Formed in 2006, IORWG promotes excellence in managing operational risks, sharing knowledge and best practices. Its secretariat is based in Madrid, Spain. BB’s membership follows the establishment of its Enterprise Risk Management (ERM) unit on August 29, 2024, created to address operational, financial, and cyber risks per International Monetary Fund (IMF) recommendations.
With approval from the BB Governor, the ERM unit applied for IORWG membership in December 2024. Bangladesh Bank was officially inducted on January 7, 2025. Three officials, including the ERM unit director, will represent Bangladesh in IORWG. Neighboring countries like India, Nepal, Sri Lanka, and Pakistan are already members.
This membership is expected to enhance BB's capability in formulating risk management policies aligned with international standards.
Remittance Inflow Reaches $736.61 Million in January
Bangladesh Bank also reported that expatriate Bangladeshis sent $736.61 million in remittances during the first 11 days of January in the 2024-25 fiscal year. State-owned and specialized banks received $226.78 million, while private banks collected $507.33 million, according to BB data.
Relief for Independent Directors
In a separate move, BB announced that independent directors of finance companies will no longer be held responsible for company loan defaults. Under Section 16(5) of the Finance Company Act 2023, independent directors are exempt from being labeled as defaulters. This change aims to attract skilled professionals to these roles without fear of legal liability
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