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Banks can change CEO's cars after eight yrs: BB

| Updated: December 08, 2022 09:49:29


Banks can change CEO's cars after eight yrs: BB

The Bangladesh Bank (BB) has tightened rules, following which the banks will be able to replace cars and other vehicles - used by their chairman and chief executive officer (CEO) - after at least eight years.

The central bank's Banking Regulation and Policy Department (BRPD) issued a circular in this regard on Wednesday.

In 2019, the BB allowed the banks to replace the cars and other vehicles - used by their chairman and CEO - with new ones after at least five years.

Talking to the FE, a BB official said now such vehicles would have to be at least eight years old.

The latest move has come in line with a government order for avoiding high-value expenses, like purchasing luxurious cars and doing decorations, to cut operating expenses of the banks, he added.

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