Dollar price increases by Tk 1 to Tk 102 for exporters

Euro, Hong Kong dollar, US dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration
Reuters file photo

Banks increased the exchange rate of US dollars by Tk 1 to Tk 102 a dollar for the exporters, effective from Monday.

The decision was taken at a meeting between Bangladesh Foreign Exchange Dealers' Association (BAFEDA) and the Association of Bankers, Bangladesh, a platform of managing directors of banks in Bangladesh, at Sonali Bank's head office in the capital on Sunday night.

At the meeting, a decision was also taken not to change the exchange rate of US dollars to pay remittance and import liability. Currently, banks offer Tk 107 a dollar for remittance and Tk 105 a dollar to pay import liability.

The BAFEDA sent a letter to all banks to this end.

A dollar crisis has hit the country since March 2021 after the Russia-Ukraine war broke out.

At t the beginning, Bangladesh Bank fixed the currency rate to mitigate the crisis. Since the central bank’s effort did not work, BAFEDA and ABB were tasked with fixing the currency exchange rate.