BB to set uniform exchange rate to stabilize volatile dollar

Bangladesh Bank (BB) has decided to set a uniform exchange rate of US dollar with taka for all banks to follow to tame the volatile forex market.

The central bank asked the banks and foreign exchange dealers to recommend a uniform rate by Sunday on which it can take a decision.

This emerged from a tripartite meeting the central bank held on Thursday with the Association of Bankers, Bangladesh (ABB), an association of banks’ CEOs-MDs, and Bangladesh Foreign Exchange Dealers Association (BAFEDA).

The meeting also warned banks to stay away from any manipulation in destabilize the forex market amid a fall in the reserve.

Md Serajul Islam, executive director and spokesperson of BB told reporters after the meeting it also discussed ways to increase remittance, curb unnecessary import and some other banking issues.

The BB governor Fazle Kabir assured liquidity support and dollar supply to the banks to meet the dollar demand and bring back stability in the market.

Besides, the BB decided to stop selling export bills from a bank to any other bank.

ABB Chairman and BRAC Bank Chief Executive Officer (CEO) Selim RF Hussain told UNB, several decisions have been taken in the meeting to ensure discipline and transparency in the foreign exchange market.

Source: United News of Bangladesh