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Bank financial closing Dec 27

FE Report | December 19, 2018 00:00:00

Bangladesh Bank announced on Tuesday the 27th December as the financial closing day for all scheduled commercial banks instead of December 30, according to a press release.

The Bangladesh Bank issued the order on 'bank closing" day considering the During the day banks usually report the last transactions of the customers and apply profits and other accounting practices.

This year the last transactions will be made on December 26.

The automated teller machine (ATM) operations will remain as usual.

However people involving with accounting practices told the FE that such time of closing may cause some sort of problems for auditing.

These are: income-expenditure related problem may surface when it will be compared to the previous year as the current year will consist of four days less than its previous year.

Another problem is what day will be the signing day for auditors to put signature on financial statements. Usually the auditors sign on the 31st day of December.

However, they said the central bank may need a further circular addressing the issues, otherwise it will not be consistent with international accounting standards.

In the meantime, senior bankers said that this will not create any major problem as the 'computer operations' will remain as usual.

"Actually we all treat the three days from December 28 to December 30 as public holidays and we will present on December 31," said Anis A Khan, managing director and CEO at the Mutual Trust Bank.

He also said almost all banking people will remain assigned on poll-related duties on December 30.

He also said people of urban areas will also leave before December 30 to exercise their rights for voting.

He said auditors will sign as usual on December 31 as the last day of banks.

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