Dhaka, Dec 13 (BDNEWS) – Bankers have decided to adjust the exchange rate of US dollar at around Tk 67.00 against imports following scarcity of the green back in the country's foreign exchange market.
"We have reached in a consensus to adjust the exchange rate of US dollar against imports at around Tk 67 instead of previous Tk 66," Agrani Bank CEO Syed Abu Naser Bukhtear Ahmed told the reporters after a meeting of the Bangladesh Foreign Exchange Dealers' Association (BAFEDA) at its office Tuesday.
The decision came when the forex market is undergoing pressure. Currently banks are charging Tk 66.5 to 68.00 for a single greenback against imports. The inter bank exchange rate was Tk 66.10 Tuesday.
Naser said petroleum price hike in international market is causing additional US$ 1.1 billion payment during the current year compared to the previous year. This additional payment for petroleum has put pressure on the foreign exchange market.
Besides, many banks are transacting dollars charging over Tk 1 between their buying and selling rates due to higher demand in the market.
But the BAFEDA, in September, decided that the member banks will not cross Tk 1.0 between buying and selling of dollars when they will participate in the forex transactions, he said.
Naser said this adjustment will also help discourage imports of luxurious and unproductive items.
He said the meeting also discussed about exploring market opportunities for increased flow of remittances. Besides, the banks will also ensure their export proceeds repatriated timely to address the shortages of the green back, he said.
Asked about possible price hike of essentials due to the adjustment he said: It may rise. "But we have to set priorities which items we will import."
He said BAFEDA, the forum of the 41 banks, will continue its market monitoring, assess the trend and provide guidelines to keep the market stable.
BDNEWS/2132 hrs
