Addressing the dollar crisis, on Thursday afternoon the central bank in a meeting with the Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA) has said that in any case, the price per dollar will not be more than 90 rupees.
According to the banks proposal, the dollar price of the export bill will be Tk 88.95, the expatriate income will be brought at the rate of Tk 89.80, and the dollar will be traded at the interbank market at Tk 89.85 and will be sold to importers at Tk 89.95.
Due to the rise in the price of imported goods and shipping, the cost of imports has already increased by 44%. As a result, this cost is not going to be met with export and expatriate income. However, the central bank is trading dollars from its reserves, to cope with the crisis.
In that meeting, some of the banks expressed their concerns that although the price was said to be Tk. 87.90, in reality, no dollar is being traded at this price. As the dollar rate has gone above Tk 95, it is necessary to keep a realistic value of the dollar. However, The governor told the ABB chairman that the value of the dollar could not go above Tk 90 in any way. The bankers then proposed a maximum price of Tk 89.95, which will be effective from next Sunday.
Even though, as per the Bangladesh Bank, the price per dollar was expected to be Tk 87.90 yesterday. However, the banks are bringing in expatriate income at the rate of Tk 95 and cashing the export bill, increasing the prices of imported goods.
To deal with the crisis, government officials’ abroad travels have been halted, and the Bangladesh Bank has placed a 70% cash deposit on imports of various luxury commodities, including vehicles. Moreover, The National Board of Revenue (NBR) has imposed regulatory duties on imports of 135 products.