Treasury chiefs of 6 banks removed over dollar crisis

Treasury chiefs of six banks have been removed from their posts after a Bangladesh Bank report found evidence of making higher profits in trading dollars by those banks.

A bank’s treasury department focuses on daily supply and demand of money and dollars of the respective banks. Among the removed officials, one is a deputy managing director-level officer.

Bangladesh Bank runs an inspection of dollar exchange in respective banks following the recent volatility in dollar market. The inspection revealed that some banks in May made profits up to 400 per cent form dollar trading in comparison with the same month last year. The BB report said such practice made the dollar market more unstable.

Confirming the development, BB’s executive director and spokesperson Sirajul Islam told Prothom Alo, “Some banks have made excessive profit in trading dollars. That’s why action is taken against their treasury chiefs.”