The government should call the situation what it is: An economic emergency. That calls for urgency, transparency about the losses in the banking system, and a public discourse around austerity.
A bank can hold substantial cash yet still be financially weak if years of loan losses have eroded its capital. This distinction is especially important in Bangladesh.
An independent central bank could have prevented bank fraud and inflation. There is no alternative unless we want to return to the bad old days of high inflation and a plummeting Taka.
