Home ›› 19 Sep 2022 ›› Front
A lot of misinformation regarding the exchange rate between USD and Tk is circulating on social media Facebook, with many posts claiming that the greenback’s rate has dropped to Tk 93.90 – a decrease by Tk 10.
Some netizens are even claiming that the local currency’s value has gone up by Tk 10 following the announcement that Bangladesh will also carry out transactions through Chinese Yuan. A Google search for exchange rate on Thursday showed Tk 93.90 for per USD as well.
When approached for comments, central bank executive director and spokesperson Md Serajul Islam made it clear that the USD rate mentioned in the Bangladesh Bank website is the real rate, which is set by Bangladesh Foreign Exchange Dealers Association (BAFEDA).
He added that banks are currently using the official rate to buy and sell USD, and anyone claiming otherwise is spreading misinformation.
The interbank exchange rate of USD reached Tk 106.75 on Thursday, a slight dip from Tk 106.90 recorded in the previous day. Friday and Saturday are weekly holidays for local banks, and the interbank exchange of USD remains halted on Sunday.
Central bank data show that after the regulator allowed a floating exchange rate for USD, the inter-bank exchange rate rose drastically on September 13 – hitting Tk 106.15 per USD from Tk 96 in a day ago. This rate now fluctuates daily.
Despite allowing a floating exchange rate, the regulator is still selling USD to banks from its forex reserves.
The banking regulator sold $2.95 billion to banks during July to September 15, show the Bangladesh Bank data. A central bank official said the central bank is currently providing USD support to banks only for covering government import payments.
The regulator sold $37 million to banks last Thursday, insiders say.
Due to the continued USD selling spree of the central bank, the foreign exchange reserves of Bangladesh dipped to $37.10 billion on Thursday, compared to $48.11 billion posted in the same month last year.
Bankers had welcomed the regulator’s latest decision, but industry insiders claimed the move further burdened importers as the USD rate for import settlements has gone up.
On Thursday, most of the banks charged importers the highest ever at Tk 109 to Tk 110 per USD for import settlements.
