Forex market stabilises after remittance dollar rate capped
Staff Correspondent
The country’s foreign exchange market was largely stable Wednesday as all the bankers decided to follow the central bank’s directive on fixing Tk123 as the maximum remittance dollar purchase rate.
On Tuesday, the Bangladesh Bank made phone calls to authorities of all the banks to inform them of its latest cap on remittance dollar rate.
Since taking office in early August, the interim government and reconstituted Bangladesh Bank executive body intervened in markets to control two years of volatilities stemming from the Ukraine war.
The monetary authority managed to rein in a surge in dollar purchase rates.
However, since the first week of December, the rates again started climbing with bankers purchasing remittance dollar at increased rates to cater for heightened “year-end import settlement demand.”
As a result, the dollar rate hovered around Tk127 on Monday, sharply up from the previous cap of Tk120 per dollar.
