Dhaka, Bangladesh (BBN) – The Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) is going to set up a fresh benchmark within the next two weeks for quoting foreign currency exchange rates to the overseas exchange houses.
The BAFEDA’s technical committee, headed by Bashar M Tareq, Treasury Chief of HSBC, Dhaka, will start its work from Wednesday, a BAFEDA member told the BBN in Dhaka.
“The committee will set the benchmark, considering exchange rates of US dollar ranging between maximum BDT 76 and BDT 75 for its selling and buying at customers’ level,” he added.
The exchange rates of US dollar eased slightly Tuesday at customers’ level against Bangladesh Taka (BDT), following the BAFEDA’s announcement in the previous day.
The greenback was quoted at an average of BDT 76.0596 on Tuesday for bills for collection (BC) selling for opening letters of credit (LCs) against imports. It was quoted at BDT 76.1056 on the previous working day.
The exchange rate of US dollar for telegraphic transfer (TT) clean came down to BDT 75.0596 on the day from Monday’s BDT 75.1056, the BAFEDA data showed.
“The central bank is watching the overall forex market situation closely,” a senior official of the Bangladesh Bank (BB) told BBN without elaborating.
On October 5, the central bank asked the bankers to quote foreign currency exchange rates to the overseas exchange houses, after applying due diligence and considering the situation in the international forex market.
Currently, some commercial banks are quoting unusually high rates to the overseas exchange houses to attract more inward remittances, and these rates often exceed the inter-bank foreign exchange market rates, market insiders said.
BBN/SSR/AD-11Oct11-10:06 pm (BST)