Dollar price remains around Tk122 despite implementation of market-based exchange rate
Published: 16 May 2025, 5:51:25
The US dollar price for import Letter of Credit (LC) has remained stable at around Taka 122 despite implementation of market-based exchange rate, reports BSS.
On Wednesday, Bangladesh Bank (BB) finally announced a shift to a market-based exchange rate system, allowing market participants to trade dollars at freely negotiated rates to get IMF loan confirmation.
To this end, the treasury head of commercial banks held an informal meeting today and decided to trade foreign currency at Taka 122.
Talking to BSS, a treasury head of a bank said that treasury head of around 50 banks participated today’s virtual meeting and they have taken decision to sell dollar for import LC at Taka 122.
They are also offering dollar rate for remittance at Taka 122, he added.
He said banks have available dollar liquidity as remittance inflow is high ahead of Eid and there they did not observe any foul play from aggregators on the day.
On the market-based exchange rate, BB Governor Ahsan H Mansur at a press conference on Wednesday expressed the hope that it would be around the existing rate as liquidity in the foreign exchange market is increasing due to a rise in the inflow of US dollars.
“Bangladesh’s economy is doing well. The current account deficit is manageable, and our reserves have risen without external support. We believe the time is right. I expect the rate to remain stable due to strong inflows from exports and remittances,” he added.
The governor said it does not mean the dollar can be sold at any price. “We expect the rate to hover around the current level,” he noted.
However, he said, there will be an undisclosed band within which the exchange rate must stay.
