“Buying flats, land procurement and investing in economic zones and high-tech parks with black money is like legalising corruption for the next five years,” TIB Executive Director Iftekharuzzaman said in a statement on Friday.
TIB noted that the move contradicts the zero-tolerance policy against corruption declared by the Prime Minister.
Iftekharuzzaman dubbed the initiative “unconstitutional, unethical, and discriminatory”.
Finance Minister AHM Mustafa Kamal placed a Tk 5,23,190 crore budget, the biggest-ever in Bangladesh’s history, for the next fiscal on Thursday.
TIB, however, appreciated the budget for expanding area of social security.
But Iftekharuzzaman pointed out that it lacks specific initiative to reform the bank sector which is already in a grave crisis due to record loan defaulters, irregularity and corruption.