Bangladesh, July 28 -- IT goes without saying that defaulted loans are a primary cause of the banking sector's woes.
The alarming trend of a "culture of default"-which began during the previous Awami League regime-has now accelerated, deepening concerns. The number of loan defaulters is skyrocketing.
The number of loan defaulters stood at 2.2 million in March of last year; by March of this year, that figure had risen to 4.6 million.
In other words, the number of defaulters more than doubled within a year.
A report published by Bangladesh Bank on Thursday reveals that large borrowers and large-scale industries account for the highest number of defaults.
In March of last year, the rate of non-performing loans in the banking sector stood ...