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Banks have Tk 1.69 lakh crore excess liquidity

Banks have excess liquidity of Tk 1.69 lakh crore, and rumours on social media are unfounded, Bangladesh Bank spokesperson Md. Abul Kalm Azad said on Monday.

He was addressing a press conference at the central bank to brief reporters on misinformation circulating in social media regarding bank deposits and liquidity.

“Conspiratorial news is being circulated on social media. Investors are being asked to withdraw their bank deposits. It is being said that banks do not have cash or that there’s a iquidity crisis,” he said.

“But this is not true. The banking system of Bangladesh is very sound. There is no liquidity crisis as the banking system currently has excess liquidity of Tk 1.69 lakh crore,” Azad said at the press conference.

Bangladesh Bank as issued a special warning to managing directors of commercial banks regarding the liquidity situation. If there is any disruption in the liquidity management of a bank, the central bank will take steps to resolve it with utmost importance.

No bank has shut down in 51 years of Bangladesh’s history, he pointed out.

“People’s deposits in banks are completely safe. Nothing has happened to cause panic over people’s hard-earned savings in banks,” Azad assured.