IslamicFinance.de

Huge outflow of foreign currency during Hajj and Eid-ul-Azha has created a crisis of cash US dollar in Bangladesh, according to market players and the regulator. The crisis has now forced the central bank to request the National Board of Revenue to withdraw tax on import of US dollar notes by local banks. Hajj and the increase in the quota for cash when travelling outside the country have drained out the cash dollar reserves this year, said Nazneen Sultana, deputy governor of Bangladesh Bank. Generally, the demand for cash dollar rises ahead of Hajj every year. Spending for Puja and rising medical tourism have created further strain on the cash dollar reserves.