The central bank continues to sell dollars

The central bank continues to sell dollars
The central bank continues to sell dollars

Bangladesh Bank continues to sell dollars from reserves to bring ‘stability’ to the dollar market. Last Thursday, 76 million dollars were sold to some banks. In total, the central bank has sold 256.9 million dollars from reserves in two months and 1 day of the current fiscal year 2022-23. In its previous fiscal year (2020-21), the central bank bought a record 8 billion or 8 billion dollars to maintain the dollar supply in the market.

Meanwhile, under the pressure of selling dollars, Bangladesh’s reserves fell to 39.05 billion dollars at the end of last Thursday. The reserve fell below $40 billion after Akura paid nearly $2 billion in import bills on July 12. Reserves then fluctuated between $39.80 and $40 billion as of July 20. By the end of July, it had fallen below $39.50 billion.

Reserves rose to $39.70 billion at the end of July as remittances increased. Due to the selling of the dollar, it turned lower again. Economists and bankers believe that dollar buying from the market contributed to the fact that reserves crossed the milestone of $48 billion in August last year, surpassing all previous records. A dollar crisis has emerged in the country since August of the last financial year due to increase in import costs and decrease in remittances. Despite the increase in export earnings, the dollar crisis did not end. As a result, the price of the dollar has increased constantly. That’s why the central bank is trying to control the market by releasing dollars from the reserve. Constantly increased the price. Despite this, the price of the dollar is not coming under control.

The article is in Bengali

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