Bangladesh Bank withdraw fix exchange rate of US dollar
02 June 2022, 07:37 pm | Updated: 24 November 2024, 12:09 pm
Bangladesh Bank on Thursday withdrew the fixed exchange rate of US dollar for banks allowing the market to decide the rate based on demand and supply.
The central bank on Thursday backtracked on its earlier decision after the remittance from expatriates marked a fall and exporters failed to convert their bills since the bank set a single exchange rate of a dollar at Tk89 on Sunday.
The BB informed banks the latest decision by giving some regulatory instructions. As a result, banks can set their (banks) own dollar price in line with the market demand.
The BB directive said that expatriate income (remittance) and import bill will be exchanged at a competitive market price of dollars. Besides, export income will be encashed at market price of dollar. Banks will sell dollars at a slightly higher price than they buy it.
