Bangladesh Bank Governor Md. Mostakur Rahman has stated that Tk 60,000 crore will be required annually from the national budget for 5 to 8 years to revive the banking sector from massive “financial plunder and structural damage.”

He made these remarks on Saturday (October 10) while speaking as the chief guest at a promotional event for ‘Bangla QR’ transactions, organized by One Bank at United International University (UIU) in the capital.

Highlighting the extent of money laundering and irregularities in the financial sector, the Governor noted that when he assumed office, one-third of the banking system’s total funds had already been looted.

Pointing out the opportunity cost of the massive outflow of funds from the financial sector, the Governor said that with this amount of money, the government could have supported 20 million (2 crore) families or constructed two major infrastructure projects like the Padma Bridge.

He harshly criticized those responsible for the liquidity crisis in the banking system, stating that conventional terms are insufficient to describe the gravity of this crime.

Mostakur Rahman remarked that a group of looters had plundered public funds; this was not ordinary theft, but wholesale plunder.

Offering reassurance, the Governor stated that strict legal measures are already being taken to hold those involved in massive financial irregularities and money laundering accountable and to recover the looted assets.