Dollar rate for exporters raised to Tk107.50

The Bangladesh Foreign Exchange Dealers' Association (Bafeda) raised the dollar rate for exporters by Tk0.5 to Tk107.50.

The decision was announced during a meeting on Monday (26 June). 

The remittance rate was kept unchanged at Tk108.50.

According to the existing rule, banks are asked to sell dollars by adding a maximum of Tk1 to their average cost of buying the greenback. 

As per a new rule, it was decided in the meeting that the interbank dollar rate cannot exceed Tk109.

For instance, if a bank's average cost of buying a dollar is Tk107.50, it can sell at a maximum of Tk108.50. But if the average cost of buying a dollar is Tk108.70, it can charge a maximum of Tk109 in case of selling.

Earlier on 31 May, it was decided that expatriate Bangladeshis would receive an increase of Tk0.50 for remittances, while the dollar rate for export proceeds will be higher by Tk1.

The new rate stood at Tk108.50 for remittances and Tk107 for export proceeds.

Including the 20.5% government incentives, the remitters would receive Tk111.25 per dollar, said the Association of Bankers, Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers' Association (Bafeda).

On 11 September, 2022, the Association of Bankers, Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers' Association (Bafeda) set the dollar rate of remittance and export proceeds at Tk108 and Tk99, respectively.

With the latest hike for exporters, the dollar price for export proceeds has been increased a total of 11 times. The remittance rate, with ups and downs, was changed a total of four times.

Vice President of the BGMEA Shahidullah Azim said, "This is a good step as it is line with their commitment to adjust the dollar price gradually."

He, however, if the adjustment was based on market price, it would be more beneficial for all exporters. But because of the remaining gap, small exporters may miss out on the benefit.