The value of the US dollar has witnessed another decline against Taka, with a notable reduction of another Tk 0.25.
According to the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers, Bangladesh (ABB), the interbank exchange rate for US dollar-Taka will be Tk 110 from next Sunday.
This marks the third consecutive reduction in taka’s value in the last three weeks, resulting in an overall decrease of Tk 1 against the local currency.
On Thursday, Sonali Bank managing director Afzal Karim and Chairman of BAFEDA has confirmed the newly announce rate which they said will be effective from Sunday. Afzal Karim said,
“In a meeting of BAFEDA and ABB, it was decided to reduce the dollar rate by Tk 0.25 on Wednesday. The market supply of dollars is increasing. Along with remittances, export earnings are also increasing. Another good news is that about USD 700 million of IMF is going to be added to the reserves. ADB’s loan of USD 40 million dollars, including the loan of several other organizations will be added to the reserve in a few days.”
BAFEDA and ABB have been announcing the dollar rate since September 11 last year under the guidance of Bangladesh Bank. Initially, for remittances the rates were fixed at Tk 108 and for exports at Tk 99. Later, it was increased step by step to Tk 110.50 in both cases. And the import is fixed at Tk 111. This rate was valid till November 21. In all cases, the rate of dollar has been reduced by a total of Tk 1 (Tk 0.50, Tk 0.25 and Tk 0.25) in three stages.
After two years, on November 22, US dollar rate was reduced by Tk 0.50. On November 29, another reduction of Tk 0.25 was made. After two weeks, BAFEDA and ABB have announced another Tk 0.25 reduction.
The dollar market has been volatile for almost two years. The dollar rate was ‘stable’ at Tk 84.80 paisa in the interbank currency market for a year and a half. On February 24 last year, after Russia's attack on Ukraine, the dollar rose; It rose to Tk 111 in the interbank currency market. It can be seen that, in the last two years, the dollar has increased by more than 30 percent against taka.
