Bangladesh Bank Depreciates Taka by Tk 0.40 against US Dollars

Bangladesh Bank on Monday depreciated taka by Tk0.40 re-fixing Bangladesh currency’s exchange rate against US dollar at Tk 87.90 to stabilize the volatile forex market, reports UNB.

This has been the fourth depreciation of taka against the greenback in past 27 days. Now a US dollar is selling at Tk 87.90 in the inter-bank money exchange.

Different commercial banks are selling cash dollars at five to six taka more. Dollars are being traded at Tk 97 to Tk 98 in the open market or Kerb market outside banks.

The BB has sold a total of $5.60 billion to different banks till May 12 of current fiscal year.

In the last FY 2020-21, the BB purchased over $8 billion from different commercial banks to keep the exchange rate of taka with the US dollar stable.

Banks received huge remittances last year, but they (banks) could not spend those due to Covid-induced fall of import demand.

Md Serajul Islam, executive director and spokesperson of BB told UNB that the dollar price had been re-fixed at Tk 8.90.

Rising prices of other commodities, including fuel, in the global market and increased import pressure in the country have put pressure on the forex.

He said that Bangladesh Bank was supplying dollars according to the demand of banks considering the market situation.