Bangladesh Bank has started recognizing the prices of banks after various experiments with the dollar price. On Tuesday, the central bank’s website announced the interbank sale price of the dollar at 106 taka 15 paisa. For so long, Bangladesh Bank had kept the interbank buying and selling price of the dollar at 95 taka. In addition to this, the central bank is trying to keep the value of money closer to the market price by reducing the value of money against the dollar. As a result, the price of the dollar has been increased to 96 rupees on Monday. Dollars were also sold from the reserve yesterday at this price.
Meanwhile, some importers’ costs have gone up after the banks themselves fixed the dollar price. Especially those who import through government banks. Because, the government banks have also increased the price of the dollar like the private banks. However, all banks have increased the value of the dollar for credit cards and overseas student remittances.
The information on the interbank dollar price published on Bangladesh Bank’s website shows that the purchase price of the dollar is 101 taka 67 paisa and the selling price is 106 taka 15 paisa. Both buying and selling price was 95 taka. Again, yesterday, the central bank sold 4.5 million dollars from the reserve at the price of 96 taka.
As a result, there has been confusion about what the official price of the dollar will be. Because, for so long, the interbank rate on the website of Bangladesh Bank was the official price of the dollar. The country’s economy is calculated by taking into account the official value of the dollar. Apart from this, foreign investors and affiliates also take this rate into account.
In this critical situation, the central bank is conducting various tests on the price of the dollar. The concerned officials said that the strategy which is sustainable will be maintained.
However, Bangladesh Bank officials could not give a clear answer on this. Spokesperson of the organization Sirajul Islam told Prothom Alo that the dollar was sold from the reserve at the price of 96 taka. And what has been revealed is the banks’ purchase price. The government price has not been determined.
The cost of imports has increased
On the advice of Bangladesh Bank, the top leaders of Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA), the organization of top executives of the bank, decided the maximum price of dollar in various transactions last Sunday. In this, the dollar price of export income is set at 99 taka and the maximum of expatriate income is 108 taka. As a result, the average cost of collecting dollars is 103 taka 50 paisa. In this case, importers are supposed to charge a maximum price of 104 taka 50 paisa per dollar.
However, importers have to pay up to 108 taka 78 paisa for every dollar in payment of import duty on Monday, which exceeded 110 taka yesterday.
Meanwhile, the government banks had previously kept the dollar price below Tk 100 to settle the import debt, but as a result of the new decision, they have also increased the price. Yesterday, Sonali Bank charged 107 Taka 58 paisa per dollar, Janata Bank 106 Taka 15 paisa and Agrani Bank 104 Taka 15 paisa per dollar. But last week too it was under 100 rupees.
The higher the cost of collecting dollars in the bank, the higher the price of dollars in their import bills. Yesterday, the average purchase price of a dollar in Pubali and National Bank was Tk 109, Islami and City Bank was Tk 110.
Afzal Karim, chairman of BAFEDA and managing director of Sonali Bank, told Prothom Alo that the dollar price will be higher in the case of banks that do not have export income. Because, expatriate income has to be bought with 108 rupees. But in all cases the price will be within 108 rupees. Sonali Bank has increased the dollar price of imports taking into account the market, which will be applicable to all.
Card and student expenses also increased
BAFEDA and ABB are deciding that the cost of each dollar in credit card and overseas education costs will be the selling price of the bank’s cash dollar. Banks have increased the price of the dollar in these two sectors since last Sunday. As a result, the cost of citizens as well as parents sent for higher education abroad has increased.
Yesterday private sector employee Mahorram Hossain came to pay the credit card bill of a private sector bank. The bank charged him Rs 107 per dollar, which was Rs 99 earlier.
Maharam Hossain complained and said to Prothom Alo that now the crisis is decreasing. Then there can be no justification for suddenly raising 8 rupees per dollar. The card does not cost cash dollars, so why will the price increase so much?
Meanwhile, banks are keeping the price of each dollar above 100 rupees to send money for education expenses. Some banks are keeping it 107 taka.
Angry freelancers and dollar earning professionals
Meanwhile, the banks are offering 108 rupees only for expatriate income. In other incomes, the maximum price is 99 rupees. As a result, freelancers and dollar-earning workers of various sectors have expressed their anger. Because, they are getting government incentives at the rate of 2.5 percent for income. But getting lower price in dollars.
M Hafizur Rahman, who works in an Indian shipping company, told Prothom Alo on the phone yesterday from Singapore, “We also earn dollars.” I also get 2.5% incentive. But the bank does not want to pay more than 99 rupees. But expatriate income is paying 108 rupees. This discrimination must be removed.
Meanwhile, due to the maximum price of 108 rupees for expatriate income, many people are now losing interest in sending through legal channels, said the foreign exchange house staff. Because, doing hundi is getting more price than this. However, they say, if all banks keep the price below 108 taka, the situation will pass. Expatriates will then be forced to send income through banks.