National, Front Page

BB cancels licence of 5 money hangers over dollar anomalies

Published : 02 Aug 2022 09:34 PM

The central bank has canceled the license and halted operations of five money exchangers for keeping dollars beyond the limit and other irregularities. 

Moreover, show-cause notices were sent to 42 money changers for flouting rules.

Apart from this, law enforcement agencies have been asked to take action against nine organisations for doing business without license.

Bangladesh Bank Executive Director and spokesperson Md Sirajul Islam said this on Tuesday.

He said, “Along with the money exchangers, we are inspecting in the banks too. We have asked the banks to provide their transaction information to us. We are continuously monitoring the banks. We will take action according to law if we find any irregularity.”

Md Sirajul Islam also said, “Due to the dollar crisis, we have given several conditions to import. Now the central bank’s permission is required to open import LCs above USD 3 million. Earlier the ceiling was USD 5 million. Many LCs had some problems. We did not allow them.”

“As a result, import LCs decreased significantly in July compared to June. Besides, remittances and exports have also increased. Considering these aspects, we can say that the dollar market will be stable soon,” he added.

The spokesperson of Bangladesh Bank said that the decisions taken by the current governor after taking responsibilities are having a positive impact in the market, hopefully it will bring benefits to the economy.

According to the latest data, the central bank sold dollars to commercial banks at the rate of Tk 94.70. According to the rules, this is the official rate of the dollar. At the beginning of May, this rate was Tk 86.45. Value of taka has decreased by Tk 8.25 in a span of three months. However, one dollar was being sold at Tk 109 to Tk 110 in the open market on Tuesday.

On May 17, the price of a dollar crossed Tk 100 mark for the first time in the country. Then it decreased again. Later on July 17, it crossed Tk 100 again.