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Bank & Finance - Biz World - May 31, 2022

Dollar demand low in kerb market

Staff Correspondent: The price of dollar has seen a minimal decrease of 20-30 paisa with the US currency being traded for Tk96.50 in the kerb market yesterday.
On Monday (30 May), the price of the dollar was almost the same around Tk96.70. However, the rate of dollar varied in money exchange houses. They said the dollar price is going down compared to the previous day.
The exchange houses also said the demand declined slightly yesterday as the dollar was being bought at Tk95-95.30 and sold at Tk96.20-96.50.

Private banks are endorsing dollar at Tk94, one of the leading bank’s officials said seeking anonymity.

As demand for the dollar rose due to increased imports, the Bangladesh Bank started selling greenbacks, releasing $5.11 billion to banks till 12 May. In FY21, the central bank purchased around $8 billion from banks.

In the meantime, forex reserves are facing pressure because of a rise in imports in post-pandemic times and their higher payments caused by rising product prices in the international market.

The country’s reserves, which reached $48 billion in August last year, dropped to $41.93 billion on 11 May.

In the July-March period of FY22, exports registered about 33% growth, but it could not hold back the trade balance that slid into a deficit of about $25 billion, which was 9% higher than that of the whole previous fiscal year.

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