Saturday 10, December 2022

Taka devalued further again

News Desk: Bangladeshi Taka continues to depreciate against the American greenback, owing to the growing import payments, creating a burden on importers but boosting export and remittance earnings.

The Bangladeshi currency was depreciated yet again by Tk 0.5 on Thursday, just one week after it witnessed further depreciation by Tk 0.50.

Bangladesh Bank spokesperson and Executive Director Md Serajul Islam confirmed the fresh depreciation to The Business Post.

The inter-bank exchange rate stood at Tk 94.45 per dollar on Thursday, up from Tk 93.95 on July 13. Besides, in the kerb market, the dollar price stood at Tk 103 on the same day.

On Thursday, the central bank supported $70 million to the money market to stabilize the exchange rate. For which the reserve position declined to $39.608 billion.

Owing to the ongoing increase of import payment, forex reserve continues to fall from August last year when the reserve stood at $48 billion, which was the highest ever.

Import payment increased 39 per cent to $75.4 billion during the July-May period of FY22, which was $54.23 billion in the same period of the previous year.

High import payment creates a big trade gap, which stood at $30.81 billion in the July-May period of FY22, which was $20.70 billion for the same period of FY21.


Leave a Reply

Your email address will not be published. Required fields are marked *