The interbank exchange rate of the US dollar and average dollar buying rates by banks started to decline just a week after public and private banks took measures in coordination with Bangladesh Bank.
According to the central bank, banks traded dollars among themselves at a maximum Tk105.50 on Sunday.
The price was at Tk106.75 just the previous day.
Bankers said the crisis in the dollar market has slightly eased, but they wanted to observe the situation for a few more months to say anything concrete.
On September 12, banks started charging Tk99 for export proceeds while paying Tk108 for remittances.
Besides, they adopted the weighted average of for the past five days to determine the dollar rate instead of imposing day-to-day buying and selling rates.
Several sources of the Bangladesh Foreign Exchange Dealers' Association (Bafeda) and the Association of Bankers, Bangladesh Limited (ABB) said streamlining the interbank dollar exchange had been a remarkable achievement in the last one week.
Before the dollar market became unstable, the central bank used to set a dollar rate at which banks would trade the greenback among themselves.
Even in the wake of the dollar crunch, the central bank did not update enough the interbank dollar market for the first five months -- allowing remittances to remain the key source for banks to procure US dollars.
Foreign exchange dealers and bankers said the interbank exchange has eased up the market pressure to some extent.
According to the Bangladesh Bank, banks traded $16 million on September 12 at Tk106.15.
The price rose slightly to Tk106.90 the next day as the trading stood at $35 million.
On September 18, the dollar stood at Tk105.50, down Tk1.25 from the previous day.
The authorities said dollar trading by banks per day also rose in the meantime.
The differences in dollar buying rates between different banks is decreasing slowly, which the banks celebrate as the second achievement of export proceeds and remittance rate fixing.
Data from the foreign exchange dealers' association show the average dollar price was at Tk103.43 on September 12.
On that day, banks bought dollars at a minimum Tk98 to a maximum of 110.18.
The gap was more than Tk12.
After a week on Monday, the average stood at Tk102.56.
The minimum and maximum dollar buying rates by banks were Tk98.65 and Tk107.92 as the gap narrowed to Tk9.
