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Bank & Finance - World wide - August 11, 2022

Dollar crisis reaches at extreme highest

Kerb market price stood at Tk 119

Staff Correspondent: Most of the money exchange houses in the capital have shortage of dollars. At present, the number of buyers is more than the sellers in these exchanges. Even the supply of dollars is very less compared to the buyers – this is what the traders claim. On the other hand, those who used to buy and sell retail dollars on the street are also doing business secretly. When the buyer sees it, he wants to indicate whether he wants dollars or not.
After that, dollars are being bought from them by communicating through mobile phones. But you have to pay extra for that.
However, the supply of dollars is not enough compared to the demand. As a result, ordinary buyers are buying dollars at a higher price. Retail and exchange houses have to spend between Tk 115 and Tk 118 per dollar, which is the highest price of the dollar so far against the Taka. However, if a seller is found, the retail traders are buying dollars from him at Tk 112 to Tk 114.
Those related to the sector say that the situation has become difficult since the beginning of the operation of various government agencies to control the dollar market. Now there are not enough dollars, even if buyers come, it is not possible to pay according to demand.
On Wednesday (10 August) in Motijheel area, this information was known by talking to the dollar traders and money exchange houses of Kholabazar.
Most of the money exchange houses say that many of them do not have cash dollars right now. When a buyer comes to someone, it is collected from the houses that have cash dollars and delivered to the buyer.
But retail dollars are easily available. They are staying on the street even if they are not selling dollars sitting on the street like before. If a buyer is found, he is asked whether he needs dollars or not. Later Tk 117 to Tk 118 price is being said. If this price is agreed, the dollar will be handed to the buyer.
This reporter of contacted retail dollar trader Shams Arefin directly as a buyer. Arefin said, it will take Tk 118, if you agree, you can take dollars. However, this reporter said to the businessman, “I have not come to buy, I have some dollars to sell.” Immediately, Arefin, Sumon and others came and said that I will pay Tk 114.
Meanwhile, it is known to talk in various exchange houses, there dollar is being sold at Tk 114 to Tk 115. But most of the houses have dollar shortage. Businessman Jabbar spoke to this reporter on the phone. He said, now due to various crises, there is no business as before. I am buying for Tk 112. I can’t pay more than that.
The Secretary General of Bangladesh Money Exchange Association talked about the dollar crisis and the violence of traders. With Helal Uddin. He said that we are now doing business according to the rules of Bangladesh Bank. I hear from many people that the dollar is selling at Tk 115, Tk 117, Tk 118. But it has nothing to do with reality. We are committed not to sell dollars at more than Tk 112. It is implemented in all houses.
Helal Uddin also said that now the sale of dollars is not like before, there is a shortage of cash dollars. Since the beginning of the Central Bank campaign, there was a panic among the people. Now, even if one wants to, one cannot take dollars from the exchange houses. Now passport-visa must be shown. However, it is not known whether the retail price is being charged more.
Meanwhile, Bangladesh Bank has ordered to take action against the officials of the concerned departments of six banks involved in dollar manipulation. A letter in this regard has been sent to the managing directors of five domestic and one foreign bank on Monday (August 8). In the letter, the central bank directed to take legal action against the officials of the treasury department. Bangladesh Bank Executive Director and Spokesperson Sirajul Islam confirmed the matter.
Sirajul Islam said, we are taking action against those who are doing illegal trading of dollars in the open market. So far, the licenses of five money exchange houses have been suspended. In addition, 45 reasons are mentioned (show cause). Along with show cause, 9 other institutions have been sealed. These companies were doing business without getting a license.
Last Monday (August 8), the Central Bank increased the new interbank dollar price by 25 paisa to Tk 94.95. The central bank sold $139 million on Monday.

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