Several banks on Monday offered more than Tk 116 per US dollar to remitters sending money through banking channels. But many banks also offered Tk 116, including government incentives and banks’ extra incentives, to remitters.
Meanwhile, money exchangers cannot sell the USD at more than Tk 117. The central bank held a meeting with the representatives of the Moneychangers Association of Bangladesh. But the regulator did not send the letter officially. BB asked the representatives verbally.
As banks offered Tk 124 to remitters last week, the USD market became volatile.
After that a meeting was held on Thursday between the central bank governor and member banks of Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers' Association (Bafeda).
Earlier, ABB-BAFEDA held a meeting where they advised all treasuries that they could offer remittances for what they wanted. After this meeting, the banks started to offer Tk 124 to remitters. Later, managing directors of 21 banks sat with the governor of the Bangladesh Bank.
On the other hand, the USD sold for Tk 125.50 in the kerb market on Monday. The rate rose to Tk 128 on Thursday.
Several traders in the kerb market, speaking on the condition of anonymity, told The Business Post that they are purchasing the USD from customers at the rates ranging from Tk 125 and selling it to other customers at Tk 125.50. They also mentioned an increase in the demand for the USD, despite facing challenges in obtaining the greenback from customers.
A treasury head, seeking anonymity said, "The central bank had penalised the treasury head previously. So, if any irregularities occur in the USD market again, the central bank will impose fines on the treasury head. That’s why now we are concerned about it."
On July 31, ABB and BAFEDA decided to increase the dollar rates for remittances by Tk 0.50 to Tk 109 per dollar and for export proceeds by Tk 1 to Tk 108.50. Consequently, the gap between official and unofficial exchange rates had widened by at least Tk 8.
Presently, state-owned banks offer 1 dollar at Tk 109.50, while private commercial banks provide it at Tk 111.50 per dollar. According to the regulations, money exchange markets are allowed a maximum Tk 1 spread while selling the dollar.
