Dhaka, Bangladesh (BBN)- The central bank of Bangladesh has started to monitor on real time basis the exchange rates of major currencies against the Bangladesh Taka (BDT).
Under the latest move, the Bangladesh Bank (BB) started to publish the exchange rates of the four major global currencies — US dollar, euro, pound starling and Japanese yen — on daily basis against the BDT on its web site from Wednesday.
“We’ve taken the measure aiming to ensure transparency and discipline in the financial sector,” a BB senior official told BBN in Dhaka.
He also said the banks usually take higher or lower exchange rates of the foreign currencies against the BDT than those of their declared rates on the basis of the relationship of clients with banks. “General clients face trouble to buy or sell foreign currencies at banks due to the banks’ dealing on the relationship basis.”
From now on, banks cannot practice such type of dealing as the BB has started to publish the rates of major currencies against the taka on daily basis, according to the central banker.
The central bank will take punitive measures against banks if they take higher or lower exchange rates of the global currencies against the BDT violating their declared rates, he added.
BBN/SSR/AD-17Oct14-9:02 pm (BST)