By showing low exchange rate value of the foreign currencies sent by immigrant Bangladeshis Banks are taking away crores of taka. They are not abiding by the exchange rate set by Bangladesh Bank, and they are giving less money to customers. Due to this scams two private commercials banks are given show cause notice by Bangladesh Bank.
Dhaka, Bangladesh (AHN) - The central bank of Bangladesh on Monday published the latest edition of the Guidelines for Foreign Exchange Transactions, 2009 after 13 years to facilitate the country's foreign exchange deals.
Bangladesh could earn a huge amount of foreign exchange by sending trained nurses to the United States where a severe nursing problem is prevailing for an estimated shortage of 22,000 nurses per annum. According to the statistics from the American Nursing Council, the current level of shortage of nurses may rise to 80,000 by 2020 if the trend continues.
The country's foreign exchange reserves increased in the last 12 months although the remittance inflow showed a declining trend in April this year.
The central bank chief has expressed his hope that despite the global recession the remittance inflow in the current fiscal year would cross $9.5 billion, half a billion higher than the previous year.
Remittance flow to Bangladesh would double in 10 years and at a similar rate would grow the demand for quality money transfer services, a senior official of global money transfer giant MoneyGram International said Thursday.
Reuters: Money sent home by Bangladeshis working overseas hit a record of $865.25 million in January, up 21.8 percent from a year earlier, the central bank said on Sunday.
FE Report: Turnover of the US dollar doubled in the inter-bank foreign exchange market Wednesday following a special inspection started by the central bank to detect irregularities of forex reporting by the commercial banks.
The central bank has started a special inspection to detect irregularities relating to foreign exchange reporting and holding by the commercial banks, officials said.
Remittance inflow from the Kingdom of Saudi Arabia, the single biggest overseas job market for Bangladeshis, continued to increase in April since the beginning of this year amidst widespread fear of deportation.
