The highest price of the dollar is set by the commercial banks

The commercial banks have determined the maximum dollar price for the import, export and remittance of the banks. From now on, if expatriates send remittances through banking channels in the country, the bank will pay a maximum of 108 taka per dollar. If government incentive of two and a half taka is added, it will be 110 taka 50 paisa.

Besides, commercial remittances and export bills will be cashed at 99 rupees per dollar. The average (weight and average) cost of banks for collecting remittances and cashing export bills will be 103 taka 50 paisa. Banks can sell dollars to importers by adding a maximum of one rupee. This rate will be effective from Monday (September 12).

This decision was taken at a joint meeting of Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Authorized Dealers Association (BAFEDA) on Sunday (September 11).

The meeting held at the head office of Sonali Bank was attended by the chairman of BAFEDA and the managing director (MD) and CEO of Sonali Bank. Afzal Karim, Chairman of ABB and Managing Director (MD) of BRAC Bank Salim RF Hossain and Managing Directors of various commercial banks.

After the meeting Sonali Bank MD Afzal Karim said, Bafeda and ABB jointly held this meeting. Our main objective is that the money exchange rate of all the banks of the country should be the same. Discussed in detail about the dollar crisis and the current situation. Here all the members of BAFEDA and ABB have agreed that now the maximum dollar rate of remittance sent by expatriate workers will be Tk 108. In respect of commercial remittances and export bills, the rate has been fixed at 99 rupees. It is fixed. This rate will be effective from tomorrow.

However, ABB and Buffeta leaders said that the rate will change after a few days. The central bank will monitor these rates and regularly exchange data with banks.

Due to increased import and non-expected income of expatriates, there is an extreme shortage of US dollars in the country. As a result, the price of the dollar is increasing day by day. On the other hand, the value of the rupee fell against the dollar. The central bank sold dollars to commercial banks at the rate of 95 rupees. In August last year which was 85 rupees.

However, although the commercial banks have announced the price of 95 to 96 taka per dollar, they are taking the price of 101 to 106 taka per dollar at the Admani level. And cash dollars are selling 106 to 108 taka. In the open market, the dollar price is selling up to 114 taka 50 paisa. Earlier, the dollar rose to Tk 120 in the open market on August 10 and 11 this year.

Meanwhile, last week, Bangladesh Bank's foreign currency reserves also fell to 37 billion. After paying a bill of 1.73 billion dollars in the Asian Clearing Union (ACU), the reserves fell to 3 thousand 706 billion dollars (37.06 billion dollars) last Thursday. By the end of last year, reserves had risen to $4,800 billion.

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