Bankers dismissed as a hoax the hearsay about local-currency shortfall in Bangladesh's banking system, terming it "fake news" designed to pull the plug on forex remittance.
The Association of Bankers Bangladesh (ABB) came up with a press statement Sunday in which its chairman Selim R. F. Hussain said it is "most disappointing" to see different posts on social media about a "so-called" lack of local-currency liquidity in the banking sector and about customers facing difficulty withdrawing cash from banks.
These unfounded comments appear to be particularly targeted at the Bangladeshi expatriate diaspora to discourage them from remitting their savings to Bangladesh through legal banking channels, the rebuttal reads.
"The ABB categorically condemns such rumours for being false and such social media posts as being 'fake news'," says Mr Hussain, also Managing Director and Chief Executive Officer (CEO) of Brac Bank.
All banks in the country's banking sector operate under the liquidity regulations and strict supervision of Bangladesh Bank, the central bank, the association notes.
"We would like to draw the attention of our respected customers to the recent Bangladesh Bank communication - confirming that the banking sector has surplus liquidity of Tk 1.60 trillion," the ABB Chairman says.
The Bangladesh Bank has made it clear that banks have sufficient liquidity to support the needs of their different customer segments.
It is unfortunate that fake news about a liquidity crunch is being spread at a time when the central bank and the banking sector are working to stabilize the economy and re-vitalize economic growth.
It encourages the accountholders and the general public to avoid being misled by such 'fake news' and to continue to show faith in scheduled banks.
"Let us not forget that the Banking Sector has contributed strongly to the economic development of our country over the last fifty years. We are confident that contribution, under the guidance and supervision of the Bangladesh Bank, will continue in the future," the bankers' body chief says on a note of reassurance.
Various observations about money supply, especially foreign-currency reserves, were being made in the wake of government austerity measure on spending and avoiding non-essential imports to navigate the current global financial crisis and trade slowdown.
On forex reserves, Prime Minister Sheikh Hasina Sunday reaffirmed more-than-necessary amount in exchequer that can foot the bill for five months' imports.
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