Money changers must become members of relevant association: BB

All money changing companies, which trade foreign cash currency in the country's market, have been asked to become licensed members of their relevant association representing the sector.

Earlier on 1 June, the central bank issued a circular to this end to all authorised dealers and licensed money changers in Bangladesh. 

The Bangladesh Bank also advised money changers operating in Bangladesh to become members of relevant associations within 30 June.

"Licensed money changers should observe the content of this circular, and designated authorised dealers are advised to follow up with their money changer-customers for meticulous compliance thereof," reads the circular. 

A senior official of the relevant department of the central bank said, "We discussed various issues with heads of the association and new instructions were given. 

"If all institutions are under the association concerned, instructions can be given out easily to all at once, which is why this circular has been issued." 

Institutions were asked to become members within a specific date. If they do not comply, then they have to renew various compliance issues from the central bank. Actions may be taken against those who do not become members within that time, he added. 

As the dollar crisis started in April 2021, the first dollar was sold at Tk100 in the open market. At the time, the central bank and law enforcement forces conducted several raids as several money changers were charging excessive prices. 

In the raid, 42 firms were booked for various irregularities in dollar trading and licences of five firms were suspended.

Currently, the interbank dollar is trading at Tk108. Besides, the open market dollar price is Tk112.