Local currency taka has started to gain strength against the US dollar for the first time in several years, as a steady inflow of foreign currency drives down the official exchange rate.
Taka gains ground as dollar influx rises, strengthening currency after years
For more than half a century, the dollar has defied the doom-mongers. And the most likely prospect is that it will continue to do so
The country’s foreign exchange market is stabilising thanks to a surge in US dollar (USD) inflows, driven by higher remittances, stronger export earnings and tighter oversight by the central bank.
"There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America"
The dollar jumped to a seven-week high on Friday and was on track to post its best week since September 2022 after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate cuts.
The chief executives of at least three private commercial banks told The Daily Star that the BB had verbally allowed them to quote Tk 1 more than the exchange rate to collect US dollars amid the ongoing forex crunch.
Capital machinery imports are recovering slowly as concerns over political uncertainty ease and banks show more willingness to facilitate investments amidst increased liquidity in terms of US dollars and stability in the exchange rate. During the July-January period of this fiscal year (FY), LC openings for capital machinery grew three percent year-on-year to $1,557 million, according to Bangladesh Bank data.
This is nothing more than a poor trick that will eventually produce no real gain.
Local currency taka has started to gain strength against the US dollar for the first time in several years, as a steady inflow of foreign currency drives down the official exchange rate.
Taka gains ground as dollar influx rises, strengthening currency after years
For more than half a century, the dollar has defied the doom-mongers. And the most likely prospect is that it will continue to do so
The country’s foreign exchange market is stabilising thanks to a surge in US dollar (USD) inflows, driven by higher remittances, stronger export earnings and tighter oversight by the central bank.
"There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America"
The dollar jumped to a seven-week high on Friday and was on track to post its best week since September 2022 after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate cuts.
The chief executives of at least three private commercial banks told The Daily Star that the BB had verbally allowed them to quote Tk 1 more than the exchange rate to collect US dollars amid the ongoing forex crunch.
Capital machinery imports are recovering slowly as concerns over political uncertainty ease and banks show more willingness to facilitate investments amidst increased liquidity in terms of US dollars and stability in the exchange rate. During the July-January period of this fiscal year (FY), LC openings for capital machinery grew three percent year-on-year to $1,557 million, according to Bangladesh Bank data.
This is nothing more than a poor trick that will eventually produce no real gain.
They sent separate letters to the central bank
