Keeping with the aim of adjusting the exchange rates gradually in line with the market demand and supply, Bangladesh’s central bank – Bangladesh Bank has started selling US dollars to banks at Taka 102.
This is as per reports, which claimed since January this year, the central bank has depreciated the local currency by 2 per cent even as the latest depreciation comes a month after Bangladesh Bank sold the dollar to banks at Taka 101.
Reports further added the central bank has been selling the US dollar to banks to help them meet their foreign currency requirements, particularly for import payments, even as the foreign exchange crisis continues to hit Bangladesh for almost a year now.
Meanwhile, as per a senior official of the central bank, Bangladesh Bank has sold around US $ 56 million to banks at the new rate.
It may be mentioned here like many other countries across the globe, Taka has been under pressure against the US Dollar in face of higher import payments than overall receipts from export and remittance, which has resulted in Bangladesh’s foreign exchange reserves taking a hit.
