Dhaka Bureau: 13 banks, both domestic and foreign, have been involved in dollar manipulation again. Bangladesh Bank has found prima facie evidence against banks for buying and selling dollars at a higher price than the rate fixed by the Bangladesh Foreign Exchange Dealers Association (BAFEDA).
Mezbahul Haque, spokesperson and executive director of Bangladesh Bank, said: “Bangladesh Bank has started an investigation into the banks involved in the dollar manipulation. Details will be known once the investigation is complete. Action will be taken against those involved.
Bangladesh Bank (BB) Governor Abdur Rouf Talukder has taken a firm stance against the dollar. Following instructions from the Governor, the officials have launched an investigation into the matter. The names of 13 new domestic and foreign banks have come out in the preliminary investigation. Among them, the names of banks accused of manipulating the dollar rate in the past are also included.
Bangladesh Bank officials said that due to the shortage in the supply of dollars, some banks started making extra profits by depositing extra currency into the limit. Even if there is an opportunity, it is not left on the market, and the price is artificially increased. Some banks also hide information about dollar reserves. Earlier in August 2022, the Bangladesh Bank ordered the removal of the treasury heads of six banks due to evidence of rising prices from storing more dollars than needed. Of these, five were domestic and one was foreign. Later, the Bangladesh Bank allowed the treasury chiefs of the six banks, who were removed on charges of making excess profits by destabilizing the dollar market, to return to their previous posts.
The charges against the managing directors (MDs) of the banks were also dropped. But again, many of these banks are involved in dollar manipulation. After Corona, the country’s economy started to recover. However, after the Russo-Ukrainian War, the picture of the world economy completely changed. It has also affected the country’s economy. The country is facing a severe dollar crisis due to an increase in import costs and a decrease in foreign income. The dollar is constantly rising.
Bangladesh Bank is trying to control the market by releasing dollars from its reserve. Prices are going to keep rising. And yet the crisis is not over. During this crisis, many domestic and foreign banks have repeatedly been involved in dollar manipulation.
