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Interbank dollar rate at record high

Staff Correspondent
24 May 2023 00:00:00 | Update: 23 May 2023 23:50:13
Interbank dollar rate at record high

The interbank exchange rate of the US dollar rose to Tk 108.75 on Monday, the highest ever in Bangladesh’s history, as per the latest Bangladesh Bank (BB) data.

According to BB data, on May 22, banks traded the American greenback between Tk 108.50 and Tk 108.75, a 24.28 per cent drop from a year ago.

On May 15, the rate increased to Tk 108.50. The rate has risen almost every working day this month. On May 1, it was at Tk 106.80.

The interbank rate of the dollar has been on the rise in Bangladesh for nearly a year amid higher import bills against lower export and remittance earnings.

The dollar traded at Tk 86.70 on May 10 last year, which means the taka has lost its value by about 25 per cent against the dollar in the past year.

Although the government has drastically reduced imports during July-March of FY2022-23, the financial account has turned negative. That’s why the taka depreciated further and the fall of the forex reserve is continuing. In July-March of FY23, import payments declined 12.33 per cent to $53.93 billion compared to the same period of FY2021-22.