The price of the dollar fell in the open market
September 21, 20242 Mins Read

Jumbangla Desk: The price of cash dollars has decreased in the country's open market or curb market. A month ago, where one US dollar cost 123 to 124 taka, now it costs 121 to 122 taka. Meanwhile, the cash dollar is being sold in the bank further reduced to 120 taka.

dollar

On Thursday (September 19), there were reports of dollar dealers and money exchanges in open markets in Motijheel, Paltan, Baitul Mukarram, Gulshan and Banani areas of the capital.

Meanwhile, sector stakeholders say that there has been stability in the dollar market for the past one month. Volatility has eased after the central bank's crawling peg system and the addition of a new governor to raise the band rate from the mid-rate to 2.5 percent.

In this regard, the executive director and spokesperson of Bangladesh Bank Husne Ara Shikha said that the banks are now able to buy and sell dollars themselves as the crisis has started to subside. Dollar price in banks is currently between Tk 118-120. The difference between the dollar price in the banking channel and the curb market is now less than 1 percent. The dollar exchange rate is market based. The official of the central bank expects that the foreign exchange market will remain stable from now on due to the active inter-bank transactions.

After the political change in the country on August 5, the demand for foreign travel decreased and the flow of dollars in the open market increased. Due to which the exchange rate of dollar is downward. Generally travelers buy foreign currency from the open market. As their demand decreases, the value of the dollar is also on the decline.

On May 8 this year, Bangladesh Bank increased the dollar price by 7 taka against the taka due to the International Monetary Fund (IMF) loan conditions. The dollar price jumped from 110 taka to 117 taka. Meanwhile, on August 14, Ahsan H. Mansoor's chief adviser to the interim government took over as the governor of Bangladesh Bank. Had a meeting with Muhammad Yunus. In that meeting, it was decided to increase the existing band from 1 percent to 2.5 percent in case of inter-bank foreign exchange transactions to reduce foreign exchange or dollar-crisis.

By doing this, the banks will be able to increase the intermediate price of the dollar from 117 taka to a maximum of 120 taka in the crawling peg system of determining the dollar exchange rate. As a rule, money changers can sell dollars at a higher rate than Bankrate.