Don’t hold on to more than $10,000 in your purse: BB

To rein in the ongoing dollar crisis, the Bangladesh Bank in its latest move on Wednesday ordered to sell the excess dollars in people's hands by 30 September.

According to a central bank notification, legal action will be taken otherwise.

According to the current law, a Bangladeshi national can bring $10,000 or any equivalent currency when returning from abroad. They can save these dollars as cash, or foreign currency bank deposits.

If someone brings in more than $10,000 while returning home, it is mandatory to sell it to a money exchange house or a bank within a month of returning home.

People who have never travelled abroad are not allowed to keep dollars with them. But to go abroad, one can keep the dollars along with valid travel documents.

Now the central bank has reminded people to sell the excess dollars they are holding by 30 September.

"A Bangladeshi national can keep a maximum $10,000 brought from abroad in cash with him or with an authorised bank. They are allowed to take these dollars on their next foreign trip," said the central bank notification.

"It is mandatory for Bangladeshi citizens to sell or deposit the dollars more than $10,000 in a bank or any licenced money exchange house within one month of arrival in the country. Holding excess dollars is a punishable offence under the Foreign Exchange Regulation Act," it added.

It said if someone has more than $10,000, they are being requested to sell it to the bank or to the licensed money exchange houses by 30 September. Otherwise, legal action will be taken against people found with extra dollars after the time.

In addition to the banks, the ongoing dollar crisis also cripples the kerb market. The greenback recently reached a record Tk120 in the open market, which is now Tk105-110.