In Bangladesh, the US dollar rose another 10 paise at the interbank market and was sold at a maximum price of Tk 7.60 yesterday. As a result, the value of dollar has also increased in the banks. The dollar has been sold at a maximum price of 103 rupees in the open market. The cash dollar has risen the most.
Yesterday, it was sold at 92 to 98 rupees per dollar in cash. It has been sold for import at the rate of 7 rupees 60 paise. Moneychangers sell for 101 to 102 rupees per dollar. It is sold at 102 to 103 rupees per dollar in the carb market or open market.

Economists believe that more effective measures need to be taken to stabilize the uncertainty and instability created in the money market. Some have suggested further devaluation of the money if necessary and increasing the supply of dollars from the reserves.

Concerned parties say that the supply of dollars is less than the demand in the market, which has created instability. The interbank rate set by the central bank has also become ineffective. The dollar is being sold at a higher price in the market than the price fixed by the central bank. It is a new instability.

A top executive at a private bank, who did not want to be named, said it was true that some banks were taking advantage of the dollar crisis. Small exporters, who do not have the bargaining power, are the ones who are suffering. According to him, in order to control the current unjust practices, there must be a norm between selling and buying in the money market. Otherwise, the market will become unbridled.

State-owned banks are now selling cash dollars at Rs 91.50 to Rs 93. Private banks are selling at Rs 93 to Rs 98. Along with the dollar, other currencies also rose. Of these, the pound is being sold at 120 rupees and the euro at 102 rupees. The information came from Motijheel Bankpara, Paltan, Baitul Mukarram and Gulshan money exchanges in the capital.

According to the traders of Carb Market, they used to sell a part of the cash dollars that the expatriates used to bring from abroad. These are their main sources of income. But after Corona, getting dollars from that source has decreased. In addition, due to the recent dollar crisis in banks, law enforcement agencies have increased surveillance in the carb market. As a result, many do not come to the carb market to sell dollars. Many are selling dollars in money changers in the hope of higher prices.

Mustafizur Rahman, Honorary Fellow of the Center for Policy Dialogue (CPD), told Kaler Kanth yesterday that the carb market and LCs are being opened at a much higher price than the dollar exchange rate set by the bank. Banks are also trading with a big difference. This will affect the import price. The prices of daily commodities have gone up in the global market. Now, even in the case of exchange rates, volatility does not bode well for the economy. This situation is caused by lack of confidence and uncertainty. If we can’t cut the uncertainty, then there will be pressure on inflation, which is not desirable at all.

Bangladesh Bank says the dollar has appreciated due to higher demand than supply due to import pressures. The central bank is providing dollars to keep the market stable. The rate has also been reset.

Yesterday, the executive director and spokesman of Bangladesh Bank. Sirajul Islam told Kaler Kantha, “Prices of most items have gone up. At the same time, freight has also increased. Due to which the gap between the value of money and the dollar is getting bigger. The value of money has been devalued considering the issue. The price of one dollar has been fixed at 7 rupees 50 paise.

He said that the banks which are selling dollars at a higher price than the price fixed by the central bank will be monitored to take advantage of the demand. If any irregularity is found, action will be taken. Bangladesh Bank is trying to keep the market stable. ‘

Meanwhile, all the orders issued by the officers and employees for foreign travel with the funding of Bangladesh Bank have been canceled. It has been decided to stop foreign travel with new and partial financing of Bangladesh Bank. However, an internal directive of Bangladesh Bank states that one can travel abroad for medical treatment and Hajj at one’s own expense.

Earlier on Monday, the finance ministry directed government employees and officials to stop traveling abroad by employees of state-owned, autonomous, semi-government institutions, state-owned banks and financial institutions.

Economist ABM Mirza Azizul Islam, a former adviser to the caretaker government on the overall situation, told Kaler Kanth yesterday that the growth in imports is much higher. On the other hand, the supply of foreign exchange has decreased due to the decline in remittance inflows. Although there has been an increase in exports, the growth in imports has been even higher. There is also pressure. Naturally, supply is lower than demand for the dollar, so prices are rising. This will increase the price of imported goods. In the meantime, inflation has risen, which could increase further. This will make the condition of the people below the poverty line worse. It will have an effect on the people.