Finance News

The central bank increased the price of the dollar by 1 rupee

The central bank increased the price of the dollar by another rupee. From now on, the exchange rate of each dollar in Bangladesh Bank will be 96 taka. Yesterday also this price was 95 taka. The price at which Bangladesh Bank sells dollars is called interbank transaction price. However, except for Bangladesh Bank, no bank can match dollars at this price.

Earlier on Monday, the leaders of Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Authorized Dealers Association (BAFEDA) fixed the new prices in terms of expatriate income, import debt settlement and export income. The leaders of the two organizations together fixed the dollar price of 108 taka for expatriate income, 104 taka 50 paisa for settlement of import liabilities and 99 taka for export income. On the same day, the central bank also raised the price of the dollar by one taka in interbank transactions. Bangladesh Bank has sold 60.3 million dollars to the banks at the rate of 96 taka from the foreign currency reserves. These dollars are sold to banks to meet government import bills. As a result, this is the official rate of the dollar.

Bangladesh Bank is conducting various experiments on dollar rate determination. One decision after another does not end the crisis, rather it increases the complexity. As a result, moving away from the previous position, the central bank is now saying that the price of the dollar will be determined based on demand and supply.

When asked, Bangladesh Bank executive director and spokesperson Sirajul Islam told Prothom Alo that dollars were sold from Bangladesh Bank at a new price today.

After the Russia-Ukraine war, import costs have increased, creating a dollar crisis in the country. As a result, the price is also increasing. Last May, the price of the dollar was 86 rupees. From there, the central bank gradually increased it to 96 rupees today. And as a result of the sale of dollars from the reserve, the reserve decreased by 3 thousand 713 billion dollars, which rose to 4 thousand 8 billion dollars last year.