Bangladesh’s central financial institution has reaffirmed its stance on sustaining a set change charge for the US greenback, as a part of its ongoing efforts to stabilize the native foreign money and handle the greenback disaster that has intensified for the reason that begin of the monetary yr 2022-2023. In the present day, Bangladesh Financial institution (BB) engaged with representatives from main overseas change entities, together with Western Union (NYSE:) and MoneyGram, to strengthen a directive that caps the acquisition charge of US {dollars} from remitters at Tk 116.

The transfer follows a sequence of measures geared toward controlling the surging demand for US {dollars} within the nation. BB governor Abdur Rauf Talukder introduced transaction limits for cash changers at present, setting a shopping for value cap at Tk 115.5 and a promoting value at Tk 117 every. This choice is available in response to current fluctuations within the change charge, which noticed the greenback surge to Tk 124 in banks and even increased to Tk 128 on the casual market between November 8 and 9.

The volatility prompted intervention from BB, which held conferences with the Affiliation of Bankers Bangladesh (ABB (ST:)) and the Bangladesh International Alternate Sellers’ Affiliation (BAFEDA). Throughout these discussions, banks have been mandated to adjust to an interbank greenback charge set at Tk 111 by ABB and BAFEDA on November 8. Nevertheless, cash changers expressed difficulties in acquiring {dollars} at these charges, resulting in a spill-over impact into the casual market the place demand has considerably elevated.

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