Bankers to pay exporters Tk 105 for every US dollar

Bankers today decided that they will pay Tk 105 to buy a US dollar from the exporters in their bid to reduce the gap in rates and arrive at a single exchange rate in place of the present multiple exchange rates.

From the beginning of March, bankers have been paying Tk 104 for a dollar to exporters.

The decision was taken at a meeting of The Association of Bankers Bangladesh, and the Bangladesh Foreign Exchange Dealers' Association, said two banks' officials.

The new rate will become effective from the next working day, said a senior official of a commercial bank.

Emranul Huq, managing director and CEO of Dhaka Bank said the decision regarding hiking rate to purchase dollar from export has been taken with the objective to create a convergence between the rates of greenback for remittance and exporters.

Banks in September last year decided to offer Tk 108 for a US dollar against remittance sent by Bangladeshi migrants abroad and Tk 99 for the greenback during purchase of the greenback from exporters.

Huq said decision was the reduce the gap in rates for exports and remittance to Tk 1 gradually and arrive at a uniform rate for the greenback.

He said stability in foreign exchange market will come in the coming months as imports are falling while exports earnings are positive.

"A balance between export earnings and import payments is likely," he said.