The foundation building materials for the new $2.4bn Dhaka Bangladesh Bank building

Dhaka: Bangladesh’s central bank announced on Wednesday the opening of a new branch in Dhaka, its first in the country in nearly 20 years.

The new branch will become Bangladesh’s first branch of a larger central bank.

The bank said it will work with the government and industry to build a strong foundation for the bank to operate in Bangladesh.

“We are pleased to open the new branch for the first time, with a focus on strengthening the bank’s operations, infrastructure and business environment,” said the bank in a statement.

It said the new bank will have branches in the capital Dhaka and in other areas of the country.

The Bangladesh central bank said the move comes amid a string of recent announcements by the government to improve the countrys economic growth and development prospects.

Bangladesh’s central banks has been in a financial crisis since the end of July.

The country has been under pressure from international financial institutions to address a growing cash crunch and inflationary pressures in its economy.

The government is seeking to raise funds to rebuild and modernise the country’s infrastructure after years of chronic economic woes.

More to follow