As much as $900 million has been on hold since 2022 in the central bank's escrow account
The central bank’s tight grip has driven the dollar's mid-rate from Tk 117 to Tk 119 per dollar by the end of 2024, sparking debates.
Businessmen involved in import-dependent industries that have suffered losses due to the depreciation of the local currency against the US dollar will get up to eight years to repay their loans.
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.
It's because of the inflation-led pressures on Bangladesh’s taka and the central bank's undervaluation of the US dollar.
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
Bangladesh Bank is hunting for dollars to rebuild its depleting foreign exchange reserves ahead of the January 7 national election.
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.
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.
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.
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.
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.
At the beginning of 2022, businesses were upbeat and many of them thought that the worst stemming from the losses induced by the coronavirus pandemic was finally over. That was short-lived.
Exports of light engineering equipment, including stainless-steel and iron ware, from Bangladesh have decreased in the first six months of the current fiscal year compared to the same period the year before.
Medical treatments are about to get costlier as production cost for manufacturing drugs will go up by at least 25 per cent following a recent hike in gas and power charges, according to manufacturers.
The government will request the banks to keep a portion of dollars reserved to facilitate the import of essential commodities before Ramadan, the fasting month when demand for certain items increases.
How the dollar crisis is affecting abroad-bound students.
Businesses in Bangladesh went through a tough time in recent months due to a dearer US dollar that pushed up their costs of raw materials and a rocketing fuel bill that contributed to the surge in operating expenses.
Reconditioned car imports surged by more than 75 per cent year-on-year in July-October despite the ongoing economic uncertainty and the government’s efforts aimed at discouraging the purchases of luxury items from external sources, traders say.
