Dhaka, Bangladesh (BBN)– The country’s commercial banks have been urged to re-fix the exchange rate of the US currency against the local currency to ensure stability in the country’s foreign exchange market from Wednesday.
The Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) has already sent a letter to all its member banks and requested them for taking effective measure in this connection.
Under the new rate, the banks will bring down the exchange rate of the US dollars for bills for collection (BC), sale for opening letters of credit (LCs) against imports to BDT 82.25 from the existing average level of BDT 82.60.
The banks have also been urged to re-fix the exchange rate of the US currency, to be offered for overseas exchange houses, at BDT 81.75 from the existing around BDT 81.80 by March 07 this year.
“It’s a self-regulation. We hope that all the banks will implement our decisions to protect the interest of the national economy,” a senior BAFEDA member told BBN, adding that it will help curb the existing inflationary pressure on the economy.
The professional body has requested its member-banks to re-fix the exchange rate of the US dollar against the Bangladesh Taka (BDT) after nearly one month.
BAFEDA earlier requested its member-banks to bring down the exchange rate of the US currency for BC selling for opening LCs against imports to BDT 84.50 from the level of BDT 85.00 by February 6.
The banks were also urged to re-fix the exchange rate of the US dollar, offered for overseas exchange houses, at BDT 84.00 from the level of BDT 84.10 by the same day.
BBN/SSR/AD-07Mar12-7:30 am (BST)
