BB issued letters on Dec 19 and the deadline for explanation ends today

In its effort to arrest the fall in forex reserves and bring unrealised export proceeds into the country, the Bangladesh Bank today allowed bankers to offer the existing US dollar exchange rate to exporters.

The banks are: Social Islami Bank, Al-Arafah Islami, Mercantile, Modhumoti, Midland, Brac, Exim, Premier, Shahjalal Islami and Trust.

Beneficiaries of wage earner remitters receive a 2.50 percent cash incentive on top of the market-determined exchange rate for any amount of remittance inflow.

Banks in Bangladesh have decided to enforce a uniform exchange rate of the US dollar from next week with a view to moving away from multiple prices of the American greenback blamed for the ongoing foreign currency instability.

The exchange rate gap in the official and unofficial channels in Bangladesh has started to widen after a few months of lull as the US dollar is getting costlier in the informal market, a development that may adversely impact the remittance flow.

The rate will be Tk 109 for the remitters

Banks in Bangladesh today refixed the rates at which they would buy US dollars from exporters and foreign exchange houses that mobilise remittances from migrant workers.

Foreign investors in Bangladesh’s stock market are selling shares en masse as the local currency’s depreciation against the US dollar coupled with various policy changes over the past few years has lowered their confidence in securing adequate returns.