NBFIs told to hold hybrid meetings to cut costs

The Bangladesh Bank yesterday asked non-bank financial institutions (NBFIs) to hold hybrid meetings wherever possible in order to cut operating costs and the use of gas and electricity.

The hybrid meetings, which involve a mixture of in-person and remote attendees, have to be organised by taking into account the importance of the meeting and the need of in-person presence, said the central bank in a circular.

On April 26, the BB instructed banks to hold hybrid meetings.

The BB came up with the move as a part of the government's austerity measures aimed at cutting down costs in different development projects and government spending.

The country is still struggling to meet its energy demand amid the ongoing Russia-Ukraine war while its foreign currency reserve has been depleting.

As such, the government has largely banned government officials from foreign trips, curbed the imports of non-essential and luxury items, and prioritised the implementation of development projects to ease pressures on the reserves, whose level has fallen by about 28 per cent in the past one year.

The reserve stood at $30.35 billion on May 10 this year, down from $41.95 billion on the same day last year, BB data showed.