New selling rate of dollar in money exchange tk 126.50

MS Zaman, President of Money Changer Association of Bangladesh (MCAB), has announced a new exchange rate determined by the organization to control the rate of dollar in the open market and maintain stability. According to the new rate, from now on money exchanges will have to buy each dollar at Tk 125.50 and sell at Tk 126.50.

He announced this new rate at a press conference organized at the central office of the organization on Monday (August 24). At this time Engineer Goutam De, General Secretary of the organization, central leaders and owners of various money changer institutions were present.

MS Zaman informed that the new rate is being informed to all money changers of the country through the website of the organization.

Regarding the instability in the dollar market he said the responsibility of unethical manipulation in the dollar market is not of the money changers, but of the banks. He claimed that as the scope of the money changer sector is limited there is no opportunity for market manipulation in this sector.

He alleged that various banks have made huge profits by creating instability in the dollar market in the post-corona period. Yet whenever instability is seen in the market attempts are made to put the responsibility on the money changers.

The MCAB president said money changers mainly buy and sell cash foreign currency. They do not deal in electronic or virtual currency and cannot bring remittance directly. The cash foreign currency brought by passengers returning from abroad and expatriate workers is the main source of their business.

He said when expatriates bring cash foreign currency to the country the money changers buy it and bring it through legal channels. Through this they also play a role in increasing the foreign currency reserve of the country indirectly.

Claiming that money changers do not have the capacity to control the rate of dollar MS Zaman said the capital and scope of business of the money changers are not so big that they can control the exchange rate of dollar. The central bank determines the monetary policy of the country. Yet whenever instability is seen in the market the money changers are accused of increasing the rate of dollar.

He further said although Bangladesh Bank buys and sells dollars in the interbank market and fixes the price of dollar for the scheduled banks there is no clear and specific instruction in the case of money changers. He demanded removal of this discrimination, increasing the opportunity of legal dollar transactions and easing the policy to stop the illegal market.

At the press conference MS Zaman informed that a list of illegal and unlicensed money changers has already been given to Bangladesh Bank, law enforcement agencies and journalists in the interest of conducting business legally. He informed that the written instructions of Bangladesh Bank are also being strictly followed in controlling the market.