UK freezes $25m in stolen assets, funds to be returned soon: Governor
He also said reforms underway to strengthen governance, reduce default loans and accelerate digital transformation in banking sector
Bangladesh Bank Governor Md Mostaqur Rahman has said $25 million worth of stolen assets frozen in the United Kingdom (UK) will soon be repatriated to Bangladesh as part of the country's ongoing stolen asset recovery efforts.
The governor disclosed the information during a courtesy meeting with leaders of the Editors' Council at the Bangladesh Bank headquarters today (8 June).
The discussion, held at noon, focused on ongoing banking sector reforms, establishment of good governance, management of weak banks, reduction of default loans and ensuring financial stability through digital transformation.
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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. Deputy governors of Bangladesh Bank were also present at the meeting.
During the discussion, the governor highlighted several recent initiatives aimed at restoring discipline and governance in the financial sector.
Mostaqur said administrative and management changes have already been completed as part of the ongoing merger process for weak banks.
He added that restructuring activities would gain further momentum after the development and integration of the banks' core banking systems (CBS).
The governor also briefed the editors on measures taken by the central bank to protect depositors' interests, including board restructuring and management changes at several large banks, including Islami Bank.
The governor said amendments to the Money Loan Court Act are currently being prepared to ensure quicker disposal of default loan cases.
At the same time, the central bank is formulating the Distressed Asset Management Company Act to resolve unrecoverable loans.
He said ensuring professionalism, accountability and good governance in bank management and loan disbursement remains the primary objective of the current reform initiatives.
On financial inclusion, Mostaqur said Bangladesh Bank is working to build an integrated digital financial ecosystem.
Initiatives have already been taken to introduce digital nano-loans, AI-based loan assessment systems and credit bureau approvals, he said.
The governor added that the "One Citizen, One Identity, One Wallet" concept would help accelerate the country's digital transformation.
He also said wider use of Bangla QR would help ensure cashless transactions and improve revenue collection by bringing customer transaction reporting under a formal system.
The governor said Bangladesh Bank is quickly approving requests for additional dollar allocations for overseas medical treatment beyond the permitted limit after applications are submitted through banks.
He also noted that the interest rate on funds used for bill discounting in UPAS letters of credit has been reduced, which would play a major role in lowering prices of imported goods.
During the meeting, Editors' Council members provided several constructive recommendations for sustainable development of the banking sector. Both sides also expressed commitment to continuing mutual cooperation for the advancement of the financial sector.
Among others present at the meeting were The Financial Express Editor Shamsul Huq Zahid, Manabzamin Editor Matiur Mostaqur Chowdhury, Prothom Alo Editor Matiur Rahman, Inqilab Editor AMM Bahauddin, Samakal Editor Shahed Muhammad Ali and Dainik Agamir Somoy Editor Mostafa Mamun.
