BB allows money changers to deposit surplus forex

Bangladesh Bank has allowed licensed money changers to deposit surplus foreign currencies in special custodial accounts with commercial banks, easing cash management and reducing risks involved in transporting foreign currencies.

The central bank's circular allows banks to open foreign currency custodial accounts exclusively for licensed money changers. The accounts will not earn interest, and deposits can exceed prescribed holding limits if supported by documented business turnover and transaction records.

Money changers can deposit surplus foreign currency during banking hours and withdraw it when needed or on the next working morning, subject to available balances.

The guidelines require valid cash-in-transit insurance to cover risks during currency transportation. Transfers, remittances, third-party transactions and overdraft facilities through these accounts are prohibited.