Dollar still costlier despite move to appreciate taka

Two forums of banks yesterday cut US dollar prices by Tk 0.5 but the move left little impact on the foreign exchange market as most banks collected remittances at Tk 122-123 a dollar, including incentives, today and sold at Tk 116-118 to the importers.

The Bangladesh Foreign Exchange Dealers' Association (Bafeda) and the Association of Bankers, Bangladesh (ABB) Wednesday cut US dollar prices by Tk 0.5 and decided to buy each US dollar at Tk 110 from the exporters and remitters and sell at Tk 110.5 to the importers.

A half dozen of bankers told The Daily Star requesting anonymity that the forex market moves at its own pace and BAFEDA-ABB's rates do not work here at all.

Bankers blamed that the BAFEDA-ABB forced them to set the USD rate but they did not follow the rate.

After setting the new USD rate by BAFEDA-ABB, the Bangladesh Bank today arranged a press briefing where its spokesperson, Md Mezbaul Haque, told journalists that the BAFEDA's move to appreciate the taka was a timely and correct decision.