Dollar has become more powerful against the Taka. As per Bangladesh Bank, in one year, the price of the US Dollar has risen by Tk 1. In the open market, Dollar exchange rate is now Tk 88.
Executive director of Policy Research Institute, Dr Ahsan H Monsur, says: “last month, the rate was Tk. 87 and now it’s Tk 88 though the bank rate is Tk 84. Those going abroad are buying Dollars at Tk 87 or Tk 88.”
Since the rate difference between bank and the open market is Tk 4, expatriates are more inclined to send remittance through hundi.
When Dollar rate rises, the price of imported goods also go up along with the lifestyle expenditure of the general people, said Dr Monsur adding: “As a result, people with limited income face problems.”
The hike in the price of Dollar affects importers while exporters and those who send remittance are benefited. As per central bank, the price of Dollar on Feb 12 was Tk 84.95. In December 2019, this was Tk 84.90.
The rate of Euro has seen a fall against the Taka. At the beginning of 2019, Euro was Tk 96.19 which came down to Tk 94.90 at the end of the year. As per the last information of Bangladesh Bank, Euro was Tk 92.74.