The price of US dollar in the country is now unrestrained. Traders say the issue is worrying. Strict intelligence surveillance is needed to see if money laundering is on the rise. According to the money changers, the price per US dollar in the open market or carb market is now 91 rupees 60 paise. However, the data of Bangladesh Bank says that the buying and selling price of every dollar yesterday was 8 rupees 20 paise. However, the central bank has been selling dollars to banks for almost a day to cope with the crisis.
In this context, the executive director and spokesman of the regulatory body Bangladesh Bank. Sirajul Islam told Bangladesh Pratidin yesterday, ‘In reality, the value of the dollar is rising. Demand for this specialty has grown significantly as a result of recent corporate scandals.
Lots of products are being imported in the country. Due to this, the pressure on the dollar is also increasing. But we are aware. The central bank has already taken several initiatives to keep the dollar stable. The central bank has issued a circular stating that a 25 per cent margin is required to import any luxury goods other than food or essentials.
This will control the additional pressure on the dollar. Besides, remittances will increase on the occasion of Eid. We also hope that exports will increase a bit. As a result, the value of the dollar will come down quickly, said the responsible official of the central bank.However, the top organization of traders Bangladesh Federation of Industries and Merchants Association (FBCCI) President.
Jasim Uddin said the matter is worrying. Bangladesh Bank, the regulatory body of the financial sector, needs strict surveillance to check whether money laundering from the country is on the rise again. If the price of dollar is not under control, the import cost of traders will increase. Which can have an impact on daily necessities.
According to the data available on the website of Bangladesh Bank, the buying and selling price of every US dollar from the beginning of April to yesterday has stood at Tk 8 20 paise to 60 paise. At this time, on April 12, the buying and selling price per dollar was 8 rupees 19 paise. As a result, even though the buying and selling price of dollar has been 1 paise difference in April till now, according to the data of Bangladesh Bank, in reality, the concerned people think that the picture is different.
The dollar is out of control
Analysts say remittances and exporters generally benefit when the dollar appreciates. Because if the dollar price rises, there is a risk that the price of goods will also increase. Many banks have faced dollar crisis due to slowdown in export earnings and slowdown in remittance inflows. As a result, the dollar price has been rising for some time.
It now costs 91 rupees 60 paise to buy every dollar in the open market. The dollar remained steady for more than a year in the wake of the coronavirus epidemic. The dollar started appreciating against the taka from last 5th August. Now the price is increasing almost every day.
Suddenly the import of goods has increased a lot. Again, the borders of many countries are opening. So going abroad for travel, medical treatment and education has increased. Bangladesh Bank has relaxed various laws due to Corona. As a result, the tendency to spend in dollars has increased. All in all, the demand for the dollar has risen, so has the price.
Money changer traders said that the supply of cash dollars in the open market has been low for a long time due to the decline in the number of foreign tourists and travelers during the Corona period. Now that the lockdown has lifted, the influx of foreign tourists and passengers has begun. Again, many have started going out of the country for urgent needs including medical treatment. They are collecting cash dollars from the open market.
As a result, the dollar price has risen sharply in the open market. This means that now the difference between the open market and the interbank money market price is 5 rupees 60 paise. At normal times this difference is between one and a half to two rupees. The dollar is rising in the open market mainly due to higher demand than supply.
It costs 91.50 to 92 rupees to buy a dollar in the interbank currency market on Tuesday, April 12 and Wednesday, April 13 before the New Year holidays. The cost in the open market is 91 rupees 60 paise per dollar.