For all latest news, follow The Financial Express Google News channel.
Banks and foreign currency dealers have increased the value of the Bangladeshi taka against the US dollar for the third time in the space of a month as part of an effort to stabilise exchange rates.
On Wednesday, the Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Authorized Dealers Association (BAFEDA) decided to reduce the dollar prices by Tk 0.25.
Consequently, the buying rate of dollars, including from exports, remittances, and interbank transactions, will stand at Tk 109.5, while the selling rate will drop to Tk 110.
The new rates are set to take effect on Dec 17, according to Abul Hashem, the executive secretary of BAFEDA.
BAFEDA and ABB have been determining dollar prices since September last year amid a rapid devaluation of the local currency, reports bdnews24.com.
Since Dec 2, banks have been purchasing dollars for Tk 109.75 and selling them for Tk 110.25.
With the latest adjustment, the price of the dollar has decreased by a total of Tk 1 in less than a month. The rate was previously cut by Tk 0.50 on Nov 22, followed by another reduction of Tk 0.25 on Nov 29.
The devaluation of the dollar comes shortly after the approval of the second tranche of a $4.7 billion loan to Bangladesh by the International Monetary Fund. The central bank plans to inject Tk 1.31 billion from this loan into the foreign reserves.