Md Joynal Abedin Khan
Hundreds of employees of money-changing firms have either fallen victims to job losses or salary cut as the Covid-19 pandemic brought the foreign currency business to its knees.
The victims, who were temporarily recruited by various money-changers across the country, have been passing miserable days after their jobs were cut during lockdown following the outbreak of coronavirus on March 26 in 2020.
According to unofficial data, as many as 1,400 employees of 220 money-changers got unemployed or the owners of the money changing firms have halved the salaries. These firms have to be registered under the Foreign Exchange Operation Department of Bangladesh Bank (BB) but the industry insiders attribute the misery of staffers of money-changers to the lack of policy formulation and institutionalisation.
The employees sought the government stimulus package and special loans facilities for them as early as possible to weather the economic impact of the pandemic on their exchange business during the lockdown.
Most of the employees, who were rendered jobless in lockdown, are trying to get back their jobs in the foreign currency exchange business which resumed operation on Monday after long 49 days.
During visits to some money exchange firms in the capital, it was found that the foreign currency traders resumed their offices but the presence of the customers was almost poor.
Rimon Hossain, an employee of Standard Money Exchange Ltd, told The Business Post, “I have got just Tk 4,000 in salary — a quarter of my salary — during the first lockdown last year and our family faced severe hardship. Later, I returned to my job with the slashed salary with the relaxation of the restriction on movement of international passengers.”
“I request the government to facilitate the stimulus package and special loans for the employees of money exchange firms to overcome the impact of the lockdown that has already threatened our livelihood,” said RimonHossain.
Foysal Mia, who lost his job at Rahman Money Exchange Limited and moved to Standard Money Exchange Ltd, said, “I was sacked verbally by the firm owner as I was recruited in his firm as a temp. Four of my colleagues, who are relatives of the firm owner, could survive in their job, albeit with reduced salaries.”
TabiburRahman, a worker of Diamond Money Exchange Service Ltd, said, “We are passing through hardship as a good number of employees lost their jobs and the surviving rests were given half or a quarter of their salaries. The excuse the employers had at hands to show is that their business remained shut during the lockdown.”
MominulHaque, a worker of Saikat Money Exchange, said, “I took loans from individual sources during the lockdown as banks and other financial institutes were reluctant to provide loans to me. Even the burden of interest is increasing day by day as I missed some instalments of the loan. Under this circumstance, we need a government stimulus package and special loans.”
He requested the government to facilitate the stimulus package for the owners of money exchange firms so that they could carry out their businesses that employ many people.
Monir Hossain of Dohar Money Exchange Ltd, said, “The lockdown snatched our livelihood as some of our colleagues lost jobs and failed to switch to other professions amid the coronavirus pandemic.”
Rubel, an employee of Sugandha Money Exchange, said, “I got only Tk 6,000 in salary during the lockdown although my gross salary was Tk 15,000 before the pandemic.”
Mithu, an employee of Sonali Exchange Co, said, “We are a victim of the global pandemic that severely hit our livelihood during the lockdown. The government should bail out the currency traders.”
AKM Ismail Haq, President of Money Changers' Association of Bangladesh (MCAB), told The Business Post, “The money changing trade has drastically fallen as the demand of the foreign currencies from individuals due to slump in the travel industry.”
In reply to another query, he denied cutting jobs during the lockdown but they provided reduced salaries to the staffers on the human ground as offices were shut for many days. He also called on the government to provide the stimulus package and interest-free loans for industry insiders so that they can make up Covid-induced losses.
Former MCAB president MdMostafa Khan and owner of the Fast Money Changing Ltd, said that the government should formulate a policy on recruitment and illegal money transaction so that staffers get the service benefits and the sector gets institutional structure.
Helaluddin, General Secretary of the MCAB, said that they did not terminate anybody during the lockdown, but some staffers left their jobs, sensing a bleak future of the foreign currency business.
