BB recommends travelcards instead of cash US dollars for foreign trips

Dhaka : The central bank recommended that Bangladeshis ask their banks to issue travelcards instead of endorsing cash US dollars for travel abroad.
The recommendation came at a time when Bangladesh is dealing with a severe US dollar shortage, both in commercial banks and in the kerb market due to a massive depletion of its foreign exchange reserves.
Due to a massive demand-supply mismatch, the rate of greenbacks in the banking channel and on the open market has been setting new records every week for the last couple of months.
For instance, the website of The City Bank Ltd on August 11 showed that the rate of the cash US dollar is BDT 109.50 while if a traveller is issued a travelcard or if they pay for any overseas services via an international credit card, the rate is BDT 95 per dollar.
"This is why we are recommending travellers to request their banks to ask for travelcards, instead of asking for cash so that they pay less," Bangladesh Bank spokesperson Sirajul Islam said during an impromptu Q&A with journalists on August 11.
"Plenty of people are travelling abroad from Bangladesh every year for tourism, education and medical treatment purposes. If they endorse the US dollar they like to purchase in a travelcard instead of cash, they have to pay a lot less," he said.
Bangladeshi law dictates that any Bangladeshi or a resident in Bangladesh may take out foreign exchange not exceeding USD 5,000 by endorsing the money in their passport as a form of declaration.
Meanwhile, the bullish forex kerb market cooled down a little on August 11, as the price of cash US dollar came down to BDT 113 from August 10's rate of BDT 119.
Banks are selling cash greenbacks from BDT 107 - BDT 109.50, according to the website of Bangladesh Bank.
Many banks in the country including Standard Chartered Bangladesh, Exim Bank, The City Bank, Bank Asia, and Brac Bank  offer travelcards to customers which include various benefits for travellers on trips abroad. 
These travelcards will come in handy for travellers in time of this devaluation crisis of taka against US dollar.
Hence, Bangladesh Bank, the central bank of the country is recommending Bangladeshis to use travelcards instead of cash US dollars for travel abroad.