Dhaka, Bangladesh – The U.S. dollar gained further against the Bangladesh Taka (BDT) and reached at a new record at Tk 72.95 on Tuesday due to short supply of the greenback in the inter-bank foreign exchange (forex) market.
The banks quoted the dollar rate at Tk 68.50-72.95 on the day against Tk 68.50-71.90 of the previous day in the forex market. It rose by Tk 1.05 per unit in a single day.
According to treasury officials, the volatility showed in the local forex market from the beginning of this week as declining the flow of remittances, increased pressures on import payments and political unrest.
The Bangladesh Bank (BB), the country’s central bank, has directed the chief executive officers of commercial banks to monitor closely the forex deals to avoid abnormal volatility in the market, the central bank sources said.
The instruction came at a meeting with the managing directors and chief executive officers of 14 commercial banks, held at the central bank on Tuesday with the BB Governor Salehuddin Ahmed in the chair.
“A few number of Private Commercial Banks (PCBs) are quoting higher rates of the US dollar against the local currency without maintaining ethical practices,” a senior fund manager of a commercial bank told the AHN in Dhaka on Tuesday.
He also said the central bank should intervene in the market through selling the greenback to the dollar-hungry banks to bring back normalcy in the forex market.
