Bangladesh Bank (BB) plans to scrutinise large corporate loans before they are approved by commercial banks, Governor Mostaqur Rahman has said.
BB Governor underscored the imperative for a rapid transition toward a cashless economy, identifying the "Bangla QR" payment system as the primary instrument to bolster national revenue and ensure financial transparency.
"The central bank is prioritizing the expansion of cashless transactions to enhance revenue collection. The 'Bangla QR' code system as the national standard for digital payments, which is central to this initiative," he said.
He shared the idea during a meeting with business editors of private television channels on Wednesday, according to bdnews24.com and BSS news report.
Briefing reporters after the meeting, central bank spokesperson Arief Hossain Khan said the proposal is still at a preliminary stage.
"Commercial banks provide large loans to corporate entities. The governor has said Bangladesh Bank is thinking of verifying such loans before approval. The process has not yet been finalised, but the initiative will begin," Arief, also BB executive director, said.
He added that no steps have yet been taken to determine the procedure or recruit skilled personnel for evaluating loan proposals.
"It remains at the conceptual stage," Arief said, adding that the matter was disclosed early to make banks more cautious. A policy will be announced once finalised.
Officials say the move may help curb rising default loans, noting that bankers often anticipate which loans could turn non-performing but proceed under pressures and interests.
However, no timeline has been set for implementing the initiative.
The central bank is also consulting stakeholders to determine measures amid the ongoing Middle East crisis, which has disrupted global shipping routes, including the Strait of Hormuz, leading to rising fuel and commodity prices.
The impact has begun to reach Bangladesh, with signs of fuel shortages and long queues at filling stations.
At the meeting, the governor said while foreign exchange reserves remain stable, inflation is not at a satisfactory level, and employment challenges persist alongside the Middle East situation.
