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ABB dismisses 'fake news' about banking sector liquidity

Staff Correspondent
20 Nov 2022 20:33:45 | Update: 20 Nov 2022 23:54:31
ABB dismisses 'fake news' about banking sector liquidity

The Association of Bankers, Bangladesh (ABB) has dismissed ‘fake news’ about the liquidity crisis in the banking sector.

“It is most disappointing to see different posts on social media about a so-called lack of Taka liquidity in the Bangladesh banking sector and about customers facing difficulty withdrawing cash from banks,” ABB Chairman Selim RF Hussain said in a press statement on Sunday.

“These unfounded comments appear to be particularly targeted at the Bangladeshi expatriate diaspora to discourage them from remitting their savings to Bangladesh through legal banking channels,” he said.

Selim Hussain categorically condemned such rumours and termed the social media posts as fake.

He said all banks in the banking sector operate under the liquidity regulations and strict supervision of the Bangladesh Bank.

“We would like to draw the attention of our respected customers to the recent Bangladesh Bank communication — confirming that banking sector has Tk 1,60,000 crore of liquidity.”

The Bangladesh Bank has made it clear that banks have sufficient liquidity to support the needs of their different customer segments.

It is unfortunate that fake news about a liquidity crunch is being spread at a time when the central bank and the banking sector are working to stabilise the economy and revitalise economic growth.

“We encourage our respected account holders and the general public to avoid being misled by such ‘fake news’ and to continue to show faith in scheduled banks,” the ABB chairman said.

“Let us not forget that the banking sector has contributed strongly to the economic development of our country over the last fifty years. We are confident that contribution, under the guidance and supervision of the Bangladesh Bank, will continue in the future,” he added.