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BB likely to frame policy for selling USD from banks today

Published : Sunday, 14 August, 2022 at 12:00 AM  Count : 656

Bangladesh Bank (BB) is likely to formulate policy today (Sunday ) for selling US dollars in all bank branches across the county aiming to reduce dependency on open market purchase, according to a senior central bank official.
He said to reduce dependence on money exchange institutions Bangladesh Bank has decided to do dollar transactions in all bank branches of the country.
On Thursday last week 1 USD was sold at record Tk119 which is a record in history. In the meantime it was sold at Tk 95 in the banks.
According to other
sources due to the abnormal prices in the open market, many customers are not interested in dollars. Even after the Central Bank's raid, the volatility of the open market has not decreased. Because of this, the expatriates have to gain momentum to collect dollars.
The BB official said to reduce dependence on money exchange institutions, a decision has been taken to increase foreign currency transactions in bank branches across the country. A detailed decision in this regard will come on Sunday.
He said, currently there are 1,200 authorized dealers or AD branches and 235 money exchange institutions for foreign currency transactions. Now foreign currency transactions will be allowed across the country through bank branches supplied by their respected banks.
In this regard the banks will send the list of foreign currency transactions branches to the central bank.
Meanwhile, Bangladesh Bank has started selling dollars as part of keeping the foreign exchange market stable.
The BB has already injected a large amount of dollars to the banks to keep stable its prices and there were several measures by the central bank but all efforts are in vain. The demands for dollars are on rise to pay higher import bills.
Money exchanges claim that the demand for dollars in the market is on increase but the selling is not increasing as per demand for expatriate workers, tourists, students and treatment abroad.











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