Banks will now pay the dollar rate of Tk104 to bring export proceeds to the country quickly, according to rate fixed by Bangladesh Foreign Exchange Dealers’ Association (Bafeda).

All export proceeds and other inward remittances including commercial remittances irrespective of ticket size will be bought by the banks at a fixed rate of Tk104 per US dollar (instead of the earlier Tk103), reads a notice published by Bafeda on Wednesday (1 March).

In the notice, it was said that the exchange rate for dollars is being fixed for remittance with a view to stabilise the foreign exchange market and to better serve the customer of all segments.

This new rate will be effective from 1 March and all authorised dealer banks will have to follow this rate.

Also, all wage earners and white collar NRB’s remittances (only those who are entitled to receive the existing 2.50% GoB incentives) received through Exchange Houses (both for banks own Exchange House(s) and third party Exchange Houses) and formal banking channel will be bought by the banks at a rate not higher than Tk107 per US dollar,” reads the notice.