Dollar rate set at Tk99.5 for export encashment, Tk107 for remittance collection

Exporters will get the dollar rate of Tk99.5 in encashing their export proceeds, while banks can collect remittances at the highest Tk107 per dollar. 

The Association of Bankers, Bangladesh and the Bangladesh Foreign Exchange Dealers Association set the new rates at a meeting in the capital on Sunday. 

Earlier, dollar rates were Tk99 for export encashment and Tk107.5 for remittance collection. 

The new greenback prices for export encashment will come into effect on Monday and the rate for remittance collection on 1 November, meeting participants told The Business Standard. 

"It is our regular meeting. We usually review the entire [dollar market] situation at the meetings. The new rates have narrowed down the difference in dollar prices." said Md Afzal Karim, executive committee chairman of the Bangladesh Foreign Exchange Dealers Association.

"The unhealthy competition with the dollar prices for remittance collection will reduce, as a result. Besides, pressure to meet import costs will also be decreased," he, also managing director of Sonali Bank, told TBS. 

"All the banks will implement the new rates," he added. 

Another participant, wishing to remain unnamed,  told TBS that the meeting also decided that no bank can offer incentives other than the government-announced. "As many banks are seen announcing separate incentives [for remittance collection], the decision has been taken collectively [to prevent that]."

Besides, banks have also been asked to keep consistency in exchanges between the euro and US dollar.