Tk 92 thousand crore embezzled from banks: CPD

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Tk 92 thousand crore embezzled from banks: CPD

An estimated Tk 92 thousand 261 crore embezzled from banks during Awami League Government consecutive three tenures or last 15 years between 2008 to 2023 through different irregularities, says the Centre for Policy Dialogue (CPD). This amount taken out of the banking sector through irregularities is more than 12 percent of the budget for the financial year 2023-24.

The private research institute said that these funds have been taken out of the bank through 24 small and big irregularities in public and private banks.

The CPD (https://cpd.org.bd/) revealed those research result published on the irregularities of the banking sector in various mainstream media of the country. This information was highlighted in a briefing on the review of the current state of the economy organized by the CPD on Saturday.

Fahmida Khatun, executive director of the organization, presented the picture of the various sectors of the economy in the briefing organized in Dhanmondi of the capital. CPD Special Fellow Mostafizur Rahman, Research Director Khandkar Golam Moazzem, Senior Research Fellow Toufiqul Islam Khan answered various questions of the journalists.

According to the CPD, since 2008, the indices of the banking sector have been continuously declining. Apart from non-performing loans, other indicators are also deteriorating. The money withdrawn from the bank in the last 15 years is about 2 percent of the current gross domestic product or GDP.

Later, a journalist wants to know, how much of the money that has been looted from the bank has been added to the economy, and how much has been smuggled? In response, the executive director of CPD said, “We do not have any specific information on this matter.” Bangladesh Bank does not disclose any information on these matters. However, it can be assumed that a part of this money has been smuggled, some part may have been added to the economy.

CPD commented that currently the banking sector is in a state of weakness. The research director of the organization said that the economy is gradually becoming more fragile. Among the four sectors of the economy, the banking sector is in a state of impairment. Inflation continues to run rampant, the export sector stagnates and the labor sector stagnates.

CPD says that the overall economy of the country is now facing a major pressure or challenge. The economy has never been under such pressure in the past. The big challenge facing the political leadership now is to bring back the stability of the macro economy. A large institutional organization is needed for this. The political and electoral system required for such reforms is not in sight. As a result, whether there will be any reforms in the economy even after the election, it is questionable.

Fahmida Khatun, executive director of CPD, said that the country’s banking sector has now been taken over by private interests. Due to this, the crisis in this sector is increasing. Those who are taking big loans from this sector are influencing the creation of various rules for rescheduling loans. Not only the banking sector, the government institutions are now hostage in the hands of vested interests. As a result, there is considerable doubt about how much organization can be done in these sectors.

Mostafizur Rahman, special fellow of the organization, said, ‘Due to high inflation, inequality is becoming more evident in the country. In this, we are once again going to the path of two economies in one country. But Bangabandhu has fought against both economies. By whose hands the country’s independence has come. But now due to the weakness of the distribution system of wealth again two societies or economic systems are being formed. To prevent this system, the fairness of distribution of wealth must be ensured.

 

 

Bmirrorhttps://bmirror.net/
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