Bangladesh has taken various financial reform initiatives, which are going into the right direction, International Finance Corporation (IFC) Country Manager for Bangladesh, Nepal and Bhutan Martin Holtmann said today.

The initiatives are fundamental and they are very important to reform Bangladesh's financial sector, Holtmann said.

He spoke on the "Role of IFC as a development partner in Bangladesh" at the regular luncheon meeting of the American Chamber of Commerce (AmCham) in Bangladesh at Sheraton Hotel in Dhaka attended by businessmen from both Bangladesh and the USA.

He said Bangladesh's tax GDP ratio is one of the lowest in the world, which is only 7 per cent of the gross domestic product (GDP).

However, he lauded the rise of Bangladesh's private sector and its participation in infrastructure development.

Many of the private sector entrepreneurs have already invested in the power generation sector, which is praiseworthy, he opined.

The IFC high-up also said the forex rate is also going into the right direction thanks to the recent steps taken by the government to bring normalcy in the volatile forex market amidst the Russia Ukraine war.

AmCham President Syed Ershad Ahmed also spoke.