September 24, 2022, 6:01 am

The value of money against the dollar for the third time Kamal Bangladesh Bank

  • Update Time : Monday, May 23, 2022
  • 34 Time View
The value of money against the dollar for the third time Kamal Bangladesh Bank

On Monday, the dollar exchange rate was raised by another 40 paise to 7 rupees 90 paise in interbank transactions, said the central bank’s executive director and spokesman. Sirajul Islam informed.

Till Sunday, the exchange rate was 7 rupees 50 paise per dollar. This rate was fixed on 16 May. In the previous week, on May 9, the exchange rate of the dollar was increased by 25 paise to 7 rupees 80 paise. Earlier, the exchange rate was 8 rupees 45 paise.

Commodity prices have continued to rise as demand around the world has increased since the Covid situation came under control. With the outbreak of the Ukraine-Russia war, the cost of the global supply chain increased. The demand for dollars also increases. As a result, like many countries in the world, the currency of Bangladesh also starts losing value against the dollar.

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. Although it increased by one paisa in June, the value of money has been declining rapidly since August.

As the demand increases, the price of dollar on paper is also increasing by leaps and bounds. Buyers had to pay 96.20 rupees on Monday to buy paper dollars from Money Exchange. Earlier, the dollar rose to 102 rupees in the opening session on May 18.

In the open market (carb market) dollars come mainly from expatriate workers and tourists returning from abroad. Many sell the dollars they bring with them to money changers. Again, foreigners need to buy dollars from these institutions.

Mohammad Shams-ul Islam, managing director of state-owned Agrani Bank, told last week: But exports and remittances did not increase that way. Dollars have to be bought at higher prices to meet the demand of the government. We have to count our losses. ”

The government is wary of financing other than urgent projects to cut spending and reduce pressure on the dollar.

Besides, foreign travel of officials has also been restricted. LC margins on imports have been increased to reduce the cost behind luxury goods.

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