Top financial brass need BB nod to travel abroad

Managing directors and chief executive officers of financial institutions must have the permission of the central bank before going abroad, said the Bangladesh Bank in a circular Monday.

According to the central bank, a prolonged absence of financial institution higher-ups from where they are stationed may pose management and operational risks as well as slow down official work.   

"Therefore, high officials must take permission before foreign tours for official purposes or on personal leave," said the circular.

Financial institution officials will have to apply to the central bank 15 working days before the trip. The application will also have to be endorsed by the financial institutions board of directors.    

Once the foreign tour is approved, the departing official will have to provide the central bank with the contact details of the acting officer in-charge during his or her absence.

However, the central bank advised financial institution top officials to avoid staying out of  office.   

The central bank in March last year had banned bank managing directors from going abroad altogether without the permission of the Bangladesh Bank.  

The central bank said it is very important for top bank officials to be at their place of work as their absence slows down office work and poses operational risks.    

On 5 July this year, the central bank issued another instruction to bank managing directors requiring information about any individuals who may go abroad with any top officials.

The Bangladesh Bank said bankers would not have to disclose the source of their travel expenses or their salary. But their travel applications will have to include their national identity card number, their passport number, and the purpose of travel.