Dhaka, May 27 -- Bangladesh Bank Governor Ahsan H Mansur has said around $18 to $20 billion was siphoned out of the country during the Awami League regime.

Speaking at the Bangladesh Bank headquarters on Tuesday, he said: "An estimated $18-20 billion was smuggled out in the past. Recovering this will take time, around five to seven years."

He added that the central bank sought assistance from foreign governments and agencies to recover the funds, prompting the authorities abroad to freeze the assets of some money launderers.

On Monday, he announced that six financially distressed banks will be consolidated and brought under state ownership as part of a sweeping reform to stabilise the banking sector.

Mansur said on Tuesday one of the ...