Foreign currency exchange rates
I was wondering why there is so much difference between selling and buying foreign currencies in banks in Bangladesh.
The difference is more than 5 (five) percent for most of the foreign currencies. For example, if you want to sell a Euro you get Taka 98.00 and if you want to buy a Euro you pay Tk.103.00 plus service charges. Similarly, there are big differences between selling and buying British Pound or US Dollar. In the past, the difference between selling and buying foreign currencies used to be 1 (one) percent only. I believe in most countries the difference is still around one or two percent.
I do not know if due to the open market policy Bangladesh Bank has the right to interfere and set the selling and buying rates of foreign currencies, but I am sure banks and foreign exchange dealers are having great days in foreign currency dealings. The present big difference in foreign exchange dealings also encourages people to go to the secondary market for better price.
Can Bangladesh Bank do anything about this for the sake of wage earners and travellers?
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