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Dollar price rises to Tk119.4 for remittances

Dollar price rises to Tk119.4 for remittances

More than a dozen banks raised the exchange rate to the US dollar to 119.40 taka on Monday after being ordered by the central bank to raise the rate to encourage more remittances through legal channels.

According to a UNB report, the flow of remittances by foreigners has declined since the third week of July.

Bank officials said the shutdown of internet services and the recent protest against student quota reform had impacted domestic money flow.

In a bid to boost the flow of money, the Bangladesh Bank on Sunday gave verbal instructions to banks to buy dollar currency for remittances, even at higher rates.

As a result, the dollar exchange rate for remittances rose by 60-70 basis points in one day on Monday.