Regulatory Alerts2022-07-26
Added
BRPD Circular Letter No. 28: Saving/Reducing Expense of Energy and Fuel
Scheduled banks operating in Bangladesh are directed to reduce fuel, oil, and lubricant expenses by 20% and electricity expenses by 25% over the period from July 2022 to June 2023, with a 10% reduction required for the remaining six months of 2022 and another 10% for the first six months of 2023. Banks must maintain records of these expense reductions at their head offices and provide them to Bangladesh Bank inspectors upon request. The savings cannot be reallocated to other categories, and the incurred expenses must be reflected in the financial statements for the respective periods. These instructions are issued under Section 45 of the Bank Company Act, 1991, and take immediate effect.
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