Bangladesh Bank Governor Dr. Ahsan H. Mansur has warned sternly against acquiring any assets of the S. Alam Group, which he labeled a symbol of crony capitalism under the previous Awami League-led government.
Speaking at a press conference on Sunday evening at the central bank’s headquarters, Dr. Mansur cautioned that any individual or entity found to have purchased or taken ownership of the group’s assets would be forced to forfeit them.
This announcement comes amid ongoing efforts to stabilize the country’s financial sector and reform its banking system. The S. Alam Group has faced criticism for its alleged ties to corruption and misuse of political connections during the past 15 years of Awami League rule.
Dr. Mansur also highlighted significant improvements in Bangladesh’s foreign exchange reserves, which have grown by $300 million since the central bank stopped selling dollars in the market.
Under the previous administration, reserves were reportedly depleted by $1.1 billion monthly. The reserves now stand at $21 billion, calculated according to the International Monetary Fund (IMF) formula.
The governor emphasized that the foreign exchange market has stabilized and is expected to return to normalcy with the increased flow of remittances, foreign aid, and stronger checks on money laundering activities.
Additionally, Dr. Mansur revealed that 95% of all bank deposits are now secured under an expanded deposit insurance scheme. If a bank were to go bankrupt, 94.6% of depositors would be refunded immediately through this scheme, providing reassurance to depositors. He urged the public to remain patient and trust the banking sector reforms being implemented by the central bank.
