BB governor says $20b syphoned by Ctg-based entity, reaffirms effort to recover laundered money

Bangladesh Bank Governor Ahsan H Mansur said $20 billion was transferred abroad illegally by a Chattogram-based entity, marking it as one of the largest instances of money laundering in the country's history.

The governor said today (11 January) recovering the stolen funds remains a priority for the authorities and highlighted their efforts in this regard.

"We are working with foreign organisations to recover the money taken out of banks and invested both domestically and abroad. The response has been encouraging," he said speaking at an award ceremony for the top 10 remittance-collecting banks organised by the Centre for Non-Resident Bangladeshis (Centre for NRB) at a hotel in the capital.

To expedite the process, Bangladesh Bank also plans to sign agreements with foreign legal firms, offering them 10% of the recovered funds as an incentive.

He further said, "No other country in the world has experienced such extensive looting of funds from the banking sector under the guise of loans and money laundering as Bangladesh."

"Although Malaysia has experienced some irregularities, they are nowhere near the scale seen in Bangladesh," added the governor.

Discussing foreign reserves, the governor said, "Currently, the reserve is $20 billion under the BPM-6 method, which is sufficient to cover four months of import bills."

Over the last six months, remittances increased by a net $3 billion, while exports grew by $2.5 billion, providing a total of $5.5 billion in additional support.

The governor credited the rise in remittances to improvements in governance and reduced corruption.

"The government is offering a 2.5% incentive on remittances, amounting to Tk7,000 crore, despite raising taxes in other areas," he said.

However, he flagged concerns over irregular remittance patterns.

"We are observing an unusual increase in remittances from Dubai, while those from Saudi Arabia are declining. This is not a good sign," he noted.

He cited concerns over certain entities in Dubai exploiting the remittance process to influence currency rates. He linked the economic consequences of such financial crimes to broader issues, such as exchange rate manipulation.

"This manipulation is harmful to our economy and needs to be addressed with strict oversight," Mansur warned.

The governor also criticised volatile dollar pricing by banks, stating, "A few days ago, a bank bought dollars at Tk121 in the morning and Tk127 a few hours later. Such sudden increases do not happen in any country. In India, for example, the dollar rate fluctuates by only 0.10-0.20 rupee."

On the need for skilled expatriates, Mansur said, "Our expatriates earn an average of $300 per month, whereas Indonesian workers earn $1,200-$1,500. We must enhance the skills of our workers to improve their earnings."

During the event, awards were presented to Islami Bank Bangladesh, Agrani Bank, Janata Bank, BRAC Bank, Trust Bank, Social Islami Bank, Bangladesh Krishi Bank, National Bank Ltd, Rupali Bank, and Sonali Bank as the top 10 remittance collectors for 2025.