Bank, insurance and stock market reopen after 4 days
Published: 10:26 AM, 5 July 2021 Updated: 03:35 PM, 5 July 2021
Banks, insurances and stock markets have reopened from Monday after being closed for four consecutive days. However, due to the restrictions imposed by the government, all three sectors will remain open in a limited scale to facilitate the financial transaction for their clients.
Banks remained closed for four days from Thursday to Sunday due to a bank holiday, weekends and lockdown. July 1 and December 31 of every year are declared as Bank Holidays implying no banking transactions on the days. Branches of all banks remained closed on Friday and Saturday as well due to public holidays. Besides, the central bank asked the country's lenders not to open their branches on Sunday given the recent spread of the coronavirus pandemic.
The government imposed strict restrictions from 6:00 am on July 1 to midnight on July 7 to contain the recent surge of coronavirus infections.
According to Bangladesh Bank, clients would be allowed to settle financial transactions till 1:30 pm every working day till July 7. And transactions in the stock market will continue from 10:00 am to 1:00 pm.
In a circular, the central bank also instructed banks to keep a limited number of their branches open during the week-long period. Essential departments of banks' head office and authorised dealer branches, which are dedicated to running foreign exchange businesses, will have to be opened with a limited number of employees.
Every bank will be allowed to open one branch in district towns. State-owned banks can open one branch outside district towns while two branches of private banks can be opened in the same respect.
Besides, banks will have to run internet banking round the clock so that clients can settle their transactions from home. In addition, banks have to keep adequate cash in their respective automated teller machines so that customers can withdraw funds in case of any emergency requirement.