Former Bangladesh Bank governor Mohammad Farashuddin has said that bank accounts should not be frozen indiscriminately. Such a move, he warned, would create a lack of confidence in the banking system. To strengthen trust in the banking sector, deposits up to taka 10 lakh should be brought under insurance coverage.
He made these remarks yesterday while speaking as the chief guest at the unveiling of the July–August edition of the Monthly Macroeconomic Insights (MMI), organized by the Policy Research Institute of Bangladesh (PRI).
The event, held at the PRI office in Banani, Dhaka, was chaired by PRI’s Executive Director Dr. Khurshid Alam. Among others, Metropolitan Chamber of Commerce and Industry president Kamran T. Rahman, former Dhaka Chamber of Commerce and Industry president Rizwan-Ur Rahman, and BRAC University BIGD visiting research fellow Khandaker Shakhawat Ali spoke at the program. The keynote paper was presented by PRI’s Chief Economist Dr. Ashikur Rahman.
Mohammad Farashuddin said, freezing bank accounts is not a good practice. To maintain confidence in the banking system, such decisions should be taken very carefully. “I don’t think this will bring good results. Rather, it will reduce confidence in banks. I would advise the government to keep account freezes very limited,” he stated.
He further said that every year, two million people must be brought under the tax net so that the burden of taxation does not fall only on current taxpayers. He also emphasized the need for the government to take stronger measures against money launderers. In addition, he stressed the importance of creating employment by providing training and low-interest loans to small entrepreneurs.
LND/SAE
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