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Dollar price up again in open market

Published : 30 Aug 2022 10:19 PM | Updated : 31 Aug 2022 02:33 PM

The dollar rate is increasing again in the curb market or open market as money exchange houses sold per US dollar at the rate of Tk 114 to Tk 115 on Tuesday.

The dollar rate has increased by about Tk 5 within two days as on Sunday, the greenback was sold at Tk 109 to Tk 110 in the open or curb market.

Although in the interbank forex market, per dollar is now sold at Tk 95, the banks actually sold at the rate of Tk 104 to Tk 106 for the last two weeks.

Talking to Bangladesh Post, owners of money exchange houses said the supply of dollars in the open market had increased quite a lot in the last few days.

Now it has decreased again, they said, adding that now people sell less and come to buy more.

That is why the price is increasing again, they mentioned.

Meanwhile, Bangladesh Bank (BB) directly sold dollars from reserves to the commercial banks to stabilise the dollar market.

The BB sold about $2.04 billion directly to commercial banks from the foreign exchange reserves to stabilize the forex market till 24 August in the 2022-23 fiscal year.

To meet the market demand, the Central Bank has been selling dollars from the reserve in the continuation of the last fiscal year 2021-22.

As part of its move, Bangladesh Bank sold a record of $7.62 billion directly to commercial banks in the last fiscal year.

Md Serajul Islam, Bangladesh Bank executive director and spokesman, said, some steps have been taken by the central bank to reduce imports and the government has also taken some steps. 

"As a result, imports are significantly reduced now. The money market will also return to normal soon,” he mentioned.

Earlier, Bangladesh Bank raided various money changers in the capital to control the price of dollars in the open market.

The central bank conducted this inspection along with members of the National Security Intelligence Agency (NSI).

Besides, the Dhaka Metropolitan Detective Police conducted an operation against illegal hoarders of dollars.

On the orders of Bangladesh Bank, six bank treasury chiefs were removed for involvement in dollar manipulation.

Managing Directors (MDs) of the banks were also show-caused.

Despite this, the market is not normalizing.

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