"The measure proves that Bangladesh Bank has become a hostage to a certain vested interest and it is pushing the crisis-ridden banking sector into further disarray instead of reviving it"
The Transparency International Bangladesh (TIB) today heavily criticised the Bangladesh Bank's approval of rescheduling around Tk430 crore loans of one of the country's top defaulters.
The measure proves that Bangladesh Bank has become a hostage to a certain vested interest and it is pushing the crisis-ridden banking sector into further disarray instead of reviving it, the anti-corruption agency said in a statement.
"The way Beximco Limited is getting the chance of rescheduling its loans is unprecedented and it shows Bangladesh Bank has failed to play its role as the regulator of the banking sector," Dr Iftekharuzzaman, the executive director of TIB, said in the statement.
The loan of Beximco Limited that has been approved for rescheduling is a demand loan, which has to be repaid within a year as per law, the statement said.
"But, they (Beximco) had been given a unilateral unjust advantage in Bangladesh Bank's wider loan rescheduling policy. Now they are getting the chance to repay the loan within 12 years instead of six years bypassing that policy," Iftekharuzzaman said.
"We learned from media reports that the central bank did not publish any circular to conceal the matter," he added.
The country's economy is going in the wrong direction; if it cannot be reined in now, there will be no way to bring the economy back to the right track, the TIB executive director suggested.
"We want to believe firmly that the rulers will realise the importance of the situation well and form a commission soon with unbiased and acceptable experts from the sector for a desired reformation," he added.