B Mirror Desk : Following the implementation of a market-driven exchange rate, the value of the dollar has begun to rise in the open market of the country. Presently, the dollar is being traded at rates between 126 taka 50 paisa and 127 taka in currency exchange houses, while transactions through banking channels are occurring at around 122 taka 50 paisa. In response to this situation, the Bangladesh Bank has signaled a firm approach to maintain market stability.
The current reference rate for the dollar, as stated by the Bangladesh Bank, is 122 taka 43 paisa, an increase from 121 taka 68 paisa the previous day. To manage the situation, the central bank has mobilized seven specialized teams to oversee market activities. Concurrently, buyers have reported that several money exchanges are acquiring dollars from banks but are withholding them from the market, anticipating higher prices. Observations in areas such as Motijheel, Paltan, and Fakirapul reveal that while money exchanges display a dollar price of 124 taka, the currency is not actually available at that rate.
Despite claims of a shortage, dollars are being sold discreetly at elevated prices. The market is experiencing heightened tension due to increased demand for dollars, particularly during the Hajj season. Shariful Islam, a buyer from Paltan, expressed that he requires $2,500 to send his son abroad but is only able to obtain $200-300 from the bank, forcing him to seek out money exchanges where the asking price is between Tk 126.50 and Tk 127 per dollar. An official from the treasury department of Agrani Bank, a state-owned institution, stated that there is no current dollar shortage in banks. The market remains stable due to limited import demand alongside adequate export earnings and remittance inflows, with monthly import bills amounting to approximately five and a half to six billion dollars, while exports and remittances collectively generate around seven billion dollars.
Conversely, due to pressure from the International Monetary Fund (IMF), Bangladesh Bank has recently delegated the task of setting the dollar exchange rate to banks and customers, although the market remains partially regulated. The central bank has warned that it will take stringent measures against anyone attempting to disrupt market stability. Arif Hossain Khan, the executive director and spokesperson for Bangladesh Bank, stated that selling dollars above Tk 5 in the open market is unacceptable. Should such practices be observed, the involved money exchanges will face penalties, including fines and potential revocation of their licenses.
