Staff Reporter :
Dollar crisis is coming down as prices have declined by Tk 10 in a week riding on increase in remittance inflow and decline in imports.
The dollar price rose to Tk 120 in the kerb market last week but it has come down to Tk 110 to Tk 111 in last two days.
The Bangladesh Bank has taken several steps to overcome the dollar crisis in the country. Among the measures, it imposed various conditions in imports to reduce import cost and gave policy concessions to boost remittance flow.
Besides, the regulatory body met with banks and money exchange institutions and also conducted drives to break dollar manipulation syndication. It also took punitive action against the irregulars.
The central bank also held meeting with Association of Bankers Bangladesh (ABB) and BAFEDA, the association of foreign exchange banks, separately. In the meetings, the central bank directed the banks authorities to keep exchange rate difference under one taka.
It also fixed the maximum profit limit by Tk1.5 against per dollar for the money exchange houses. The initiatives are helping reduce the dollar price, experts said.
“Now the market is going down. Prices are on the down trend. The rate that I sold yesterday (Wednesday) is still being sold today (Thursday). I am giving Tk 108.50 against per dollar to seller and taking Tk 110 from buyer,” said Mohammad Ali, an exchange house owner in Motijhel area.
Serajul Islam, Spokesperson and Executive Director of Bangladesh Bank, said, “Money exchange houses have been asked to make a maximum profit Tk 1.5.”
“Bangladesh Bank has also fixed the maximum profit limit for commercial banks at Tk 1. If the rules are not followed, action will be taken as per the law,” he said.
He further said, “The steps taken by the central bank to overcome the dollar crisis are getting positive results. Hopefully the market will be stabilised soon.”
Md Helal Uddin, Secretary General of Money Exchangers’ Association of Bangladesh, said, “We held meeting with the central bank and they allowed us to make profit of Tk1.5 against per dollar.”
Along with the initiatives, the expatriates have sent remittances worth $117 crore in first 16 days of the current months. On the other hand, the amount of issuance of letter of credits (LCs) has declined due to the conditions imposed by the central bank.
According to the latest data of the BB, the banks issued LCs worth $161 crore in first 11 days of August, which was $94 crore or 36 per cent less than the corresponding period of the previous months (July).
The importers opened LCs worth $255 crore in the first 11 days of July, which was 30.20 per cent less than June as the banks issued LCs worth $796 crore in June.
