The government has decided to impose a temporary restriction on transactions through mobile financial services (MFS) and internet banking ahead of the upcoming national parliamentary election from February 8 to February 13
During this period, a mobile banking customer will be able to transact a maximum of Tk 10,000 per day through MFS platforms such as bKash, Rocket, and Nagad, with each individual transaction capped at Tk 1,000.
Sources at the Bangladesh Bank (BB) said that these limits will be in effect from February 8 (Sunday) and will end on February 13 (Friday).
At the same time, preparations are underway to temporarily suspend person-to-person money transfers through bank apps and internet banking.
Sources said that following the request of the Election Commission to prevent misuse of money to influence voters during the election, the Bangladesh Financial Intelligence Unit (BFIU) has proposed these measures.
The central bank, Bangladesh Bank, is preparing to implement the proposal, although the exact limits may be slightly adjusted if necessary.
Currently, MFS customers can transact up to Tk 50,000 per day and Tk 300,000 per month. Under the proposed election-time restrictions, a customer will be able to send a maximum of Tk 10,000 per day to another customer, with up to 10 transactions per day, each limited to a maximum of Tk 1,000.
Meanwhile, through bank apps and internet banking services, individual customers can currently transact up to Tk 1 million per day. During the election period, Bangladesh Bank is positively considering the proposal to suspend person-to-person money transfers through these channels, according to relevant sources.
The BB Executive Director and spokesperson Arif Hossain Khan said, “Work is underway to limit financial transactions in line with the Election Commission’s request. A notification will be issued on this matter within the current week.”
In addition, monitoring of cash deposits and withdrawals has been strengthened. According to the directive, if cash deposits or withdrawals of Tk 1 million or more are made in a single day—through one or multiple transactions—the concerned bank must submit a Cash Transaction Report (CTR) to the BFIU. Until further notice, these reports are to be submitted on a weekly basis.