Dollar rate manipulation: Treasury heads of 10 banks fined

The central bank has slapped a financial penalty of Tk100,000 on each of the treasury heads of 10 commercial banks on account of their alleged involvement in manipulating US dollar exchange rate.

According to Bangladesh Bank (BB), the banks are Social Islami Bank Limited (SIBL), Al-Arafah Islami Limited, Mercantile Bank Limited, Modhumoti Bank Limited, Midland Bank, Brac Bank, Exim Bank, Premier Bank, Shahjalal Islami Bank and Trust Bank.

Seeking anonymity, a BB official said the central bank took the decision as the explanation of the banks was not satisfactory about their involvement in the US dollar rate manipulation.

That is why the central bank imposed the fines as per the Section 109 (7) of the Bank Company Act 1991, he added.

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