Press Release from Dr. Muhammad Yunus

PROFESSOR YUNUS CONDEMNS GOVERNMENT ACTION IN CHANGING GRAMEEN BANK LAW...

I condemn the action of the Government of Bangladesh in changing the Grameen Bank law in the strongest language possible. Grameen Bank was created as a bank owned by poor women, and managed by poor women. Its legal structure did not allow any government interference of any kind, except for regulatory oversight. The amendments to the law which have just been introduced, have created the opportunity for the government to take 100 percent control of the bank if they wish to. These amendments fundamentally change the character of the bank. With these amendments, the government has opened the door for its ultimate destruction. What a shame for the nation, and the whole world! I feel extremely sorry that the nation has to go through the unnecessary traumatic experience of seeing a great global iconic institution, created by this nation, be brutally harmed by a group of irresponsible and thoughtless people. The immediate task before the country is to repair the enormous damage done to the Grameen Bank law at the earliest opportunity, before it is too late. I hope the whole nation, particularly all women, along with the women of Grameen Bank, their family members, as well as the staff of the bank will rise to the occasion and make it happen.

Muhammad Yunus

Nov 6, 2013