Finance News

Chairman-MD of the bank will not get a new car before 8 years

From now on, the bank’s Chairman and Managing Director (MD) car will have to be used for a minimum of eight years. After eight years, only the Chairman-MD’s car can be bought new. Today, Wednesday, Bangladesh Bank has issued instructions in this regard. According to the existing rules, after five years the car of the chairman-MD of the bank can be bought anew. Now his term has been extended for another three years.

According to the instructions of the central bank, the chairman and MD of the bank get full-time vehicle facilities from the respective banks. In light of a 2019 directive, the lifespan of these vehicles was fixed at five years. That is, only the Chairman-MD’s car could be replaced after five years of use. In today’s directive, the period of use of these vehicles has been increased from three years to eight years. Bangladesh Bank says that the new decision has been taken in accordance with the government guidelines related to vehicles. All the banks were informed about this decision from the Banking Regulations and Policy Department today.

Apart from this, purchase and replacement of bank vehicles will be completely stopped in the financial year 2022-23. Bangladesh Bank issued a directive on July 27 due to instability in dollar and financial sector in the country in view of the global economic crisis.

In that directive, besides stopping the purchase of all types of cars for the bank, the cost of travel, entertainment, furniture, electrical equipment, furniture, computers and accessories has been reduced by half.