Money exchange’s margin set at Tk 1.5 for dollar trade

No money changer can now charge over Tk 1.5 against each US dollar while buying and selling the greenback.

For an instance, if a money changer purchases a dollar at Tk 110, it cannot charge more than Tk 111.5 while selling it.

Bangladesh Bank set the spread for US dollar trade today in a meeting between the banking watchdog and money changers at the former's headquarters in the capital.

BB Deputy Governor Ahmed Jamal presided over the meeting.

Money changers, however, will be permitted to purchase dollars from ordinary people, who are largely travellers, by offering more than Tk 1 than the rate quoted by banks for cash greenbacks.

The price of the US dollar escalated to Tk 120 a few days ago thanks to the ongoing volatility in the country's foreign exchange market.

There has been an allegation that a section of people has hoarded cash dollar to gain profit by taking advantage of the ongoing instability.

This might have created the shortage of the dollar further in the open market.

Against the backdrop, several Bangladesh Bank inspection teams along with the members of an intelligence agency carried out sudden visit to different money changers in Dhaka city.

BB has already suspended the licences of five money changers and served show-cause notices on an additional 42 for their alleged involvement in the manipulation of US dollar prices in the kerb market.

The price of a dollar decreased to Tk 109 today in contrast to Tk 111 a day ago in the open market.