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Friday, September 30, 2022
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    Bangladesh’s central bank sees end in sight to USD crisis

    DHAKA (XINHUA) – Bangladesh is on track to end a United States (US) dollar crisis soon in the country, Bangladesh Bank (BB) Governor Abdur Rouf Talukder said on Saturday.

    “Dollar market stability depends virtually on our inflows of remittances, export incomes and payments of import bills,” said the BB chief while attending the Annual Banking Conference 2022 at the Bangladesh Institute of Bank Management (BIBM) premises on Saturday.

    Dollar prices remain stable when there’s a balance between the inflows and outflows, Talukder said and added they are investigating whether several banks are making brisk business from the volatile forex market in the country in recent months.

    The USD reached an all-time high against the Bangladeshi taka earlier this month, soaring to BDT115 per dollar for the first time in the country’s kerb market trading history.

    On July 26 this year, the greenback reached BDT112 in the country’s open market for the first time. Subsequently, the rate hovered around BDT106 at the kerb market as authorities launched raids on money exchanger houses and BB intensified its monitoring.

    Increasing imports and a widening trade deficit were cited as the most possible reasons for taka depreciation in recent months.

    Workers at a factory in Dhaka. PHOTO: BLOOMBERG
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