Finance
Dollar Exchange Rate Bangladesh Bank to set uniform Taka-dollar exchange rate
Own Correspondent, Dhaka, May 27: The Bangladesh Bank has fixed the Taka-US Dollar exchange rate at Tk 87.90 per dollar in the interbank currency market. But the commercial banks are not abiding by this rate. Banks are charging as much as they want in exchange of dollars. This has created instability in the market. In such a situation, the dollar will be sold at an uniform rate in all the exchange houses of the country to cut the instability of the dollar market, which will be fixed by the ABB and BAFEDA, and the matter will be reviewed by the central bank.
A tripartite meeting was held on Thursday (May 26) afternoon with the members of the executive committee of Bangladesh Bank, Bangladesh Foreign Exchange Dealers Association (BAFEDA) and Association of Bankers, Bangladesh (ABB), an organization of top level officials of the bank. Later this information was shared by the spokesperson and executive director of Bangladesh Bank Md. Sirajul Islam.
After the meeting, spokesperson Sirajul Islam said that Bangladesh Bank will continue to provide liquidity (dollar sale) support as per the need.
The export price has to be sold through the exporter's bank with the export price discounting. BAFEDA and ABB will work together to determine the uniform exchange rate (one rate) for the exchange house. Which will be complied with by all AD banks of the country. Bangladesh Bank will review the interbank rate (interbank rate rate) proposed by BAFEDA. He said the decision would be announced by next Sunday (May 29).
Earlier, the Bangladesh Foreign Exchange Dealers Association (BFEDA) had sent a letter to the Governor of Bangladesh Bank on May 19 to resolve the instability in the dollar market. In the letter, BAFEDA made some specific proposals to Bangladesh Bank.
One of the proposals of the organization is to increase the incentive for legally sent remittances from 2.5 percent to 5 percent, to provide dollars considering the market demand, and to reset the inter-bank exchange rate for buying and selling dollars subject to monitoring market movements.
