Dollar price soars to Tk119.4 for remittance

Over a dozen banks increased the US dollar exchange rate up to Tk 119.40 on Monday after getting central bank instruction to hike the rate to lure more remittance in the legal channel.

The flow of expatriate remittances saw a downfall since the third week of July, according to a UNB report.

Bank officials said that internet service closure and the recent students’ quota reform demonstration impacted inward remittance flow.

To boost the flow of remittances, the Bangladesh Bank gave verbal instructions to banks on Sunday to purchase remittance dollars even at higher rates.

As a result, the remittance dollar rate surged by 60-70 basis points in a day on Monday.