Don't buy dollar beyond fixed rate of Tk 116

Bangladesh Bank (BB) on Monday directed foreign-exchange houses not to buy US dollar from the remitters beyond the fixed rate of Tk 116 a dollar.
The central bank issued the direction at a meeting with the representatives of the top foreign-exchange houses in the country, held at the BB headquarters in the city.
BB spokesperson Md. Mezbaul Haque confirmed the development, saying that the central bank as part of its routine works sat with the major overseas exchange houses.
In the meeting, the BB asked them to follow the official rate and not to buy US dollar from the remitters at rates over Tk 116.
He said the central bank also asked them to follow the rules and regulations for selling remittance to banks.
Meeting sources said director of Foreign Exchange Policy Department (FEPD) Md Sarwar Hossain chaired the meeting where foreign exchange houses, including Western Union, Instant cash, MoneyGram, Small World, Transfast, Merchantrade Asia, Ria Money Transfer, Placid and NEC money transfer, were attended.
The instruction comes amid ongoing volatility in forex market following allegation that the foreign exchange houses reportedly buying the American greenback as high as Tk 124 per dollar, forcing the commercial banks to pay more violating the official rate.
In the directive issued on November 9, it was said that banks can offer a maximum of Tk 116 per dollar, including incentives for collecting remittance, as per the decision of the Bangladesh Foreign Exchange Dealers' Association and the Association of Bankers' Bangladesh (BAFEDA).
According to unofficial market, the exchange rate of US dollar remains static at Tk 128 a dollar in the kerb market although the BB sources said it is Tk 18.50 a dollar.

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