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Bank & Finance - August 8, 2022

Open market $ price hits all time high

Staff Correspondent: US dollar price against local currency taka reached its peak at Tk115 in the kerb market yesterdaybecause of acute shortage of the greenback in local market.
It was the biggest fall in taka’s value against the US dollar in the country’s history, according to money changers selling dollars on the kerb market at Motijheel in the capital.
The previous highest US dollar price on the open market was recorded at Tk112 on July 26.
The greenback was selling between Tk111 and Tk 111.5 in the kerb market on Sunday, a day before reaching the record rate.
Meanwhile, the central bank increased interbank rate of US dollar further by Tk0.25 to Tk94.95 on Monday from Tk94.70. Bangladesh Bank sold dollars from reserves to state-owned banks at this rate.
The money market regulator fixed the US dollar’s interbank exchange rate at Tk94.70 on July 25.
Bangladesh Bank spokesperson Md Serajul Islam confirmed the development to the media.
The dollar exchange rate is spiking amid an ongoing crisis of the foreign currency owing to a soaring trade deficit and declining remittance inflows.

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