Dhaka, Feb 23 (BDNEWS) – Bangladesh Bank has started an enquiry into a memo of the Standard Chartered Bank mentioning a "balance of payment" crisis in the country, sources concerned said.
The BB instructed the bank 'to correct the misinformation it had used in its internal memo since it created a negative impact about Bangladesh economy globally, they said Wednesday.
The central bank made the directive following a BDNEWS report on the memo that jolted the country's banking sector.
The BB handed down the instruction summoning chief executive officer of StanChart, Osman Morad.
Being asked by the Finance Ministry, the BB warned to take stern action as per banking regulations if the StanChart did not follow the instruction.
The StanChart, however, said it would abide by the instruction, as the BB is the central regulatory body.
"During one hundred years of our banking in Bangladesh, we didn't and will not do any thing that might affect the image of the country," Mohammad Badrul Ahsan, head of corporate affairs of StanChart, Bangladesh told BDNEWS Wednesday.
Citing the report of the banks economist Gill James about Bangladesh, the StanChart said it has three and half months import coverage. Moreover, the strong export growth has helped contain the trade deficit.
sp/ni/2112 hrs
