Bangladesh Bank sources said 7-8 outside consultants and their associates will join the project this month to implement the project, which began in June last year.

The bank has already hired three consultants - IT programme manager, project-launch workshop facilitator and procurement specialist for working group of NCBs.

Appointment processes for an international human resource advisor and a national human resource advisor remain in the final stages.

"Preparatory works have almost completed, but the actual implementation will take place after joining of the consultants," said a senior official of the Bangladesh Bank.

Meanwhile, the Bank prepared its financial statement for the fiscal 2002-03 as per International Accounting Standard (IAS) under the project.

Besides, appointment of world-class audit experts to commercial banks is under process.

The World Bank Institute (WBI) also conducted a training programme on basic macroeconomics for 34 central-bank personnel during December 1-24 last year.

The government undertook the three-year project involving US$46.13 million to make the Bangladesh Bank an efficient, modern and dynamic central bank capable of moving the banks in the right direction. Of the total cost, the World Bank's IDA will provide US$37 million.

An amount of US$32 million has been earmarked for automation of the central bank that includes procurement of computer hardware, training on computer networking and computer experts.

Other reform areas include human resource development and functional re-organisation, capacity building of the research department and strengthening of legal framework.

Voluntary Early Retirement Scheme (VERS) also remained in the project's human resource development plan that sparked unrest among the employees on occasion, but the central bank authority termed the scheme "voluntary".

Officials expected that Bangladesh Bank would become a strong central bank after implementation of the project by the fiscal 2005-06.