Home ›› 18 Aug 2022 ›› Front
The Bangladesh Bank on Wednesday set Tk 1.5 as margin between the buying and selling rates of USD for the country’s money changers.
This decision came at a meeting between the central bank and Money Changers’ Association of Bangladesh, said Bangladesh Bank’s Executive Director Md Serajul Islam.
Last week, the regulator asked banks to maintain Tk 1 spread between the buying and selling rates of USD. The Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) had set the Tk 1 spread earlier in 2006.
On Wednesday, the USD rate stood at Tk 109 to Tk 110 in the kerb market, down from Tk 119 to Tk 120 a week ago. Currently, 235 licensed money changers and around 1,000 authorised dealers’ branches of banks are permitted to trade foreign currency with travelers.
However, around 600 money changers are buying and selling foreign currency illegally, central bank officials say.
As per the Bangladesh Bank rules, a money changer is permitted to hold a maximum of $25,000 at the close of each business day. Central bank officials said the cash beyond this limit would have to be deposited in the respective bank’s foreign currency account.
