No more new vehicles for banks

As part of austerity measures banks cannot procure new vehicles or make any replacement for them during the current financial year 2022-23, said a circular of Bangladesh Bank on Wednesday.

The circular also stated that half of the allocated amount can be spent on entertainment, travel, computers and accessories, electrical appliances, furniture and other sectors only for emergency.

Savings cannot be allocated or spent on any other purposes. Besides, the information and documents related cost reduction should be stored in the main office of the bank.

It should be shown to the inspection team of Bangladesh Bank during the inspection of the bank concerned, the circular said. Besides, the savings from July to December of this year should be reflected in the financial statements of 2022 and the savings from January to June - 2023 should be reflected in the financial statements of 2023.

Meanwhile, in another circular, Bangladesh Bank has instructed non-bank financial institutions to save electricity and energy. The regulator instructed that 25 per cent of the money allocated must be saved and this money cannot be spent on any other sectors.

This order shall remain in force until further orders.