Bangladesh has intensified its legal and institutional efforts to recover laundered money from abroad, said Bangladesh Bank Governor Dr Ahsan H Mansur today. Speaking to reporters at Bangladesh Secretariat, the governor said significant progress is being made in identifying cases and pursuing legal remedies, although the recovery of overseas assets is a lengthy and complex process. “Bringing money back from abroad usually takes a minimum of four to five years. This is the reality of international legal procedures,” he said. Dr Mansur confirmed that a number of cases have already been filed, with details to be disclosed in an official press release likely later in the day. He noted that while immediate recovery is unlikely, there are encouraging developments in certain cases, particularly in the United Kingdom. Referring to a London-based case involving Saifuzzaman Chowdhury, the governor said the individual did not contest the case and has already lost. As a result, Bangladesh may be able to recover part of the funds claimed by Islamic Bank. “There is a possibility that some money may come back. We will know the timeline in the coming months—whether before February or later in the year,” he said. However, Dr Mansur cautioned that appeals remain a possibility in international cases, which can prolong the recovery process. “These are legal processes, and there is no shortcut,” he added. On another front, the governor addressed arbitration proceedings initiated by S. Alam in Washington against Bangladeshi authorities. He described the move as baseless and said Bangladesh would strongly contest the case. “We have clear and sufficient evidence that he is a Bangladeshi citizen. This has been proven in Bangladeshi courts,” Dr Mansur said, rejecting claims of foreign nationality. He pointed out that S. Alam had served as a director and chairman of a Bangladeshi bank, positions that would not have been possible without Bangladeshi citizenship. Alongside international legal actions, Bangladesh Bank is also focusing on protecting depositors and strengthening the domestic financial system. Dr Mansur said a computer-based system is being developed to ensure that depositors of troubled banks, including Islamic Bank, can receive their money directly into their accounts. “This automated system will allow funds to be transferred efficiently and transparently. We want to ensure that no depositor is deprived,” he said, adding that the system would not take long to implement. The governor emphasized that the government remains committed to recovering laundered assets, holding wrongdoers accountable, and restoring confidence in the banking sector. While acknowledging the challenges of cross-border litigation, he expressed optimism that sustained legal efforts would eventually yield results. “Asset recovery is a long journey, but we are moving forward with determination,” Dr Mansur said. (Source: BSS)

In the first 8 days of December, the last month of the year, the country received $1.008 billion (100.80 crore) in remittances. On a daily average, the remittance inflow stood at $12.60 million. Executive Director and Spokesperson of Bangladesh Bank, Arif Hossain Khan, provided this information on Tuesday (December 9). He stated, "In the first 8 days of December, the country received $100.80 million in remittances. During the same period last year, the amount was $83.10 million. The remittance flow has increased compared to last year." Furthermore, Arif Hossain Khan mentioned that on December 8 alone, expatriates sent home $13.10 million in remittances. He added, "From July until December 8 of the current fiscal year, the country has received $14.046 billion in remittances, marking an 18.40 percent increase year-over-year." Prior to this, November saw the highest remittance inflow of the current fiscal year, totaling $2.88952 billion (288 crore 95 lakh 20 thousand). Remittances received in October and September were $2.56348 billion and $2.68588 billion, respectively. In August and July, the amounts were $2.42189 billion and $2.478 billion, respectively. Meanwhile, throughout the last fiscal year, 2024-25, expatriates sent home $30.328 billion (3,032 crore 80 lakh) in remittances, setting a record for the highest expatriate earnings in the country's history for any single fiscal year.

Bangladesh Bank (BB) is set to release a newly designed Taka 500 banknote from Thursday as part of its ongoing "Historical and Archaeological Architecture of Bangladesh" series. The new note, signed by Governor Dr. Ahsan H. Mansur, will initially be issued from the central bank's Motijheel office before being distributed through other branches. The new note measures 152mm x 65mm and features a predominantly green color scheme. The left side displays the Central Shaheed Minar, while the center background features a blooming Water Lily (Shapla) with leaves. The reverse side showcases the Supreme Court of Bangladesh. A portrait of the Royal Bengal Tiger, a bright electrotype '500', and the Bangladesh Bank monogram are embedded as watermarks. To ensure authenticity, the note incorporates 10 distinct security features. The value '500' in the top right corner is printed with optically variable ink. When tilted, the colour shifts from green to blue, revealing a diagonal '500' inside. A 4mm wide twisted thread combines red and bright gold. Upon tilting, the red portion turns green (showing Taka 500), while the gold portion displays moving rainbow-colored bars. A latent image of the number '500' is hidden in the green design of the bottom border, visible only when held horizontally. Additionally, a see-through image of '500' beside the Governor’s signature becomes visible against light. The note is designed to be accessible to the visually impaired, featuring five small, raised dots on the bottom right corner. Rough intaglio printing is used for key elements, including the Shaheed Minar, the bank's name, the diagonal lines on the right, and the Supreme Court image, allowing users to feel the texture. The note utilizes UV curing varnish on both sides, giving it a glossy feel and increased durability. Under a UV detector, the Water Lily image fluoresces magenta, and red, blue, and green fibers scattered within the paper become visible. Micro printing of 'BANGLADESH BANK' is also present in various locations, viewable only with a magnifying glass. Bangladesh Bank has confirmed that all currently circulating notes and coins will remain legal tender alongside the new issue. For numismatists, non-exchangeable Specimen versions of the note will be available for purchase at the Taka Museum in Mirpur. This release follows the earlier issuance of new 1000, 100, 50, and 20 Taka notes under the same architectural series.

The International Monetary Fund (IMF) has praised the increase in foreign exchange reserves by the Bangladesh Bank. "The accumulation of reserves is considered a central objective of the IMF-supported programme, particularly given that the country continues to face balance of payments pressures," said Thomas Helbling, deputy director of the IMF's Asia and Pacific Department, at a press briefing on Asia-Pacific economic developments in Hong Kong on Friday.  Bangladesh's foreign exchange reserves rose to USD 27.35 billion as per the IMF's calculation method on October 16, up from USD 19.93 billion a year earlier, owing to higher inflows than outflows and the central bank's purchases from the market. "Increasing reserves to reduce balance of payments vulnerabilities is a key goal of the programme. So, the success of the central bank in accumulating reserves is welcome," he added.  Read More Remittance Inflow Grows 14.3% in Current Fiscal Year Helbling also said that an IMF mission is expected to visit Bangladesh this month for the fifth review of the conditions tied to the USD 5.5 billion loan. "They will conduct discussions with the authorities, and it remains to be seen what the outcome is. The mission will be in the field," he said.   Meanwhile, the IMF will also assess whether the modalities of these interventions align with the BB's declared exchange rate regime.

Bangladesh Bank has launched a BDT 500 crore (approximately $45 million) refinancing scheme for start-up entrepreneurs. Under this initiative, entrepreneurs can avail loans at a maximum interest or profit rate of 4%. The signing ceremony for the participation agreements was held on Tuesday (September 2) at the Jahangir Alam Conference Hall of Bangladesh Bank's head office, involving 16 scheduled banks and 4 financial companies. Deputy Governor Nurun Nahar and Executive Director Husne Ara Shikha were present, while Governor Dr. Ahsan H. Monsur joined the event virtually. Mohammad Mostafizur Rahman, Director (Current Charge) of the SME and Special Programs Department, signed the agreement on behalf of Bangladesh Bank. The managing directors signed for their respective banks and financial companies. Heads of the SME divisions of the banks and finance companies also attended the event. According to the new circular, start-up entrepreneurs can now receive term and working capital loans or investments ranging from BDT 2 crore to a maximum of BDT 8 crore (approximately $180,000 to $720,000). Discussions were also held regarding the formation of a proposed equity investment company with 52 partner banks. Bangladesh Bank stated that in the country's current economic context, the start-up sector plays a crucial role in creating employment, fostering innovative businesses, and increasing international partnerships. The new circular is expected to make it easier for entrepreneurs to access financing and will help ensure the sustainable growth of the sector.