FEPD Circular Letter No. 42: Stock of cash currency and foreign currency account maintained by Money Changers

BANGLADESH BANK (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh www.bb.org.bd Foreign Exchange Policy Department FE Circular Letter No. 42 Date: November 10, 2022 Head offices/principal offices of all Authorized Dealers and licenced money changers in Bangladesh Dear Sirs, Stock of cash currency and foreign currency account maintained by Money Changers. Please refer to paragraph 7, chapter 2 of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol-1 in terms of stock of foreign currency and foreign currency account. 02. It has now been decided that the above mentioned paragraph will be read as follows:- “The initial stock of foreign currency notes and coins shall be built up by the Money Changers as prescribed at para 5 of this Section. The maximum stock of cash foreign currency must not exceed USD 25,000 (Twenty five thousand) or equivalent at the close of each business day. Cash foreign currency beyond this limit shall either be encashed with any AD or deposited to the foreign currency account maintained with the designated AD of the concerned Money Changer. Cash foreign currency can be withdrawn from this FC account. The balance of that account must not exceed USD 50,000 (Fifty thousand) or equivalent at any point of time. Moreover, the maximum stock of Bangladeshi taka must not exceed BDT 50,00,000 (Fifty lac) at any point of time. Bangladeshi taka beyond this limit shall be deposited to money changers’ current deposit account.” Please bring the revised instructions, effective immediately, to the notice of constituents concerned. Yours faithfully, (Md. Sarwar Hossain) Director Phone: 9530123