Banks are selling US dollars for import payment at Tk98 to 99 which is the highest exchange rate of dollars ever in the banking channel.
Though the Bangladesh Bank (BB) is selling US dollars at Tk92.95 to the scheduled banks, the banks are selling dollars higher at Tk 3-4.
But banks are receiving US dollars as remittance atTk 97 while the same US dollar is being sold for import payment at Tk98-99.
Earlier in May, the exchange rate of dollars had crossed Tk100 in the kerb (open) market. Now in the case of bank transactions, the price is touching Tk100. Earlier, the dollar exchange rate in the banking sector rose to a maximum of Tk96.
Bangladesh Bank is not able to decide what to do with the dollar rate. Once the dollar price limit was set, it was lifted again. Although in reality the exchange rate of the dollar has gone up.
However, the central bank is supplying US dollars to banks as per requirement and around $7.5 billion is sold to banks to make the exchange rate of dollars stable.
Md Serajul Islam, Executive Director and spokesperson of Bangladesh Bank, said, “The open market economy now relies on market situation. Due to increased domestic consumption, imports are under more pressure compared to exports.”
In such a situation banks are unable to meet the growing demand of forex, this is why dollar price has increased a bit, he said.
With Covid-19 pandemic easing, the demand for commodities has increased sharply. The Russia-Ukraine war also fuelled the price hike of commodities in the global market due to disruption of supply chain.