Saturday | 7 September 2024 | Reg No- 06
বাংলা সংস্করণ
Advance Search
   
Saturday | 7 September 2024
LATEST: Constable arrested over shooting student to death in Gazipur   15 nursing students fall ill during symbolic poison-drinking protest   All industries reopen in Gazipur amid tight security   12 workers injured in Ctg shipyard explosion   Prof Yunus visits victims at Neuroscience Hospital   Madrasa students will be deployed to provide security during Durga Puja   Committee by Sunday to turn Ganabhaban into museum: Asif   

Dollar price surges overnight amid ongoing crisis

Published : Sunday, 4 August, 2024 at 12:00 AM  Count : 219
Dollar price in Bangladesh has surged rapidly, increasing by over Tk3 in just two days, creating significant economic concerns. 

Currently, dollar is trading at Tk125 to Tk125.5 in open market, despite Money Changers Association of Bangladesh is setting a retail price of Tk119 per dollar.

This price hike is mainly driven by a decline in remittance inflows, which has put additional pressure on the country's foreign reserves. The slowdown in remittances has exacerbated the dollar crisis, leading to a sharp rise of dollar price in open market rates.

On Thursday last week, in key areas of Dhaka like Dilkhusa, Paltan, Fakirapool, and Motijheel, money changers were seen selling dollars well above the fixed price. The Money Changers Association admitted that their inability to enforce the official rate, citing a lack of supply from expatriates as a critical issue.

A leader from the association stated that money changers would adhere to official price if banks provide dollars at a rate of Tk118. However, due to the current supply constraints, the open market prices remain high.

Bangladesh Bank has responded by launching raids on various money changer firms to curb the volatility. Previous efforts to stabilize market have included similar operations with several firms fined and sealed.

The ongoing dollar crisis reflects broader economic challenges and underscores the need for stronger regulatory measures to stabilize the currency market, market sources said.



LATEST NEWS
MOST READ
Also read
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Online: 41053014; Advertisement: 41053012.
E-mail: info©dailyobserverbd.com, news©dailyobserverbd.com, advertisement©dailyobserverbd.com, For Online Edition: mailobserverbd©gmail.com
🔝