Dollar crisis: BB orders removal of 6 banks’ treasury chiefs
The Bangladesh Bank has ordered the removal of treasury chiefs of six banks after finding evidence against them of making higher profits in trading dollars.
The treasury chiefs also inflated the greenback rate by preserving dollars more than required, claimed the central bank.
"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 Md Serajul Islam told The Business Standard Monday (8 August).
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According to Bangladesh Bank sources, the banks include Dutch Bangla Bank, Brac Bank, City Bank, Prime Bank, and Southeast Bank and multinational bank Standard Chartered Bank.
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.
