Tuesday, April 12, 2016
Bangladesh, a poor country
It certainly is. Annual per capita income is $1314. Yet, some people there do quite well because the government truly favors them. The six state-owned commercial banks (SOCBs) manage their money rather loosely. Their rate of non-performing loans is very high, almost triple the rate in advanced countries. Individual illegal loans of almost a half-billion dollars have been given with very little punishment by the government. The banks are constantly recapitalized, last year it was more than $700 million. And they easily move money out of the country illegally, last year it was $9.7 billion.
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