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The Bangladesh Bank today raised the interest rate on the loans made from its Export Development Fund (EDF) by 50 per cent with a view to making borrowing costlier and thus saving foreign currencies.
The new governor of Bangladesh Bank (BB), Abdur Rouf Talukder, a former finance secretary, is a seasoned man and is equipped to take the country's banking industry to the right direction.
Foreign exchange reserves in Bangladesh have slipped below $40 billion after the Bangladesh Bank cleared the import payments to the Asian Clearing Union (ACU).
Bangladesh Bank injected $42 million into the market yesterday to help banks settle import bills and prevent a fall of the taka, said a central bank official.
The Bangladesh Bank fixed the interbank exchange rate of dollar at Tk91.95 today. About $10 million was sold by the central bank on Monday, said BB spokesperson Md Serajul Islam. The central bank will sell dollars at the newly fixed rate from now, he added. The price has been increased by Tk2.05 from Sunday's rate of Tk89.90.