Finance advisor attributes rise in millionaire bank accounts to ‘hidden money’

The central bank report notes a rise of over 6,700 millionaire bank accounts in two quarters

Finance Advisor Salehuddin Ahmed has said the Bangladesh Bank’s report showing a rise in millionaire bank accounts is due to “money hidden at home for a long time” now being deposited.

He made these comments after a meeting of the Advisory Council Committee on Government Procurement at the Secretariat on Tuesday.

His remarks follow a report published on Sunday, which noted an increase of 5,974 millionaire bank accounts in the second quarter and a further 734 in the third quarter of this year.

On why the number of millionaire bank accounts is surging despite expectations of reduced corruption, he said: “This could be because money that was hidden away inside homes for a long time is now being deposited in banks. It is not that people have no money.”

Salehuddin said other government work, including procurement, will continue even after the schedule is announced. However, work that “influences” the election will be stopped.

“Five banks will merge, nine NBFIs (leasing companies) will merge. Those will not be stopped.”