Bangladesh Bank approval mandatory for bank CEOs’ foreign trip

Staff Correspondent | Published: 23:07, Mar 23,2020


The Bangladesh Bank on Monday made it mandatory for the chief executives of all scheduled banks to obtain the central bank’s prior approval for foreign trips.

A BB instruction issued to the banks on the day said that it was observed that the chief executives of several banks had been staying abroad either on personal or official grounds for long periods of time.

If the banks’ chief executives stayed abroad for long periods of time, their absence created stagnancy in official activities along with creating managerial, operational and financial risks for the banks themselves which was unexpected, the BB circular said.

The banks’ chief executives were also advised to abstain from staying aboard for lengthy periods of time.

In case of essential visits, the chief executives will have to file applications to the central bank 15 days prior to any scheduled visit along with specification of the purpose.

Approval of the board was made mandatory for foreign trips.

If the application for foreign trip is approved by the BB, the name, designation, mobile phone number and e-mail address of the official to be act as in-charge on behalf of the chief executive must be submitted to the BB’s concerned department.

In another circular, the central bank on the day asked the scheduled banks to hold meetings of boards, executive committees, audit committees and risk management committees virtually through video conference to avoid the health risks posed by physical presence during the coronavirus outbreak in the country.

The video footage of such meetings must be preserved, it said.

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