The Bangladesh Bank has directed non-bank financial institutions (NBFIs) to halt the procurement or replacement of vehicles in FY23, in accordance with the government's move to curb operational and development expenditures amid the global economic crisis.
A central bank circular issued Wednesday further stated that the NBFIs cannot replace a vehicle within eight years of its purchase. A previous Bangladesh Bank circular issued in 2015 mandated that NBFIs will be able to replace a vehicle after five years of its purchase.
A NBFI CEO is not permitted to utilise more than one vehicle at the expense of their institution, and they will have to keep fuel usage within a set limit. In this regard, vehicle usage must be thoroughly documented and retained.
