Bangladesh Bank raises dollar exchange rate

The dollar has been revalued by one rupee for remittances and export earnings. From now on, if you send remittances through legal channels, you will get 108 rupees per dollar. 110 taka 50 paisa with two and a half percent incentive of the government. And exporters will get 106 rupees against every dollar. So far, the price of dollar against remittance was 107 rupees and against export earnings it was 105 rupees.

This decision was taken at a joint meeting of Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA) on Sunday (April 30). The new decision will be implemented from Monday (May 1).

The meeting held at the head office of Sonali Bank was attended by the chairman of BAFEDA and the managing director (MD) and CEO of Sonali Bank. Afzal Karim, Chairman of ABB and Managing Director (MD) of BRAC Bank Salim RF Hossain and Managing Directors of various commercial banks.

Regarding the meeting, Sonali Bank MD said. Afzal Karim told Dhaka Post that in today's joint meeting, the price of the dollar has been revised by one taka in terms of remittance and export income. Bank rate of remittance has been increased to Tk 108. That is, now if remittances are sent to the bank, expatriates will get 110 taka 50 paisa for every dollar with two and a half percent incentive of the government. Export earnings increased by one rupee to 106 rupees per dollar.

The dollar-crisis in the country has become evident since March last year after the start of the Russia-Ukraine war. To deal with this crisis, Bangladesh Bank fixed the dollar price at the beginning. But the crisis worsened. Later, in September last year, Bangladesh Bank stepped down from the responsibility of determining the price of the dollar. This responsibility is given to ABB and Buffeta. Since then, these two organizations have been jointly fixing the dollar price for export and repatriation income and payment of import liabilities.

Read More