Staff Reporter: Money has become cheaper since the dollar was left out of the market; The last exchange rate per dollar stood at 91 taka 95 paise.
After moving away from the decision to fix the dollar rate, the dollar price increased in three phases. And in May, the value of money decreased by four points.
Bangladesh Bank sold dollars at 91.95 paise on Monday in response to demand from banks, a central bank spokesman and executive director Sirajul Islam told.
This means that in the last round, the money has become cheaper by 45 paise.
Earlier, Bangladesh Bank sold dollars at a higher rate than the previous day in two phases on Thursday, the day the dollar-fixing rule was lifted. This reduced the value of the money twice that day.
In the first phase on Thursday, 130 million was sold to the banks at 89 taka 90 paise.
Spokesperson Sirajul said that in the second phase on the same day, another 5 million dollars was sold to meet the urgent demand at 91 taka 50 paise.
As a result, the value of the taka decreased by two and a half taka on the day the dollar was released on the market. Money has not lost so much value in a single day in recent years. Earlier, the price was reduced to a maximum of 1 taka 10 paise in one day.
On Wednesday, Bangladesh Bank informed the banks that it had lifted the ‘Managed Exchange Rate’ following the recent foreign exchange rate fixing in the dollar market, which had become volatile due to the demand crisis.
Demand for the dollar has been rising over the past few months due to rising import costs. The dollar does not match the cost of imports from exports and remittances. As a result, the supply of dollars has been strained, which has led to a sharp rise in the foreign exchange market.
Officials of the Bangladesh Bank said that according to the new rules, from now on, the exchange rate of the dollar will be determined according to the market demand. However, in dollar transactions among themselves, the banks have been asked to ‘follow’ the dollar selling rate of Bangladesh Bank.
Central Bank spokesperson Sirajul said, “Bangladesh Bank has been forced to sell dollars to balance market demand and supply. On Monday, it sold 10 million dollars to support the banks.”
Earlier on Thursday, he had said, “According to the open market, the value of the dollar will be right. If this is not done, remittances will be reduced. However, Bangladesh Bank will monitor it even if it is released on the market.”
