The Bangladesh Bank has initiated special audits on nine banks through a newly formed taskforce to address deep-rooted issues and improve the banking sector’s health. The six-member taskforce, led by the governor, will conduct the audits in three phases, starting with Islami Bank. The initiative aims to merge smaller crisis-hit banks and will involve foreign inspectors and international audit firms funded by development partners. The taskforce will focus on identifying impaired assets, locating them, and facilitating their recovery, as well as investigating funds withdrawn under false pretenses. The governor noted that the policy rate is expected to increase further this week and next month due to persistent inflation above 9% since March of the previous year, with the central bank’s monetary policy set to tighten slightly. He anticipates inflation to decrease to 5-6% within the next seven to eight months.
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