BB limits commission of money changers
Bangladesh Bank yesterday said that money changers would not be allowed to gain a profit of more than Tk 1.50 for each US dollar when buying and selling the greenback.
For instance, if a money changer purchases a dollar for Tk 110, it cannot be sold for more than Tk 111.50.
The decision came from a meeting between Bangladesh Bank and money changers at the central bank headquarters in Dhaka.
Ahmed Jamal, deputy governor of Bangladesh Bank, presided over the meeting.
Money changers will be permitted to purchase dollars from ordinary people in cash by offering Tk 1 more than the rate quoted by banks.
The price of the US dollar recently escalated to Tk 120 in the local open market thanks to the ongoing volatility in the foreign exchange market.
There is an allegation that a section of people has hoarded dollars in cash to gain profit by taking advantage of the instability, which may have created a further shortage in the open market.
Against this backdrop, several central bank inspection teams along with members of an intelligence agency carried out sudden visits to different money changers in Dhaka city.
Bangladesh Bank has already suspended the licences of five money changers and served show-cause notices to an additional 42 for their alleged involvement in the manipulation of US dollar prices in the kerb market.
The price of US dollars decreased to Tk 109 per greenback yesterday in contrast to Tk 111 in the open market the day before.
A good number of banks also took a set of measures to ease the ongoing foreign exchange volatility in the banking sector.
Importers purchased each dollar for up to Tk 105-106 yesterday compared to Tk 109 a day earlier.
However, lenders purchased greenbacks in the form of remittance for Tk 109 to Tk110 from foreign exchange houses.
Syed Mahbubur Rahman, managing director of Mutual Trust Bank, said the existing pressure in the market had softened to some extent owing to the initiatives taken by lenders.
"A normalcy will be enjoyed by the market soon but it may require one or two weeks more for it to fully stabilise," he added.
Comments