Bangladesh Bank increases dollar price by Tk1 to Tk96
Banks capped the rates of the dollar at Tk108 for remittance inflows and Tk99 for export proceeds as part of an effort to curb volatility in the country's foreign exchange market.
The Bangladesh Bank increased the exchange rate for dollar by Tk1 to Tk96 Monday (12 September).
Central bank sources confirmed the increase in the exchange rate. A day ago, the central bank had traded dollars for Tk95 each.
On the same day, banks capped the rates of the dollar at Tk108 for remittance inflows and Tk99 for export proceeds as part of an effort to curb volatility in the country's foreign exchange market.
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The two organisations collected a maximum of Tk108 per dollar in remittances from Monday while encashing export revenue at a maximum of Tk99 per dollar.
Additionally, they opened LC at Tk1 more than the weighted average of the exchange rate of remittance and export.
The interbank dollar exchange rate on Monday was Tk103.5.
ABB Chairman and BRAC Bank Managing Director Selim RF Hossain said that Bafeda informed the banks about the new dollar exchange rate Sunday.
As it is a new structure, new rate sheet has to be created so it takes some time in the beginning," he told The Business Standard.
There were some problems at the beginning of the day but it worked out in the end, said the ABB Chief.
" It will take some time in the first three-four days to become fully effective," he added.
Since the beginning of this year, the dollar has been on the rise as the supply of the greenback has dwindled. However, since March of this year, there has been a severe dollar crisis. The central bank took several steps including policy decisions to stabilise the market.
