Money changers set new dollar rate amid open market volatility
The Money Changers’ Association of Bangladesh (MCAB) has announced new open market exchange rates for the US dollar, setting the buying rate at Tk 125.50 and the selling rate at Tk 126.50.
MCAB President MS Zaman announced the rates at a press conference at the association’s central office in Dhaka on Monday.
Zaman said all licensed money changers across Bangladesh are being updated with the revised rates through the association’s website.
Addressing recent volatility in the kerb market, Zaman strongly denied allegations of rate manipulation by money changers, attributing the instability instead to commercial banks.
He asserted that money changers were strictly following Bangladesh Bank’s written directives for controlling the market.
Zaman emphasized that the operational scope of money changers is strictly limited, leaving no room to manipulate or “game” the foreign exchange market.
He claimed that several banks reaped substantial profits by destabilizing the dollar market in the post-Covid period, whereas money changers are routinely made scapegoats whenever exchange rate fluctuations occur.
Elaborating on the sector’s structural framework, Zaman clarified that money changers deal exclusively in physical foreign currency cash brought into the country by returning overseas travelers and Bangladeshi expatriates.
Money changers do not engage in electronic or virtual currency transactions, nor can they directly handle incoming foreign remittances.
By purchasing hard cash directly from incoming passengers and channeling it into legal streams, he noted, money changers play an indirect role in supporting the country’s foreign exchange reserves.
Zaman also highlighted regulatory disparities, pointing out that while Bangladesh Bank actively buys and sells dollars in the interbank market and sets transaction prices for scheduled banks, it provides no clear, dedicated price directives for money changers.
To eliminate market disparities, MCAB called for simpler policy frameworks to expand legal dollar transaction channels and effectively curb informal grey-market operations.
Zaman added that the association has already submitted a comprehensive list of illegal and unlicensed money changers to Bangladesh Bank, law enforcement agencies, and the media to safeguard legitimate businesses and ensure strict compliance with central bank directives.
