Trade settlement in rupee between India and Bangladesh would reduce pressure on US dollars and save at least Tk 1 on the exchange cost of each greenback, said Ali Reza Iftekhar, managing director and CEO of Eastern Bank Ltd (EBL).
As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
Unlike most of you, I don’t have the luxury of determining my self-worth.
The US dollar became more costlier yesterday as the local currency depreciated once again in the inter-bank platform.
The local currency today depreciated further against the US dollar, hitting Tk 92.50 for each greenback in the interbank platform.
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.
Bangladesh’s national currency may weaken further against the US dollar as the central bank has moved to restore stability in the foreign exchange market.
The taka yesterday lost 0.91 per cent in value against US dollars, the sharpest single-day fall in the past one decade, amid the falling supply of the American greenback against surging demand to settle import bills.