Dollar rate goes up in open market amid ‘anti-casino drive’

Shanaullah Sakib . Dhaka | Update:

US Dollar Bill. Photo: pikwizard.comThe exchange rate of US dollars against taka has started increasing in the open market, according to buyers.

A dollar was sold for Tk 87 in the open market on Wednesday while a dollar had been sold for Tk 85.50 a month ago.

In the wake of recent drives against casino and corruption, stakeholders said, a quarter, who was trying to leave the country, was buying dollars.

Another section of people, who was not leaving the country, was also changing taka for dollars and most of them were buying dollars from the open market, stakeholders said.

It requires various documents to buy dollars from the banks. On the contrary, dollars can be bought easily from the open market.

Although there was no crisis of dollars in the banking channels, the supply of dollars decreased in the open market, the stakeholders added.

Liakot Ali, who is set to leave for US, bought every dollar for Tk 87 from a money changer in the capital's Motijheel on Tuesday.

Speaking to Prothom Alo, he said he had never bought dollars at so high price. “To me, buying every dollar for Tk 86 was the highest price in the past.”

Dollars mainly come to the open market from the returnee markets. The dollars returned migrants bring with them sell in the open market. Money changers buy dollars from them.

Bangladesh Foreign Exchange Dealer Association (BFEDA) chairman and managing director of Sonali Bank Ataur Rahman said a huge amount of import bill was being paid. So many people were to buy dollars from the open market, he said, adding there was no adequate supply of dollars in the open market.

According to Bangladesh Bank, banks are exchanging every dollar for Tk 84.50 among themselves. The banks bought and sold every dollar for Tk 84.50 on Thursday.

However, state-owned Janata Bank sold every dollar for Tk 86.60.

The central bank monitors the transaction of the open market and money changers.

According to the observation of BB, every dollar was sold for Tk 85.30 in July, 86.50 in August and money changers sold every dollar for Tk 87 at the end of September.

Rupali Bank managing director Obaidullah Al Masud said the price of dollar has suddenly increased due to the pressure of import. Many people were to buy dollars from the open market and this had an impact on the market, he added.

According to the central bank, there are adequate dollars in the banks.

*This report, originally published in Prothom Alo print edition, has been rewritten in English by Rabiul Islam.

   
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