Money changers can’t profit more than Tk1.5 per dollar: BB

Staff Correspondent: After banks, Bangladesh Bank has set a profit limit for money exchanges in buying and selling dollars at Tk1.5.
From now on, the money exchanges will be able to sell dollars at a price Tk1-1.5 higher than the price at which they will buy them.
The Money Exchange Association was notified of this profit limit to stabilise the dollar market.
Bangladesh Bank held a meeting with the leaders of the Money Exchange Association on Tuesday regarding the ongoing instability in the foreign exchange market of the country.
Deputy Governor Ahmed Jamal represented the central bank.
After the meeting, the executive director and spokesperson of Bangladesh Bank Md Serajul Islam spoke to the media.
He said that a decision was taken after a meeting with the Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealer’s Association (BAFEDA) that banks will sell dollars at a maximum of Tk1 more than the price at which they will bring remittances and export bills.
Likewise, the same decision has been taken in a meeting with the Money Exchange Association. In this case, they will buy dollars at a price Tk1 higher than the average rate of the banks. Exchange houses can make a profit of Tk1-1.5 in the case of selling those dollars.
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 exchanges 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 Law Enforcement Force has been requested to take action against those who are illegal. They are taking action in this regard,” said the central bank official.