Bangladesh's BAFEDA, ABB reduce USD buying, selling rates by Tk 0.50

The new price comes into effect from today.

The price for purchasing USD for export proceeds and remittance fell to Tk 110, down from Tk 110.50, and the price of selling USD for import settlement was set at Tk 110.50 from Tk 111 earlier, domestic media outlets reported.

Both had raised the official buying and selling rates for remittance and export proceeds to Tk 110.50 and Tk 111 respectively on October 31 this year.

Banks earlier could buy a dollar at Tk 110 and sell it at Tk 110.50.

There were complaints from importers about higher expenses incurred while opening letters of credit than the uniform rate of Tk 111, while bankers reported difficulties in receiving foreign currency from remitters despite paying up to Tk 116 per USD.

The country's current account returned to the positive zone, reaching $892 million in the July-September period of this fiscal due to a sharp slowdown in imports.

ALCHEMPro News Desk (DS)