Mr Lawrence Wong, who is also Finance Minister, added that the extent of this easing towards the year end and where the new inflation rates will stabilise at are big uncertainties.
Experts said the rate cuts will reassure the market about the central bank's priority of growth stabilization among multiple policy goals.
The first staff mission is expected to take place after the 2022 annual meetings of the IMF and the World Bank Group.
Bangladesh currently buys fuel from Middle Eastern countries including Saudi Arabia and the UAE, and from companies in those countries.
China's central bank slashed key interest rates in a surprise move as a raft of data showed weakness in the world's second-largest economy.
He also stressed efforts to shore up market entities, stabilize employment and prices, and guarantee people's livelihoods.
With unemployment hitting a near-record low of 2.9 percent in July, the nation is seeing a surge in the number of elderly in the workforce.
With rising prices putting pressure on household finances, 61% of firms responded that they “plan to raise wages in the future.”
Thanks to the cuts, the country's loan prime rates are likely to see reductions this month, experts said.
In light of the disappointing January-July export performance, the General Directorate of Rubber voiced optimism that the market and investment situation would see marked…