The Bangladesh Bank has directed the money changers to exchange cash dollars at the prices set by the central bank.
The directive was issued during a meeting between the Money Changers Association of Bangladesh and the Foreign Exchange Policy Department of the central bank held on Tuesday. On the preceding Monday, the central bank had instructed money changers to buy cash dollars at the rate of Tk115.50 and sell them at the rate of Tk117.
A source who attended the meeting told The Business Standard that the money changer association was asked to report to the central bank about any instances where individuals are purchasing or selling dollars at rates higher than the prescribed ones. Association leaders expressed their commitment to adhering to the fixed prices. Additionally, various concerns and requests from money changers were discussed during the meeting.
Helal Uddin Sikder, the secretary general of the Money Changers Association of Bangladesh, informed TBS that starting Thursday, they will conduct on-site visits to different money changers to ensure compliance with the fixed rates for buying and selling dollars. He expressed his belief that the value of the cash dollar will gradually decline.
However, talking to several money changers in the Motijheel and Dilkusha commercial areas of the capital, TBS came to know that the price of cash dollars has marginally decreased in the last two days but is still being sold at the rate of Tk125. Money changers are purchasing dollars at the rate of Tk124.
The proprietor of a money changer expressed that there is a scarcity of cash dollars in the banks. "Banks are acquiring remittances at the rate of Tk123-124. Unless this rate is reduced, enforcing constraints on the price of the cash dollar may not yield significant results."
Many banks are collecting remittances at extra cost even after the Association of Bankers, Bangladesh (ABB), and the Bangladesh Foreign Exchange Dealers' Association (Bafeda) meeting with the central bank.