Exporters in Bangladesh will now be able to encash their export proceeds at Taka 106 instead of the existing Taka 105 against the US Dollar, a development that came in the back of banks and foreign-exchange dealers raising the exchange rate by Taka 1.0 per dollar on export proceeds and inward remittances.
This is as per media reports, which added a decision in this direction was taken at a meeting between the concerned stakeholders on 30th April — Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA) — even if the same comes to effect from 2nd May.
This move was reportedly undertaken to bag more US dollars even as speaking to the media Chairman think-tank Policy Exchange of Bangladesh, Dr M. Masrur Reaz reportedly underlined the authorities were depreciating the local currency through raising the exchange rate, which he felt was a good move under the existing macroeconomic situation and going on to add if done too frequently, it might confuse the target groups.
