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There is a cash dollar crisis in the country again. Most banks and money changers do not accept dollars. As a result, the price of the cash dollar rose again. Dollars are being sold between Tk 117-118 in the open market of Dhaka, the capital of Bangladesh. However, according to the rules set by the Bangladesh Bank, now the price per dollar in cash is supposed to be between 112 taka 50 paisa. Banks and money exchanges are not following the rules set by the government.
Officials of banks and money changers say that there was a huge demand to buy dollars last July and this August. During this time, many people went to travel abroad. Many have gone abroad for education. Almost all of them took cash dollars with them. As a result, additional stress is created.
According to the latest data of UNESCO, at least 49 thousand 151 Bangladeshi students went abroad to study in 58 countries in 2022. In 2013 this number was 24 thousand 112 and in 2008 it was 16 thousand 609. As a result, the number of students going to study abroad has increased three times in the last 15 years.
During the crisis in July-August 2022, the price of the dollar in the open market rose to a maximum of Tk 121. After that, Bangladesh Bank took steps to control the dollar price in banks and open markets. From September 2022, the central bank entrusted the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Bank Executives Association (ABB) with the responsibility of fixing the dollar price. In addition, the central bank also determines the price of cash dollars.
From August 1, banks are offering 109 taka 50 paisa per dollar in case of expatriate income and 108 taka 50 paisa for cashing export bills. In addition, the maximum price of the dollar at the import level has been increased to 109 taka 50 paisa. Public sector banks have now fixed the cash dollar rate at 109 taka 50 paisa, up to 111 taka 50 paisa in private sector banks. Money changers can keep the dollar rate 1 taka higher than banks.
However, there is no supply of dollars in the market, said SM Zaman, senior vice president of the Money Changer Association of Bangladesh. He told Prothom Alo, "There is no supply of dollars, so I can't even sell it." I got the supply a few days ago, then I sold it at the price of 112 rupees. https://www.prothomalo.com/business/bank/News Source