In July, Bangladesh Bank executed a $550 million currency swap with Islami Bank Bangladesh to bolster forex reserves and provide liquidity support. However, only $100 million was initially deposited, with the remaining $450 million delayed until August, after political changes affected both the central bank and Islami Bank. Allegations surfaced that former central bank officials facilitated the deal to benefit Islami Bank’s then-majority stakeholder, S Alam Group. The central bank fined Islami Bank $3 million for the delay. Despite current Governor Ahsan H Mansur addressing the issue as “unexpected” and resolving the dues, experts are calling for accountability and punishment for those involved in the irregularities, highlighting recurring unethical practices in Bangladesh’s financial sector.
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