Dollar price hikes again

Although many initiatives have been taken to overcome the dollar crisis, the prices are not being reined in. The price of dollar rose by Tk 0.75 to Tk 106.90 on Wednesday (September 14) in the interbank currency market. 

Earlier on Tuesday (September 13), the dollar was traded at Tk 106.15 in interbank. Earlier, the central bank sold at Tk 96 per dollar to banks on Monday. Three days in a row, the price of the dollar increased and the value of the taka decreased by Tk 10.90.

On the website of Bangladesh Bank (BB), it was said about the exchange rate of taka, the banks are determining the exchange rate of taka for inter-bank transactions and customer transactions on the basis of demand and supply and according to the guidelines of Bangladesh Foreign Exchange Authorized Dealers Association (BFEADA). Bangladesh Bank will no longer determine it daily.

Meanwhile, in the joint meeting of Association of Bankers Bangladesh (ABB) and BFEADA last Sunday (September 11), dollar rate was set to prevent unhealthy competition and excessive profit among banks.

According to the new rate, the maximum rate per dollar in banks for expatriate remittances is Tk 108. In respect of commercial remittances and export bills, the rate was fixed at Tk 99. Besides, a maximum of Tk104.50 per dollar in LC settlement of imports. However, the rates will change every few days, ABB and BFEADA leaders said. The central bank will monitor these rates and regularly exchange data with banks. And after setting a dollar rate for banks, the interbank dollar price increased for the third day in a row.

A review of the dollar price showed that the dollar price remained stable at Tk 84.80 in the interbank currency market from July 2020 to August last year. But since then, the dollar crisis started to pay huge import costs and still continues. At the beginning of August 2021, the interbank rate per dollar remained the same. From August 3 that year, the price of dollar surpassed Tk 85 for the first time on August 22. And after a year, the price of dollar increased three days in a row and stood at Tk 106.90.