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Valid visa required for buying US dollars |
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July 25, 2000
Dhaka (UNB)- To restrict flow of foreign currencies into kerb market, that created a crisis, the Bangladesh Bank made it compulsory for any outgoing traveler to show valid visa for buying over 500 US dollars. "More than US$500 shall be saleable only after a traveler procures valid visa for destination," said a central bank circular issued yesterday (Monday) to all foreign-exchange dealer banks and licensed moneychangers. Earlier, visa was not required to purchase intended amounts of the greenback from banks or moneychangers. Just showing passports and air tickets would do. The central bank's intervention came amid allegations against a section of travelers of purchasing dollars from authorised dealer banks and selling those out at higher prices, making the greenback unusually costly on the kerb market. Against the official rate of Tk 51.50, dollar's rate hit its peak last week at Tk 56 on the open money market. The price, however, marked a gradual decline this week, to Tk 55.55 per unit yesterday. The central bank advised the banks and moneychangers to be sure about identity of the travelers and carefully verify travel documents before issuing foreign currencies. They have also been advised to properly follow the foreign-exchange guidelines for issuing foreign exchange to travelers. Bangladesh Bank also reminded the authorised dealers in foreign exchange of the procedural obligation to get the traveler's cheques (TCs) signed by travelers concerned. |