From now on, banks will be required to submit quarterly financial statements to the central bank in a move to to protect stock market investors.
The Bangladesh Bank in a circular issued from its Department of Off-site Supervision came up with the directive on Wednesday.
Previously, banks had to submit the statements twice a year.
“As per section section-36 (01) of the Bank Company Act, 1991 (amended up to 2013), every scheduled bank has to submit its statement regarding Asset and Liability, to Bangladesh Bank with specific format and method each year on quarterly basis,” said the statement.
Officials involved with the matter said earlier banks published their ‘financial statements’ every six months or once a year with wrong information that sent wrong messages to the stock markets.
He said it harmed investors, and the latest move aimed to plug the loopholes.
Source: Bd news24