Difference between dollar rates at export and import rises to Tk 10

Dealers and banks have set uniform rates, but many of them fail to follow the rates on the first day

Staff Correspondentbdnews24.com
Published : 12 Sept 2022, 08:21 PM
Updated : 12 Sept 2022, 08:21 PM

Many banks have failed to exchange the US dollar at uniform rates set by the foreign currency dealers and banks on the opening day.

The difference between the rate of export proceeds and import bills in the banks that were able to implement the rates on Monday increased to Tk 10. It was within Tk 7 before the uniform rates became effective.

Bangladesh Foreign Exchange Dealers Association or BAEDA and the Association of Bankers, Bangladesh or ABB on Sunday set the rate of the dollar for inward remittances at Tk 108 or below and Tk 99 for export proceeds.

The weighted average of the two rates plus Tk 1 was set as the rate for letters of credit for imports.

Sonali Bank customers got Tk 99 per dollar from export proceeds and Tk 108 from remittances on Monday, but it sold the dollar at Tk 107.90 to importers, increasing the difference between export and import rates to nearly Tk 10.

“We faced some problems in creating the rate sheets on the first day. They were solved in the afternoon,” said Selim RF Hussain, managing director of BRAC Bank and chairman of ABB.

“The treasury chiefs of the banks will sit and correct the rates every day. I hope the rates will be implemented in full within a day or two,” he said.

On Monday, Bangladesh Bank also sold $63 million to the banks at Tk 96 per dollar, said central bank spokesman Serajul Islam, up from Tk 95 in August.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher