The maximum inter-bank exchange rate will be Tk 109 per US dollar from now on while the USD rate for exporters will be Tk 107.50 per dollar.
The decisions came from a meeting of the Bangladesh Foreign Exchange Dealers' Associations (BAFEDA) and the Association of Bankers, Bangladesh (ABB) on Monday.
The remittance rate will remain unchanged at Tk 108.50 per USD.
The new rates will be effective from the next working day, July 2.
The single-digit exchange rate will come into effect from September as per the meeting’s decision, said the managing director of a private commercial bank who attended the meeting.
Currently, Bangladesh Bank (BB) pumps USD to the market at Tk 106 per dollar but the regulator will not sell USD lower than the market rate from July 1.
While unveiling the new monetary policy on June 18, BB Governor Abdur Rouf Talukder said that they will implement a unified and market-driven single exchange rate regime, enabling the exchange rate between the local currency, taka, and USD or any other foreign currency to be determined by the market.
Besides, the regulator will discontinue quoting specific rates for buying or selling foreign exchange, fostering stability in the foreign exchange market, according to the Monetary Policy Statement.
The central bank will not sell any forex at a discounted rate from July 1, and after this date, if the regulator needs to sell or buy any foreign exchange to or from the market, it will follow the interbank market rates.
BB’s decision followed the International Monetary Fund’s prescription given for a $4.7 billion loan the global lender approved for Bangladesh.
