Bangladesh goes tough against USD hoarders amid forex market volatility

by Naim-Ul-Karim

DHAKA, Sept. 1 (Xinhua) — In an apparent bid to ease pressure on foreign exchange reserves and end volatility in the forex market, the central bank of Bangladesh has ordered the selling of extra U.S. dollars in the possession of individuals by the end of this month, an official said on Thursday.

Legal action will be taken if someone is found in possession of more greenbacks than the permissible limit after Sept. 30, said the official, quoting a Bangladesh Bank (BB) order issued on Wednesday.

The official who did not like to be named said, “We’ll seek legal measures against people who fail to sell their extra U.S. dollars before the deadline.”

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