Home ›› 13 Jun 2022 ›› Front
The Bangladesh Foreign Exchange Dealers Association (BAFEDA) and Association of Bankers, Bangladesh (ABB) have urged the Bangladesh Bank to increase the supply of USD to cool down the forex market.
These two organisations – at a meeting with the central bank officials chaired by its Governor Fazle Kabir on Sunday – also sought more incentive on export earnings to help increase the American greenback’s supply in the market.
ABB President and BRAC Bank Managing Director Selim RF Hussain, BAFEDA President and Sonali Bank Managing Director Ataur Rahman Prodhan represented their respective organisations at the meeting, and several other members were also present there.
The central bank had recently invited these two organisations after conducting inspections at several banks to address the volatility of the country’s foreign exchange market.
An official present at the meeting, on condition of anonymity, said the central bank governor has instructed the bankers to adjust the USD rates in their local book and foreign book.
The local currency depreciated by 50 paisa against the USD last Thursday after a slight appreciation last Wednesday, owing to the growing import payments. Though the issue is creating a burden on importers, it is boosting exports and remittance earnings.
On Sunday, the inter-bank exchange rate stood at Tk 92 per USD, up from Tk 91.50 recorded on Thursday. This is the 12th depreciation of Taka against the USD in 2022.
