Money deposited in banks is safe: BB

Bangladesh Bank (BB) said all money deposited in banks is guaranteed.

The central bank said there is no reason to be panicked or to go for unnecessary withdrawals.

The BB authorities have urged the people to remain calm over deposited money in the banks.

“While a few bank branches have faced difficulties meeting unusual cash demands, the overall banking sector remains stable,” said Husneara Shikha, executive director and spokesperson of the central bank.

She was briefing media at BB headquarters in the city on Wednesday.

The Bangladesh Bank spokesperson suggested depositors to withdraw funds steadily according to their needs, rather than reacting to groundless fears.

She explained that the central bank facilitated a liquidity infusion of Tk 5,585 crore through a mechanism in which 10 financially robust banks lent funds to seven weaker banks under a guarantee from the central bank.

Banks, including those with strong financial standings, cannot immediately return large sums of deposit money as much of these funds are tied up in term loans and investments, she noted.