TDS Desk:

Bangladesh’s central bank has imposed tight restrictions on mobile financial services and suspended peer-to-peer internet banking for 96 hours ahead of the February 12 general election to prevent misuse of digital funds.

The measures took effect at midnight on February 9 and will remain in force until 11.59 pm on February 12, the day of the vote. During the period, individual mobile financial service users may transfer a maximum of BDT 1,000 per transaction, with a daily limit of ten transactions or BDT 10,000.

Bangladesh Bank said the decision aimed “to prevent the misuse” of P2P transactions conducted via MFS and the National Payment Switch Bangladesh interbank fund transfer system in the run-up to the election.

P2P transactions via internet banking apps have been suspended for the duration of the restrictions. Payments to merchants and for service bills will continue under existing rules.

Each MFS provider must set up an emergency response cell to handle complaints and take necessary action during the period. The central bank instructed all providers and banks to place transactions under “close round-the-clock monitoring” and to report any suspicious or unusual activity to local police stations immediately.

Financial institutions were also instructed to cooperate with the Election Commission and law enforcement agencies as required. Normal transaction limits are scheduled to be reinstated from midnight on February 13.