Dollar price has crossed 120 rupees in open market or curb market. On Sunday, it costs 120 taka 50 paisa to buy every dollar at the money exchange in and around Motijheel. Dollars have never been sold at such a price in the country’s market. However, the transactions between the banks are within the limits of the rates set by Bangladesh Bank.
According to the information of Bangladesh Bank, the exchange rate of dollar in transactions between banks on Sunday was 110 taka 80 paisa to 111 taka. And dollars are being sold at 120 taka 50 paisa in curb market or open market.
Due to lack of supply of dollars compared to demand, the price of dollar continues to rise. Importing the same product at higher prices due to foreign high inflation, resulting in higher import costs; The demand for dollars has increased due to the hundi’s paw in dollars of expatriate income and export earnings not fully coming to the country. As a result, the price of the dollar has increased in the open market.
The government is giving two and a half percent incentive for sending remittances through banking channels. Apart from this, the country’s banks are currently able to buy dollars sent by expatriates with an additional two and a half percent incentive. After the announcement of these additional incentives, the dollar has started to have an impact on the open market. The flow of expatriate income has started to turn around in the month of October. Bangladesh Bank expects this trend to continue. The bankers believe that the volatile dollar market will stabilize slowly.