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Bank & Finance - August 4, 2022

Border surveillance needed to prevent dollar smuggling

BGB in strict position
-$80,000 recovered at Phulbari border
-License of 5-money changers suspended

Staff Correspondent: The country is facing acute dollar crisis in the recent months. This is because the supply is less than the demand. The government has already cut spending to deal with the crisis. On the other hand, dollars are being sold in the open market at the desired price. There has been another attempt to smuggle dollars. Recently, Border Guard Bangladesh (BGB) recovered 80 thousand dollars during smuggling to India through Phulbari border of Damurhuda Upazila of Chuadanga.
The law and order forces are shaken in this incident. BGB has said that strict surveillance has been increased in all border areas of the country to prevent dollar smuggling. Besides, the detective (DB) police have also increased surveillance.
In this regard, Dhaka Metropolitan DB Chief Additional Police Commissioner Mohammad Haroon Or Rasheed said that if anyone illegally hoards dollars, action will be taken against them. Besides, if someone makes fake dollars illegally, even if he gets the information, the operation will be carried out. We are collecting information about this.
In the meantime, action has been taken against several institutions in the country for manipulating dollars in the open market. Bangladesh Bank has suspended the licenses of five such money changers on August 2. Apart from this, 42 money exchanges have been mourned. 9 more institutions have been sealed in the raid. These institutions have been doing dollar business for a long time without taking a license.
Central Bank Spokesperson Sirajul Islam said that the law and order forces will take action if irregularities are found in the dollar. So far five money changer houses have been suspended in our operation. Various irregularities were found in their work. Law enforcement agencies have been informed about those who do not have a license.
The captain of Chuadanga-6 BGB about dollar smuggling through the border. Colonel Shah Md. Ishtiaq
told that a special patrol team of BGB conducted an operation from Fulbari Border Pillar 85 to 300 yards inside Bangladesh. Meanwhile, BGB members saw a person carrying a bag. When BGB challenged him, he tried to run away. Afraid of being caught, the man threw away the bag and ran away.
He said, at that time the BGB patrol was divided into two parts. One team chases the smuggler, while the other team retrieves the bag. Eight packets wrapped in paper were found in the bag. In order to match a total of 80 thousand US dollars.
BGB Headquarters Director (Operation) Lieut Colonel Faizur Rahman told that BGB is in strict position to prevent dollar smuggling. At the same time, surveillance is being increased to suppress border crimes. Anyone who smuggles dollars will be brought under the law.
Meanwhile, expatriates have sent a record amount of remittances in July, the first month of the current financial year (2022-23). 209 crore 69 lakh 10 thousand (2.09 billion) dollars came in this month. In local currency (one dollar is equal to 94.70 taka) 19 thousand 792 crore 30 lakh taka. This figure is the highest in the last 14 months. 187 crore in the same month of last financial year (2021-22).
According to Bangladesh Bank sources, expatriates sent 1.87 billion dollars in July 2021, which is 19.75 percent more than the previous month of June. In that month, 1.83 billion dollar remittances came to the country. In addition, remittances in July 2020 were 2.59 billion dollars.
As a whole, remittances came to a negative state last financial year. However, the first month of the current financial year, July, gave some hope. Meanwhile, remittances came to 2.09 billion dollars.
Bangladesh Bank officials say that a record amount of remittances have arrived in the first month of the financial year. This trend will continue in the future.

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