, May 8 -- Bangladesh Bank has introduced Crawling Peg Exchange Rate System to make the exchange rate more flexible.

Foreign Exchange Policy Department (FEPD) of the central bank issued a circular in this regard signed by its director Md Sarwar Hossain on Wednesday.

According to the circular, it has been decided to introduce a Crawling Peg Exchange Rate System for spot purchases and sale of US dollar.

Under this system, a Crawling Peg Mid Rate (CPMR), has been set at Tk 117.00 per dollar with immediate effect.

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Scheduled banks may purchase and sell US dollars freely around the CPMR with the customers and in interbank deals.

Earlier, on Sunday (May 5), Banglades...