Published:  02:16 AM, 19 October 2021

BB recommends closing down Janata Exchange Houses in USA, Italy

BB recommends closing down Janata Exchange Houses in USA, Italy
Janata Bank's Janata Exchange Houses in the United States of America and Italy have been undergoing a great deal of irregularities and mismanagement, financial sources have informed. As a result Bangladesh Bank (BB) has recommended to close down Janata Exchange Houses in these two countries.

According to the central bank, Janata Exchange Houses in the USA and Italy have been counting losses for a long time. Relevant sources have stated that Janata Exchange Company got embroiled in different anomalies since its inception in the US. Janata Exchange House started working from 1 September 2015 in USA. 50 thousand dollars were spent to meet the expenses of Janata Exchange House. 5 lakh dollars were deposited according to the regulations of Federal Reserve Bank. Another 3 lakh dollars were spent for establishment, staff salaries and other things. Total 8 lakh dollars or 7 crore 22 lakh taka were spent on Janata Exchange House. Janata Exchange House, USA even could not remit 18 crore taka to Bangladesh, according to a report of Bangladesh Bank.

On the other hand, Janata Exchange House in Italy was registered in January 2002. The organization was profitable from 2002 to 2008. But it started getting immersed in monetary losses from 2009. The losses incurred by Janata Exchange House in Italy reached 12 lakh 71 thousand 271 Euros from 2009 to 2014 which is equal to 12 crore 52 lakh 20 thousand 193 taka. From 2015 to 2017 Janata Exchange House, Italy incurred losses of 11 lakh 73 thousand 916 Euros which is equal to 11 crore 56 lakh 30 thousand 726 taka. Its losses have exceeded 24 crore taka over a period of nine years.

The Asian Age called Janata Bank Limited's Managing Director Abdus Salam Azad a number of times for his comment on this issue but he did not answer the phone calls.

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