The Bangladesh Bank has issued a mandatory directive instructing officials and employees of all scheduled banks across the country to refrain from travelling abroad without essential reasons until the 13th National Parliamentary Election is held. This significant order was released on Wednesday (26 November) by the central bank’s Banking Regulation and Policy Department (BRPD) and came into immediate effect.
The circular states that Managing Directors (MDs), Chief Executive Officers (CEOs), and all other levels of officers and staff must avoid foreign travel unless it is deemed absolutely necessary. Exceptions may be made only for critical situations, such as emergency medical treatment or other unavoidable humanitarian circumstances. This regulatory measure has been implemented under the legal authority granted by Section 45 of the Bank Company Act, 1991. The central bank has dispatched these instructions to the chairmen of the boards of directors, managing directors, and chief executive officers of all scheduled banks operating within the country.
Financial analysts suggest that this restriction is primarily aimed at maintaining stability within the banking sector during the crucial pre-election period. It is common for central banks to adopt such measures to prevent potential money laundering and to ensure that key financial personnel remain present at their duty stations during times of national importance. By keeping a close watch on the movement of high-ranking banking officials, the central bank aims to mitigate risks associated with the flight of capital or the sudden absence of decision-makers during periods of potential economic volatility.
Furthermore, ensuring effective liquidity management and the continuous operation of the national payment system is essential during a general election. The 13th National Parliamentary Election is expected to be a pivotal event, and the authorities are determined to prevent any financial irregularities or instances where officials might seek to avoid accountability by leaving the country. This travel bar is viewed as a preventative step to protect the interests of depositors and the integrity of the financial system. As the nation prepares for the upcoming polls, the Bangladesh Bank remains vigilant in its role as the guardian of the economy, ensuring that the banking sector contributes to a stable and secure electoral environment.
GLIVE/TSN