Bangladesh Bank has directed the commercial banks and the money exchange firms to share annual dollar endorsement data online against each passport.
Foreign Exchange Operation Department of the central bank issued a circular in this regard on Tuesday.
“That is a part of monitoring. But I think that the over-scanning of individual passports would discourage people from going to formal banking channels,” Dr. Salehuddin told the Daily Sun.
The individual travelling abroad would only be allowed to carry the highest $12,000 in each calendar year during his/her staying abroad. In addition, another $10,000 can be endorsed against foreign travel on medical grounds. Policy Exchange Bangladesh chairman Dr. M Masrur Reaz said that the scan on individual passports would not improve the foreign exchange situation and dollar market in the country.
“In our import-dependent economy, the money laundering mostly happened through trade finance. How much dollars an individual can expense. Such monitoring would create a negative impact on travel of individuals abroad,” said Dr. Reaz.
