Business Report :
The Bangladesh Bank on Tuesday raised the exchange rate of the US dollar from its reserves by Tk0.50 to Tk110.50.
This decision was made at a joint meeting of the Bangladesh Foreign Exchange Dealers’ Association (Bafeda) and Association of Bankers’ Bangladesh (ABB).
The local currency depreciated by 1.52% in the new FY24.
The central bank pegged the dollar at Tk95 in the first week of September 2022, which means that the taka lost 16.32% of its value against the greenback over the past year.
Since July, the central bank has not announced the dollar price separately.
In selling dollars from reserves, the central bank is following the dollar rate in the interbank market.
The taka depreciated to the highest value of Tk2.85 in the first week of July.
Since then, the central bank has been increasing the selling price of dollars from the reserves according to the interbank dollar rate.
As a result, the reserves’ dollar rate stood at Tk108.85 in early July.
Last Sunday, the dollar rate for remittances, export proceeds and import settlement increased by Tk0.50.
