BB gets tough on errant money changers
Wednesday, 24 September 2008
FE Report
The central bank may suspend the licence of a money changer any time without showing any reason in case of violation of any rules and regulations relating to foreign exchange transactions, a circular said Tuesday.
'We've amended the order for money changers aiming to ensure proper enforcement of such rules and regulations,' a senior official of the Bangladesh Bank (BB) told the FE on the day.
The central bank issued the circular asking the money changers to follow the instructions properly.
'A licence shall be valid for a period of one year, which may be suspended any time without showing any reason, if, in the judgment of the Bangladesh Bank, the licencee contravenes or fails to abide by the terms of the licence,' the BB said in its circular.
'The licence may be revoked by the central bank at any time after giving the money changer a reasonable opportunity of explaining its position on the matter' it added.
Around 250 money changers are operating across the country.
The central bank may suspend the licence of a money changer any time without showing any reason in case of violation of any rules and regulations relating to foreign exchange transactions, a circular said Tuesday.
'We've amended the order for money changers aiming to ensure proper enforcement of such rules and regulations,' a senior official of the Bangladesh Bank (BB) told the FE on the day.
The central bank issued the circular asking the money changers to follow the instructions properly.
'A licence shall be valid for a period of one year, which may be suspended any time without showing any reason, if, in the judgment of the Bangladesh Bank, the licencee contravenes or fails to abide by the terms of the licence,' the BB said in its circular.
'The licence may be revoked by the central bank at any time after giving the money changer a reasonable opportunity of explaining its position on the matter' it added.
Around 250 money changers are operating across the country.