Home Finance Bangladesh Bank Warned Money Changers About Irregularities

Bangladesh Bank Warned Money Changers About Irregularities

Bangladesh Bank To Meet Bankers to Discuss Dollar Crisis
Photo Courtesy: The Financial Express

Once again, the Bangladesh Bank alerted the money changers about numerous irregularities, like, keeping more dollars than the fixed by the central bank. A collaborative meeting was held on September 4, 2022, with the Bangladesh Financial Intelligence Unit (BFIU), NSI, RAB, DB branch of police, and the Money Exchangers Association. The article is about Bangladesh Bank Warned Money Changers About Irregularities.

General Secretary of the Association, Md. Helal Uddin said, “In light of the inspection by the Bangladesh Bank, we have been given some instructions in the meeting. We have been informed that Bangladesh Bank will take action against money changers involved in irregularities. Besides, he added that they were warned about these irregularities and told to do business according to the rules. Also, it was informed that the central bank and law enforcement agencies are investigating the hundi system. He added, “if we have any information about the hundi business, we have been requested to provide it.” 

Quoting that many who work as money changers do not know the regulations, Mr. Helal Uddin said the Bangladesh Bank reminded that training is required in this sector. Therefore, some training will be organised in September 2022.

Spokesperson and Executive Director of Bangladesh Bank Sirajul Islam said, “We examined the money changers and found several money changers had committed irregularities. Hence, the association representatives told the meeting that we must work together to stabilize the market.” A joint initiative will be taken in the future to make the money change market stable. For example, he added that the BFIU can get help from the police, or the central bank can change policies if required.

The dollar was sold at Tk. 113 in the open market. On September 1, 2022, the country’s money changers sold the dollar at Tk112. The price of cash dollars has increased accordingly.

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