• Financial

The value of money has risen against the dollar this time

  • Financial
  • 20 June, 2022 10:58:37

Photo: Collected

News Desk: The dollar is rising after the pricing authority was handed over to the banks. On the contrary, the local currency is losing value. On Monday, Bangladesh Bank also reduced the price of taka by 50 paise to 92 taka 50 paise against the dollar.

However, the price of money has risen by 13 paise against the dollar in one day. On Tuesday (June 14), the central bank was selling at Rs 92.36 per dollar in the interbank market. This information has been known from the website of the central bank.

A senior central bank official confirmed that import costs had risen sharply since the coronation. Demand for the dollar has increased in the market due to higher imports as compared to exports. Bangladesh Bank is selling dollars to meet the increasing demand. Moreover, Bangladesh Bank is not setting the price of dollar. One of the prices at which banks transact is taken into account. Today, the central bank has taken into consideration 92 rupees 36 paise.

On June 6, Bangladesh Bank raised the dollar by 5 paise to Tk 92. In one month, the value of taka has decreased by 5 taka 41 paise against the dollar. And this year, the money has lost at least 11 times against the dollar.

On June 2, the central bank set the price at 69 rupees and 90 paise per US dollar. Before that it was 69 rupees. Later, the central bank moved away from the dollar fixed price. Bangladesh Bank leaves the pricing to the banks.

Market analysis shows that from July 2020 to August last year (2021), the dollar was stable at 74.80 paise in the interbank currency market. But since then the dollar crisis has begun to pay off large import costs, which have continued to this day.

At the beginning of August 2021, the value of each dollar in the interbank market was the same. On August 22 last year, for the first time, it went up to Tk 75 by increasing by one or two paise from August 3. On January 9 this year, it increased to 6 rupees. After that, the rate was fixed till March 22.

Later on March 23, it increased by 20 paise at the interbank market and stood at 7 rupees 20 paise. On April 26, it increased by another 25 paise to 7 rupees 45 paise. May 10 increases another 25 paise. May 18 60 paise and May 23 increase 40 paise.

On May 29, the interbank money market was set at 69 rupees per dollar. Even then the market was not stable. Later, in response to the demand of Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers of Bangladesh (ABB), an organization of top level officials of the bank, Bangladesh Bank tied the dollar at Tk 79 in the interbank currency market on May 29.

The selling rate for sale to importers is fixed at Tk 69.15. However, the banks offered an exchange rate of Tk 69.80 per dollar in interbank transactions.

Commercial banks are trading between Tk 94 and Tk 95 per dollar on Monday. And in the open market the price per dollar is being kept from 99 to 100 rupees. On Tuesday, the interbank dollar was being sold at 92 rupees 36 paise.

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