Bankers in Bangladesh have opted to reduce both buying and selling rates of the US dollar by Taka 0.25, following a boost in Bangladesh’s foreign currency reserves attributed to the approval of the International Monetary Fund’s (IMF) second instalment of its US $ 4.7 billion loan.
This marks the third consecutive week in which banks have adjusted the local currency’s rate against the US dollar, reversing the previous trend that witnessed a nearly 30 per cent surge of the greenback against the taka over a two-year period.
According to Md Afzal Karim, Chairman of the Bangladesh Foreign Exchange Dealers’ Association (Bafeda), banks will now purchase US dollars from exporters at Taka 109.5 and sell them at Taka 110.
This decision was reached during a virtual meeting of Bafeda and the Association of Bankers, Bangladesh (ABB), where the revised rate was established.
The updated rate is set to come into effect from Sunday.
