- While the gap between the official and black-market rates has narrowed from over 100% to around 8%, the rates should be nearly identical
- Currently, many banks impose service charges exceeding 10% on forex transactions to offset losses. While banks primarily earn from interest rather than FX dealings, these heightened fees reflect efforts to compensate for diminished assets.
- With remittances and export revenues flowing in, banks can rebuild their forex assets over time, it is suggested.
News - Financial
Banks are being urged to align their foreign exchange rates with the parallel market
