Staff Reporter :
People are piling dollars by withdrawing money from share markets in order to gain extra-profit, alleged owners of the money exchange houses.
They said some people are taking advantage of the dollar crisis.
A volatile situation is going on in the kerb market as one dollar now costs over Tk 110 in the open market, despite the Bangladesh Bank has taken many steps to bring stability in the foreign currency market.
“Along with businesses, many people are stocking dollars in order to gain extra profit by withdrawing money from share markets,” said an exchange house, wishing his anonymity.
Stocking dollars at individual level is illegal and the central bank is repeatedly saying that sterns action would be taken in anyone stock dollar in individual level.
Sirajul Islam, spokesperson of the central bank, said member of the law enforcing agencies may take action, if anyone stocks dollars illegally.
“Bangladesh Bank and intelligence agencies have started drive at the money exchange houses to stop the illegal activities, which will continue in future,” he added.
A panic situation has been created in the foreign currency market as import payment has increased significantly in recent times against low remittance inflow.
Bangladesh Bank has already taken various initiatives to make the market stable.
It is also learned that many businesses are opening letter of credits (LCs) by buying dollars from the kerb markets as the central bank has suspended LC margin for luxurious goods import aiming at releasing pressure on foreign currency.
When contacted, Syed Mahbubur Rahman, Managing Director at Mutual Trust Bank, said only some banks are making money by capitalising on the dollar crisis, not all.
No bank is allowed to collect dollars from the open market and the drives should continue, he said.
Lenders offer dollar prices to importers and exporters based on customer-bank relationships, he noted.
