To deal with the dollar-crisis, the value of the dollar has been increased by 50 paise in expatriate and export earnings. Banks will buy Tk 110.50 per dollar and sell it to importers at Tk 111.00 in these two cases from 1 November.
Also, the maximum rate of interbank dollar will be Tk 114.00, which was bought at Tk 110.00 and sold at a maximum of Tk 110.50.
This decision was taken at a joint meeting of Bangladesh Foreign Exchange Dealers Association (BAFEDA) and Association of Bankers Bangladesh (ABB), the organization of top executives of banks, held yesterday (31 October).
In the meeting, it was said that the banks through which more than $20 million of expatriate income will come in a month, they will compulsorily sell at least 10 percent interbank. The highest rate of dollar in interbank will be Tk 114.00. Mainly due to the dollar-crisis, many banks are unable to repay their previous debts.
According to the latest data of Bangladesh Bank, dollar was traded at Tk 110.50 in interbank yesterday. And in curb market or open market, the price of 1 dollar in cash was from Tk 119 to Tk 120.
The joint meeting was attended by Md Afzal Karim, Chairman of BAFEDA and Managing Director and CEO of Sonali Bank, Salim RF Hossain, Chairman of ABB and Managing Director of BRAC Bank along with other various commercial banks’ managing directors.
After the start of the Russia-Ukraine war, the dollar-crisis started in the country from March last year. To deal with this crisis, Bangladesh Bank fixed the dollar price at the beginning. This increases the crisis further. Later last September, Bangladesh Bank withdrew from the responsibility of determining the dollar price. This responsibility was given to BAFEDA and ABB. Since then the two organizations have been jointly fixing the dollar price for export and repatriation earnings and payment of import liabilities.
Bangladesh Bank has been selling a lot of dollars from reserves in addition to fixing the rate to keep the price of dollar in the country. In the current fiscal year, $4.5 billion has already been sold. As a result, reserves are continuously decreasing.
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