dollar crisis
BB injected $12.79b into banks in FY24
The Bangladesh Bank injected $12.79 billion into banks from its reserves in the just-concluded 2023-24 fiscal year as banks combatted a severe US dollar crisis which hampered import payments.
Why do people stash dollars under pillows?
It's because of the inflation-led pressures on Bangladesh’s taka and the central bank's undervaluation of the US dollar.
Studying Abroad: Students struggle to open profiles for dollar crisis
For over a year now, thousands of Bangladeshi students wanting to study abroad have encountered obstacles while trying to open bank profiles essential for paying their fees or other expenses like housing and transportation
BB goes shopping to private banks for dollar
Bangladesh Bank is hunting for dollars to rebuild its depleting foreign exchange reserves ahead of the January 7 national election.
Why do villagers bear the brunt of loadshedding?
Strangely enough, although the government is unable to meet power needs, it pays thousands of crores to government and private power plants as fixed charges or capacity charges every month with taxpayers’ money.
New fiscal year, old challenges
When a year passes, those who had a good time look forward to continuing the momentum while those who had struggled to keep their head above water might breathe a sigh of relief.
Foreign banks’ forex income soars
The earnings of foreign banks operating in Bangladesh rocketed in 2022 buoyed by their incomes from the dealings of international currencies.
Power companies’ profits fall amid dollar crisis
Profits of all power generation companies dropped in the July-March period of fiscal year 2022-23 and some of them even incurred huge losses mainly due to a huge depreciation of the value of the taka against the US dollar that ultimately increased their costs.
Economic pressure deepens as export, remittance dip
Exports and remittances, two major sources of foreign currencies for Bangladesh, plunged in April, a bad omen for the economy as it deals with multiple challenges, including a dollar crisis, an elevated level of import costs and falling reserves.
Bangladeshis paying way more for essentials
This did not happen by chance, but because of poor governance
Central bank’s USD investment plunges
Bangladesh Bank’s foreign exchange reserves invested in US dollars declined 34 per cent year-on-year to $23.63 billion in February as the country is heavily dependent on the American greenback to settle payments for global trade.
Dollar steady as robust US data keep Fed hawks in control
The greenback firmed slightly against most major currencies in Asia trade, sending sterling 0.06 per cent lower to $1.2035
Steel, cement output falls by a third for multiple challenges
The output at the country’s steel and cement factories has fallen almost by a third due to the power and gas crisis, a hike in raw material prices in the global market, and the US dollar shortage, manufacturers said yesterday.
Dollar crisis hurts pesticide imports, may hit crop output
Crop protection chemical sellers in Bangladesh are facing difficulty in opening letters of credit amid banks’ lack of interest owing to the crunch of the US dollar.
Dollar crisis puts textile millers in a tight spot
The ongoing dollar shortage in the banking sector is posing a threat to local textile millers and spinners as they are in trouble in opening letters of credit (LCs) to import raw materials and cotton to feed the country’s readymade garment industry.
Forex volatility costs large firms Tk 65,000cr
Bangladesh’s conglomerates have lost Tk 65,000 crore over the past one year because of the fluctuation of the value of the taka against the US dollar as loans have become costlier due to the volatile global economy, said a noted economist yesterday.
Higher input, dollar costs take gloss off paint industry
Like other sectors, the paint industry in Bangladesh is in troubled waters as the US dollar crunch has made it difficult for manufacturers to import raw materials in line with their demand.
DCCI urges BB to supply adequate dollars to banks
The Dhaka Chamber of Commerce & Industry (DCCI) called upon the Bangladesh Bank to assist commercial banks with adequate foreign exchange supply to help them settle letters of credits (LCs) with a view to ensuring the continuous supply of essential commodities during the upcoming Ramadan.
Dollar shortage bites pharma industry
The pharmaceuticals industry, which has made life-saving drugs available at lower costs, is facing troubles in opening letters of credit (LCs) to import much-needed raw materials and capital machinery owing to the US dollar crunch.