Bangladesh Bank has updated and unified the licencing policies, transaction limits, and regulatory oversight for foreign currency dealings, money changers, gold imports, and refining activities.
Issued under Section 20(3) of the Foreign Exchange Regulation Act, 1947, the comprehensive circular consolidates existing guidelines for five categories of regulated entities: Authorized Dealer (AD) banks, full-fledged and limited money changers, authorized gold dealers, and institutions permitted to import gold ore and dore.
The circular remains effective for one year from the date of issuance, superseding previous individual directives on these matters.
Authorized Dealer (AD) banks can supply up to $5,000 (or equivalent foreign currency notes and coins) per person per journey against applicable travel quotas.
The same limit applies to cash withdrawals from designated foreign currency accounts.
Full-fledged money changers can sell up to $3,000 (or equivalent) per transaction to Bangladeshi citizens for annual personal travel facilities, subject to passport endorsement fees (maximum Tk300) and strict digital reporting into Bangladesh Bank’s online monitoring system.
Limited money changers cannot sell foreign currency directly to the general public and must convert foreign exchange into local currency through AD banks by the next working day (retaining up to $1,000 for operational convenience).
Their licences will be valid for two years.
Gold dealers and traders are subject to a two-year licence validity, requiring renewal applications at least three months prior to expiration.
Holding a licence does not grant automatic import approval; separate prior approval from Bangladesh Bank is mandatory for each consignment.
Eligible gold refining institutions must apply through AD banks with an initial application fee of Tk3,000,000 and a renewal fee of Tk500,000, with a permit validity of five years.
Compliance with Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations is mandatory, and the central bank retains full inspection and licence-cancellation powers for any regulatory violations.