The exchange rate for the US dollar in the open or kerb market has crossed Tk 90 for the first time ever, worrying Bangladeshis looking to travel abroad and pushing up the prices of some imported goods.
The businesses expressed concern as the dollar price is fluctuating and it also influences the jump in the US dollar price in the banking channel also.
According to Bangladesh Bank (BB), the interbank dollar exchange rate on Sunday was Tk 85.70, whereas it was Tk85.60 on Thursday.
On the other hand, different money exchange houses were selling the greenback at Tk 90.10 on Sunday, which is the highest ever.
Business leaders said the dollar price fluctuation is creating uncertainty among the businesses as they cannot be sure what the price of goods they are looking to import would be in 5-10 days.
A former governor of BB, wishing anonymity, told UNB that the dollar price has jumped recently due to two reasons: firstly, increased travel abroad for different needs including study, health and entertainment following the COVID-19 restrictions being eased, or lifted around the world.
Secondly, increased capital flight from Bangladesh.
Giving an example, the former governor said that some recent incidents of banking- and e-commerce-related scams hint at the increased capital flight from Bangladesh.
Economists said that Bangladesh’s economy remains on the right track and there is no reason to be worried as such fluctuations in the exchange rate happen sometimes.
Former adviser to a caretaker government Dr. Mirza ABM Azizul Islam said that import demand has increased in the post-lockdown time as the industrial production shows a rising trend.
The price increase of LNG and petroleum products in the global market is also another cause to raise the dollar demand as Bangladesh uses USD to meet all kinds of import payments, he said.