Bangladesh Bank has decided to strictly monitor the price of dollar. Domestic banks have decided not to pay more than 120 Taka per dollar to various foreign exchange houses for buying expatriate income.
This decision was taken in a meeting of treasury heads of public and private banks.
The heads of treasury of almost all banks belonging to Bangladesh Foreign Dealers Association (BAFEDA), an organization of banks licensed by the central bank for foreign exchange trading, were present in this meeting.
According to the new decision, the price of the dollar has been fixed at 120 Taka. Which will help to reduce import cost to some extent. Naturally, if the prices of imported goods come down, the pressure on inflation will also be reduced. However, the banks will follow the central bank’s policy in the case of forward dollar sales.
It was said in the meeting that the flow of dollars in the banks has increased. Doubts and fears about the dollar crisis have also reduced quite a bit. Inflow of remittances, foreign grants, export earnings have increased. Chief advisor to the current interim government. It will be possible to increase the flow of foreign investment and foreign credit by using the reputation of Yunus.
It was also said in the meeting that uncertainty in the economic and political sectors has also reduced a lot since the new government took over. For these reasons, the banks will keep the price at the maximum of 120 Taka in case of sale of dollars. No bank will sell dollars for more than that. Banks which are still selling dollars at more than 120 Taka will also bring the price down to 120 Taka quickly.
Earlier, the central bank sent messages to commercial banks to bring more stability to the foreign exchange market. Any irregularities, the message said, will not be tolerated. Treasury chiefs held the meeting after receiving such a message. Apart from payment of import debt and opening of new LCs, the treasury chiefs have decided to make inter-bank dollar transactions within a maximum of 120 Taka.
However, those concerned in this matter say, if the remittance dollar is bought at a maximum of 120 taka, how can it be sold for 120 taka? How will the bank’s operating expenses in this sector be met? So the dollar price of remittance should be reduced to some extent. Apart from this, expatriates should be given benefits by reducing prices. Earlier, banks used to give a maximum incentive of two and a half percent to expatriates against every dollar of remittance from their own funds. Now almost all banks have given it away. Only the public sector’s 2.5 percent incentive remains in place.
Meanwhile, the central bank says that banks are now buying 118 taka from 12 paise to a maximum of 119 taka per dollar of export income. Banks are making good profits by buying and selling dollars at this price. With that profit the dollar price can be adjusted in other sectors. Apart from this, according to the policy, the banks will be able to increase the price slightly according to the term in case of forward dollar sale. It has been asked to sell dollars according to that policy.
