To support export and import-based businesses in coping with global uncertainties induced by the Covid-19 pandemic, International Finance Corporation (IFC) is providing $50 million to Prime Bank Limited in Bangladesh. This IFC funding will support working capital, trade finance, and foreign exchange liquidity needs of export and import based entities borrowing
Tag: Forex
3 reasons for country’s falling forex reserves
Despite curbing imports, Bangladesh's foreign exchange reserve fell to USD 36 billion - lowest in 28 months - due to 3 reasons, economists believe. The reasons are: imbalance in export-import, high dependency on imported oil and gas, and decreasing trend in inward remittance flow. The forex reserves stood at USD
Forex dealers, banks cap USD exchange rates
Foreign currency dealers and banks have finally capped the dollar exchange rates following Bangladesh Bank’s instructions amid a prolonged crisis in the foreign exchange market. The ceiling will be Tk 108 for inward remittances and Tk 99 for export proceeds, effective from Monday. The rate for letters of credit for import will
BB launches instant forex transaction system
Bangladesh Bank has started instant foreign currency transactions, from bank to bank, through online-based real time gross settlement (RTGS). Banks are primarily clearing and settling in US dollars, pounds, euros, Canadian dollars, and Japanese yen. Bangladesh Bank Governor Abdur Rouf Talukder officially inaugurated the RTGS program at the headquarters of the central
Forex rate takes shine off Robi’s solid performance in Q2’22
Despite solid revenue growth and steady rise in subscriber base, drastic changes in foreign exchange rate of foreign currency has undone Robi’s sound performance in Q2’22, a press release said Thursday. In total, Robi lost 172 crore taka in Q2’22 due to devaluation of taka against the US dollar. Robi disclosed