Bangladesh cuts difference between dollar rates for export proceeds, remittances by Tk 0.50

Foreign exchange dealers raise the price of the dollar for both export proceeds and remittances

Foreign exchange dealers have raised the price of the dollar for export proceeds and remittances, reducing the difference between the two rates by Tk 0.50. 

Receivers of remittances will get Tk 108.50 per dollar instead of Tk 108, while the rate is Tk 107 for exporters, up from Tk 106, the dealers’ association BAFEDA said on Thursday. 

After readjusting the rates for the last time in a meeting with the Association of Bankers, Bangladesh on May 1, BAFEDA said the difference between the two rates will be kept at least Tk 2. 

Asked why they lowered the difference to Tk 1.5, BAFEDA Chairman and Sonali Bank Managing Director Afzal Karim said the new rates aim to increase the flow of earnings from exports. 

The authorities are working to keep a uniform rate for the dollar to stabilise the foreign exchange market following the International Monetary Fund’s suggestion under its $4.7 billion loan programme. 

Bangladesh Bank said uniform rate means the difference between the rates will be maximum 2 percent. 

BAFEDA has been readjusting the rates regularly after the central bank reintroduced the floating exchange system in a move to stabilise the price of the dollar. ​​