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Bank & Finance - August 18, 2022

Taka appreciated against dollar

Staff Correspondent: The value of the dollar fell by Tk 10 in the open market. As a result, the value of taka is increasing. The central bank set a maximum profit limit of Tk 1.5 per dollar for money changers. After that, the dollar, which was sold at the rate of Tk 120, fell to Tk 110. Bangladesh Bank has taken several steps to overcome the dollar crisis in the country. An operation is underway to nab those involved in dollar manipulation. Punitive measures are also being taken against the violators. Due to this, the value of taka against the dollar has started to increase.
On August 14, ABB, the association of bank chief executives, and Bangladesh Foreign Exchange Dealers Association (BAFEDA) held a meeting with the central bank. It is said that the banks themselves will decide how much profit they will make by buying and selling dollars. But the difference between sales should not be more than one taka.
In this regard, the spokesperson and executive director of Bangladesh Bank. Sirajul Islam said money changers have been asked to make a maximum profit of Tk 1.5 by buying dollars at a price 1 taka higher than the average rate of commercial banks. Earlier, the maximum profit limit of commercial banks has been fixed at Tk 1. If the rules are not followed, action will be taken according to the law, he added.
He also said that the steps taken by the central bank to overcome the dollar crisis are getting positive results. Hope the market will stabilize soon.

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