The Bangladesh Bank has issued a strict directive to banks, capping the maximum permissible margin for dollar transactions at Tk1 above the purchase rate.
Non-compliance with this regulation will attract financial penalties and other punitive measures, the central bank emphasised in a circular sent to managing directors and chief executive officers of all banks on 2 January.
The circular stated that banks must display the foreign currency exchange rate on their digital screens, ensuring transparency for customers.
Additionally, banks have been instructed to feature the exchange rates prominently at the top of their official websites and submit daily reports of foreign exchange transactions to the central bank.
The central bank clarified that any breach of these guidelines would result in enforcement actions, including monetary penalties.
These measures aim to stabilise the dollar trading market, as explained by a central bank official.
Dollar price volatility in December, which saw rates soar to Tk128 after a brief period of stability, prompted this move.
The Bangladesh Bank subsequently sought explanations from 13 banks accused of charging higher rates than exchange houses.
BB Deputy Governor Zakir Hossain Chowdhury convened a meeting with the treasury heads of these banks, issuing clear instructions to limit remittance collection rates to no more than Tk123 per dollar.
