Banks asked to cut electricity, fuel cost

Bangladesh Bank (BB) asked all banks to reduce the costs of electricity and fuels in an effort to tackle the ongoing economic crisis induced by Russian invasion in Ukraine.

The central bank on Tuesday issued a direction in which banks are directed to cut the allocated budget on fuels - petrol, Diesel, Octane, Gas and Lubricant - by 20 per cent in this fiscal.

Apart from this, banks are urged to maintain austerity in electricity use, reducing the cost by 25 per cent within next year.

BB said the banks will not be allowed to spend the money – they would save by reducing the expenditures – in other sectors.

Banks will have to keep the records concerning the reduced costs at the main offices of the respective banks.