May 25, 2024, 7:32 pm

IMF advises BB to disclose full report on banks’ financial health

  • Update Time : Tuesday, April 30, 2024
  • 10 Time View
Photo: Collected

TDS Desk:
The visiting International Monetary Fund (IMF) delegation has advised Bangladesh Bank to disclose detailed and complete information regarding bad and risky loans for the sake of public interest.
Sources said that the visiting IMF delegation made this suggestion in the meeting held with the Bangladesh Bank officials on Sunday.
At the meeting, the IMF asked to make the financial health of the banks and the inspection report open to the customers. At the same time, it urged to increase the number of inspections to prevent irregularities-corruption and loan scams. Officials concerned in the meeting said that bad loans or risky assets are increasing in banks due to various irregularities including big loan scams.
Several banks are now at risk, acknowledged the Bangladesh Bank governor. The IMF believes that the deposits in those banks are also at risk.
In such a situation, the global lender suggested that the banks should disclose the full report of risky assets to customers. According to the IMF officials: “If these reports are published, the customers will be able to make informed decisions about keeping their deposits.” At the meeting, the IMF sought to know whether the central bank’s inspection of banks’ financial health is continuing.
Clarification has also been sought as to whether inspection reports are disclosed to customers or not.
In addition, the IMF delegation suggested increasing the quality and number of inspections to prevent irregularities, corruption and loan scams, sources said.
When asked about the meeting with the central bank, the executive director and spokesperson of the Bangladesh Bank Mezbaul Haque said that the meetings with the IMF will continue till May 8.
He did not agree to make any comment other than that and said the details will be given in future.

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