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US dollar sells at Tk 103 in kerb market, BB not worried

Published : Tuesday, 17 May, 2022 at 9:26 PM  Count : 547

US dollar sells at Tk 103 in kerb market, BB not worried

US dollar sells at Tk 103 in kerb market, BB not worried

Breaking all the previous records, the price of the US dollar rose to Tk 103 in the kerb (open) market on Tuesday.

However, Bangladesh Bank has said it has no control over the price fluctuations of foreign currency in the kerb market.

On Tuesday, several businesses blamed that they couldn't buy US dollars due to the higher prices. On the other hand, banks also sold each US dollar at Tk 92 to Tk 93 on the day.

However, the price of dollar in the kerb market has grown even more. The traders said that they are not able to get dollars outside the bank now.

"I had to pay Tk 100.50 to Tk 101 to buy each US dollar from the kerb market on Tuesday. On Monday, the dollar was sold at Tk 97.20 and Tk 97.30," said Abdullah Al-Mamun, a trader of old Dhaka, who is involved in import trading.

He said due to increasing dollar prices every day, some people are stocking dollars, purchasing it from the kerb market, which is pushing the price of dollars in the open market.

On Tuesday, state owned Sonali, Janata, Agrani banks sold each US dollar at Tk 92 to Tk 92.50 while the private sector Eastern Bank also sold at Tk 92.50.

Md Serajul Islam, Executive Director and spokesperson of Bangladesh Bank, said, the central bank doesn't determine the prices of dollar in kerb or open market. "Bangladesh Bank doesn't have any control if the dollar prices go up in the kerb market. However, it is true that many banks are selling dollar much above the inter-bank exchange rates. But, it should not be too much. But, the banks usually don't buy or sell dollar like that of kerb market."

Besides, he said, "The dollar which is sold in the open market is not a matter of concern. It is also not a major issue to take into cognizance, because the volume of buy and sell is not very significant."

Islam said there are tension over dollar. But the central bank is closely monitoring the situation. The Bangladesh Bank has recently raised the prices of dollar five times keeping demand and supply in mind. In spite of it, the foreign exchange reserves are falling, particularly crisis of dollar has appeared in the wake of high volume of imports. The defict of dollar will go down once the export and remittance rise. At that time, the central bank can fix the prices of dollar again."

The decline of COVID-19 cases was met with a global hike in prices of commodities as the Russia-Ukraine war caused the supply and delivery costs to go up.

As a result, the demand for dollars rose and the Bangladeshi taka, like many other currencies in the world, began losing value.


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