Bangladesh Bank Raises US Dollar Mid-Rate To Tk 119

Economic Tag: Central Bank, Forex

Bangladesh Bank (BB) will raise the US dollar mid-rate to Tk 119 from Tk 117, allowing a 1.5%-2% swing, and unify remittance and export earnings rates at Tk 123. A daily interbank exchange rate based on transactions will be published, addressing recent underuse of the market.

Banks must limit the buying-selling rate difference to Tk 1, publish rates for clients, and follow them strictly. Non-compliance will face penalties starting at Tk 10 lakh. A complaint cell has been established for whistleblowers and affected clients.

The measures, announced in a meeting led by BB Governor Ahsan H Mansur with bank executives, aim to enhance transparency and stabilize rates. Improved remittances, export earnings, and forex reserves of $21 billion have strengthened the external position.

Standard Chartered Bangladesh CEO Naser Ezaz Bijoy supported the steps as progress toward a market-based regime. BB attributed recent volatility to year-end dollar demand and urged banks to ensure fair rates for importers to manage inflation.

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