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Moneychangers want a safe policy |
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July 24, 2000
Dhaka (UNB)- Licensed moneychangers said if they were allowed to cash foreign remittances in their FC accounts, unofficial currency transfers would be discouraged. They requested Bangladesh Bank to formulate a safe policy allowing them to deal in the money remitted by non-resident Bangladeshis to step over the current money-market crisis. Besides, they pleaded, NRBs should be encouraged through media advertising to send their money to foreign currency (FC) accounts of the authorised moneychangers. "We want their hard-earned foreign currency to come over to the country," said Kefayet Ullah Masud, president of Bangladesh Moneychangers Association (BMCA). Quoting a Bangladesh Bank estimate, he said only 30 per cent foreign remittances from the NRBs reach the country through official channels while the rest is transferred to hundi. The huge sums of foreign currency are thus used outside the country for payments for smuggling or under-invoicing, he explained. Masud expressed deep concern over the wide gap between US dollar's rate in banks and on money market. Dollar prices went up to Tk 56 on the kerb market last week, which was Tk 4 higher than the bank rate. Currency devaluation twice in last three months in the neighbouring country caused huge exodus of the US dollars from the country, leading to the present crisis in the money market, he suspected. He called for an immediate adjustment of dollar prices against the taka and felt at least 3 per cent downward adjustment would be justified for the situation. Masud suspected a section of unscrupulous people involved in taking out millions of dollars from the country against Traveler's Cheques (TC). He suggested setting up of Bangladesh Bank monitoring unit at airport to check such foreign currency flight. |