Industry

ABB, BAFEDA will meet tomorrow to set uniform dollar rate for banks

Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers’ Association (BAFEADA) will meet again tomorrow (September 11, 2022) to determine the uniform exchange rate of US dollar.

They (ABB and BAFEDA) will then formally inform Bangladesh Bank of their decision on the execution of a single rate of the dollar.

On Thursday, Bangladesh Bank had discussions with banks to determine what to do in the dollar market. Central bank’s Deputy Governor Ahmed Jamal chaired this joint meeting with ABB and BAFEDA leaders. At the end of the meeting, Governor Abdur Rouf Talukdar joined. But they could not finalise the decision on a single rate for dollar.

Both organisations sought time to monitor the dollar market and understand the import-export situation before setting the unified rate of the dollar.

There has been volatility in the dollar market for several months. The central bank is struggling to keep the exchange rate of the dollar stable.

ABB Chairman and Managing Director of BRAC Bank Salim R. F. Hussain told UNB that the dollar market will stabilize in the next two months due to decrease in the transaction deficit in foreign trade.

Source: United News of Bangladesh