The domestic money exchange market has landed in troubled waters once again due to rising import costs, waning remittances in the first six months of FY22.
Consequently, the central bank of the country - Bangladesh Bank (BB) has devalued the Taka again.
As a result of low remittance and high impors, exports have failed to neutralize the imbalance created in the forex market.
The price of the dollar rose from Tk 84.8 on August 2 to Tk 85.15 on August 24 within three weeks before remaining stable for a few months. Then the dollar's value rose again on November 14 to Tk 85.8.
Then, on January 9, the BB devalued the BDT against the US dollar to a great extent in order to calm the turmoil from an increase in import payments and in order to boost remitters.
The selling price of dollars in the inter-bank transaction remained Tk 86. However, the exchange rate in the kerb market was Tk 89.7 to Tk 90 per dollar, according to latest information by BB.
