Bangladesh Bank therefre stepped in with financial plicies steering initiatives financing away frm speculative uses twards scially respnsible prductive pursuits. BB initiatives include interalia mtivatinal effrts, creatin f necessary enabling envirnment, and plicy supprt. 3
5 A glimpse f financial inclusin prgrams in Bangladesh 4
6 Three brad pillars f inclusive financing in BD BB s inclusive financing thrusts are n utput initiatives in Agriculture supprting fd security and fd price stability SME financing prmting utput, emplyment and incme generatin green financing supprting envirnmental sustainability Widening advancement pprtunities fr the prer ppulatin segments 5
7 Agriculture cntributing abut a fifth f GDP gets less than 6% share f ttal bank credits Plicy initiatives f ensuring adequate financing fr agriculture include: Mandatry minimum 25% agricultural lending target fr all banks Gvernment interest subsidy n lans fr specified higher value extic crps and spices Banks with inadequate rural branch presence can lend thrugh lcal MFIs Credit needs f tenant farmers supprted by lending thrugh a large reputed MFI Bank accunts fr farmers available at nminal depsits; 10 millin accunts pened s far 6
8 Small and medium enterprises (SMEs) Cntributes t 22.5% f GDP and 40% f emplyment. SME financing supprted by refinance lines funded partly by develpment partners (IDA, ADB and JICA) and partly by BB. Taka 3.45 billin disbursed frm refinance windw 21.9% f the SME credit distributed t wmen entrepreneurs New Entrepreneurs Fund and Jute Sectr Fund launched in
9 SME credit rse sharply in recent years % share FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 Aggriculture and SME Credit as % f Ttal Dmestic Credit SME % f Dmestic Credit Surce: Bangladesh Bank 8
10 Green financing Macr prudential plicy supprt fr green financing includes: Banks & financial institutins must allcate 5% f lan prtfli t green finance by Better supervisry (CAMELS) rating fr gd perfrmers Differential equity margin and lan pricing requirement accrding t envirnmental risk grading Green financing supprted by refinance lines funded by BB & ADB Refinance line cvers 47 green prducts. 9
11 Green financing..(cnt d) Refinance supprted green financing cvered: Amunt (millin Taka) Number Slar hme system 154 4,867 Irrigatin pumps Slar PV mdule plants 421 3* Bigas plants 524 1,578 * Ttal capacity f 53 MW/year Taka billin invested s far as green finance. Surce: Bangladesh Bank 10
12 Inclusive financing delivery supprted by majr mdernizatin f financial sectr IT infrastructure Multifarius initiatives launched t digitize the financial sectr: Bangladesh Autmated Clearing Huse (BACH) Natinal Payment Switch (NPSB) Online credit infrmatin and supervisry reprting Mbile financial services (MFS) Enterprise Data Warehuse Online Bnd Trading Anti-Mney Laundering Mnitring (gaml) 11
13 Mbile Financial Services (MFS) Why MFS in Bangladesh? Agr-based livelihd Cash based ecnmy Significant dmestic remittance flws Grwing urbanizatin Omnipresent mbile telephne netwrk Guidelines n MFS and agent banking issued t facilitate inclusive financing 25.2 millin mbile bank accunts pened s far, emplying 0.5 millin agents 12
14 Regulatry Structure fr MFS Stakehlders Banks Mbile Netwrk Operatrs Technlgy Prviders Distributrs Agents Invlvement f ther Regulatr (i.e. BTRC) Bank-led Mdel Regulated by Bangladesh Bank Financial institutins prvide the service MNOs prvide mbile cnnectivity fr fees Custmers and agents use their handsets Guidelines issued in September banks were permitted; nw ver 20 millin accunts 13
15 Cmmn peple transferring mney frm urban t rural 14 BAGERHAT BARGUNA BHOLA BRAHMANBARIA CHAPAINAWABGANJ CHUADANGA COXS BAZAR DINAJPUR FENI GAZIPUR HOBIGANJ JESSORE JHENAIDAH KHAGRACHHARI KISHOREGANJ KUSTIA LALMONIRHAT MAGURA MAULVIBAZAR MUNSHIGANJ NAOGAON NARAYANGANJ NATORE NILPHAMARI PABNA PATUAKHALI RAJBARI RANGAMATI SATKHIRA SHERPUR SUNAMGANJ TANGAIL Cash In Cunt Cash Out Cunt $1 billin transactin per mnth Surce: Bangladesh Bank
16 Other financial inclusin prgrams Bank accunts fr schl children itinerant wage laburers street children 850 thusand schl bank accunts pened s far 5 millin 10 Taka accunts pened t distribute financial aid t: scial security prgram beneficiaries hardcre pr, freedm fighters destitute beneficiaries under Hindu Welfare Trust 15
17 Status f financial inclusin in Bangladesh 16
18 Status f financial inclusin in Bangladesh Banks are bliged t maintain 1:1 rati in rural-urban areas fr pening f new bank branches % Change Ttal number f bank branches 7,187 8,821 23% a) Urban 3,051 3,787 24% b) Rural 4,136 5,034 22% Surce: Bangladesh Bank 17
19 Status f financial inclusin...(cnt d) Number f Bank Branches & ATMs Demgraphic Penetratin f Bank Services Number f Autmated Teller Machines Cmmercial bank branches per 100,000 adults Cmmercial banks: Number f Branches Surce: Financial Access Survey (Sept. 2014), IMF ATMs per 100,000 adults 18
20 Grwth and stability utcmes f financial inclusin prgrams 19
21 Grwth and stability utcmes Sustained 6% plus ecnmic grwth ver the last decade with: sund macrecnmic fundamentals dwnward edging inflatin mderate fiscal deficits Incremental dmestic utput stabilizing dmestic prices Inclusive financing stabilizing the financial sectr by bringing large and diverse bases f small lans and depsits Inclusive grwth strategy generating strng internal demand 20
22 Highest grwth prspect in the regin Bangladesh India Pakistan Sri Lanka Prjectin Percent Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF 21
23 2nd highest grwth and lwest vlatility in the regin: Percent India Sri Lanka Pakistan Bangladesh Average Rate f GDP Grwth Grwth Vlatility Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF 22
24 Inflatin is falling since the end f % 10% Nn-Fd Fd General 8% 6% 4% 2% 0% 23 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Surce: Bangladesh Bank
25 Prjected inflatin shws a dwnward trend Bangladesh India Pakistan Sri Lanka Prjectin 24 Percent Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF
26 Lwest inflatin and vlatility in the regin: In Percent Sri Lanka Pakistan India Bangladesh Average Rate f inflatin Inflatin Vlatility Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF 25
27 Investment as share f GDP is steadily rising India Pakistan Sri Lanka Bangladesh Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF 26
28 Trade-GDP Rati: Bangladesh is pening up gradually 60 India Pakistan Bangladesh Liberalizatin 0 Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF 27
29 Wrker's remittances are n the rise Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Millin USD Surce: Bangladesh Bank
30 Lwest Debt-GDP Rati in the regin Bangladesh India Pakistan Sri Lanka Surce: Wrld Ecnmic Outlk (Sept. 2014), IMF
31 Appreciatin Stability Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 USD per Taka Dec-13 Jun-14 Dec-14 Exchange rate is stable since June 2013 Depreciatin Surce: Bangladesh Bank Stability
32 Cncluding remarks Inclusive and envirnmentally respnsible financing is f high urgency fr lw incme climate-change threatened ecnmies like Bangladesh. Inclusive financing has served Bangladesh well t retain real and financial sectr stability amid the glbal financial crisis. Bangladesh s apprach f internalizing inclusive, green financing within the framewrk f traditinal stability fcused mnetary and financial plicies have started attracting external attentin. 31
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