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Tk50 lakh holding limit set for money changers

Staff Correspondent
10 Nov 2022 17:54:49 | Update: 10 Nov 2022 21:50:57
Tk50 lakh holding limit set for money changers

The money changers will be able to hold up to Tk 50 lakh in cash at any point of time, and they will not be able to exceed this limit under any circumstances.

The Bangladesh Bank set this limit through a circular issued by the regulator’s Foreign Exchange Policy Department on Thursday. An official of the central bank said the move has been implemented to help prevent money laundering.

“…the maximum stock of Bangladeshi taka must not exceed BDT 50,00,000 at any point of time. Bangladeshi taka beyond this limit shall be deposited to money changers’ current deposit account,” read the circular.

However, the central bank brought about no changes in maintaining the USD holding limit for money changers at the end of the day of their business.

“The maximum stock of cash foreign currency must not exceed $25,000 or equivalent at the close of each business day,” the circular read.

Cash foreign currency beyond this limit will either have to be encashed with any AD (authorised dealer) or deposited to the foreign currency (FC) account maintained with the designated AD of the money changer concerned, the central bank said.

“Cash foreign currency can be withdrawn from this FC account. The balance of that account must not exceed $50,000 or equivalent at any point of time.”