STAFF CORRESPONDENT

Bangladesh Bank has taken initiatives to amend the Money Loan Court Act to accelerate the disposal of default loan cases and strengthen the country’s loan recovery framework, Mostaqur Rahman, the central bank governor, said yesterday.

The central bank is also drafting a Distressed Asset Management Company Act to facilitate the resolution of non-performing and unrecoverable loans, the governor said.

As part of the government’s Stolen Asset Recovery Initiative, assets worth approximately $25 million have already been frozen in the United Kingdom, Rahman said, adding that efforts are underway to repatriate the funds at the earliest opportunity.

The governor made the comments at a meeting with leaders of the Editors’ Council at Bangladesh Bank headquarters in Dhaka.

Highlighting the need for a sound and resilient banking sector, the governor stressed the importance of insulating banks from political influence.

He said the ongoing reform programme is focused on strengthening professionalism, accountability and corporate governance in

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