Five Merged Banks Depositors Protest at Central Bank Over Returns

On Thursday morning, depositors from five merged banks staged a protest and human chain outside the main gate of the central bank, demanding the return of their principal and accrued interest. The demonstration, which began around 11 a.m., briefly disrupted traffic on the main road near Shapla Square. Law enforcement personnel intervened, dispersing the crowd using water cannons.

The protestors stated that government-mandated haircuts had been applied to their deposits over the past two years, severely limiting returns. Interest for the fiscal years 2024 and 2025 has been capped at a mere four percent, a rate which they claim has caused significant financial hardship for many families. The demonstrators described the measure as both unjust and inhumane.

The banks involved in the consolidation are Union Bank, First Security Islami Bank, Global Bank, Social Islami Bank, and Exim Bank, all of which are now being integrated to form the United Islami Bank. The depositors demand that the government restore their full principal along with accumulated profits and allow regular banking operations to resume immediately.

During the human chain, speakers emphasised that a directive issued by the former governor of the central bank resulted in limiting the last two years’ interest to four percent. Protestors argued that this policy has rendered daily financial management unfeasible for many households, making it difficult to meet family and debt-related expenses. They warned that if their demands are not met, a larger demonstration and sit-in at the central bank is planned for 12 March.

The table below summarises the banks involved, their merger status, interest rates, and depositors’ principal demands:

The demonstrators stressed that without government intervention, resolving this financial crisis is impossible. They called on the authorities to take immediate steps to protect depositors’ rights and prevent further social and economic strain.

As the protest concluded, organisers reiterated that a more extensive movement and central bank encirclement would follow if the government fails to act promptly. They underlined that decisive action from the central bank and relevant authorities is the only viable solution to the ongoing crisis.