Like other sectors, the paint industry in Bangladesh is in troubled waters as the US dollar crunch has made it difficult for manufacturers to import raw materials in line with their demand.
The U.S. dollar was firmly higher against major currencies on Monday, while China’s yuan slipped as sentiment was soured by rising COVID cases and tightening restrictions in some cities in the world’s second-biggest economy.
The dollar is at its highest level since 2000, having appreciated 22 per cent against the yen, 13 per cent against the euro and 6 per cent against emerging market currencies since the start of this year. Such a sharp strengthening of the dollar in a matter of months has sizable macroeconomic implications for almost all countries, given the dominance of the dollar in international trade and finance.
Border Guard Bangladesh (BGB) seized 135 gold worth Tk13.58 crore from three private cars and detained six persons in Jashore early today (June 1, 2022).
Bangladesh Bank has asked banks to convert major export earnings of businesses into taka immediately as it looks to increase the supply of US dollars in the economy.
The Premier League's star imports are demanding huge pay rises as clubs' TV revenues rocket, Chinese teams entice them with mega wages -- and the pound slumps ahead of Brexit.