Bangladesh Bank has launched an extensive investigation into several local and foreign banks suspected of engaging in the buying and selling of dollars at rates exceeding the fixed rate. The investigation comes in response to evidence of these banks trading dollars at excessively high rates, disregarding the fixed rates set by the Bangladesh Foreign Exchange Dealers Association (BAFEDA). The central bank’s investigation aims to determine whether the banks involved have violated its policies. Earlier, in August 2022, six domestic and foreign banks were directed to remove their treasury chiefs for manipulating the US dollar’s price through hoarding. Bangladesh is striving to achieve a unified exchange rate following the International Monetary Fund’s guidelines. The names of the banks involved have not been disclosed yet, pending the investigation’s conclusion.
Source for more details:
