Bangladesh Bank allows return of six banks' MDs

Bangladesh Bank has allowed the return of the managing directors (MDs) of six banks, who were removed from their positions for making "excessive profits by trading dollars, ignoring banking norms amid a volatile foreign exchange market."

Also, the banks have been asked to spend 50 per cent of the profits that they had earned from foreign exchange business from May to June this year, on corporate social responsibility (CSR).

Earlier, the Bangladesh Bank asked the lenders to set aside their May and June foreign exchange business profits in a separate account, reports UNB.

On August 8, the central bank ordered the removal of the treasury heads of Prime, Brac, City, Dutch-Bangla, Southeast, and Standard Chartered from their positions.

Bangladesh Bank Executive Director and spokesperson Serajul Islam said the treasury chiefs of the banks apologised for their involvement in dollar market manipulation and promised not to do it in future.

"The issue has been resolved. So, the treasury chiefs of these six banks can now return to their positions," he added.