The price of the dollar has started to fall

A few days ago, the dollar was sold at 120 taka in the open market, which was the highest in the country's history. However, some measures taken by Bangladesh Bank have started to have a positive effect on the market. On Sunday (August 14), the price of the dollar in the open market is reviewed, it can be seen that the dollar is currently being sold at Tk 112-114 in the curb market.

Among the multi-pronged measures taken by Bangladesh Bank to reduce the dollar crisis and control the prices, the benefits of imposing various conditions on the overall import including luxury goods have started coming to the market. The number of LC (Letter of Credit) opening of imports has decreased, this has reduced the pressure on the dollar market, the value of the rupee has started to return.

 

On Sunday (August 14), talking to some money exchanges in Motijheel, it is known that currently they are buying dollars at the rate of 110-111 taka and selling at the rate of 112-114 taka. However, dollar traders say that the price cannot be said to have stabilized the market. Traders fear that the dollar market will continue to oscillate until the value of money rises internationally and the market stabilizes. The Russia-Ukraine crisis has created an unstable situation around the world, which has started to affect the dollar market. On the one hand, the country's reserves decrease, on the other hand, as imports increase against exports, the value of money starts to depreciate, and the price of the dollar increases.  On the other hand, due to the increase in import costs against exports, a serious dollar crisis has arisen. However, as a result of Bangladesh Bank's imposition of strict conditions on imports, the cost of imports has decreased. According to Central Bank data, import credit bonds worth $1.61 billion were opened in the country on the 11th day of August, which is $9.4 billion or 36 percent less than in July. Imports in July were $2.55 billion.

 

Meanwhile, remittance flows have started increasing since last month. It is assumed that if the trend of remittances continues like this, the crisis situation will gradually return to normal. According to the latest estimates (as of August 12), Bangladesh Bank's reserves currently stand at $39.59 billion, which can cover five months of import expenses.