businessnews24bd.com

Personal bank accounts holding deposits of over BDT 10 million (1 crore) experienced a significant surge during the 18-month tenure of the former interim government led by Dr. Muhammad Yunus.

According to Bangladesh Bank's "Banking Sector Update" report, the growth rate of multi-millionaire bank accounts stood at 21 percent during this period.

Central bank data reveals that in September 2024, the number of personal accounts with deposits of BDT 10 million or more stood at 33,629. However, just a year and a half later, by March 2026, this figure climbed to 40,645. This reflects an increase of 7,156 accounts, or 20.86 percent, within a relatively short span.

Following the downfall of the Sheikh Hasina government through a mass student-people uprising on August 5, 2024, the interim government took charge on August 8. Its tenure concluded when an elected government assumed power on February 17, 2026, following the 13th parliamentary election held on February 12. Despite economic stagnation, high inflation, and rising poverty rates during this 18-month period, the sharp spike in high-value bank accounts has drawn the attention of economists and financial sector analysts.

Financial analysts and sector insiders suggest that in the wake of the political transition, a new class emerged to control various administrative and economic sectors alongside the associates of the ousted regime. A previous police report also noted that a large portion of individuals arrested for extortion and land-grabbing were newcomers with no prior criminal records. Consequently, this sudden rise in multi-millionaire accounts is widely attributed to the ascension of new influential groups following the shift in power and the subsequent deposit of their capital into the banking system.

However, former Finance Adviser and former Bangladesh Bank Governor Dr. Salehuddin Ahmed highlighted alternative factors behind the growth. He explained that after the interim administration assumed office, the true state of the banking sector was exposed, prompting the restructuring of boards in weak banks due to a lack of governance. Alarmed depositors withdrew their money en masse from fragile institutions and consolidated their funds into fixed deposits at stable banks, which likely drove up the count of high-value accounts. Additionally, heightened enforcement by the National Board of Revenue (NBR) and the Anti-Corruption Commission (ACC) may have motivated individuals to store cash within banking channels rather than keeping it at home.

Despite this, Bangladesh Bank data indicates that currency outside the banking system did not decrease during the interim government's term. In September 2024, cash held outside banks stood at BDT 283,553 crore, which further increased to exceed BDT 303,018 crore by the end of March 2026.

Total deposits in these millionaire accounts stood at BDT 87,200 crore in September 2024. By March 2026, cumulative deposits in these accounts rose to BDT 91,400 crore. Throughout this period, private sector credit growth dropped to a historic low, with commercial banks largely shifting away from lending to general businesses and focusing instead on investments in government treasury bills and bonds.

Dr. Taufiq Ahmed Chowdhury, former Director General of the Bangladesh Institute of Bank Management (BIBM), noted that the political shift after a decade and a half brought a fresh cohort of individuals into positions of power and commerce, while banking sector instability encouraged customers to transfer funds to secure institutions, both of which contributed to the unusual growth in high-value accounts.

Arif Hossain Khan, Executive Director and Spokesperson for Bangladesh Bank, stated that the central bank has maintained rigorous oversight and inspections to restore governance within the banking sector. He added that while individual high-value accounts can fluctuate due to broader economic trends, authorities are investigating whether any illicit funds or black money played a role in the increase.