BB asks banks to practice austerity in using power, energy

The scheduled banks of the country have been asked to cut their power and energy consumption for the current fiscal year following the government initiative aiming to save energy against the backdrop of global economic turmoil.

The Bangladesh Bank’s Banking Regulation and Policy Department issued a circular in this regard on Tuesday.

The central bank asked the banks to reduce their expenses allocated for the use of energy (petrol, diesel, gas) and lubricants by at least 20 per cent, it said.

In this regard, the cost has to be cut by 10 per cent during the July-December period of 2022 and by another 10 per cent between January and June of 2023.

The banks have also been asked to reduce the expenditure allocated for the use of electricity by at least 25 per cent.

The expenses should be reduced proportionately in the remaining months of this year and the first six months of the next year, the BB added.