Home Economy Six Bank’s MD Served Show-cause Notices For Dollar Manipulation

Six Bank’s MD Served Show-cause Notices For Dollar Manipulation

Six Bank's MD Served Show-cause Notices For Dollar Manipulation
Photo Courtesy: Bloomberg.com

The Bangladesh Bank has transmitted show-cause notices to Managing Directors (MD) of six banks for allegedly benefiting more from selling US dollars. They have been asked to illustrate ten issues about their dollar transactions, including unusual profits and a high spread between buying and selling costs. They were also asked to respond within seven working days. So, it contains Six Bank’s MD Served Show-cause Notices For Dollar Manipulation.

The six banks include Dutch Bangla Bank, Southeast Bank, Prime Bank, City Bank, Brac Bank, and Standard Chartered Bank. A Bangladesh Bank source guaranteed that they sent the letters to the MDs of the banks. However, on the same day, in another letter, the Bangladesh Bank stated that extra profit from the sale of dollars could not be declared as the bank’s income.

The action was taken against the treasury heads of the banks earlier. The central bank took a week to examine the authenticity of the collected documents and then issued the show cause notices. According to a central bank, a dozen more banks have been investigated. For this, all these banks have sought foreign exchange transaction information.

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