The value of the Bangladeshi rupee is falling against the US dollar. The central bank is more active in controlling the price of the dollar. Various steps have been taken to increase collection of remittances through legitimate channels and to reduce imports. Despite various measures, the dollar crisis is not ending. The dollar price is increasing in the bank, the open market price is not stopping. However, although the bank was somewhat stable, the price of the dollar rose again in the open market. On Wednesday (August 31), the price of the US dollar rose to Tk 112.
It is known that the central bank has sold another 50 million dollars to three government banks yesterday to help pay the import debt. The previous two days sold a record of 31.7 million dollars. In this regard, in the first two months of the current financial year, the central bank sold 249 million 30 million dollars to various banks. 762 million 17 million dollars in sales last financial year. Never before have so many dollars been needed to sell as recently. As a result of the sale of dollars, the country’s foreign exchange reserves are decreasing. Reserves were 39.06 billion dollars yesterday. In August last year that was over $48 billion.
Bangladesh Bank issued a circular on Wednesday (August 31). The notification said that after traveling abroad, individuals should not keep more than 10 thousand dollars.
According to the data of Bangladesh Bank, after July, LC opening also decreased in August. According to preliminary data, LCs worth $5.32 billion were opened in August. And the settlement is 594 million dollars. July was the first month of the financial year where LCs of USD 622 crore were established and LCs of USD 743 crore were settled. Due to these reasons, the value of the dollar in imports has decreased. Yesterday, the import price was below Tk 106. The export bill is now around Rs. And the rate of remittances from expatriates has also decreased slightly.
If it is more than 10,000 dollars, selling instructions: After traveling abroad, a Bangladeshi can keep up to 10,000 dollars. If anyone has more than this, the central bank has ordered to sell it to the bank or money changer by September 30. Legal action will be taken if no one sells. A notification was given in this regard yesterday.
An official of Bangladesh Bank said that it is illegal to buy dollars from the open market and keep them with you. However, expatriate Bangladeshis have the opportunity to keep dollars when they come to the country or the person staying in the country returns from foreign travel. It turned out that someone might have taken 2 thousand dollars with him while going out for a meeting-seminar or for some other reason. He may have brought 15 thousand dollars with him when he came to the country. In this case, you can keep 10 thousand dollars with him for a long time. Most of it should be sold or deposited in the bank account within a month. If no one gives, it will be invalid.
The price of the dollar fell below 108 rupees after the price increased a lot in the open market. However, it increased again in the last two days and was sold up to 112 taka 20 paisa yesterday. On August 10, it reached a maximum of Rs. 119. At the beginning of this year, it was around 90 rupees. In addition to banks, various initiatives have been taken to restore normality in the dollar rate in the open market. The central bank has asked not to charge more than one and a half rupees than the rate at which money changers buy dollars.
On the basis of inspection of various establishments, 42 establishments have been reprimanded, licenses of 5 establishments have been suspended and accounts of 27 establishments have been summoned. A policy decision has been taken to allow the sale of dollars from the bank’s foreign exchange dealing branches as well as some non-AD branches.