BB instructs banks to hold hybrid meetings to conserve electricity

The Bangladesh Bank directed banks to arrange hybrid meetings, having both online and physical components, as part of austerity measures and to preserve electricity. 

The directive is applicable to any meeting which can be arranged online, while also having a portion of physical interactions.

The instructions were issued in a circular on Wednesday by the Banking Regulation and Policy Department of the central bank.

Amid a fresh round of belt-tightening by the government, the Bangladesh Bank in July instructed banks not to buy new cars until June 2023.

Besides, banks' spending for hospitality, travel, furniture and stationery was slashed by 50% due to the global economic situation.

Banks were not allowed to exhaust the savings accumulated by vehicle purchase postponement and 50% spending cut in other sectors either, according to the July central bank notification.

The chairpersons and managing directors (MDs) of banks were also instructed not to change their cars before eight years.

In the same month, banks were also asked to cut use of electricity and fuel till next June. 

A Bangladesh Bank notification stated that banks have to reduce the consumption of gas and lubricant by 20% and electricity by 25% in the next one year starting from July this year.