As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
The shortage of dollars has made it enormously expensive to buy the currency for int'l students.
The taka yesterday depreciated against the US dollar, hitting Tk 96 on the interbank platform as the central bank moved to allow the market forces to determine the exchange rate of the national currency.
The finance costs have at least doubled for the firms that have taken on dollar-denominated loans from external sources owing to the depreciation of the Bangladeshi taka against the American greenback.
Volatility in the country’s foreign exchange market has intensified once again as Bangladesh Bank has commenced tinkering with the exchange rate of the taka against the US dollar.
The local currency today depreciated further against the US dollar, hitting Tk 92.50 for each greenback in the interbank platform.
As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
The shortage of dollars has made it enormously expensive to buy the currency for int'l students.
The taka yesterday depreciated against the US dollar, hitting Tk 96 on the interbank platform as the central bank moved to allow the market forces to determine the exchange rate of the national currency.
The finance costs have at least doubled for the firms that have taken on dollar-denominated loans from external sources owing to the depreciation of the Bangladeshi taka against the American greenback.
Volatility in the country’s foreign exchange market has intensified once again as Bangladesh Bank has commenced tinkering with the exchange rate of the taka against the US dollar.
The local currency today depreciated further against the US dollar, hitting Tk 92.50 for each greenback in the interbank platform.
