The foreign exchange dealers and banks have raised the exchange rate of the US dollar for export proceeds by Tk 0.5 to Tk 100. This will help mostly the textile and clothing exporters of the country. The rate for export proceeds will be effective from Monday. The exchange rate for export proceeds was raised to Tk 99.5 two weeks ago on Oct 23.
Bangladesh Foreign Exchange Dealers Association and the Association of Bankers, Bangladesh also decided decided to maintain the rate of inward remittances to Tk 107 that was reduced from Tk 107.5 on Oct 23,2022.
It was also decided by the Bangladesh Foreign Exchange Dealers Association and the Association of Bankers, at joint the meeting that the dollar rate to open letters of credit for importers will be Tk 1 more than the weighted average of the rates fixed for export proceeds and remittances.
The stakeholders in the meeting also decided to keep the exchange houses of Bangladeshi commercial banks on foreign soils open during the weekend, and on bank holidays.
The dollar began climbing in mid-2021 due to a supply crunch of the currency. The crisis went deeper towards March this year, prompting the central bank to come up with several measures to curb the dollar’s unprecedented gains.The banks in crisis bought dollars from other banks at higher prices to settle import payments, while sometimes looking to clients to come up with the currency. This put the customers at the receiving end of the crisis.
The US dollar reached an all-time high of Tk 121 in the open market in August and is currently being sold at around Tk 110. The price of the dollar in the banks rose to Tk 107, although Bangladesh Bank was selling at Tk 95.
Bangladesh raises US dollar price for export proceeds
