DHAKA: Bangladesh Bank (BB) has issued a directive to banks to limit the spread between the buying and selling rates of the US dollar to a maximum of Tk 1. This move aims to curb discriminatory currency arrangements and maintain a consistent foreign exchange market.
According to Bangladesh Sangbad Sangstha, the central bank's circular warns against unusual spreads in foreign currency transactions, labeling them as discriminatory practices. To reinforce stability, BB mandates a uniform spot rate for all selling transactions on any given business day. Additionally, banks are required to prominently display the foreign currency exchange rate on their screens and at the top of their websites.
The directive also obligates banks to send daily reports of foreign exchange transactions to the central regulator. Non-compliance with these instructions will attract punitive measures, including financial penalties. A central bank official emphasized that these measures are designed to ensure stability in dollar trading and enhance transparency in the foreign exchange market.