Government party lawmaker Mahbub Uddin Khokon, representing Noakhali-1, stated in the Bangladesh Parliament on Sunday that the country does not need so many banks. Speaking during the national budget discussion, he said that public money is being used to cover bank deficits and criticized the practice of politicians seeking to establish banks or leasing companies. He suggested reducing the number of banks and proposed canceling 500 and 1,000 taka notes to encourage people to deposit money and legalize undeclared funds through taxation.

Mahbub Uddin also highlighted money laundering as a persistent problem since independence, noting that despite publishing white papers, no laundered funds have returned to the country. He argued that Bangladesh’s financial system must change so that people feel their money is safe domestically. He cited examples of other countries where money flows despite limited legal restrictions and urged reforms to make domestic investment more secure.

He further described the proposed budget as a vision for one year’s development, emphasizing social protection, training, and employment initiatives, while identifying law and order deterioration and unemployment as key challenges to implementation.