Bangladesh Bank (BB) in its 438th board meeting on Sunday approved several key initiatives to strengthen the financial scenario while rejecting two significant proposals. The approved measures reflect the bank's commitment to enhancing operational efficiency amidst ongoing economic challenges.
The board endorsed the contractual appointment of a Chief Economist, emphasizing the importance of economic expertise in navigating the complex financial environment. Additionally, it granted Shimanto Bank PLC an extension until June 2026 to mobilize capital through initial public offerings (IPOs), aiming to bolster the bank's capital base. Furthermore, the board empowered Bangladesh Bank and the Security Printing Corporation to operate independently, which will enhance their operational effectiveness.
Despite these approvals, the board rejected four important proposals. It declined to utilize approximately Euro 470.79 million received from the International Monetary Fund (IMF) for the "Capital and Maintenance Dredging of Rabnabad Channel" project, which involved Bangladesh Bank providing funds to Sonali Bank PLC.
The board turned down a proposal to allocate 10 per cent of annual profits from all banks to Corporate Social Responsibility (CSR) activities.
