Finance News

The dollar is raising the price of goods

Due to the crisis, some banks are collecting expatriate income at higher prices. After that, consumer goods are selling dollars to importers at higher prices.
The cost of imports is constantly rising due to rising prices of consumer goods and shipping in the international market. On the other hand, remittances are declining. As a result, the demand for US dollar in the foreign exchange market has increased. And to meet this demand, some banks are collecting expatriate income at higher prices. Income sent by expatriates i.e. dollars are then being sold at higher prices to consumer goods importers and small traders. Although the expatriates and their relatives get a little higher exchange rate of dollar, it has an effect on the imported consumer goods, which is increasing the inflation in the country.

It is learned that some banks are collecting dollars from expatriates by paying up to three rupees more than the price fixed by Bangladesh Bank. The situation is such that the higher the demand for the dollar, the higher its price. As a result, importers of consumer goods have to buy dollars at a price of at least Tk 69.25. At present, the central bank’s fixed price per dollar is 8 rupees 20 paise.

Abul Bashar Chowdhury, chairman of BSM Group, one of the top food grain importers in the country, told Prothom Alo: Must buy from another bank. That’s when the price is being increased. As a result, we are forced to buy dollars at a higher price. On Tuesday, the dollar had to be bought at 69 rupees 25 paise. There are allegations that some private sector banks are playing a major role in the appreciation of the dollar. Government banks like them are not able to collect and sell dollars at higher prices if they want to.

Speaking on condition of anonymity, the managing director (MD) of a private bank told Prothom Alo: If Bangladesh Bank had given enough dollars or if it was available in the country at a lower price, we would not have brought dollars at a higher price. The market situation is such that no matter what the price, the dollar has to be brought in. ‘