Business Report :
The Bangladesh Bank has increased the dollar rate to Tk120, responding to rising demand and low supply of the greenback in the market. The interbank dollar increased to Tk120 each on Wednesday from Tk118.
Money changers were asked to charge a maximum Tk121 for each dollar.
On May 8, the central bank devalued the taka from Tk110 to Tk118 a dollar as part of its adoption of the crawling peg exchange rate system.
Under this system, banks are allowed to freely trade dollars with customers and in interbank deals around a mid-rate. The exchange rate was Tk94.7 in July 2022 and Tk84.8 in July 2021.
As a condition for a $4.7 billion loan to Bangladesh, the International Monetary Fund had advised setting the exchange rate of the foreign currency at a flexible rate.