Bangladesh Bank Forms Task Force to Reform Banking Sector

Bangladesh Bank has recently formed a six-member task force headed by the governor to reform the banking sector. The program is conducted by appointing 14 Bangladesh Bank officials as well as some foreign inspectors. The task force will assess the assets of 9 banks in three stages.

After the second meeting of the task force on Monday (September 23), Bangladesh Bank Governor Dr. Ahsan H. Mansoor provided an update on the progress. Husne Ara Shikha, Executive Director and Spokesperson of Bangladesh Bank was present on the occasion.

The governor said that two meetings of the task force had already been held. 14 officials of Bangladesh Bank have been designated for investigation. Furthermore, some foreign inspectors will be appointed. A task force made up of all the inspectors will begin to operate.

The task force will focus on three key areas: identifying damaged assets, locating the assets, and recovering them. In the first phase, the assets of 3 banks, including Islami Bank, will be assessed. The second and third phases will cover an additional 6 banks, bringing the total to 9 banks.

To achieve this, 14 officers of Bangladesh Bank have been divided into 3 divisions and given responsibility. The teams will investigate and identify instances of money laundering and work to recover the funds in accordance with international law.

The governor also mentioned that the board of 11 banks has been dissolved, and transfer flows are increasing. This is expected to improve the liquidity flow of these banks, enabling them to make better payments and ultimately recover.