Bangladesh Bank looking for chief economist
Earlier on 13 February 2022, Habibur Rahman, the then executive director of the research department, was appointed as the central bank’s chief economist, making him the first internal appointee to serve the post
The Bangladesh Bank will now appoint its chief economist on a contractual basis after an eight-month vacancy, backtracking on its earlier decision to fill the post internally.
In a vacancy announcement issued on 5 November, the central bank invited applications for the position, with a deadline of 7 December.
Previously, on 13 February 2022, the research department's executive director Habibur Rahman became the first internal appointee to the position of chief economist.
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Following his appointment, the finance ministry issued an order upgrading three executive director positions, including that of chief economist, from grade-2 to grade-1 out of a total of 38 positions.
According to the ministry's order, candidates for the chief economist post must have two years of experience as a central bank executive director, with selection based on seniority. Additionally, candidates are required to have experience in research and 20 years of overall job experience.
The objective of this order, said a senior executive at the ministry on the condition of anonymity, was to ensure that the chief economist position would continue to be filled internally.
Habibur, who served as executive director in the central bank's research department for three years before his appointment as chief economist, was selected based on seniority, provided he met the other requirements.
However, after a change in regime in August this year, a new recruitment circular was issued, pausing the previous ministry order from 24 April 2023.
The chief economist position has remained vacant since Habibur Rahman transitioned to the role of deputy governor on 28 February of this year, although he continues to manage essential tasks associated with the chief economist's role.
Over the past decade, the central bank has appointed individuals as chief economists who are Bangladeshi nationals, have been employed at institutions like the World Bank and the International Monetary Fund, and hold degrees from foreign universities.
Faisal Ahmed was the last chief economist to be appointed from outside the Bangladesh Bank; he joined from the IMF and served from 2017 to January 2019. Before him, Biru Paksha Paul, an associate professor at the State University of New York at Cortland, held the position until 2016.
From 2012 to 2014, the central bank's chief economist was Hassan Zaman, who previously served as the lead economist at the World Bank's Dhaka office.
Key responsibilities of chief economist
As the central bank of the country, the Bangladesh Bank has several core functions – including the formulation and implementation of monetary policy, exchange rate management, and ensuring financial sector stability – all of which require high-quality economic analysis and input.
To provide strategic leadership for this analytical agenda, the central bank seeks to fill the position of chief economist, who will report directly to the governor and ensure the continuity of the work programme developed by the Chief Economist Unit.
Application requirements for chief economist post
1.PhD in economics
2. At least 15 years of work experience as an applied macroeconomist with a preference given to those who have worked closely with central banks
3. Experience of working in an international financial institution/multilateral development bank/finance or economic ministry/central bank on macroeconomic and financial analysis and policies or experience of applied macroeconomic research (including publications in reputed, peer reviewed international journals) in an internationally reputed university or research institute
4. Ability to bring international best practices to build capacity and strengthen the Bangladesh Bank policymaking
5. Ability to reach reasoned and robust conclusions in an uncertain and complex environment with limited data and information
6. Proven inter-personal and communications skills to lead a team of economists, communicate clearly and effectively with different stakeholders and work effectively with colleagues and stakeholders across departments and government ministries
7. Candidate is required to hold or be eligible for Bangladeshi nationality
