• Financial

The value of the taka against the dollar is 1 taka 60 paise

  • Financial
  • 07 June, 2022 10:03:22

Photo: Collected

News Desk: Bangladesh Bank has again reduced the value of money against the US dollar. On Monday, the exchange rate of the US dollar has been increased by 1 taka 70 paise to 91 taka 50 paise. Earlier it was 69 rupees 90 paise. From today, Bangladesh Bank will sell dollars to banks at the rate of Tk 91.50. The dollars are sold to banks to meet government import bills. As a result, this is the official rate of the dollar.

However, banks are charging importers more than Rs 95 per dollar. And expatriates are bringing income at the rate of 93 to 94 rupees.

According to sources, the dollar has appreciated due to the sharp dollar crisis in the market to discourage unnecessary imports and to facilitate exchange rates on export earnings and remittances. With this, the price of dollar has been increased in several stages this year.

In interbank transactions alone, the rupee has depreciated by more than 3 percent against the dollar since April 2021. In April last year, the exchange rate of the dollar was 74 rupees 70 paise. Even though it increased by one paise in June, the value of taka has been declining rapidly since August.

Meanwhile, the government has focused on discouraging imports of luxury goods as well as austerity measures to save dollars in foreign exchange reserves. Officials' travel abroad for special reasons has been suspended for the time being, in addition to caution in financing in cases other than urgent projects.

After the Corona, economic activity increased and imports increased. At the same time, the prices of imported goods have also gone up. All in all, the cost of imports has increased. During July-February of the current financial year, the import expenditure has increased by 48 percent and the opening of LC has increased by 50 percent. In addition, the debt of the LC, which was suspended due to corona, has to be paid now.

It is accompanied by ongoing foreign loan installments as well as deferred installments during the Corona period. All in all, the market demand for dollars is high. Meanwhile, the supply of dollars in the market has decreased as exports have not increased as compared to imports and remittances have decreased. Due to these reasons its price is increasing.

Meanwhile, as a result of the rise in the value of the dollar, the exchange rate in exports and remittances will benefit. As a result of devaluation of money, the price of goods will increase. This will put more pressure on inflation.

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