The decision was made considering the present situation due to the novel coronavirus pandemic
The Bangladesh Bank will allow money changers to renew their licence without achieving the statutory annual business target – considering the present situation due to the novel coronavirus pandemic.
According to the guidelines for foreign exchange transactions, the central bank may not consider money changers' petitions for licence renewals unless the volume of their transactions in the previous year has reached the threshold amount fixed by the Bangladesh Bank.
Presently, to renew their licence, the minimum required annual volume of foreign exchange transactions of money changers is $500,000 in the city corporation areas of Dhaka and Chattogram and $350,000 for other areas.
As per the latest instruction of the central bank, for 2020, money changers will enjoy the renewal facilities without the requirement of achieving the statutory annual business target.
According to the central bank's statistics, 235 licenced money changers are currently doing business in the country. Of them, 173 are in Dhaka city and 18 are in Chattogram city.