Metropolis Report-
In an effort to replace the current multiple rate system with a single rate system, banks in Bangladesh determined on Thursday that they will pay Tk 107 for each US dollar acquired from exporters. Banks formerly gave exporters Tk 106 for every USD.
In addition, the lenders opted to pay Tk 108.50 for each US dollar obtained from remitters rather than the current Tk 108. According to the chairman of the Association of Bankers Bangladesh (ABB), the decision was made during a meeting of the Bangladesh Foreign Exchange Dealers’ Association and the Association of Bankers Bangladesh (ABB). He declared that the higher prices would take effect immediately.
Instead of a numerous rate structure, we are working to establish a single exchange rate. We are closing the exchange rate difference between remittances and exports as a result of the action, he continued. If the government incentive of 2.5 percent is taken into account, remitters could receive up to Tk 111.25 for every US dollar.
To restore stability to the nation’s foreign exchange market, experts have long urged the central bank to implement a uniform exchange rate system.
