Bangladesh Bank has suspended the operating licences of seven moneychangers on charges of flouting the rule of selling US dollars in the curb market above the rate set by the Association of Bankers, or ABB, and Bangladesh Foreign Exchange Dealers Association, or BAFEDA,Explanations from 10 other moneychangers were also sought about their practice of charging additionally to sell US dollars in the curb market. Bangladesh Bank spokesperson Md Mezbaul Haque said the licences of seven currency exchangers were suspended for not adhering to the rules. “We have instructed the moneychangers that they cannot buy dollars at a rate higher than the declared rate and cannot sell it at more than Tk 1.5 higher than the buying rate. "It appears a good number of them disregard the instructions, which is why strict actions have been taken,” he said. Bangladesh Bank allowed ABB and BAFEDA to set the rate of US dollars since September last year.

Source: bd News24 August 30, 2023 19:54 UTC