Bankers appreciate taka further against US dollar

Business Report :
Bankers decided to cut purchase and selling rates of the US dollar by more Tk 0.25 per dollar from next week with the aim to cool down the overheated foreign exchange market.

Officially, banks will buy each dollar at Tk109.75 from remitters and exporters and sell each at Tk110.25 to importers from December 3, as per the latest decision of The Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) and the Association of Bankers, Bangladesh (ABB).

The interbank exchange rate will be Tk 110.25 per dollar.
The additional 2.5 percent incentive from banks’ own funds and the government announced 2.5 percent incentives on remittance earnings will remain unchanged.

The BAFEDA and ABB arranged a meeting on Tuesday night and the two bodies took the decision.

Selim RF Hussain, chairman of ABB, told that they had taken the decision to give the message to the market that the USD rate would not rise always against local currency.

He said they will trade at the new rates from next week.
The two bodies last week appreciated the taka by Tk 0.50 against the US dollar and had decided to buy the greenback at Tk 110 from exporters and remitters and sell the US dollar at Tk 110.5 each.