, Aug. 28 -- Bangladesh Bank is working to liquidate 9 Non-Bank Financial Institutions (NBFIs) within this year considering their assets quality.

This moved to liquidate nine of the country's 35 NBFIs, a move officials say is aimed at protecting depositors and stabilising the troubled financial sector.

This marks the first time in the nation's history that such a drastic step is going to be taken taken.

Bangladesh Bank Governor Ahsan H. Mansur at an event on Wednesday told reporters that the government has given its in-principle approval for the process.

"We are moving forward with this process solely to protect the interests of the depositors. Ensuring their money is returned will be our first priority," he added.

The decision comes...