no liquidity crisis in banks, over tk 1.69 lakh cr of excess liquidity, The Bangladesh Bank claimed today that there is 1,69,586 crore worth of excess cash rather than a liquidity crisis in the nation’s banks. This was said during a press conference held at the central bank today by GM Abul Kalam Azad, executive director and spokesperson for the-Bangladesh Bank. He claimed that conflicting information about depositors taking their money out of banks has surfaced on various social media platforms. This is not accurate, he declared.
No liquidity crisis in banks, over Tk 1.69 lakh cr of excess liquidity
“There is currently no liquidity crisis in Bangladesh’s banking system, which is in extremely good shape. There is currently 1,69,586 crore of excess liquidity in the banks “Added he. Azad said that the central bank had already given a warning about the current liquidity problem to all the managing directors of the scheduled commercial banks.
In the event that any banks experience a liquidity crisis, he stated that the Bangladesh-Bank would act immediately and with the utmost priority. The BB representative hoped that by January or February of the next year, there would be a balance between the supply and demand of foreign currencies.
“Media reports stating that the opening of LCs has been suspended are not true,” he added. Azad informed that LCs worth $1,263 million were opened in the first 10 days of November and it was $4,743 million in October this year. “Banks are opening LCs considering their stock of foreign currencies,” Azad added. Regarding the news of halting LC opening, the BB spokesperson said, “When the global situation becomes vulnerable, such rumours begin to spread,” Besides, the bank regulator, in a notice today, also said that there is no bar on the opening of commercial letter of credit (LC).
Additionally, to maintain economic stability by preserving the nation’s energy and food security, the Bangladesh-Bank offers dollar support in payment of government LCs opened for the import of priority sectors and essential commodities (fuel, fertilizer, and food). In addition, remittance earnings increased by 2.8 percent year over year as of November 10 this year compared to the same period last year, when the nation received $659 million from expatriate Bangladeshis.
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