Money changers can’t profit beyond Tk 1.50 per US dollar: BB

Country’s money changers will not be able to make profit beyond Tk 1.50 against each US dollar, said Bangladesh Bank on Wednesday.

The decision was taken at a meeting between Bangladesh Bank and Money Changers Association, said BB spokesman and executive director Md Serajul Islam.

Deputy Governor Ahmed Jamal represented the central bank at the meeting.

Earlier, a decision was taken at a meeting among Bangladesh Bank, Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealer’s Association (BAFEDA) that banks will sell dollars at a maximum of Tk 1 more than the price at which they bring remittances and pay export bills.

Likewise, the same decision was taken at the meeting with the Money Changers Association. They will buy US dollar at a price Tk 1 above the average rate of the banks. Money changers would be able to make a profit of Tk 1-1.5 while selling dollar.

He also said now the dollar market is passing through a challenging situation. The buying and selling of dollars is being monitored in the open market similar to the banks.

Currently, 235 money changers are doing business with the permission of the Bangladesh Bank. But there are more than 700 money changers in the market.

“We can only take action against legitimate money changers for any irregularities. However, Bangladesh Bank has requested the law enforcement agencies to take action against those who are illegal,” he said.