Dollar rate raised in BD: declared by Bangladesh Bank.
The Bangladesh Bank took a decisive step today to address the ongoing foreign exchange volatility by raising the official dollar rate. This move comes after months of pressure on the Bangladeshi Taka (BDT) and dwindling foreign reserves.
The Bangladesh Bank has set a new mid-point for selling dollars at Taka 117. This represents a significant increase from the previous rate of Taka 110, which had been maintained artificially for several months.
The move aims to bridge the gap between the official rate and the market rate, which had climbed above Taka 120 in recent weeks. This disparity was creating uncertainty for businesses and individuals alike.
The central bank hopes that this adjustment will stabilize the foreign exchange market and help to preserve Bangladesh’s valuable foreign reserves. A stronger Taka is expected to make imports more expensive but could also encourage exports and bring in more foreign currency.
Initial reactions from businesses have been mixed. While some welcome the move towards a more market-driven exchange rate, others are concerned about the potential impact on import costs.
The Bangladesh Bank’s decision to raise the dollar rate is a significant step towards addressing the country’s foreign exchange challenges. The coming weeks and months will be crucial to gauge the effectiveness of this policy and its impact on the broader economy.
