The Bangladesh Bank has issued a letter to Islami Bank Bangladesh, seeking an explanation for purchasing US dollars from foreign exchange houses at a rate higher than the fixed price. According to rates announced by the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers, Bangladesh (ABB), banks can buy each dollar from remitters at Tk 109.75 and sell to importers at Tk 110.25. The central bank’s letter highlights that Islami Bank is buying foreign currencies at a higher rate than declared by BAFEDA, raising concerns about anti-market activities. The bank received $582 million in remittances between December 1 and December 22, the highest in the banking sector.
BIZDATAINSIGHTS
Bizdata Insights is a Market Insights, Data Intelligence and Business Advisory Platform
Our Solutions
Menu
Newsletter
Sign up for our newsletter now by entering your e-mail address and never miss out on the latest news and updates from our team!