Bangladesh Bank (BB) has introduced market-based exchange rates for foreign currencies. At the same time, the central bank has fixed a ceiling on the maximum rate for the first half of the new financial year (2023-2024).
The central bank is selling to commercial banks at Tk.108. 85 paisa per dollar, up Tk. 2. 85 paisa from the previous rate.
The price of the dollar in inter-bank transactions has also been fixed at a maximum of Tk. 109 through the market-based dollar sale regulator. Besides, the foreign exchange market is still volatile.
Meanwhile, banks are selling US dollars to clients at various rates on Tuesday (July 4).
The foreign exchange market is still volatile and on Tuesday (July 4) selling US dollars to clients at varying rates, importers paid Tk. 112 per dollar for LCs, against the competitive exchange rate formula.
Rubayet Hossain, a businessman who went to open an LC in a private bank in Motijheel on Tuesday to import raw materials for export-oriented industries, had to pay Tk. 112 per dollar for the LC.
He told a news agency that despite the high rate, Rubayet received half the dollar he needed and described such a situation as annoying for business.
Earlier, Governor Abdur Rauf Talukder said that Bangladesh Bank will no longer sell dollars to banks at discounted rates from FY24. Therefore, the dollar will be sold at the market rate at the highest interbank transaction price.
Besides, Bangladesh Foreign Exchange Dealers Association (BAFEDA) has fixed the maximum rate of dollar under the interbank exchange rate at Tk. 109.
According to BAFEDA, from now on dealer banks will add one taka to the rate at which they buy dollars and give the BC (bill for collection) selling rate. However, this rate cannot be more than Tk. 109. Banks now buy export bills at Tk. 107.50 and remittances at Tk. 108.50.
BAFEDA and Association of Bankers, Bangladesh (ABB) have fixed the import price by adding a maximum of Tk. 1 to the average dollar purchase price.