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Bank & Finance - World wide - August 4, 2023

Dollar rose in all sectors

Staff Correspondent: The price of dollar has increased from 50 paise to one taka in all sectors. The new dollar rate has come into effect in commercial banks from Tuesday. Now the export income has increased by one taka to Tk 108.50 and the price of dollar in remittance has increased by 50 paisa and is being sold at the rate of Tk 109. Due to this, the price of dollar has increased in almost all sectors.
Bangladesh Bank also increased the dollar price by 50 paisa and sold it at Tk 109.50. The price of dollar on imports has increased to a maximum of Tk 109.50 in most banks. Every dollar is being sold at the price of Tk 109 in the interbank.
This information was obtained from the sources of Central Bank and Bangladesh Foreign Exchange Dealers Association (BAFEDA) on Wednesday. Earlier, on Monday, the decision to increase the price of dollar was made in the joint meeting of Bangladesh Foreign Exchange Dealers Association (BAFEDA) and Association of Bankers Bangladesh (ABB), the organization of top executives of commercial banks involved in foreign exchange transactions.
Banks are buying remittance at an additional price of 109 rupees. The export dollar is Tk 108.50 maximum. Price hikes in these two major dollars earning sectors have increased purchasing costs. As a result, banks have also increased the selling price of dollars. On Wednesday, most of the banks sold the dollar at the rate of Tk 109.50 for imports. Some banks have sold at Tk 109 and some banks have sold at a rate close to Tk 109. The inter-bank dollar rose to a maximum of Tk 109.50.
According to the IMF conditions, the central bank also has to sell dollars at the market rate. Because of this, the central bank is also selling dollars at the interbank average rate. The last average price rose to Tk 109.50. As a result, the central bank has increased the price of the dollar by 50 paisa and is selling it at the rate of Tk 109.50.
Increase in dollar price in the import sector will increase the cost in this sector. As a result, import costs will also increase. It will also increase the price of imported goods. It will also affect the prices of other products. Because almost all the raw materials of industrial products have to be imported from abroad with dollars. As a result, pressure on inflation will increase. Besides, the value of money is decreasing as the price of dollar increases. This is creating additional pressure on inflation.
Cash dollar prices have increased in all banks. On Wednesday, cash dollars were sold at the rate of Tk 110 to Tk 112.50 in various banks. Among them, the private sector Union Bank has sold cash dollars at the maximum rate of Tk 112.50. Several banks are selling cash dollars at Tk 111.
Apart from this, the bank is buying the remittances from other sectors in the name of dollars at a maximum of Tk 109.

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