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Bangladesh Bank Governor Md. Mostakur Rahman.
One-third of the total assets in the banking sector were looted during the tenure of the now-banned Awami League, leaving nearly 20 million depositors facing severe distress, stated Bangladesh Bank Governor Md. Mostakur Rahman.
He made these remarks on Thursday (August 6) during a discussion on Bangla QR organized by Dutch-Bangla Bank at Dhaka University.
Governor Mostakur Rahman stated that the former Awami League government crippled the national economy, alleging that one-third of the funds in the banking channel were systematically stolen. He emphasized that what is conventionally classified as default loans in the sector actually represents outright theft.
He explained that this widespread corruption has subjected two crore depositors to immense suffering, rendering effective operation of the banking sector exceptionally challenging under current conditions.
The central bank chief assured that efforts are underway to restore order in the banking system through strict enforcement of financial laws, warning that any future irregularities would face maximum statutory penalties.
Highlighting that default loans currently account for 36 percent of total banking assets—a dangerous indicator for the financial sector—the Governor outlined an 18-month strategic roadmap to reduce non-performing loans.
According to the plan, defaulters will be offered an exit route via bullet payments during the initial six months, followed by structured recovery under the Distressed Asset Management Act and the Artha Rin Adalat (Money Loan Court) Act over the subsequent twelve months. Both legislations are expected to be passed during the upcoming parliamentary session.
Additionally, the Governor announced an initiative to foster 5,000 young entrepreneurs in honor of the July Revolution participants, selecting 10 individuals under the age of 28 from each upazila across the country.
