BB tightens rules for banks’ car purchase

Published : 07 Dec 2022 08:48 PM

Bangladesh Bank (BB) has tightened the rules for banks' car purchase for avoiding high-value expenses and purchases of luxurious cars with a view to cutting operating expenses.

"Banks would be able to replace cars and other vehicles used by their chairmen and chief executive officers and the lenders if they are at least eight years old," said a BB circular issued today.

In 2019, the Bangladesh Bank allowed banks to replace their cars and other vehicles dedicated to their chairmen and CEOs with new ones after they age at least five years.

Now, the vehicles would have to be at least eight years old, said the BB in a notice on Wednesday.