Banks raise LC settlement dollar rates for businesses
Even top-tier banks are asking for higher rates than the previous day, according to an official.
Commercial banks asked top business groups today (10 March) to pay higher rates for dollars to settle letters of credit (LCs) compared to yesterday.
Senior officials from several leading business conglomerates said banks are demanding an additional 15 to 20 paisa for LC settlement.
Today, banks offered dollar rates between Tk122.8 and Tk122.9 to major business groups for LC settlements.
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A senior official of one business group said that when they contacted banks this morning, they were told the settlement rate would range from Tk122.8 to Tk122.9. Whereas yesterday the rate ranged between Tk122.57 and Tk122.72, the official added.
Even top-tier banks are asking for higher rates than the previous day, according to the official.
Last week, the LC settlement rate stood at around Tk122.3-Tk122.35.
Meanwhile, an official from a private company told The Business Standard that the banks increased the dollar rate this morning compared to yesterday, creating difficulties for businesses.
"When the dollar price rises, the prices of other goods also go up."
The official said the dollar market is sensitive and that instability could trigger another crisis.
A deputy managing director of a private bank said the dollar market had remained stable for more than a year and a half, without any artificial shortages.
He said the central bank should take timely measures to prevent a dollar crisis.
Another deputy managing director of a private bank said economists met with the governor on Saturday, where emphasis was placed on maintaining foreign exchange reserves.
This has sent a signal to the market that the central bank may try to conserve reserves and may refrain from selling dollars even if shortages emerge, the banker stated.
As a result, banks may have to settle rising import payments using the dollars they earn themselves, the official said.
Following the meeting, speculation has grown in the market, the DMD added.
Another senior official of a private bank said Bangladesh Bank has so far been able to keep the dollar rate stable, adding that any volatility could affect other sectors.
