Highlighting progress in recovering laundered money smuggled abroad, Bangladesh Bank Governor Md. Mostakur Rahman announced that $25 million in assets have been frozen in the United Kingdom as part of the 'Stolen Asset Recovery' initiative. The funds will be brought back to the country once the necessary formalities are completed.

The Governor shared this information during a courtesy meeting with leaders of the Editors' Council (Shampadak Parishad) at the Bangladesh Bank headquarters on Monday (June 8).

He stated that efforts are underway based on international cooperation to identify and freeze smuggled assets. Legal procedures are being advanced to repatriate the seized funds, he added.

During the meeting, the Governor also highlighted the progress of ongoing reform activities in the banking sector. Discussions focused on measures taken to establish good governance, reduce default loans, restructure weak banks, and ensure financial stability.

He informed the editors that several administrative and managerial changes have already been completed. Once the development and integration of the banks' Core Banking Systems (CBS) are finalized, the restructuring process will gain further momentum.

The central bank chief also mentioned the steps taken by the regulatory body to protect depositors' interests, reshape management, and restructure the boards of directors of several large banks, including Islami Bank.

To ensure swift resolution of non-performing loans (NPLs), the process of amending the 'Money Loan Court Act' (Artha Rin Adalat Ain) is currently underway. Additionally, initiatives have been taken to draft the 'Distressed Asset Management Company Act' to manage unrecoverable loans, the Governor noted.

Stressing the need to keep the banking sector free from political influence, he emphasized that the current reforms aim to ensure professionalism, accountability, and good governance in bank management and loan disbursement.

Regarding the expansion of digital financial services, the Governor stated that work is progressing on building an integrated digital financial ecosystem. Under this framework, initiatives such as digital nano-loans, AI-based credit scoring, and credit bureau approvals have been undertaken. Efforts are also moving forward to implement the concept of "One Citizen, One Identity, One Wallet."

He added that increasing cashless transactions through the 'Bangla QR' system and integrating it into the transaction reporting framework would also boost revenue collection.

Furthermore, the Governor mentioned that if a patient requires dollars beyond the approved limit for medical treatment abroad, swift approvals are being granted upon application by the respective bank.

Additionally, the interest rate on funds used for bill discounting in the case of UPAS LCs has been reduced, which he noted would help lower the prices of imported commodities.

The meeting was attended by Editors' Council President Nurul Kabir, General Secretary Dewan Hanif Mahmud, Shamsul Huq Zahid, Matiur Rahman Chowdhury, Matiur Rahman, A.M.M. Bahauddin, Shahed Muhammad Ali, and Mostafa Mamun, among other council leaders. Deputy Governors of Bangladesh Bank were also present at the discussion.