Dollar price for remittance, export income hiked

US dollar
Deutsche Welle

The prices of US dollar both for remittance and export earnings were hiked by Tk 0.50 and Tk 1 respectively.

The fresh prices will be effective from Thursday. From now on, remitters will receive Tk 108.50 per US dollar while Tk 107 for export income.

The Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers Association (BAFEDA) took the decision on Wednesday. 

BAFEDA chairman and managing director of Sonali Bank, Afzal Karim, told Prothom Alo that the price was raised on the basis of demand and supply. The price will be adjusted to the market steadily.

The price of dollars for importing goods was hiked to Tk 108.  However, many banks are opening letter of credit (LC) at a rate of more than Tk 110 as they are facing the dollar crisis.

On the other, some banks are purchasing remittances and export income at higher prices than the announced ones. As a result, the bankers are in doubt to what extent the crisis will mitigate with the fresh dollar price announcement.