Dollar exchange rate for remittance at Tk 108, export proceeds at Tk 99

Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) have announced a uniform rate for buying and selling US dollars from foreign exchange houses, following Bangladesh Bank’s decision to keep the currency market stable.

The exchange rate of dollar for inward remittance will be maximum Tk 108 from tomorrow (September 12, 2022). Traders will get a maximum Tk 99 per dollar in terms of export income. And in case of opening import LC, the exchange rate will be determined by averaging the exchange rate of remittance and export.

Md. Afzal Karim, chairman of BAFEDA and managing director of Sonali Bank, announced the exchange rate after a meeting with ABB leaders today.

The dollar kerb market has become unstable again after an interval of around 20- 25 days.

Today, the US dollar was selling at Tk 114 to 114.5 in the kerb market while banks sold dollars for LC at Tk 101 to 106. Bangladesh Bank sold dollar at Tk 95 today.

A syndicate is trying to create instability in the foreign exchange market again – to gain profits from illegal dollar stock, economic intelligence reported to the central bank, a director of the latter told UNB.

The report stated, “Banks’ rate of dollar increased while kerb (open) market became unstable. Taking advantage, cash dollar traders are making a profit.”

Talking to various commercial banks and exchange houses, the UNB correspondent learnt that a dollar is being sold at Tk 114 in Motijheel, Dilkusha and Gulshan areas of the capital.

The commercial banks are taking Tk 101 to 106 per dollar at the import level. And cash dollar is selling at Tk 106 to 108.

Earlier, the dollar rate rose to Tk 120 in the kerb market on August 10 and 11 this year.

President of Money Exchangers’ Association of Bangladesh, AKM Ismail Haque, told UNB, “The price has not increased much. Today, we are buying dollars at Tk 106 and selling at Tk 107.5.”

When asked about selling at Tk 113 to Tk 114, he said that legitimate people do not sell dollars at a higher prices.

According to earlier decision, the banks will determine price of the dollar. The price of dollar will be different in every transaction, including remittance, export earnings, and import bill settlement. But the banks will buy and sell dollar at the same price in different segments. And the maximum profit in trading per dollar will be Tk 1.