The experiment with the value of the dollar is not over yet. Dollar price has again been increased by export earnings in one month gap instead of market based dollar price. At the same time, the value of the dollar has been increased in the case of expatriate income. From now on, exporters will get Rs 106 per dollar of export earnings. And the dollar price of expatriate income will be 108 taka. This decision of the new price of the dollar will be implemented from Monday. Until now exporters were getting Rs 105 for every dollar in local currency. And the price of dollar in expatriate income was 107 rupees. On Sunday, the leaders of the Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers Association (BAFEDA), an organization of banks involved in foreign exchange transactions, jointly decided to increase the price of the dollar in an online meeting. Dollar price will be market based. As a result of this decision, the value of the dollar in expatriate income and export income has been increased again. The new prices will take effect in early May. Salim RF Hossain, Chairman, ABB and MD BRAC Bank Read more Dollar price increased by 1 rupee in export earnings As a result of the new decision, the dollar price of imports will be 107 rupees. Now due to the dollar crisis, many banks are opening import credit cards at prices higher than 110 rupees. As a result expatriates and export earnings are buying at higher prices than announced. There are questions about how much the crisis will be resolved as a result of the new decision. Meanwhile, the price of a dollar coming in hundi or illegal way is about 110 taka. But if the banks give higher dollar price than the declared price, Bangladesh Bank has to face punishment. Due to this, banks are not able to bring expatriate income with high prices. As a result, expatriate income is decreasing in legitimate ways. The dollar-crisis in the country has become evident since March last year after the start of the Russia-Ukraine war. To deal with this crisis, Bangladesh Bank fixed the dollar price at the beginning. But the crisis worsened. Later last September, Bangladesh Bank withdrew from the responsibility of determining the price of the dollar. This responsibility is given to ABB and Buffeta. Since then, these two organizations have been jointly fixing the dollar price for export and repatriation earnings and payment of import liabilities. Basically, these two organizations are implementing the decision of Bangladesh Bank. The related officials of Bangladesh Bank say that the dollar-crisis has reduced as much as it was evident. However, import credit opening has decreased. The dollar reserves in the banks increased a little. Meanwhile, a number of bankers who participated in yesterday's meeting of ABB and Buffeta regarding the determination of the new price of the dollar said that a price of the dollar must be determined in all cases according to the conditions of the International Monetary Fund (IMF) loan. As part of this, the value of the dollar is increasing. The official price is still lower than the price at which the dollar is being traded in the market. Because of this, the price of the dollar should increase further. It is known that Bangladesh Bank is constantly selling dollars from the reserve to overcome the crisis. On April 26, the reserve decreased by 3 thousand 106 million dollars. Apart from this, Asian Clearing Union (AKU) will have to pay about Tk 120 crore liability for the months of March and April within a few days. After the payment of that liability, the reserves may fall below 3 trillion dollars. Read more Due to the crisis, imports have to pay 113 rupees in dollar price Amid the dollar-crisis, the income of expatriates in the country during the month of Eid is less than before. From April 1st to April 26th, expatriate income has reached 1.5 billion dollars. But last March, the expatriate income of 201 million dollars came to the country. At the end of April, expatriate income may increase to 165 million dollars. When asked, ABB Chairman and Managing Director of BRAC Bank Salim RF Hossain said, 'The price of the dollar will be based on the market. As a result of this decision, the value of the dollar in expatriate income and export income has been increased again. The new prices will take effect in early May. As a result, the dollar price has moved closer to the market. Expats will get 70 paise for every dollar 110 as there is 2.5% incentive on expatriate income. I hope that expatriate income will increase.' Bangladesh Bank is still selling dollars at the rate of Tk 103 from the reserve, then how will the price of the dollar be based on the market, Salim RF Hossain said in response to this question, Bangladesh Bank will also sell dollars at the same rate from next June. Bangladesh Bank will not have its own rate.
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.