Bangladesh Bank orders 42 money exchange companies to explain irregularities

Bangladesh bank suspends the licences of two more money changers

Published : 2 August 2022, 08:23 PM
Updated : 2 August 2022, 08:23 PM

Bangladesh Bank officials have inspected 80 money exchange companies and ordered 42 of them to explain irregularities in business, including the trade of the US dollar.

Amid a hike in the US dollar price and supply crunch, the central bank on monday suspended the licences of three money changers for resorting to fraudulent activities to raise the US dollar rate against the taka, not preserving accounts of cash transactions and for opening unauthorised branches.

The three money changers are Bismillah Money Changer, Ankon Money Changer and Foyez Money Changer.

On Tuesday, two other money changers lost their licences, said Bangladesh Bank spokesperson Md Serajul Islam. He declined to
reveal the names of the two money exchange companies.

The Money Changer Association of Bangladesh submitted a list of organisations that are trading foreign currencies without licences, hurting the business of those operating with permission, said the association’s General Secretary Md Helal Shikder.

The steps taken by the central bank, however, had little effect on the market. The dollar was sold at around Tk 107 in the open market on Tuesday, down from Tk 108.5 on Monday. Banks also sold the dollar at up to Tk 108.

Bangladesh Bank also sold $79 million at Tk 94.7 to the banks to ease the supply crunch on Tuesday. Its foreign currency reserves stood at $39.67 billion after the day.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher