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Business Insider Bangladesh

Dollar price should not be high: BB

BI Report || BusinessInsider

Published: 16:56, 18 September 2023  
Dollar price should not be high: BB

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Bangladesh Bank (BB) has observed that as a trade balance is prevailing now in the country, dollar price should not be high.

"Now there is a trade balance here, the dollar price should not be high. Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) and Association of Bankers, Bangladesh (ABB) set the dollar rate. We work with the rates they offer," said BB Executive Director and Spokesperson Md Mezbaul Haque.

Mezbaul Haque on Monday told reporters following a meeting between BB Governor Abdur Rouf Talukder and Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Mahbubul Alam at BB headquarters in Dhaka.

BSS adds: After the meeting, Mahbubul Alam said many traders have to open Letters of credit (LCs) by buying dollars at a higher price than the fixed rate.

"We drew the governor's attention to the dollar market, who gave assurance that everyone will get dollars at the fixed rate," he added.

He said the central bank's governor has been urged not to increase the interest rate of bank loans.

"In view of this, the governor said the loan interest is now fixed according to the smart rate, there is no chance of the interest rate being increased at an abnormal rate. According to the current system, there may be a slight rise only," he added.

Regarding the opening of LCs, the FBCCI president said, "We have talked about the small and medium businessmen and the governor has assured them that they can open LCs and the banks have been instructed accordingly."