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Mixed experienceSecond-generation owner of an old money exchange in Motijheel · Started in 1978

A money exchange from 1978 now lucky to see one customer an hour; business down almost 50%

A Motijheel money exchange founded in 1978 has had few customers for about a year as visas dried up and the economy slowed. The association says business in Dhaka is down almost 50 percent, and many in district towns have lost nearly 90 percent.

According to The Business Standard, Taslima Money Exchange on DIT Extension Road, Motijheel, was founded in 1978 and is now run by the founder's son. He said business has been very bad for a year. Many countries, including Singapore, Malaysia and Thailand, were not issuing visas to Bangladeshis, and Indian visas were fully off, though these were the main destinations. December used to be peak season with school holidays and winter trips; now he is lucky to get one customer an hour. The exchange rate has stabilised, but people lack spare money and confidence. Ironically, he remembers the 2022 dollar crisis as a good time: turbulent, but both buyers and sellers came and transactions flowed. A Mirpur money changer disagreed, saying physical dollars were so short then that they could not meet daily demand. A Gulshan exchange said India, for medical, shopping and travel, used to account for a huge share of clients. The organising secretary of the Money Changers' Association said business in Dhaka is down almost 50 percent, and many members in district towns like Khulna and Rajshahi have lost nearly 90 percent. Unlicensed traders, some operating with nothing but a nameplate, have also multiplied, and repeated appeals to Bangladesh Bank brought no remedy. Traders hope political stability after the election will reopen visas and bring back business.

Lessons

  1. 1.A money exchange's income depends on foreign travel and visas; relying on travellers to one or two countries is a big risk.
  2. 2.In a currency crunch, demand rises only if you have physical cash to sell; keep your sourcing network strong.
  3. 3.Keep a valid licence and follow Bangladesh Bank rules; amid unlicensed competition, legitimacy is what earns trust.

Published with the person's permission, without revealing who they are.

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