A stable dollar rate has also had a positive impact on the country's foreign exchange reserves
September 20, 20244 Mins Read

Jumbangla Desk: Dr. The rate of remittances sent by expatriate Bangladeshis has increased since the interim government led by Muhammad Yunus took office. New loans have been promised by various donor groups including the World Bank and ADB. The sale of dollars from the reserve is also stopped. As a result, there has been a positive impact on the country's foreign exchange reserves. Therefore, those concerned believe that relief will return to the dollar market in a short period of time. Currently, the amount of reserves of Bangladesh Bank stands at 2 thousand 430 million dollars. On the other hand, due to reduced demand and increased supply, the country's open market has stabilized the price of the dollar. Currently, every dollar is being sold at Tk 121-122 in the open market, which was as much as Tk 125 a few weeks ago.

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Dollar market: Talking to the money changer companies, it is known that they sold dollars at the rate of 121 to 122 taka 50 paisa in open market. After the political change in the country on August 5, the tendency of people to travel abroad has decreased. Besides, the flow of dollars in the open market has increased. Due to these two reasons, the price of the dollar has decreased compared to before. Travelers abroad usually buy dollars from the open market.

Rubel Mia, a dollar seller in Kholabazar, said that the price of dollars coming from hand to hand has dropped to 121 taka. In most cases from here to India passengers buy dollars. However, for some days, such passengers are coming very less.

According to sources, till the middle of last July, each dollar was sold in the open market between Tk 118-119. The cash dollar price was in a similar trend for the previous few months as well. However, the dollar continued to rise in late July during the student movement; At one stage it went above 125 rupees. The price of the dollar continued to fall since a few days after the fall of the Awami League government on August 5. They are selling at 120 rupees per dollar in banks.

Remittance flow is increasing: In the first 17 days of this month, expatriate Bangladeshis have sent remittances of $143 million through legal channels, compared to $842 million in the first 17 days of September last year. As such, remittances increased by 588 million dollars or 69.83 percent during this period. Again, annual remittances from July 1 to September 17 this year were $5.56 billion, which was $4.41 billion and five million dollars from July 1 to September 17 of the previous year. During this period, expatriate income increased by 114 million 50 million dollars or 25.93 percent. On the other hand, in the month of August, remittances to the country reached 222 million dollars. In the first month of the fiscal year 2024-25, July, remittances came in at 191 crore 35 lakh 80 thousand dollars. In the recently concluded fiscal year 2023-24, foreign exchange remittances equal to two thousand 392 million dollars came. This number of remittances is the second highest collection ever.

Husne Ara Shikha, executive director and spokesperson of Bangladesh Bank, said that the flow of remittances increased between July and August. Expatriates are sending significant amounts of remittances, which is a major factor in the increase in reserves. He said that banks are now able to buy and sell their own dollars as various crises have started to subside. Currently, the price of the dollar is between 118-120 rupees. The difference between the dollar price in the banking channel and the curb market is now less than 1 percent.

Reserve will increase: Dr. Since the interim government led by Muhammad Yunus took over, development aid agencies have pledged support to Bangladesh. If these assurances are discounted, the foreign exchange reserves of the country will increase.

Meanwhile, the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB), the Islamic Development Bank (ISDB) and the United States Agency for International Development (USAID) have assured financial assistance. Apart from this, countries like USA, UK, Japan, India, China have also promised. In all, about 12 billion or 1 thousand 210 million dollars will be available. It is expected that the reserves will increase.

Former professor of Chittagong University. Moinul Islam said that due to foreign aid, the reserve will increase on the one hand and the price of the dollar will also stabilize. He thinks that one day the entire economy of the country will come to a stable stage.

Regarding the increase of reserves, the governor of Bangladesh Bank said. Ahsan H. Mansoor said, to increase the reserve, we have stopped selling dollars from the reserve. On the other hand, remittance flows are increasing. The dollar market is stable. Reserve assistance has also been assured from various donor groups. If these assurances are discounted, the reserves will gradually increase.

According to the data of Bangladesh Bank, Bangladesh Bank currently has 2 thousand 430 million dollars in its reserves. And according to the BPM-6 system of the International Monetary Fund (IMF), its amount is close to 2 thousand billion dollars. Source: Human Earth