BB tightens rules for banks’ car purchase

Banks would able to replace cars and other vehicles used by their chairmen and chief executive officers and the lenders with new ones if they are at least eight years old, said the central bank on Wednesday.

The move is in line with a government order aimed at avoiding high-value expenses, purchases of luxurious cars and grand decorations with a view to cutting operating expenses. 

In 2019, the Bangladesh Bank allowed banks to replace their cars and other vehicles dedicated to their chairman and CEOs with new ones after they age at least five years.

Now, the vehicles would have to be at least eight years old, said the BB.