The price of the dollar has risen due to the purchase of remittance in the Middle East crisis.
Today, Tuesday, banks are purchasing remittances at a price of up to Tk 122.90.
As a result, the price of the dollar in imports has increased to Tk 123. Even a week ago, banks had priced imports up to Tk 122.50. This information is obtained from commercial bank sources.
On Tuesday morning, an importer told Prothom Alo that banks are taking advantage of the Middle East war. They have suddenly increased the price of the dollar in imports by 50 paisa. This has increased import costs, which will now increase prices at the consumer level.
According to bank sources, foreign remittance houses are offering higher dollar prices due to uncertainty caused by the war. Previously, expatriate income dollars could be purchased at a rate of Tk 122. That has now risen close to Tk 123, which has increased the dollar price for imports.
Meanwhile, reports published by Bangladesh Bank on currency rates have also shown an increase of 25 paisa in the dollar price. On March 3rd, the average dollar price was Tk 122.33, which has now increased to Tk 122.58.
A top official of a private bank told Prothom Alo that a message from Bangladesh Bank has stated that the dollar price will not increase beyond Tk 123. As a result, the price has not yet risen above Tk 123.
However, if the pressure to meet import liabilities increases and supply decreases, the price will surely increase. In that case, even the reserves will have to provide dollar support. Therefore, it would be better to make the dollar price market-based and take initiatives to increase supply.