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Hybrid Meetings Encouraged for NBFIs to Reduce Costs

Industry: Financial, NBFI

The Bangladesh Bank has urged non-bank financial institutions (NBFIs) to hold hybrid meetings, which include a combination of in-person and remote attendees, to reduce operating costs and energy consumption. The central bank’s circular emphasizes the importance of in-person presence while also considering the significance of the meeting.

The government’s austerity measures aim to reduce costs in various development projects and government spending due to the depletion of foreign currency reserves and the ongoing Russia-Ukraine war. As a result, government officials have been largely prohibited from foreign trips, imports of non-essential and luxury items have been limited, and development projects have been prioritized to ease pressure on the reserves, which have fallen by about 28% over the past year. As of May 10th, 2023, the reserve stood at $30.35 billion, down from $41.95 billion on the same day last year. The Bangladesh Bank had previously issued a similar directive to banks on April 26th, 2023.

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