United News of Bangladesh

Bangladesh Bank (BB) Governor Dr Ahsan H Mansur on Friday said recovering money laundered abroad is a complex process and may take up to a year, even though the government has made it a top priority to trace and seize assets siphoned abroad. Speaking at a views-exchange meeting with the media on “Anti-Money Laundering Measures and Contemporary Banking Issues” at the central bank’s Chattogram office, he alleged that several families siphoned off between Tk 2.5 lakh crore and Tk 3 lakh crore over the past 15 years, during the tenure of the previous government. “The government has set a target to seize these assets within the next six months to a year. Foreign investigative agencies and law enforcement are already working with us in this effort,” the governor said. He also said the country’s overall economic indicators are showing signs of improvement. “Remittance inflow has increased by 26-27 per cent, exports are on the rise, and we now have reserves enough to cover four months of imports. Except for inflation, which has yet to come down to a desired level, we are in a comfortable position overall,” he added. The cenbank chief also stressed that preventing money laundering is more crucial than recovering laundered funds. “That’s why, the government will reform the necessary laws.,” he said. Asked whether any officials of Bangladesh Bank were involved in money laundering and actions taken against them, Dr Mansur said, “If there is concrete evidence against any official, legal action will be taken. Cases have already been filed against some individuals and actions are being taken as per the law.” Accountability key to resolving Rohingya crisis: Dhaka He added that if any government agency investigates a central bank official, Bangladesh Bank will cooperate fully. The governor also responded to concerns raised over allegations that employees of the private United Commercial Bank (UCB) had Tk 3 to 5 lakh each deducted from their provident fund accounts for Mujib Borsho celebrations. He said, “There were irregularities and corruption in many forms over the last 15 years. All such irregularities are being investigated. If any bank has unlawfully deducted money from employees, it will also be investigated.”

Bangladesh Bank Governor Dr Ahsan H Mansur on Thursday said that the country’s foreign exchange reserves are stable and gradually increasing, despite the delayed disbursement of loan installments from the International Monetary Fund (IMF). Speaking at an event of Economic Reporters Forum (ERF) in the capital, Dr Mansur highlighted the central bank’s primary objective of reducing inflation to a range of 5 to 7 percent by the end of the year. He acknowledged the slowdown in private sector credit growth, attributing it to declining bank deposits and increased government borrowing from the banking system. Dr Mansur noted that the situation is improving as Treasury bill bond rates have declined from 12.5 percent to below 10 percent. ‘This indicates a reduction in government borrowing from the banking sector, paving the way for increased private sector credit growth,” he added. Dr Atiur, Dr Barkat among 23 sued by ACC The Governor said that Bangladesh’s macroeconomic position has reached a stable state, with a steady exchange rate and a surplus in the balance of payments. He described this as a significant achievement following the recent political changes in the country.

Bangladesh Bank Governor Dr Ahsan H Mansur said on Sunday that Bangladesh has made significant progress in the development of its financial sector though there have been numerous shortcomings that necessitate a thorough self-assessment. “The banking sector of Bangladesh has progressed a lot. There is no doubt about it. On the other hand, it must also be said that despite our achievements, there are many failures in terms of how far the banking sector could have progressed or how far the entire financial sector could have progressed,” he said. The central bank governor made this remark while inaugurating the Golden Jubilee Celebration of Bangladesh Institute of Bank Management (BIBM) in the city. He, however, said no single group or authority is responsible for the failures of this sector. “We all might have worked on it (this financial sector) differently from our own positions. We all might have worked with integrity. Maybe there was a deviation or not. We have to do this self-analysis.” Dr Mansur said the banks are not so much interested in financing some non-conventional sectors like SMEs and new sectors like climate financing and green financing. “Money has been given for many sectors but that money is not being transferred. Those who are running banks and financial institutions are not very enthusiastic about these sectors or are not willing to take risks. We need to change our mindset here.” He hoped that the financial institutions will play a stronger role in financing the non-conventional and new sectors. Dr Mansur, also the BIBM Governing Board Chairman, asked the BIBM to work on the banking sector’s new challenges like climate financing, green financing, developments in the financial sectors and technological innovations. Noting that such institutions are very necessary for the development of the banking sector, he said BIBM has been able to play an important role in building human resources in this sector  “To develop the financial sector, it is not possible without such training institutes,” he said. The Bangladesh Bank Governor asked the BIBM to pay attention to attract foreign students and spread its name and fame to the international arena. BIBM Director General Dr Md Akhtaruzzaman chaired the inaugural session, while Association of Bankers Bangladesh (ABB) Vice Chairman and City Bank Managing Director SM Mashrur Arefin, Chair of the Organising Committee Dr Shah Md Ahsan Habib and its member secretary Dr Mohammad Tazul Islam spoke on the occasion. BIBM is the national training, research, consultancy and education institute on banking and finance collectively owned by the Banking sector of the country.  Read: Bad loans in banking sector hits Tk6.75 lakh crore:  White Paper The Bangladesh Institute of Bank Management (BIBM) was established in 1974 with the primary objective of providing training to the officials of banks and financial institutions in Bangladesh, aimed at enhancing and updating their skills. Over the years, the institute has expanded its focus and now offers specialised training programmes for mid- and senior-level executives in the banking sector, further strengthening the leadership and management capabilities within the industry.