The Bangladesh Bank (BB) has tightened rules, following which the banks will be able to replace cars and other vehicles - used by their chairman and chief executive officer (CEO) - after at least eight years.
The central bank's Banking Regulation and Policy Department (BRPD) issued a circular in this regard on Wednesday.
In 2019, the BB allowed the banks to replace the cars and other vehicles - used by their chairman and CEO - with new ones after at least five years.
Talking to the FE, a BB official said now such vehicles would have to be at least eight years old.
The latest move has come in line with a government order for avoiding high-value expenses, like purchasing luxurious cars and doing decorations, to cut operating expenses of the banks, he added.