The Bangladesh Foreign Exchange Dealers' Association (Bafeda) has asked banks in the country not to sell US dollars to importers for beyond Tk 109 per greenback as some lenders recently breached the rule.

The Bafeda, which is a platform for banks to monitor the country's foreign exchange market, issued a circular on July 3, asking them to follow the rules strictly.

It was observed that some banks got more than Tk 109 for each dollar sold to importers, the Bafeda said in the notice.

The Bafeda and Association of Bankers, Bangladesh (ABB), a platform for managing directors of banks in the country earlier took a decision to sell each US dollar for a maximum of Tk 109.

"Banks are allowed to charge a maximum of Tk 1 as a spread over its five days rolling weighted average buying rate/cost in case of import bill settlements and interbank selling, but not exceeding Tk 109 per US dollar," the Bafeda said.

As per the agreement between the two platforms, banks are allowed to mobilise the greenback from remitters by offering a maximum of Tk 108.5 per US dollar apart from the 2.5 per cent incentive given by the government.

Besides, lenders can offer a maximum of Tk 107.5 for each US dollar while purchasing the greenback from exporters.

Selim RF Hussain, chairman of the ABB, said the Bafeda had not mentioned the highest selling rate of the US dollar for importers in the previous circular, which is why there was a miscommunication.

The exchange rate for importers has decreased and is now at the expected level after the issuance of the circular.