In a bold and significant move to reform the country’s financial sector and ensure long-term stability, the government has decided to shut down operations of nine non-banking financial institutions (NBFIs), also known as leasing companies.

This crucial development was confirmed on Wednesday (October 8) during a press briefing held at the Foreign Service Academy in Bailey Road, Dhaka, by Chief Adviser’s Press Secretary Shafiqul Alam.

He stated that the decision was made during a high-level meeting presided over by Chief Adviser Professor Muhammad Yunus, where Bangladesh Bank Governor Dr. Ahsan H. Mansur informed the council about the matter.

The Press Secretary also added that the overall state of the country’s financial sector was extensively discussed during the meeting held at the Tejgaon office of the Advisory Council, which included members of the council as well as various stakeholders.

During the meeting, Dr. Mansur pointed out that several leasing companies had long been plagued with inefficiency, serious irregularities, and chronic capital shortfalls, which were destabilizing the overall financial market.

These institutions, he noted, were not only eroding investor confidence but also negatively affecting the overall economic flow. Given this harsh reality, the government has finally made the decision to liquidate the operations of these nine companies.

Despite this major announcement, no official list of the nine leasing companies to be dissolved has been released yet.

When asked by journalists, Press Secretary Shafiqul Alam stated, “The Governor’s statement did not include the specific names, but Bangladesh Bank will release detailed information very soon.”

The announcement has already sparked speculation in financial circles about which long-struggling companies are finally being shut down.

Market analysts and economists have supported the government’s move, stating that removing weak and irregular institutions from the market will help restore investor confidence in the long run and ensure the growth of stronger financial institutions. However, they also emphasized the need for responsible implementation of the decision.

According to analysts, the dissolution process must be transparent and carried out in a way that depositors and investors are not subjected to significant losses. They believe this step could pave the way for a cleaner and stronger foundation for the financial sector.