Bangladesh Bank again warns money changers about irregularities

The Bangladesh Bank once again warned the money changers about several irregularities, including keeping more dollars than the limit fixed by the central bank.

A joint meeting was held in this regard on Sunday with the representatives of the Bangladesh Financial Intelligence Unit (BFIU), NSI, RAB, DB branch of police, and the Money Exchangers Association.

General Secretary of the association Md Helal Uddin told TBS, "In light of the inspection by the Bangladesh Bank, we have been given some instructions in the meeting. We have been informed that the central bank will take action against money changers involved in irregularities.

"Besides, we were warned about these irregularities and told to do business according to the rules. In the meeting, it was informed that the central bank and law enforcement agencies are investigating the hundi system. If we have any information about the hundi business, we have been requested to provide it," he added.

Mentioning that many of those who work in money changers do not know about the regulations, Helal Uddin said the Bangladesh Bank reminded that training is required in this sector. Some training will be organised this month.

Spokesperson and Executive Director of Bangladesh Bank Sirajul Islam said, "We inspected the money changers and found that several money changers had committed irregularities. That is why the representatives of the association have been told in the meeting that we have to work together to make the market stable."

A joint initiative will be taken in future to make the money change market stable. For example, the BFIU can get help from the police or the central bank can change policies, if required, he added.

The dollar was sold at Tk113 in the open market on Sunday. Earlier, last Thursday, the country's money changers sold the dollar at Tk112. The price of cash dollars has increased accordingly.