Home ›› 03 Aug 2022 ›› Front
Bangladesh Bank on Tuesday suspended the licenses of five money changers and sent show-cause notices to 42 others for irregularities including keeping dollars beyond limit.
The suspended money changers are Aunkon Money Changer, Foyez Money Changer and Bismillah Money Changer.
The rest two are under the process of suspension, said the BB officials.
Bangladesh Bank Executive Director and spokesperson Md Serajul Islam told the Business Post that the BB had inspected 80 money changers in the last one week.
The US dollar rate hit Tk112 in the kerb market on July 26, which prompted the central bank to start inspection at money changers.
On July 27, ten inspection teams started visiting money changers in Dhaka City.
Now, 235 licensed money changers and around 1000 authorized dealers’ branches of banks are permitted for selling and buying foreign currency to travelers.
However, around 600 money changers are buying and selling foreign currency illegally.
As per the central bank rules, a money changer is permitted to hold a maximum of $25,000 at the close of each business day. BB officials said the cash beyond this limit would have to be deposited in their respective bank’s foreign currency account.
The balance of that account must not exceed $50,000 at any point in time, as per the BB officials.
A high official of BB told the Business Post that the BB inspection team found that the money changers were maintaining several books for transaction of foreign currency.
In most of the cases, the money changers are keeping dollars beyond limit, he added.
US dollar stood at Tk108 in kerb market
The US dollar exchange rate stood at Tk107.50-Tk108 against the local currency in the kerb market on Tuesday.
On the day, most of the money changers suspended their USD buying and selling due to the inspection of Bangladesh Bank and the Detective Branch of Dhaka Metropolitan police.
