Bangladesh Bank again warns money changers against irregularities

TBS report

September 04, 2022, 10:35 p.m.

Last modification: September 04, 2022, 10:39 p.m.

Euro and U.S. dollar banknotes are seen in this illustration taken in Prague January 23, 2013. REUTERS/David W Cerny

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Euro and U.S. dollar banknotes are seen in this illustration taken in Prague January 23, 2013. REUTERS/David W Cerny

The Bangladesh Bank has again warned money changers of several irregularities, including holding more dollars than the limit set by the central bank.

A joint meeting in this regard was held on Sunday with representatives of Bangladesh Financial Intelligence Unit (BFIU), NSI, RAB, DB Police Branch and Money Exchangers Association.

The association’s secretary general, Md Helal Uddin, told TBS: “In light of Bangladesh Bank’s inspection, we were instructed during the meeting. We were informed that the central bank will take action against money changers involved in irregularities.

“Furthermore, we were warned about these irregularities and told to do business according to the rules. At the meeting, he was informed that the central bank and law enforcement were investigating the hundi system. If we have information about the hundi company, we have been asked to provide it,” he added.

Mentioning that many who work in money changers are unaware of the regulations, Helal Uddin said that Bangladesh Bank reminded that training is needed in this sector. Training will be organized this month.

Bangladesh Bank Spokesperson and Executive Director Sirajul Islam said, “We inspected the money changers and found that several money changers had committed irregularities. This is why the representatives of the association were informed during the meeting that we must work together to make the market stable.”

A joint initiative will be taken in the future to stabilize the foreign exchange market. For example, the BFIU can get help from the police or the central bank can change policies, if necessary, he added.

The dollar was sold at 113 Tk in the open market on Sunday. Earlier last Thursday, the country’s money changers sold the dollar at 112 Tk. The price of cash dollars has risen accordingly.