Public dependency on the open market for US dollars has increased, where per dollar is being sold at Tk 120-121. The dollar crisis in the kerb market became more acute after Bangladesh Bank and law enforcers raided money changers with allegations of higher exchange rates. In this situation, a number of individuals are selling dollars, through their networks, at Tk 120-121 per dollar. They are becoming the lone source of dollars for those who are traveling abroad for treatment, education, and other emergencies, sources said. Read: Bangladesh Bank introduces dollar booking policy for max 1 year  Jamal (not his real name), owner of a money exchange house in Dhaka’s Motijheel area, told UNB today that they cannot buy a dollar even at Tk 115. “How can we possibly sell per dollar at Tk 113.30?” — he asked. Many other money changers and individual floating traders of the US dollar remain idle due to the supply crisis of the currency. In the span of a month, the exchange rate of the US dollar in the kerb (open) market reached Tk 120-121 per dollar from Tk 112. The central bank and law enforcers recently raided money changers and asked to sell per dollar at the previous rate of Tk 113.30. Read: Selling dollars at higher prices: What is Bangladesh Bank’s action against treasury heads of 10 banks? Market insiders said there is a severe shortage of US dollars in Bangladesh. The price of foreign currency is increasing uncontrollably and the value of taka is falling. As a result, the price of the dollar in the kerb market has crossed Tk 120. Talking to various exchange houses and those involved in dollar trading, UNB learnt that most money changers do not have dollars. Secretary General of the Money Changers Association of Bangladesh, Sheikh Helal Sikder, said that Bangladesh Bank has set the dollar price for money changers. In this case, the buying rate is Tk 111.80 and the selling rate is Tk 113.30. Read: Dollar goes off kerb market after central bank-led raids of money exchanges “No one is getting dollars at this price, so the money changers are now sitting empty-handed,” he said. Replying to a query about the dollar shortage in the kerb market, Bangladesh Bank’s Executive Director and spokesperson, Mesbaul Hoque, told UNB that dollars are being traded, but not everyone is selling them.

Detectives of Dhaka Metropolitan Police (DMP) will launch drive against hoarding of US dollars amid volatility of the greenback. DMP's Additional Commissioner and chief of Detective Branch (DB) Mohammad Haroon Or Rashid said this in response to a question from journalists at a press conference held at the DMP Media Center on Thursday. He said that if anyone illegally stocks dollars amid its high demand and its appreciation against local currency will be taken to task. Also read: US dollar rate soars to Tk112 in kerb market amid franctic purchase Besides, the detective will keep vigil against fake dollars. The exchange rate of an American dollar jumped to Tk112 in the unofficial (kerb) market on Tuesday causing a sort of panic among buyers. Traders of the kerb market, where out-of-bank cash dollars are sold and bought, said that in the last couple of weeks, the exchange rate of dollars increased drastically. Also read: Dollar price jumps to Tk 105 in kerb market, amid BB’s move to stable it Despite the BB’s move to sell the dollar and relax policies to increase the inflow of forex in the country since June this year, the dollar market is yet to stabilize.

Bangladesh Bank (BB) on Monday depreciated taka by Tk0.40 re-fixing Bangladesh currency’s exchange rate against US dollar at Tk 87.90 to stabilize the volatile forex market. This has been the fourth depreciation of taka against the greenback in past 27 days. Now a US dollar is selling at Tk 87.90 in the inter-bank money exchange. Different commercial banks are selling cash dollars at five to six taka more. Dollars are being traded at Tk 97 to Tk 98 in the open market or Kerb market outside banks. Also read: Dollar price decreases in kerb market, after a hefty raise The BB has sold a total of $5.60 billion to different banks till May 12 of current fiscal year. In the last FY 2020-21, the BB purchased over $8 billion from different commercial banks to keep the exchange rate of taka with the US dollar stable. Banks received huge remittances last year, but they (banks) could not spend those due to Covid-induced fall of import demand. Md. Serajul Islam, executive director and spokesperson of BB told UNB that the dollar price has been re-fixed at Tk 8.90. Also read: Despite taka depreciating, banks selling dollars at Tk3-4 extra Rising prices of other commodities, including fuel, in the global market and increased import pressure in the country have put pressure on the forex. He said Bangladesh Bank is supplying dollars according to the demand of banks considering the market situation.

The government has drafted two roadmaps to boost the country’s annual export volume of agricultural goods to two billion US dollars within the next two fiscal years. A views-exchange meeting over the draft roadmaps was held at Bangladesh Agricultural Research Council (BARC) auditorium in the city.  Agriculture Minister Dr Muhammad Abdur Razzaque was present at the event as the chief guest. A committee, formed by the Ministry of Agriculture in June last, prepared the two draft roadmaps -- one to boost the export of vegetables and fruits and another to raise the potato export. READ: Agricultural Loans in Bangladesh: Banks Offering Loans to Farmers and Farms The draft roadmaps identified some major barriers and placed a number of recommendations over boosting the export of vegetables, potato, fruits and processed agricultural goods. If the recommendations can be implemented, it would be possible to raise the export earnings from agricultural goods to US$ 1.634 billion in the current fiscal year (2021-22) and US$ 2 billion in the 2022-23 fiscal year, according to one of the roadmaps. Another roadmap states that it would be possible to export 80,000 tonnes of potato in 2022, 120,000 tonnes in 2023, 180,000 tonnes in 2024 and 250,000 tonnes in 2025. Addressing the function, Dr Razzaque said there is a huge potential of exporting vegetables, potato and fruits as Bangladesh has surplus production of different crops. “We want to export these surplus crops to all over the world.  So, the government has been working relentlessly to remove all the export barriers,” he said. Dr Razzaque, also a presidium member of ruling Awami League, expressed the hope that the agricultural export would go up further in the days to come. Presided over by Agricultural senior secretary Md Mesbahul Islam, the function was addressed, among others, by Director General of Department of Agricultural Marketing (DAM) Mohammed Yousuf and BARC executive chairman Dr Sheikh Mohammad Bakhtiar, Director General of the Department of Agricultural Extension Md Asadullah and Chairman of Bangladesh Agricultural Development Corporation Dr Amitabh Sarker. READ: Khagrachari: UCB gives Tk2.1 crore agricultural loan to 71 farmers DAM Deputy Director Dr Mohammad Razu Ahmed and Chief coordinator of BADC research cell Dr Md Rezaul Karim placed the two draft roadmaps at the event.

Bangladesh's foreign exchange reserves have soared past 42 billion US dollars amid the Covid-19 pandemic, the central bank's latest data showed.