Money exchange

Money exchange

If the price of the dollar is kept high, the license of the money exchange is cancelled

The central bank has warned to take strict measures like canceling the license of the related money exchange to stop the volatility in the dollar price.

Bangladesh Bank Executive Director and Spokesperson Md. Sirajul Islam.

For the past few months, there has been a heated discussion about the devaluation of the rupee against the dollar. The currency is also devaluing multiple times every week. In this situation, the rate fixed by the central bank in the case of interbank lending is higher than the price in the open market.

Recently, the price of the dollar in the open market has risen to a record 112 taka. Even the banks are quoting Tk 105 to Tk 108 which is Tk 9 to Tk 14 higher than the rate fixed by the central bank.

The head of FBCCI requested the governor to take initiative to prevent this instability in dollar price.

Later, Central Bank spokesperson Sirajul Islam told reporters that action will be taken against those money changers and banks who made profit by increasing the price of dollar.
Spokesperson said, 10 teams of Bangladesh Bank visited the money exchange houses yesterday (Wednesday) to find out the reason for the increase in the value of the dollar. During this time some irregularities were noticed by the officials of the central bank.

At this time, he warned that if there is evidence of manipulation with dollars against any organization, their license will be cancelled. And the inspection activities of the central bank will continue.

He also said that Bangladesh Bank is working to keep the dollar market normal. Commercial banks should come forward in this work. The operation will continue to identify those involved.