Taka depreciates again: USD 1 now Tk 89

The Bangladesh Bank today depreciated taka by 1.25 per cent to Tk 89 per US dollar hours after banks suggested depreciating the local currency by Tk 2.

The interbank exchange rate of the taka stood at Tk 85.8 per dollar on December 30 and Tk 84.8 on May 29 last year. 

The central bank has also fixed the BC (bills for collection) selling rate—at which banks sell US dollars to importers—at Tk 89.15 a US dollar in contrast to the existing Tk 88.

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Banks want taka to be devalued by Tk 2

The BB has so far depreciated the taka seven times this year.

BB Spokesperson Md Serajul Islam confirmed the issue to The Daily Star.

Earlier this day, the Association of Bankers, Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers' Association (BAFEDA) proposed the central bank fixing the interbank exchange rate at Tk 89.8 per dollar.

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Is Bangladesh paying the price of administered forex regime?

As per the recommendations of the two organisations, the rate for importers should be fixed at Tk 89.95 per USD.

The banking regulator has taken the decision after assessing the rates submitted by the ABB and BAFEDA, Islam said.