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Banks asked to practice austerity strictly in using power, energy

Staff Correspondent
05 Sep 2022 20:07:23 | Update: 05 Sep 2022 21:07:29
Banks asked to practice austerity strictly in using power, energy

The Bangladesh Bank on Monday asked the scheduled banks to follow the ongoing austerity measures in consuming electricity and energy strictly against the backdrop of global price hikes in fuel and essential commodities amid the economic fallout induced by the Covid-19 pandemic and the Russia-Ukraine war.

In a circular issued by the central bank, the banks were asked to continue the existing measure in reducing their expenses allocated for the use of energy (petrol, diesel, gas) and lubricants by at least 20 per cent or more than that.

The lenders were also instructed not to use official vehicles for personal purposes to prevent the misuse of allocated fuel, it said.

Besides, the banks were asked to strengthen the ongoing measure in reducing the expenditure allocated for the use of electricity by at least 25 per cent.

To save power, they were ordered to take proper steps, such as refraining from running air conditioners in an irrespective manner and using unnecessary electric bulbs, kettles and other equipment.

Earlier on July 26, the central bank’s Banking Regulation and Policy Department issued a circular asking the banks 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.