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
The dollar’s uncontested reign is coming to an end, with far-reaching global economic consequences.
Bangladesh should cut its over-reliance on the US dollar and increase the use of other currencies such as the Chinese renminbi (RMB) in international trade to ease pressure in the foreign currency market, businesses said.
The Second World War changed almost everything in the world. Or in short, we can also say that after WWII, the world changed in a way it had not changed for many years.
In an effort to keep the foreign exchange reserves stable, the Bangladesh Bank yesterday asked banks to take up to 100 per cent of import payments in advances from businesses while opening letters of credit (LCs) for luxury and non-essential items.
The US dollar became more costlier yesterday as the local currency depreciated once again in the inter-bank platform.
The local currency today depreciated further against the US dollar, hitting Tk 92.50 for each greenback in the interbank platform.
The local currency today depreciated further against the US dollar, hitting Tk 92 against each green back in the interbank platform.
In an effort to stabilise the forex market, Bangladesh Bank has decided to allow the exchange rates of the taka to float against the US dollar for the first time in a decade.
Bangladesh’s national currency may weaken further against the US dollar as the central bank has moved to restore stability in the foreign exchange market.
The Bangladesh Bank today asked banks to suggest uniform exchange rates of the taka against the US dollar in order to bring back the stability in the country’s foreign exchange market.
The US dollar, which had closed at a historic high of Rs200 on Thursday, extended its gains against the rupee for the 11th consecutive session today (Friday) as it gained 25 paisa by close.
