Regulatory Alerts2022-11-10
Added
FEPD Circular Letter No. 42: Stock of cash currency and foreign currency account maintained by Money Changers
The document amends paragraph 7 of Chapter 2 of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol-1, to impose specific limits on cash holdings by Money Changers. Money Changers must ensure their maximum stock of cash foreign currency does not exceed USD 25,000 or equivalent at the close of each business day, with any excess deposited into a foreign currency account. The balance of that foreign currency account must not exceed USD 50,000 or equivalent at any point in time. Additionally, the maximum stock of Bangladeshi taka held by Money Changers is capped at BDT 50,00,000, with any amount beyond this limit required to be deposited into their current deposit account.
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