A treasury official has expressed concern that profits from dollar exchange rate fluctuations, which should have benefited remitters and exporters, instead accrued too banks. This situation arose because the central bank’s intervention in the market was delayed.
The official contended that the Bangladesh Bank should have initiated dollar purchases earlier, specifically when the exchange rate fell below Tk120. This proactive measure would have prevented banks from acquiring dollars at lower rates and subsequently selling them at a profit, thereby ensuring original earners received a more favorable exchange rate.
Cash Dollar Market Remains Elevated Despite Interbank Rate Decline
Despite a notable decrease in the interbank exchange rate,the rate for cash dollars in the kerb market has remained high due to a constrained supply. The cash dollar rate has seen a minimal reduction of Tk0.50, currently trading at Tk125, even as some banks are offering dollars at Tk122.50.
A senior executive from a private commercial bank confirmed that their institution is presently selling cash dollars at Tk122.50, a slight decrease from Tk123 recorded last week.
He further explained that the elevated cash dollar rate is not directly influenced by the movements in electronic (interbank) dollar rates. additionally, he pointed out that banks continue to impose higher charges for dollar transactions conducted via credit cards compared to the official interbank rate.