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Editorial

Dollar price exceeds Tk 117

Stern action should be taken against the dollar syndicates


Bangladeshpost
Published : 08 Sep 2023 08:31 PM

The rise of the US dollar price has become evident since March last year after the start of the Russia-Ukraine war. To deal with this crisis, the central bank fixed the dollar price at the beginning, but the crisis continued.

Bangladesh Bank (BB), Bangladesh Financial Intelligence Unit (BFIU) and National Security Intelligence (NSI) are making all sorts of efforts to break the syndicates involved in raising the price dollar in the country. But showing thumbs to the authorities the unholy nexus of dollar syndicate conditioned increasing the price of dollar.   

The dollar crisis in the kerb market has grown deeper after BB, BFIU and NSI raided the money exchange houses with allegations of profiteering by charging higher exchange rates. 

In the last two weeks, the exchange rate of the US dollar in the kerb (open) market reached Tk117 to 118 per dollar from Tk112. 

Immediate punitive action

 must be taken against the dollar 

syndicates

Under the central bank’s direction, law enforcers raided different exchange houses in different areas of the capital towards the end of last week, and over the weekend. During these raids, the exchanges were strictly instructed to sell dollars at the previous rate of Tk 112 to 113.

However, none can buy a dollar for even Tk120, as the exchange houses are resolutely stating they have no dollar to sell. Licenses of several establishments were suspended and sealed for selling dollars at high prices. 

In such a situation, money exchange institutions have almost stopped selling dollars due to fear of punishment. As a result, there is a shortage of dollars in the open market. 

On the other hand, the Bangladesh Bank has sought an explanation from 13 banks for selling US dollars at high prices. The summoned banks belong to the private sector, including a Shariah-based Islami Bank.

The letter was sent to different banks on Sunday (September 3) and the banks have been asked to provide an explanation in this regard within the next five working days. 

The dollar is being traded, but not everyone is selling it. Only those who have collected dollars earlier in order to get unholy profit, are selling the dollarsImmediate punitive action must be taken against the dollar syndicates. Authorities concerned must do everything so that no syndicate can work.