Bangladesh Bank

Department of Foreign Exchange Inspection

Name & Designation Email Telephone Fax
Md. Khurshid AlamDeputy Governor
Mohammad Jamal UddinExecutive Director
Mahbubul AlamDirector (DFEI)

Department of Foreign Exchange Inspection (DFEI) was established on 26-07-2012. The main objective of the department is to conduct inspection/supervision on Foreign Exchange and Foreign Trade related activities of AD (Authorized Dealer) branches, Foreign branches of Bangladeshi banks, Bangladeshi exchange houses working abroad and Off-shore Banking Units of scheduled banks. DFEI carries out inspection/supervision on Foreign Exchange Risk Management on head offices of all scheduled banks. The department also inspects the activities of money changers. The department directs its efforts to identify irregularities and risks in foreign exchange transactions and makes suggestions to scheduled banks to mitigate and resolve them.

1. Scheduled Banks

    The foremost activities accomplished on all scheduled banks by the department include:
  1. On-site comprehensive inspection on Authorized Dealer (AD) branches (including new AD) and Off-shore Banking Units of all scheduled banks.
  2. Both on-site inspection and off-site supervision on Foreign Exchange Risk Management of all scheduled banks.
  3. On-site inspection on branch offices of Bangladeshi scheduled banks operating abroad, liaison/correspondence office (irrespective of names), CEO office, Exchange House or any other subsidiaries/subordinate institutions, foreign investment offices approved by BRPD and Foreign Exchange Investment Department.
  4. Special inspections on scheduled banks on subjects/complaints/issues related to foreign exchange transactions as per directions of the higher authority/based on requirement.

    DFEI carries out following activities in addition to inspection:
  1. Preparing inspection reports after completing inspection within stipulated timeframe.
  2. Taking necessary actions on the findings of inspection reports for compliance.
  3. Preserving the important and sensitive findings of on-site inspections in the corporate memory and providing the same to different departments of Bangladesh Bank as per requirements.
  4. Other relevant activities as required.

2. Money changers

    The following activities are essentially performed on money changers by the department:
  1. Conducting on-site comprehensive/special inspection on Money Changers.
  2. Performing special inspection for assessing location and business suitability of Money Changers as per requirement of Foreign Exchange Policy Department.
  3. Conducting special inspection based on the complaints, as required, regarding unauthorized activities/dealings of Money Changers.
  4. Preparing inspection reports and providing the copy of the approved reports to concerned departments.
  5. Other relevant activities as required.

3. Others

  1. Observing and reviewing the news published in print media related to foreign exchange transactions.
  2. Put forward the important and sensitive findings as reviewed to the superior authority for the kind perusal and necessary instruction.
  3. Other relevant activities as per requirements.
    It carries out the following general/administrative activities also:
  1. Provide required logistics to the officials of the department.
  2. Maintain account of all accessories and staffs of the department and provide services in general.
  3. Fulfill audit query on the basis of demand.
  4. Time to time provide report/information to the concerned departments.
  5. Other relevant activities as per requirements.