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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.

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