A highly placed source said the bank authorities have already got green signal for this from the highest level of the government.

According to BB rules, salary of the staff will be determined by the bank's board of directors but it will have to be approved by the government.

After receiving the government's go-ahead, the BB board at a meeting on Tuesday approved a proposal for a separate pay scale for the staff. The board meeting however recommended adjusting the proposed pay scale with a revised organogram, promotion policy and rationalisation of manpower.

The board noted that central banks in neighbouring countries like India, Pakistan and Sri Lanka have separate pay scale for their staff. Their staff size however is small and quality-wise they are much more efficient than the BB staff.

Sources said the board felt that manpower in the central bank should be downsized. But instead of going for cutting jobs now, the bank should first create an organogram, and the posts found unnecessary will be made defunct when those now holding the posts go on LPR (leave preparatory to retirement).

On promotion policy, the meeting stressed that a merit-based one should replace the existing practice.

The nature of BB's task has greatly changed, particularly following the introduction of floating exchange rates. The bank's concern has shifted to money laundering, monitoring of commercial banks and monetary policy-related functions. Consequently, it now needs people who have expertise in these matters.

The board observed that along with creating a separate pay scale, the bank should also come up with plans regarding these issues.

Sources pointed out that the government has problems in allowing a separate pay scale for the BB staff since it is already under pressure for separate pay scale for the National Board of Revenue staff and the police.

BB board sources said a new pay scale for the central bank staff won't put additional pressure on the budget since it is an autonomous body and it makes a huge profit every year.

The bank made a profit of around Tk 2,000 crore last year, sources said.

Then bank reform committee headed by Dr Wahiduddin Mahmud also proposed a different pay scale for the central bank staff. But side by side, it also recommended some other reforms in the bank.

The Central Bank Strengthening Project financed by the World Bank also recommended a separate pay scale for the BB staff.

Moreover, former BB governors suggested a separate pay scale for them on different occasions.