rainbowrascal
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The gap between the buying and selling rates of the dollar against the Bangladesh currency will be a maximum of Tk 1, according to two officials of the central bank.
The development came as the dollar-taka exchange rate set a new record in the so-called kerb market.
Bangladesh Bank took the decision in a meeting with foreign exchange dealers and bankers on Sunday amid a lingering crisis over the supply of the dollar.
“All banks will follow a ceiling,” said Bangladesh Bank spokesman Serajul Islam.
The central bank will monitor the trading of the foreign currency in an effort to ensure the dollar supply.
Bangladesh Bank increased surveillance over the open market along with the banks in an effort to stay on top of the spiking dollar exchange rate. It has punished errant bankers and merchants, but the crackdown seems to have no effect on the market, at least for now, as the price of the greenback continued to rise in the open market.
The clampdown has stoked fears among unlicenced traders. The dollar shortage put an unofficial limit on the size of transactions by the authorised companies and banks.
Despite the ongoing efforts, the dollar’s price has risen in the span of a few days. In May, it was sold at Tk 102 before falling to Tk 98-99 and settling for some time.
But show-cause notices to dozens of money exchange companies and cases against at least 11 others stirred up the open market.
The Bangladesh Bank also ordered the removal of chiefs of treasury departments of five local and one foreign bank for “making extra profit in treasury operations”.
www.google.com
The development came as the dollar-taka exchange rate set a new record in the so-called kerb market.
Bangladesh Bank took the decision in a meeting with foreign exchange dealers and bankers on Sunday amid a lingering crisis over the supply of the dollar.
“All banks will follow a ceiling,” said Bangladesh Bank spokesman Serajul Islam.
The central bank will monitor the trading of the foreign currency in an effort to ensure the dollar supply.
Bangladesh Bank increased surveillance over the open market along with the banks in an effort to stay on top of the spiking dollar exchange rate. It has punished errant bankers and merchants, but the crackdown seems to have no effect on the market, at least for now, as the price of the greenback continued to rise in the open market.
The clampdown has stoked fears among unlicenced traders. The dollar shortage put an unofficial limit on the size of transactions by the authorised companies and banks.
Despite the ongoing efforts, the dollar’s price has risen in the span of a few days. In May, it was sold at Tk 102 before falling to Tk 98-99 and settling for some time.
But show-cause notices to dozens of money exchange companies and cases against at least 11 others stirred up the open market.
The Bangladesh Bank also ordered the removal of chiefs of treasury departments of five local and one foreign bank for “making extra profit in treasury operations”.
Bangladesh Bank caps difference between dollar buying and selling rates at Tk 1
Bangladesh Bank took the decision in a meeting with foreign exchange dealers and bankers amid a lingering crisis over the supply of the dollar
www.google.com
