Dollar price jumps to Tk87.50

The price of dollar has risen to Tk87.50 in the interbank market.

The demand for the US dollar has risen sharply due to the pressure on imports. 

In the last 20 days, the price of taka has fallen by Tk1.30 against the dollar in three phases.

On Monday (16 May), the buying rate of dollar was Tk87.50 per dollar in the interbank market which was Tk86.70 a day ago.

The dollar was valued at Tk86.45 on 10 May and Tk86.20 on 27 April.

However, banks are selling dollars to customers at higher prices than in the interbank money market.

Banks are selling cash dollars at a rate Tk5-7 higher. Dollars are being traded at Tk92-96 in open market or curb market outside the bank.

According to authority concerned, the cost of import is way more than the export income of the country for which extra dollars are needed to pay the import duty but compared to that, remittance and export income did not increase. 

As a result, the pressure on the US dollar in the banking system and in the open market is increasing. This has led to a shortage of foreign exchange.

Sirajul Islam, executive director and spokesperson of Bangladesh Bank, said, "Imports are higher than our export earnings, which has put pressure on the dollar." 

He said exports were on the rise, with remittances reaching $200 million during Eid-ul-Fitr. In addition, Bangladesh Bank is providing dollars according to the demand of the banks. 

So far, more than $5 billion in notes have been sold. 

"Our hope is that exports will increase. We have imposed various restrictions, including cash margins, on imports of non-essential food items. We hope the market will stabilise soon," said SIrajul Islam.