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Bangladesh seeks removal of six banks treasury chiefs for manipulating dollar’s value

The central bank of Bangladesh said that the treasury chiefs inflated the greenback rate by preserving dollars more than the regulatory requirement.

Bangladeshi money, a business background

Bangladesh set an example to punish the bankers involved in manipulation of the US dollars in recent weeks. The government of Bangladesh has ordered immediate removal of treasury chiefs of six banks, including Standard Chartered Bank.

The central bank of Bangladesh said that the treasury chiefs inflated the greenback rate by preserving dollars more than the regulatory requirement.

“Bangladesh Bank has directed the banks’ authorities to take necessary action against the concerned treasury officials of five domestic and one foreign bank for making excessive profits in treasury operations,” Bangladesh Bank spokesperson told media.

The banks include Dutch Bangla Bank, Brac Bank, City Bank, Prime Bank, and Southeast Bank and multinational bank Standard Chartered Bank whose treasury chiefs are involved in manipulation of value of dollar.

Keeping in view the experience of Bangladesh, Pakistan should also apply the same strategy to put an end to manipulation of the value of dollar by bankers and others.

The country faced a massive dollar crisis as remittance dwindled and imports increased in comparison to exports in the post-Covid period. The interbank exchange rate jumped to Tk95 as of Monday. 

In addition, the price of the dollar hit the record at Tk115 in the kerb market the same day. 

To control the manipulation of dollars in the open market, till 2 August, 80 money changers were raided and show cause notices were issued as irregularities were found in 42. The Bangladesh Bank also announced the suspension of five money changers’ licenses.

 

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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