Saturday | 5 October 2024 | Reg No- 06
বাংলা
   
Saturday | 5 October 2024 | Epaper
BREAKING: ● Killing during students' movement: 9 bodies to be exhumed in Sylhet      ● Malaysian prime minister leaves Dhaka for home      ● CA seeks Malaysian support for Bangladesh to be ASEAN dialogue partner      ● Malaysian PM assures of attention to 18,000 Bangladesh workers       ● Bid to kill Khaleda Zia: Sheikh Hasina among 113 sued      ● Thundershowers with 60 km/h wind likely to hit 17 regions      ● Ex-food minister Sadhan Chandra remanded      

Dollar price surges overnight amid ongoing crisis

Published : Sunday, 4 August, 2024 at 12:00 AM  Count : 240
Business Correspondent
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
Berger Paints declares 500pc cash dividend 
Illegal items may get in as BD scraps physical inspection of Pak imports
RAKUB sets Tk 4,100cr loan disbursement target in NW zone
Jibon Bima seeks Ministry's help to recover Tk 126.95cr from Padma Bank
BEA rejects ad hoc committee formation
NRBs can get bank loans up to Tk 10 lakh without collaterals 
Ethiopian Airlines offers B1G1 ticket marking Bangladesh debut
BSEC Chairman's resignation demanded amid market instability
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
🔝