$25m in UK assets to return
Bangladesh Bank Governor Md Mostaqur Rahman on Monday said $25 million worth of stolen assets currently frozen in the United Kingdom will soon be repatriated to Bangladesh, marking a significant development in the country’s ongoing stolen asset recovery drive.
The governor made the disclosure during a courtesy meeting with leaders of the Editors’ Council at the Bangladesh Bank headquarters in Dhaka.
The meeting, held at noon, covered a broad range of issues including banking sector reforms, good governance, management of weak banks, reduction of non-performing loans and digital financial transformation.
The Editors’ Council delegation was led by its President and New Age Editor Nurul Kabir and General Secretary and Bonik Barta Editor Dewan Hanif Mahmud. Bangladesh Bank’s deputy governors also attended.
On weak bank restructuring, Mostaqur said administrative and management changes have already been completed as part of an ongoing merger process, and that restructuring would gain further momentum once the banks’ core banking systems are developed and integrated.
He said the central bank has taken measures to protect depositors’ interests, including board restructuring and management changes at several large banks, among them Islami Bank.
To expedite default loan resolution, the governor said amendments to the Money Loan Court Act are being prepared to ensure quicker disposal of cases.
Simultaneously, the central bank is formulating the Distressed Asset Management Company Act to address unrecoverable loans.
“Ensuring professionalism, accountability and good governance in bank management and loan disbursement remains the primary objective of the current reform initiatives,” the governor said.
On digital financial inclusion, Mostaqur said Bangladesh Bank is working to build an integrated digital ecosystem, with initiatives underway to introduce digital nano-loans, AI-based loan assessment systems and credit bureau approvals.
He said the “One Citizen, One Identity, One Wallet” concept would help accelerate digital transformation, while wider use of Bangla QR would promote cashless transactions and improve revenue collection.
The governor also noted that Bangladesh Bank is expediting approvals for additional dollar allocations for overseas medical treatment beyond permitted limits. He added that the interest rate on funds used for bill discounting in UPAS letters of credit has been reduced, a move expected to help lower the prices of imported goods.
Editors’ Council members offered constructive recommendations for the sustainable development of the banking sector. Both sides expressed commitment to continued cooperation in advancing the financial sector.
Among the editors present were The Financial Express Editor Shamsul Huq Zahid, Prothom Alo Editor Matiur Rahman, Samakal Editor Shahed Muhammad Ali, Inqilab Editor AMM Bahauddin, Manabzamin Editor Matiur Mostaqur Chowdhury and Dainik Agamir Somoy Editor Mostafa Mamun.
