Staff Reporter :
The money exchange business in the country is in crisis as novel corona virus has almost blocked all financial activities and institution around the world including Bangladesh.
In March when Bangladesh first diagnosed Covid-19 patient, the daily business of this sector has come down to zero. The workers of the sector are passing their idle time with gossiping. Most of the institutions fear to shut down.
The experts said that government assistance is must to continue this money business.
Shamim Hossain, a money exchange businessman from capital’s Gulshan area said, I did not face such miserable situation in last eight years. Before Covid-19 pandemic daily selling and buying of dollar was $25,000-$26,000. Now it is zero.
He said, it is my only source of income. Regularly we are opening our office without any transaction. Money exchangers are passing week to week without any transaction in foreign currency.
The stories of all money exchange intuitions in the capital are the same. Even though, the scenario of the Motijheel’s Dilkhusha area which is known as ‘Dollar Gully’ is without buyers. The money exchangers wait for buyer but futile. It is very difficult to continue the businesses.
However, the exchange rate of foreign currencies is not decreasing in the market even though the demand is decreasing. Customers have to pay more than Tk 86 for every dollar. Analysts said the central bank is buying dollars to keep prices stable.
The experts said, government support is essential to keep the money exchange business continue.
The government had issued licences to 636 money ex. changers from 1997 to 1999, according to BB data.
Some 234 licensed ex. changers are now operating in the country, and the number is much higher than the market size, a high official of BB said.
The money exchange business in the country is in crisis as novel corona virus has almost blocked all financial activities and institution around the world including Bangladesh.
In March when Bangladesh first diagnosed Covid-19 patient, the daily business of this sector has come down to zero. The workers of the sector are passing their idle time with gossiping. Most of the institutions fear to shut down.
The experts said that government assistance is must to continue this money business.
Shamim Hossain, a money exchange businessman from capital’s Gulshan area said, I did not face such miserable situation in last eight years. Before Covid-19 pandemic daily selling and buying of dollar was $25,000-$26,000. Now it is zero.
He said, it is my only source of income. Regularly we are opening our office without any transaction. Money exchangers are passing week to week without any transaction in foreign currency.
The stories of all money exchange intuitions in the capital are the same. Even though, the scenario of the Motijheel’s Dilkhusha area which is known as ‘Dollar Gully’ is without buyers. The money exchangers wait for buyer but futile. It is very difficult to continue the businesses.
However, the exchange rate of foreign currencies is not decreasing in the market even though the demand is decreasing. Customers have to pay more than Tk 86 for every dollar. Analysts said the central bank is buying dollars to keep prices stable.
The experts said, government support is essential to keep the money exchange business continue.
The government had issued licences to 636 money ex. changers from 1997 to 1999, according to BB data.
Some 234 licensed ex. changers are now operating in the country, and the number is much higher than the market size, a high official of BB said.
