Dollar price cut by Tk0.50 after over a year of hikes!

The buying and selling rates of the dollar were decreased by Tk0.50 after more than a year of hikes.

The price for purchasing dollars for export proceeds and remittance fell to Tk110, down from Tk110.50. The price of selling dollars for import settlements was set at Tk110.50. It was Tk111 earlier.

The new prices will come into effect from today. The decision was made at a meeting between the Association of Bankers, Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers Association (Bafeda).

ABB Chairman Selim RF Hussain confirmed the decision and told The Business Standard that as Bangladesh’s foreign exchange was in a better position this year compared to the last, the price of dollar against taka was decreased.

According to the new rates, the banks will be able to pay a maximum rate of Tk112.75 for remittances with incentives from their own funds. Customers will get Tk115.5 with incentives announced by the government. However, banks will not be able to charge more than Tk110.50 for the sale of these dollars.

Earlier on 31 October, the ABB and the Bafeda increased the official buying and selling rates for remittance and export proceeds to Tk110.50 and Tk111, respectively. Previously, banks could buy a dollar at Tk110 and sell it at Tk110.50.

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
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