The government’s all-out measures to make the country’s foreign exchange market stable, are going in vain as some dishonest money exchange houses are still manipulating the price of the US dollar in many ways. As part of the measures, the Bangladesh Bank in association with the Detective Branch (DB) of Police earlier launched a crackdown on individuals involved in manufacturing counterfeit US dollars and hoarding the currency illegally.
And the central bank vowed to continue the drives against illegal currency business, hoarding and smuggling in the capital to control the sudden hike in the US dollars’ price that has already created an artificial crisis of dollars in the open market. But the country is being deprived of dollars equivalent to Tk 100 crore every day due to illegal buying and selling of foreign currency at the airport, according to media reports.
The Anti-Corruption Commission has found evidence that some money changers inside the airport are involved in illegal buying and selling of foreign currency worth more than Tk 100 crore every day and money laundering. On July 26 last year, the exchange rate of the US dollar against taka hit a record of Tk 112 in the country’s kerb market due to a huge demand.
Country is being deprived
of dollars equivalent
to Tk 100 crore
every day
The central bank had suspended the operation of a money changer company for holding more dollars than the authorised limit at a time when the local currency continues to lose ground against the US currency. There are 602 authorised money changers in the country. Out of these 235 are valid and the rest have their licences suspended or revoked.
The central bank and an intelligence agency have identified 165 money exchange houses involved in manipulating dollar market. Amid a shortage of the US dollar fuelled by high import costs due to the Russia-Ukraine war amid the impact of coronavirus pandemic, a section of dishonest money exchange houses are still now busy with manufacturing counterfeit US dollars and hoarding the currency illegally to pocket hefty profits holding the people hostage.
This organised unholy nexus believe the price of dollar will be increasing further and their profit will also rise in the days to come. Therefore, forming syndication, this clique has become desperate, trying artificially to increase the price of the US dollar. We think the government must demolish the unholy syndicate, start monitoring the situation and take stern actions against dishonest money exchange houses immediately.