• Financial

The value of money has risen against the dollar

  • Financial
  • 15 June, 2022 08:29:01

Photo: Collected

News Desk: The dollar is rising after the pricing authority was handed over to the banks. On the contrary, the local currency is losing value. Bangladesh Bank also reduced the price of taka by 50 paise to 92 taka 50 paise against the dollar on Monday.

However, the price of money has risen by 13 paise against the dollar in one day. On Tuesday (June 14), the central bank was selling at Rs 92.36 per dollar on the interbank market. This information has been known from the website of the central bank.

A senior central bank official confirmed that import costs had risen sharply since the coronation. Demand for the dollar has increased in the market due to higher imports as compared to exports. Bangladesh Bank is selling dollars to meet the increasing demand. Moreover, Bangladesh Bank is not setting the price of dollar. One of the prices at which banks transact is considered. Today, the central bank has taken into consideration 92 rupees 36 paise.

On June 6, Bangladesh Bank raised the dollar by 5 paise to Tk 92. In one month, the value of taka has decreased by 5 taka 41 paise against the dollar. And this year, the money has lost at least 11 times against the dollar.

On June 2, the central bank set the price at 69 rupees to 90 paise per US dollar. Before that it was 69 rupees. Later, the central bank moved away from the dollar fixed price. Bangladesh Bank leaves the pricing to the banks.

According to the market analysis, from July 2020 to August last year (2021), the value of the dollar in the interbank money market was stable at 74 rupees 70 paise. But since then the dollar crisis has begun to pay off large import costs, which have continued to this day.

At the beginning of August 2021, the value of each dollar in the interbank market was the same. From August 3, it increased by a couple of paise and on August 22 last year it crossed Rs 75 for the first time. On January 9 this year, it increased to 6 rupees. After that, the rate was fixed till March 22.

Later on March 23, it increased by another 20 paise at the interbank market and stood at Tk 8 20 paise. On April 26, it increased by another 25 paise to 7 rupees 45 paise. May 10 increases another 25 paise. May 18 60 paise and May 23 increase 40 paise.

On May 29, the interbank money market was set at 69 rupees per dollar. Even then the market was not stable. Later, in response to the demand of Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers of Bangladesh (ABB), an organization of top level officials of the bank, Bangladesh Bank tied the dollar at Tk 79 in the interbank currency market on May 29.

The selling rate for sale to importers is fixed at Tk 69.15. However, the banks offered an exchange rate of Rs 69.60 per dollar in interbank transactions.

Commercial banks are trading between Tk 94 and Tk 95 per dollar on Monday. And in the open market the price per dollar is being kept from 99 to 100 rupees. On Tuesday, the interbank dollar was being sold at 92 rupees 36 paise.

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