Dealer banks admit price fixing of dollar

Country's foreign-exchange dealers will reply shortly to central bank's show-cause notices, apologizing for breach of rules through price fixing of the US dollar by some of the commercial banks.

The Bangladesh Foreign Exchange Dealers Association (BAFEDA) took the decision at its monthly meeting held at its office Wednesday. BAFEDA Chairman Md Nurul Amin presided over the meeting attended by representatives of banks and its executive members.

Talking to the FE about the developments, Mr Nurul Amin said the banks will reply shortly to the show-cause notices issued by the central bank upon at least 20 banks having dealings on the money market.

"We expect the central bank will extend cooperation by showing its sympathy," said Mr Amin, who leaves Meghna Bank today (June 30) as CEO and Managing Director.

He termed the issuance of show-cause notices justified.

The banker also said the central bank also should ensure adequate supply of dollars to meet some urgent demands of the banks for the greenback.

BAFEDA is the organisation of 54 of the commercial banks operating in the country.

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