The price of gold has fallen again in two days. In this phase, the new price of 22 carat gold has been reduced by Tk. 630 to Tk. 1 lakh 12 thousand 931. Earlier, on April 25, the same price was reduced to Tk. 1 lakh 13 thousand 561.

Bangladesh Jewelers Association (BAJUS) informed this information in a circular on Saturday (April 27).

The notification also informed that the new price will be effective from 4.30 pm today.

According to the new prices, the best quality or 22 carat (11.664 grams) gold is Tk. 1 lakh 12 thousand 931, 21 carat gold is Tk. 1 lakh 7 thousand 799, 18 carat is Tk. 92 thousand 402. However, although the price of all types of gold has decreased, the price of traditional gold has been increased to Tk. 76 thousand 842.

While the price of gold has decreased, the price of silver has been kept unchanged. According to the category, currently the price of 22 carat silver is Tk. 2 thousand 100, 21 carat is Tk. 2 thousand 6, 18 carat is Tk. 1 thousand 715 and traditional silver is Tk. 1 thousand 283.

Earlier this month BAJUS had increased the price of gold on April 6, 8 and 18. Out of this, it increased by Tk. 1 thousand 750 on 6 April, Tk. 1 thousand 750 on 8 April and Tk. 2 thousand 65 on 18 April. Later, on April 20, after a day of reduction of Tk. 840, on April 21, BAJUS again increased the load by Tk. 630. Two days later, on April 23, BAJUS announced a reduction of Tk. 3,138, Tk. 2,99 on April 24, Tk. 630 on April 25 and Tk. 630 on April 27. In four days, the price of gold fell by Tk. 6 thousand 498. 

Three mega projects are going to change the thorough landscape of fuel oil transportation in Bangladesh. The three mega projects are SPM (Single Point Mooring), Bangladesh-India Friendship Pipeline Project and Dhaka-Chattogram Pipeline Project.

Among these, SPM (Single Point Mooring) and Bangladesh-India Friendship Pipeline have already come into operation. And the Dhaka-Chattogram pipeline is going to be completed this year, said a source in the ministry.

Now the consumer does not have to go through many roads to reach the fuel oil. Again, the supply of fuel oil will be dependable even in rain and clouds or hartal, strike. Not only is uninterrupted supply guaranteed, but one SPM will save at least Tk. 1000 Crores annually! Fuel oil system loss will also be reduced.

For this reason, SPM with double pipeline has been installed at Maheshkhali in Cox's Bazar. So far imported fuel oil ships used to anchor in deep sea. From there it took 11, 12 days to reach the refinery tank by lighter ship. Being SPM, it will take only 48 hours to transport the same amount of oil. This eliminates the waiting charges of the mother vessel and the transportation cost of the lighterage vessel.

A floating buoy is placed in the deep sea southwest of Maheshkhali Island. From that buoy, two separate 36-inch diameter pipelines run through the ocean floor to the storage tank terminal for a crude oil circulation. Diesel transport operations have already started successfully with another.

The mother vessel will anchor in the deep sea. From there, the oil will reach Chattogram's main fuel oil facility in a few hours through the pipeline.

Minister of State for Power, Energy and Mineral Resources Nasrul Hamid said that SPM (Single Point Mooring) will make an effective contribution to make fuel oil management cost-effective and sustainable. If the project is launched, it will save Tk. 1 thousand crore annually.

He said, under the project, 6 large storage tanks have been built along the 220 km pipeline through which the oil storage capacity of Bangladesh has reached a new height.

SPM Project Director Sharif Hasnat told Barta24.com, "It takes at least 11 days to unload oil from a big ship. Sometimes it takes more time to release this oil. Especially if the sea becomes rough then delivery becomes uncertain. Penalties sometimes took longer than agreed with ship-owners. With the implementation of the SPM project, it will be possible to release diesel and crude oil in 28 to 48 hours. On the one hand, the ship fare will be reduced; on the other hand, it will be possible to prevent system loss and various types of theft in oil transportation.

Bangladesh does not produce fuel oil. As much as 40 percent of gasoline and octane supply comes from condensate from gas fields. A large amount of diesel and other products are imported. A large amount of fuel is imported, by river. But due to the lack of navigation in the river ports, big ships cannot enter the port. That is why we have to rely on lighterage ships.

Oil is brought from the mother vessel by lighter or smaller vessels, to the BPC (Bangladesh Petroleum Corporation) depot.

From BPC, the oil is again transported by ship to different parts of the country. In particular, oil has to go through various hurdles to reach by rail wagons and tankers. The matter was time-consuming and dependent on many factors. There, too, the wind of change is beginning to be felt.

Finally, the Dhaka-Chattogram oil pipeline is almost complete. Although the pre-survey was completed in 2017, the project could not go ahead due to various reasons.

Under this project financed by Bangladesh Petroleum Corporation (BPC), Dhaka-Chattagram 237 km, 59 km from Cumilla to Chandpur, 8.5 km from Fatulla to Godnail depot will be laid. BPC expects to save Tk. 65 crore in transportation cost annually if the pipeline is commissioned.

Under the project, construction of 237 km pipeline has been completed. Now the finishing work of Chattogram Detchpass Terminal and Fatulla in Narayanganj is going on. The Division of Energy and Mineral Resources is hopeful of commissioning the pipeline before December.

On the other hand, the energy transport system of the northern region, famous for its granaries, was very complex and multi-channel, hand-twisting. Oil was taken by lighterage. Also tank lorry, another route is to reach by railway. Now there is also a change, the Bangladesh-India Friendship Pipeline.

The India-Bangladesh Friendship Pipeline construction project was undertaken in 2018 to provide uninterrupted, fast and cost-effective energy supply to 16 districts in the northern part of the country. The construction period of 131.5 km pipe line at a cost of Tk. 3,623 crore was till June 2023. The pipeline is said to have been commissioned ahead of schedule.

Due to this pipeline extending from India's Numaligarh to Bangladesh's Parbatipur depot, the northern region will increase its fuel storage capacity by an additional 29 thousand metric tons per day. It will be possible to easily supply fuel to power plants, supply oil to 16 districts of the northern region at a low cost and in the fastest way due to this pipeline. 

Eminent economist Dr. Birupaksha Paul remarked that despite the considerable hype surrounding digitization, progress has not matched expectations. He pointed out that Bangladesh trails behind India in this domain and even lags behind Nepal in terms of internet access. Dr. Paul emphasized that the actual progress doesn't align with the loud drumbeats of publicity.

Dr. Birupaksha Paul, an economics professor at the State University of New York and former chief economist of Bangladesh Bank, asserts that Bangladesh's macroeconomic development hinges on knowledge integration preceding economic integration. He further emphasizes that the appointment of a knowledgeable or innovative individual as the head of a financial institution is crucial, as failure to do so may lead to bureaucratic processes dominating decision-making.

In a recent exclusive interview with Barta24.com, Dr. Paul addressed various contemporary issues within Bangladesh's financial sector. The second part of the interview focused on topics such as leadership within top financial institutions, the inclusion of marginalized individuals in financial activities, the risks associated with digitization in the financial sector, and strategies for transitioning. The interview was conducted by Ashraful Islam, Planning Editor of Barta24.com.

Barta24.com: When discussing leadership within the country's top financial institutions amidst the era of technological dominance, what aspect should be given serious consideration?

Birupaksha Paul: During my tenure at Bangladesh Bank, Governor Dr. Atiur Rahman championed a modern, digitally-driven approach. He believed that modern technology has the power to empower the poor, citing examples such as farmers using cellphones to sell produce and access market information. This empowerment extends from digitization to both financial and physical inclusion. Dr. Atiur Rahman's visionary leadership led Bangladesh Bank to receive prestigious awards such as the Green Bank and Digitalized Bank accolades. While awards are not the sole measure of success, they signify the strides made under his tenure.

Unlike some instances where awards didn't correlate with economic performance, Bangladesh Bank's recognitions reflected genuine achievements. Anecdotes about Dr. Rahman's determination, such as his reaction to seeing towering files at a bank, highlight his commitment to modernizing processes. It underscores his proactive approach to addressing challenges and driving innovation within the financial sector. Indeed, passion is crucial. A bureaucrat might simply follow protocol, focusing on the contents of circulars rather than envisioning transformative change. Conversely, when an innovative leader takes the helm, significant shifts occur. This phenomenon is evident globally. Failure to appoint a knowledgeable or innovative individual to lead institutions like Bangladesh Bank may result in bureaucratic stagnation rather than progress.

Barta24.com: Tell us about your experience as Chief Economist of Bangladesh Bank.

Birupaksha Paul: I teach in the United States, where modern advancements, including the integration of artificial intelligence, are embraced. Bringing these ideas and practices to Bangladesh was successful, as they resonated with the leadership at the time, particularly with Governor Dr. Atiur Rahman. Despite not being from a bureaucratic background myself, our shared forward-thinking mindset facilitated a strong partnership. Dr. Rahman's non-bureaucratic background further enhanced our compatibility in driving innovative changes within Bangladesh Bank. It seems that Dr. Rahman may have encountered unexpected challenges, possibly related to international digitization. Despite his best efforts, such as modernizing Bangladesh Bank, he faced setbacks, including potential cyber threats. However, it's essential to recognize that not all his actions should be deemed failures because of these challenges. While the current situation might be calmer, it underscores the complexities and risks inherent in navigating the digital landscape.

Barta24.com: The recent stagnation in Bangladesh's progress on the Financial Inclusion Index contrasts with the rapid advancements observed previously.

Birupaksha Paul: There was optimism about the country's economic position, prompting discussions, including with Bangladesh Bank, about the potential for issuing credit cards to stimulate consumption. However, despite initial considerations, this proposal did not materialize. While other nations have implemented similar measures for higher-income individuals, the idea faced obstacles in Bangladesh and was ultimately not implemented. Sajeeb Wazed Joy, as the son of the current Prime Minister and her ICT advisor, possesses a strong drive and understanding of the new generation. He advocates for digitization as a means to achieve greater societal inclusion. However, despite the hype surrounding digitization efforts, Bangladesh still lags behind India in this regard and even trails countries like Nepal in terms of internet access. Despite the increasing noise, tangible progress remains elusive, a sentiment echoed by practical experience.

Barta24.com: The digital system has played a significant role in integrating marginalized individuals into Bangladesh's economy through financial activities. Can you share more about your experience with this?

Birupaksha Paul: The digital system is indeed making a significant contribution to the financial empowerment of marginalized individuals by providing them with access to financial services. With everything accessible on a single phone, individuals can easily access information such as current reserves and currency rates. However, despite these advancements, inclusive banking remains essential for fostering an inclusive economy. Unlike in some countries where even elderly individuals can buy stocks from home, Bangladesh's capital market still lacks such accessibility and development.

Indeed, finance comprises two key sectors: banking and capital markets. Unlike in America, where significant development has occurred in both sectors, in European and subcontinental countries, if the banking system fails to be inclusive, it may become exclusive, benefiting only a select few. This exclusivity undermines the creation of a truly inclusive economy. Evidence suggests that despite advancements, a significant portion of deposits is dominated by the wealthy, indicating a lack of inclusivity. It's disheartening that 47% of adults remain unbanked. Regarding Dr. Atiur Rahman's efforts, criticism is not uncommon, even in developed nations. For instance, President Obama faced ridicule for his push for universal health insurance, often mocked as "Obama care."

However, as President Clinton noted, there's nothing ironic about providing compassion through such initiatives. Similarly, criticisms were voiced regarding the concept of the 10 taka account, with some arguing that it failed to truly integrate farmers and marginalized individuals into the banking system. Instead, it left half of the population excluded from banking services, highlighting the lack of inclusivity in both banking and credit distribution.

The focus should be on ensuring equitable access to finance and banking services, as some individuals continue to amass significant wealth while many others remain underserved. The discriminatory distribution of credit prevents individuals, such as those starting small businesses like bakeries, from accessing the necessary loan support. This lack of inclusive credit distribution hinders our society's progression towards truly inclusive economic growth. The slowdown in growth, from 8 percent to 5 percent, reflects this challenge. Achieving robust economic growth requires an inclusive approach that supports and empowers all segments of society.

Barta24.com: How can the crisis be overcome?

Dr. Birupaksha Paul: Implementing reforms in the economy is crucial to inject fresh momentum. While the banking sector has traditionally held significant importance, recent remarks by economist Wahiduddin Mahmud describe it as "bleeding in the heart." However, it's essential to recognize that the heart of the issue lies within two sectors: banking and the capital market. The deficiencies in the capital market, coupled with a lack of accountability for wrongdoing, have eroded public confidence in it. The perpetrators of financial misconduct typically avoid the capital market due to its transparency requirements, such as holding annual general meetings (AGMs) and being accountable to shareholders. These structures foster accountability and development within the corporate sector.

However, within the banking sector, accountability is often lacking. Depositors and borrowers remain disconnected, with no direct accountability between them. Without reforms in these areas, such as enhancing accountability and transparency within banks, our growth prospects will be severely hindered.

Barta24.com: What risks do you foresee in the digitalization of the financial sector?

Dr. Birupaksha Paul: Firstly, it's crucial to recognize that technology knows no boundaries; it operates on a global scale. As such, Bangladesh must be prepared to manage its share of global risks. Just as universities understand the risks inherent in their work and invest in protections, countries like the United States also allocate significant resources to combat hackers and ensure cybersecurity. Similarly, investing in anti-piracy measures is essential for safeguarding ships. Unfortunately, this level of preparedness is often overlooked in Bangladesh, leading to vulnerabilities.

The recent incident involving the theft from Bangladesh Bank's reserves tarnished the reputation of esteemed individuals like Atiur Rahman. Some bureaucrats may argue that academics are ill-suited for such roles, but examples from around the world, particularly in the United States, demonstrate the positive contributions academics can make. Individuals like Bendamon, recruited from institutions like Princeton and Harvard, have held key positions in Bangladesh's central bank and government, highlighting the importance of appointing knowledgeable individuals to lead.

Companies often appoint CEOs and MDs based on their expertise and global experience, as demonstrated by many Indians leading American companies. However, in Bangladesh, we face challenges in finding qualified individuals due to a focus on loyalty over merit. Without proper protection and forward-thinking leadership, we fail to address critical issues such as environmental sustainability and urban planning. While Bangladesh struggles with a maze of wires and cluttered cities, Singapore exemplifies orderliness and strict regulations.

For instance, chewing gum is banned in Singapore, and the country has swift justice for drug offenses. Failing to prioritize such aspects can impede long-term growth and prosperity. During our period of high growth, countries like India experienced impressive economic expansion, with experts like Kaushik Bose describing India as a "sweet spot." While we may not need to emulate every aspect of India's economic model, there's value in adopting successful strategies. Despite India's size and complexity, smaller nations like Bangladesh have the advantage of agility and can implement reforms quickly. Just as Singapore surpassed Malaysia by leveraging its strengths, Bangladesh has untapped opportunities to enhance efficiency and inclusivity through initiatives like digitizing land records and expanding financial inclusion.

Such measures can mitigate injustices and improve access to information. However, challenges persist, as illustrated by the story of a villager who lost access to government funds after losing their phone. Without adequate safeguards in place, vulnerable individuals face hardships. Just as the proliferation of liquor stores in Europe led to an increase in funeral homes, our society must prioritize long-term planning and compassion to address systemic issues and ensure a brighter future for all.

Barta24.com: Many attribute the hacking incident at Bangladesh Bank to the vulnerabilities associated with digitization. Should we reconsider our approach to digitization in light of this assessment?

Dr. Birupaksha Paul: It's concerning that while we invest in various packages from Neelkhet, we neglect to prioritize purchasing antivirus software. The amount stolen by hackers, around 660-664 crores, is significant, but it pales in comparison to the larger sums that flow through banks daily. During Dr. Atiur Rahman's tenure, defaults amounted to 60 thousand crore taka, but under current circumstances, it has escalated to one and a half lakh crore taka. It appears that some bureaucrats are exaggerating the impact of the hacking incident. Due to the hacking incident being discussed in a New York court and delays in the CID of Bangladesh submitting its report, the truth behind the matter remains obscured. This delay has created a situation where individuals either face unwarranted blame and consequences or evade accountability altogether. It's crucial to identify those responsible and address any underlying issues contributing to these delays. If Bangabandhu's daughter hadn't come to power and prolonged the trial, it might not have happened at all. While there's an ongoing international process regarding the money stolen by hackers, it's imperative to ensure that capable individuals lead the efforts.

Loyalty alone should not be the criteria for appointing individuals, as it can sometimes overshadow other important qualities such as morals and academic skills. There's a cautionary tale about the dangers of blind loyalty, illustrated by the story of a pet monkey overzealously trying to eliminate mosquitoes and accidentally harming the king. Leadership positions in institutions like Bangladesh Bank should be filled based on merit, not just ranking. It's concerning that Bangladesh has been singled out for corruption rankings among 190 countries worldwide. While some may attribute this to conspiracy theories, it's crucial to focus on accountability rather than deflecting responsibility. Introducing a culture of ethical conduct and knowledge-based decision-making is essential in such institutions. Prioritizing knowledge inclusion is crucial before achieving financial inclusion, ensuring that our talented individuals remain in the country and are incentivized to contribute to its growth. Additionally, measures should be taken to encourage talented individuals abroad to return and contribute to the nation's development.

Unfortunately, there's a tendency among some to adopt a "third class railway passenger" mentality, where individuals resist others from advancing, akin to blocking the train's doorway and preventing others from boarding. This mindset hampers progress and must be addressed to foster a more inclusive and collaborative society.

Barta24.com: Are we considering moving away from digitization due to concerns about hacking?

Dr. Birupaksha Paul: In Bangladesh, when weavers lose their jobs due to mechanization, they often accept it without protest, even though the machines continue to operate. In contrast, in America, I've observed efficient systems where artificial intelligence scans customers at multiple counters simultaneously. However, some may resist technological advancements, akin to the mentality of "Nandalal" or "Devdas," clinging to the past rather than embracing change. Regarding the Padma Bridge project, while there's genuine concern for those affected by its construction, sailors must also adapt to evolving circumstances and consider transitioning to other professions. This reflects the inevitability of change in the world.

Edited by: Mahmood Menon, Editor-at-large, Barta24.com

Eminent economist Dr. Birupaksha Paul remarked that despite the considerable hype surrounding digitization, progress has not matched expectations. He pointed out that Bangladesh trails behind India in this domain and even lags behind Nepal in terms of internet access. Dr. Paul emphasized that the actual progress doesn't align with the loud drumbeats of publicity. 

Dr. Birupaksha Paul, an economics professor at the State University of New York and former chief economist of Bangladesh Bank, asserts that Bangladesh's macroeconomic development hinges on knowledge integration preceding economic integration. He further emphasizes that the appointment of a knowledgeable or innovative individual as the head of a financial institution is crucial, as failure to do so may lead to bureaucratic processes dominating decision-making. 

In a recent exclusive interview with Barta24.com, Dr. Paul addressed various contemporary issues within Bangladesh's financial sector. The second part of the interview focused on topics such as leadership within top financial institutions, the inclusion of marginalized individuals in financial activities, the risks associated with digitization in the financial sector, and strategies for transitioning. The interview was conducted by Ashraful Islam, Planning Editor of Barta24.com. 

Barta24.com: When discussing leadership within the country's top financial institutions amidst the era of technological dominance, what aspect should be given serious consideration? 

Birupaksha Paul: During my tenure at Bangladesh Bank, Governor Dr. Atiur Rahman championed a modern, digitally-driven approach. He believed that modern technology has the power to empower the poor, citing examples such as farmers using cellphones to sell produce and access market information. This empowerment extends from digitization to both financial and physical inclusion. Dr. Atiur Rahman's visionary leadership led Bangladesh Bank to receive prestigious awards such as the Green Bank and Digitalized Bank accolades. While awards are not the sole measure of success, they signify the strides made under his tenure. 

Unlike some instances where awards didn't correlate with economic performance, Bangladesh Bank's recognitions reflected genuine achievements. Anecdotes about Dr. Rahman's determination, such as his reaction to seeing towering files at a bank, highlight his commitment to modernizing processes. It underscores his proactive approach to addressing challenges and driving innovation within the financial sector. Indeed, passion is crucial. A bureaucrat might simply follow protocol, focusing on the contents of circulars rather than envisioning transformative change. Conversely, when an innovative leader takes the helm, significant shifts occur. This phenomenon is evident globally. Failure to appoint a knowledgeable or innovative individual to lead institutions like Bangladesh Bank may result in bureaucratic stagnation rather than progress.

Barta24.com: Tell us about your experience as Chief Economist of Bangladesh Bank.

Birupaksha Paul: I teach in the United States, where modern advancements, including the integration of artificial intelligence, are embraced. Bringing these ideas and practices to Bangladesh was successful, as they resonated with the leadership at the time, particularly with Governor Dr. Atiur Rahman. Despite not being from a bureaucratic background myself, our shared forward-thinking mindset facilitated a strong partnership. Dr. Rahman's non-bureaucratic background further enhanced our compatibility in driving innovative changes within Bangladesh Bank. It seems that Dr. Rahman may have encountered unexpected challenges, possibly related to international digitization. Despite his best efforts, such as modernizing Bangladesh Bank, he faced setbacks, including potential cyber threats. However, it's essential to recognize that not all his actions should be deemed failures because of these challenges. While the current situation might be calmer, it underscores the complexities and risks inherent in navigating the digital landscape.

Barta24.com: The recent stagnation in Bangladesh's progress on the Financial Inclusion Index contrasts with the rapid advancements observed previously. 

Birupaksha Paul: There was optimism about the country's economic position, prompting discussions, including with Bangladesh Bank, about the potential for issuing credit cards to stimulate consumption. However, despite initial considerations, this proposal did not materialize. While other nations have implemented similar measures for higher-income individuals, the idea faced obstacles in Bangladesh and was ultimately not implemented. Sajeeb Wazed Joy, as the son of the current Prime Minister and her ICT advisor, possesses a strong drive and understanding of the new generation. He advocates for digitization as a means to achieve greater societal inclusion. However, despite the hype surrounding digitization efforts, Bangladesh still lags behind India in this regard and even trails countries like Nepal in terms of internet access. Despite the increasing noise, tangible progress remains elusive, a sentiment echoed by practical experience.

Barta24.com: The digital system has played a significant role in integrating marginalized individuals into Bangladesh's economy through financial activities. Can you share more about your experience with this? 

Birupaksha Paul: The digital system is indeed making a significant contribution to the financial empowerment of marginalized individuals by providing them with access to financial services. With everything accessible on a single phone, individuals can easily access information such as current reserves and currency rates. However, despite these advancements, inclusive banking remains essential for fostering an inclusive economy. Unlike in some countries where even elderly individuals can buy stocks from home, Bangladesh's capital market still lacks such accessibility and development. 

Indeed, finance comprises two key sectors: banking and capital markets. Unlike in America, where significant development has occurred in both sectors, in European and subcontinental countries, if the banking system fails to be inclusive, it may become exclusive, benefiting only a select few. This exclusivity undermines the creation of a truly inclusive economy. Evidence suggests that despite advancements, a significant portion of deposits is dominated by the wealthy, indicating a lack of inclusivity. It's disheartening that 47% of adults remain unbanked. Regarding Dr. Atiur Rahman's efforts, criticism is not uncommon, even in developed nations. For instance, President Obama faced ridicule for his push for universal health insurance, often mocked as "Obama care." 

However, as President Clinton noted, there's nothing ironic about providing compassion through such initiatives. Similarly, criticisms were voiced regarding the concept of the 10 taka account, with some arguing that it failed to truly integrate farmers and marginalized individuals into the banking system. Instead, it left half of the population excluded from banking services, highlighting the lack of inclusivity in both banking and credit distribution. 

The focus should be on ensuring equitable access to finance and banking services, as some individuals continue to amass significant wealth while many others remain underserved. The discriminatory distribution of credit prevents individuals, such as those starting small businesses like bakeries, from accessing the necessary loan support. This lack of inclusive credit distribution hinders our society's progression towards truly inclusive economic growth. The slowdown in growth, from 8 percent to 5 percent, reflects this challenge. Achieving robust economic growth requires an inclusive approach that supports and empowers all segments of society. 

Barta24.com: How can the crisis be overcome?

Dr. Birupaksha Paul: Implementing reforms in the economy is crucial to inject fresh momentum. While the banking sector has traditionally held significant importance, recent remarks by economist Wahiduddin Mahmud describe it as "bleeding in the heart." However, it's essential to recognize that the heart of the issue lies within two sectors: banking and the capital market. The deficiencies in the capital market, coupled with a lack of accountability for wrongdoing, have eroded public confidence in it. The perpetrators of financial misconduct typically avoid the capital market due to its transparency requirements, such as holding annual general meetings (AGMs) and being accountable to shareholders. These structures foster accountability and development within the corporate sector.

However, within the banking sector, accountability is often lacking. Depositors and borrowers remain disconnected, with no direct accountability between them. Without reforms in these areas, such as enhancing accountability and transparency within banks, our growth prospects will be severely hindered. 

Barta24.com: What risks do you foresee in the digitalization of the financial sector? 

Dr. Birupaksha Paul: Firstly, it's crucial to recognize that technology knows no boundaries; it operates on a global scale. As such, Bangladesh must be prepared to manage its share of global risks. Just as universities understand the risks inherent in their work and invest in protections, countries like the United States also allocate significant resources to combat hackers and ensure cybersecurity. Similarly, investing in anti-piracy measures is essential for safeguarding ships. Unfortunately, this level of preparedness is often overlooked in Bangladesh, leading to vulnerabilities. 

The recent incident involving the theft from Bangladesh Bank's reserves tarnished the reputation of esteemed individuals like Atiur Rahman. Some bureaucrats may argue that academics are ill-suited for such roles, but examples from around the world, particularly in the United States, demonstrate the positive contributions academics can make. Individuals like Bendamon, recruited from institutions like Princeton and Harvard, have held key positions in Bangladesh's central bank and government, highlighting the importance of appointing knowledgeable individuals to lead. 

Companies often appoint CEOs and MDs based on their expertise and global experience, as demonstrated by many Indians leading American companies. However, in Bangladesh, we face challenges in finding qualified individuals due to a focus on loyalty over merit. Without proper protection and forward-thinking leadership, we fail to address critical issues such as environmental sustainability and urban planning. While Bangladesh struggles with a maze of wires and cluttered cities, Singapore exemplifies orderliness and strict regulations. 

For instance, chewing gum is banned in Singapore, and the country has swift justice for drug offenses. Failing to prioritize such aspects can impede long-term growth and prosperity. During our period of high growth, countries like India experienced impressive economic expansion, with experts like Kaushik Bose describing India as a "sweet spot." While we may not need to emulate every aspect of India's economic model, there's value in adopting successful strategies. Despite India's size and complexity, smaller nations like Bangladesh have the advantage of agility and can implement reforms quickly. Just as Singapore surpassed Malaysia by leveraging its strengths, Bangladesh has untapped opportunities to enhance efficiency and inclusivity through initiatives like digitizing land records and expanding financial inclusion. 

Such measures can mitigate injustices and improve access to information. However, challenges persist, as illustrated by the story of a villager who lost access to government funds after losing their phone. Without adequate safeguards in place, vulnerable individuals face hardships. Just as the proliferation of liquor stores in Europe led to an increase in funeral homes, our society must prioritize long-term planning and compassion to address systemic issues and ensure a brighter future for all. 

Barta24.com: Many attribute the hacking incident at Bangladesh Bank to the vulnerabilities associated with digitization. Should we reconsider our approach to digitization in light of this assessment? 

Dr. Birupaksha Paul: It's concerning that while we invest in various packages from Neelkhet, we neglect to prioritize purchasing antivirus software. The amount stolen by hackers, around 660-664 crores, is significant, but it pales in comparison to the larger sums that flow through banks daily. During Dr. Atiur Rahman's tenure, defaults amounted to 60 thousand crore taka, but under current circumstances, it has escalated to one and a half lakh crore taka. It appears that some bureaucrats are exaggerating the impact of the hacking incident. Due to the hacking incident being discussed in a New York court and delays in the CID of Bangladesh submitting its report, the truth behind the matter remains obscured. This delay has created a situation where individuals either face unwarranted blame and consequences or evade accountability altogether. It's crucial to identify those responsible and address any underlying issues contributing to these delays. If Bangabandhu's daughter hadn't come to power and prolonged the trial, it might not have happened at all. While there's an ongoing international process regarding the money stolen by hackers, it's imperative to ensure that capable individuals lead the efforts. 

Loyalty alone should not be the criteria for appointing individuals, as it can sometimes overshadow other important qualities such as morals and academic skills. There's a cautionary tale about the dangers of blind loyalty, illustrated by the story of a pet monkey overzealously trying to eliminate mosquitoes and accidentally harming the king. 
Leadership positions in institutions like Bangladesh Bank should be filled based on merit, not just ranking. It's concerning that Bangladesh has been singled out for corruption rankings among 190 countries worldwide. While some may attribute this to conspiracy theories, it's crucial to focus on accountability rather than deflecting responsibility. Introducing a culture of ethical conduct and knowledge-based decision-making is essential in such institutions. Prioritizing knowledge inclusion is crucial before achieving financial inclusion, ensuring that our talented individuals remain in the country and are incentivized to contribute to its growth. Additionally, measures should be taken to encourage talented individuals abroad to return and contribute to the nation's development. 

Unfortunately, there's a tendency among some to adopt a "third class railway passenger" mentality, where individuals resist others from advancing, akin to blocking the train's doorway and preventing others from boarding. This mindset hampers progress and must be addressed to foster a more inclusive and collaborative society. 

Barta24.com: Are we considering moving away from digitization due to concerns about hacking?

Dr. Birupaksha Paull: In Bangladesh, when weavers lose their jobs due to mechanization, they often accept it without protest, even though the machines continue to operate. In contrast, in America, I've observed efficient systems where artificial intelligence scans customers at multiple counters simultaneously. However, some may resist technological advancements, akin to the mentality of "Nandalal" or "Devdas," clinging to the past rather than embracing change. Regarding the Padma Bridge project, while there's genuine concern for those affected by its construction, sailors must also adapt to evolving circumstances and consider transitioning to other professions. This reflects the inevitability of change in the world.