Money changers can keep maximum Tk50 lakh cash
Previously, it was not mentioned how much cash taka money changers could hold
Money changer companies that trade foreign cash currency in the country's market can keep a maximum of Tk50 lakh in hand, according to an instruction given in a circular of the Foreign Exchange Policy Department of the central bank on Thursday.
A central bank official said earlier it was not mentioned how much cash taka money changers could hold. When the open-market dollar price increased significantly compared to the inter-market in April, the central bank and law enforcement agencies conducted raids and shut down unlicensed establishments.
During raids, cash taka was found at some money changers, which created confusion between the money exchangers and the law enforcers as a money exchanger must keep cash taka for buying and selling dollars.
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The circular has clarified the number of dollars a company can keep.
According to Foreign Exchange Transactions Guidelines, the maximum stock of cash foreign currency of a money exchanger must not exceed $25,000 or equivalent at the close of each business day.
If their cash dollar amount is more than this limit then at the end of the day the institution should deposit it in the foreign currency account in its respective bank. The balance of that account must not exceed $50,000 or equivalent at any point in time.
The central bank sealed seven unlicensed illegal institutions on 27 and 28 September due to dollar manipulation in the country.
Before that, 42 companies were served show cause notice due to various irregularities in dollar trading. The licence of five more establishments has also been suspended.
The country's reserves have been decreasing and there is a liquid dollar crisis in banks since last April. As fewer expatriates returned to the country, the supply of cash dollars in the country became low and the dollar was sold in the open market at Tk100 for the first time on 12 July.
Since then, the price has been volatile. On 10 August, the price of the dollar increased to Tk120. Then, Bangladesh Bank launched raids in the open market and exchange houses to prevent the manipulation of dollars.
On Thursday, the dollar was sold at Tk110 in the open market and Tk105.28 in the interbank.
