Bangladesh Bank acts on corruption

Bangladesh's central bank has taken action against seven of its officials for allegedly siphoning off money and defaulting on loan repayments.

Of the seven officials, two have been forced to retire, while another two faced demotion.

Central bank authorities were alerted when the commercial banks resorted to "guarantors" for recovering the loans, as the borrowers defaulted on payments.

According to official rules, a central bank official has to obtain prior approval if he or she wants to borrow

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