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Six bank MDs showcaused for manipulating dollar

Published : Thursday, 18 August, 2022 at 8:14 PM  Count : 896

Six bank MDs showcaused for manipulating dollar

Six bank MDs showcaused for manipulating dollar


Bangladesh Bank (BB) has served show cause notices to the managing directors (MDs) of six private commercial banks for their alleged involvement in making excessive profits by manipulating the prices of US dollar.

Besides, investigation is going on against 12 other banks on the same allegations.
The central bank served the showcause notices against the MDs by sending letters on Wednesday, said Bangladesh Bank spokesman and executive director Serajul Islam.

The BB took a week for examining the authenticity of the collected documents and then served the showcause notices on Wednesday.

According to a BB source, a dozen more banks have been brought under the investigation. For this, foreign exchange transaction information has been sought from all those banks.

Sirajul Islam said that action is being taken against the MDs of six banks due to their involvement in the dollar manipulation.

The six banks are Dutch-Bangla Bank, The City Bank, Prime Bank, Southeast Bank, Brac Bank and Standard Chartered Bangladesh.

"Some other banks have been brought under investigation. Action will be taken against those banks if found guilty in the central bank investigation," he said.

It was learnt that the banks included Bank Asia, Islami Bank Bangladesh Limited, United Commercial Bank Ltd, Dhaka Bank, NCC Bank, Shahjalal Islami Bank and Eastern Bank Ltd.

Sources at the Bangladesh Bank said these banks have made "unusual amounts of profit" in the first six months of 2022 compared to the same period of 2021.

TF/SZA






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