The Bangladesh Bank has started inspection to stop digital hundi amid the ongoing volatility of foreign exchange reserve, the central bank’s executive director and spokesperson Md Serajul Islam said on Sunday.
While speaking to journalists, he said that the two inspection teams of Bangladesh Bank are already in the field to find and stop digital US dollar transactions through E-wallet and mobile financial services providers.
The spokesperson also said that the central bank has asked banks to inform before 24 hours of opening any letter of credit (LC) at a $300 million minimum.
Previously, the minimum limit was $500 million.
According to the central bank data, it had injected a record $7.62 billion from its reserves to banks in the last fiscal year. Moreover, it also pumped over $1 billion into the country’s banking industry within 28 days of July alone to cool down the foreign exchange market.
Due to the continued US dollar selling spree of the central bank, the foreign exchange reserve of Bangladesh dipped to $39.47 billion by July 28, compared to $46.15 billion recorded in December of last year.
