Uniform dollar rate at bank from today

All commercial banks will implement the uniform exchange rate of US dollar for inward wage earner remittance and commercial transaction to stabilise the volatile market of foreign currencies.

The exchange rate of dollar will be Tk 108 per unit for wage earner remittance and Tk 99 for export earnings, according to the decision of a bankers’ meeting on Sunday. For opening letter of credit for import, the businesses would pay Tk 104.5 per unit of dollar.

Leaders of Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA) met together on directive of Bangladesh Bank to introduce uniform rates for the greenback.

Sonali Bank Managing Director Afzal Karim and Brac Bank Managing Director Selim RF Hussain led respective sides at the meeting held at head office of the state-run bank in capital’s Motijheel.

After the meeting, the both parties briefed media regarding the decision.

BAFEDA Chairman Afzal Karim said the members of the organisation and ABB have agreed to execute the uniform rate of US dollar from Monday.

“We, all members of bankers have agreed to execute the uniform rate of foreign currencies specially US Dollar. Bangladesh Bank will observe the market. We analyse the present situation of forex market,” he said.

On behalf of the bankers, ABB Chairman Selim RF Hussain said the decision of uniform exchange rate is milestone for banking sector in Bangladesh.

“We think, that is fair and market rates. The decision is a milestone for local banking sector in the country. Our journey is towards market determining exchange rates. Of course, the central bank will continue monitoring and intervening. They will guide us,” he said.

On Thursday, Bangladesh Bank had met with the bankers to determine what to do in the dollar market. Deputy Governor Ahmed Jamal chaired this joint meeting with ABB and BAFEDA leaders. At the end of the meeting, Governor Abdur Rouf Talukdar joined. But they could not finalise the decision on a single rate for dollar.

Both organisations sought time to monitor the dollar market and understand the import-export situation before setting the unified rate of the dollar.

There has been volatility in the dollar market for several months. The central bank is struggling to keep the exchange rate of the dollar stable.