Bizdata Insights Main Logo

BizData Insights

Interbank Exchange Rate for USD Reaches Tk108.50

Industry: Bank, Financial

The inter-bank exchange rate for the US dollar in Bangladesh rose from Tk 108 to Tk 108.50 within a week of May 2023, which is the highest rate in the country’s history, according to data from the central bank. The inter-bank exchange rate is the rate at which one bank sells dollars to another bank.

The increase in the inter-bank dollar rate is mainly due to the rise in remittance rates, with the Association of Bankers Bangladesh and Bangladesh Foreign Exchange Dealers’ Association increasing the remittance dollar rate by Tk1 to Tk108 on 30 April. The inter bank platform saw an average daily transaction of $15-25 million at the beginning of 2022, but the transactions decreased as the dollar crisis intensified in the middle of 2023. Currently, an average of $1.5-2 million is transacted on this platform every day, as banks do not have enough dollars to sell and have reduced the opening of import letters of credit.

Source for more details:

Related News

National Finance Partners with Nagad for Digital Payment Solutions

March 28, 2024

National Finance recently signed a memorandum of understanding (MoU) with Nagad, allowing customers to utilize Nagad's payment services via the Nagad app. The agreement was formalized at Nagad's headquarters in Dhaka, marking a step towards enhanced digital payment accessibility.

bKash and DataSoft Host Seminar on Digital Payments in Microfinance

March 28, 2024

A seminar jointly organized by bKash and DataSoft emphasized the advantages of integrating digital payments within the microfinance sector. Experts highlighted that such integration can lead to time savings, increased productivity, and simplified installment and deposit collection processes.

Social Islami Bank Launches Seven Sub-Branches

March 28, 2024

Social Islami Bank has recently inaugurated seven new sub-branches across five districts in the country. The new locations include Birganj and Fulbari in Dinajpur, Munshibazar and Kulaura in Moulvibazar, Bhaluka in Mymensingh, Nabinagar in Brahmanbaria, and Godagari in Rajshahi.

Islami Bank Holds Shari’ah Supervisory Committee Meeting

March 28, 2024

Islami Bank Bangladesh PLC recently conducted a meeting of its Shari'ah Supervisory Committee through a virtual platform. Chaired by the committee's Chairman, the gathering included key members such as the Vice Chairman, Member Secretary, and the Managing Director & CEO of the bank.

Sinha Securities Fails to Settle Tk8.51 Crore in Customer Account Deficits on Time

March 28, 2024

Sinha Securities Limited, a brokerage firm, has failed to meet the deadline set by the Bangladesh Securities and Exchange Commission (BSEC) to pay all deficits in its consolidated customers' accounts (CCA). Despite a directive from the commission to settle all deficits by March 19, 2024, the firm's CCA deficit amounted to Tk8.51 crore as of March 7, 2024.

City Bank Hits Record Profit of TK 638 Crore

March 28, 2024

City Bank, a pioneer in banking, have defied economic headwinds by posting record profits in 2023. Despite a national economic slowdown, the bank reported a consolidated net profit after tax of Tk638 crore, marking a remarkable 33.5% increase from the previous year. This achievement is credited to the bank's effective business policies and strategies. Despite a 74% drop in foreign

Related News

National Finance Partners with Nagad for Digital Payment Solutions

March 28, 2024

National Finance recently signed a memorandum of understanding (MoU) with Nagad, allowing customers to utilize Nagad's payment services via the Nagad app. The agreement was formalized at Nagad's headquarters in Dhaka, marking a step towards enhanced digital payment accessibility.

bKash and DataSoft Host Seminar on Digital Payments in Microfinance

March 28, 2024

A seminar jointly organized by bKash and DataSoft emphasized the advantages of integrating digital payments within the microfinance sector. Experts highlighted that such integration can lead to time savings, increased productivity, and simplified installment and deposit collection processes.

Social Islami Bank Launches Seven Sub-Branches

March 28, 2024

Social Islami Bank has recently inaugurated seven new sub-branches across five districts in the country. The new locations include Birganj and Fulbari in Dinajpur, Munshibazar and Kulaura in Moulvibazar, Bhaluka in Mymensingh, Nabinagar in Brahmanbaria, and Godagari in Rajshahi.

Islami Bank Holds Shari’ah Supervisory Committee Meeting

March 28, 2024

Islami Bank Bangladesh PLC recently conducted a meeting of its Shari'ah Supervisory Committee through a virtual platform. Chaired by the committee's Chairman, the gathering included key members such as the Vice Chairman, Member Secretary, and the Managing Director & CEO of the bank.

Sinha Securities Fails to Settle Tk8.51 Crore in Customer Account Deficits on Time

March 28, 2024

Sinha Securities Limited, a brokerage firm, has failed to meet the deadline set by the Bangladesh Securities and Exchange Commission (BSEC) to pay all deficits in its consolidated customers' accounts (CCA). Despite a directive from the commission to settle all deficits by March 19, 2024, the firm's CCA deficit amounted to Tk8.51 crore as of March 7, 2024.

City Bank Hits Record Profit of TK 638 Crore

March 28, 2024

City Bank, a pioneer in banking, have defied economic headwinds by posting record profits in 2023. Despite a national economic slowdown, the bank reported a consolidated net profit after tax of Tk638 crore, marking a remarkable 33.5% increase from the previous year. This achievement is credited to the bank's effective business policies and strategies. Despite a 74% drop in foreign

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here