Exports and remittances like inter-bank dollar selling rates have also created a big gap. On Tuesday, the dollar was sold at an interbank low of 99 taka 65 paisa and a high of taka 108 paisa. This means a difference of 8 taka 35 paise per dollar. In recent times, the minimum and maximum rate of sale of dollars from one bank to another bank has not seen such a difference, said the stakeholders.
To restore stability in the dollar market, the banks have fixed an upper limit for buying dollars through Bangladesh Bank. In this case, a margin of 9 rupees has been fixed at 99 rupees for cashing export bills and a maximum rate of 108 rupees for remittances. And the import liability can be settled by adding 1 rupee to the average dollar purchase price of exports and remittances. As a result, the cost of settlement of import liabilities is lower in the bank which has more export bill financing.
According to the information published on the website of Bangladesh Bank, the previous day on Monday, the highest and lowest interbank rates were identical at 105 taka 50 paisa. Last Thursday, the lowest price was 104 taka, but the highest rate was 106 taka 75 paisa. And on the first day after setting the maximum rate of dollar in remittance and export, on September 12, the interbank was sold at a minimum of 101 taka 67 paisa and a maximum of 106 taka 15 paisa. Until then, the rate at which the central bank sold dollars to banks was published on the website as the interbank dollar rate.
Bangladesh Bank is currently selling dollars to banks at Tk 96. At the beginning of this year, every dollar was sold at 85 taka 80 paisa. This means that in these few months, the central bank has increased the rate by 10 taka 20 paisa or 11.89 percent per dollar. Imports, exports and remittances increased to Tk 112. Cash dollar rose to Tk 119 in the open market.
Various initiatives are underway to stabilize the foreign exchange market, including reducing import costs. Besides, the central bank is selling a lot of dollars from the reserves. More than 3 billion dollars have been sold in the current financial year. 762 million 17 million dollars were sold last financial year. As a result of the sale of dollars, the country’s foreign exchange reserves have decreased to 37 billion dollars. In August last year, where the reserves rose to a maximum of 48.06 billion dollars.