June 24, 2024, 2:54 am

Staff Correspondent

2024-05-09 06:47:34 BdST

Taka sees highest single-day depreciation against dollar

The Bangladesh Bank (BB) has raised the dollar price to Tk 117 from the existing Tk 110 by introducing the Crawling Peg Exchange Rate (CPER) system.

The central bank took the decision during a meeting of the monetary policy committee held at its Motijheel headquarters in Dhaka on Wednesday.

Under the system, a Crawling Peg Mid Rate (CPMR) has been set at Tk 117.00 per US dollar with immediate effect.

The scheduled banks may purchase and sell US dollars freely under the CPMR system with their customers and in interbank deals, said a circular of the central bank.

A crawling peg is a system of exchange rate adjustments in which a currency with a fixed exchange rate is allowed to fluctuate within a band of rates.

The par value of the stated currency and the band of rates may also be adjusted frequently, particularly in times of high exchange rate volatility.

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