Dollar price in Bangladesh will remain non-market based before elections

Volatile dollar prices persist: banks are buying remittances at rates higher than officially announced prices

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Instructions for purchasing remittances at fixed price

During a meeting last Wednesday, the Bangladesh Foreign Exchange Dealers Association (BFEDA) and the Association of Bankers, Bangladesh (ABB) decided to maintain buying of the dollar at Tk110.5 for remittances and export earnings, as practiced earlier. I went. With 5 per cent incentive, the maximum dollar price would be Tk 116.

However, for import liabilities, the dollar price will be capped at a maximum of Tk 111. It is mandatory for all banks to follow this instruction. Managing directors of 16 major banks engaged in foreign trade reiterated their commitment to comply with the established dollar price at a meeting with the central bank on Thursday. He stressed the need for strict monitoring by the central bank to ensure compliance.

Following this, Bangladesh Bank called a meeting with local representatives of top-tier remittance houses yesterday. The gathering included officials from Western Union, Instant Cash, Small World, Transfast, MoneyGram, Ria, NEC Money Transfer, Merchant Trade and other remittance houses. During the meeting instructions were issued to collect remittances at fixed prices decided by ABB and BFEDA.

Officials from two remittance houses present at the meeting told Prothom Alo, “Instructions have been given to collect remittances at fixed prices set by ABB and BFEDA. We collect remittances as per the banks’ requirements, with higher prices for banks. Let’s buy on price.” demand.”

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