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The dollar rises to 120 rupees in the open market

rainbowrascal

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Tk120 to one dollar is given in the newspaper. Why does not it float your imbecile mind? Can you change the present reality of BD by just talking a few heroic words?

Tk 120 is no problem for you. The problem is why what I said six months before is coming true. You are in a dilemma now.

I tell you one thing, the process of building a strong national economy is already lost for at least a few decades. The govt will be repaying $4 to $5 billion every year to the creditor nations after 2024.

There will be no money to industrialize. Domestic borrowing amounts to $78 billion in Taka. So, there is no fund to invest to build industries by the private sector.

Now, tell me which medicine your BAL will use to treat the economic disease. BAL has already destroyed the future of BD economy.

So, how are you going to develop BD? Is it by faking the BBS data?
Mate dollar rate in kerb market really doesn't matter. It will matter if you want to invest in it. Thats not the case for majority of people.
Rather we should check at what rate the LC's are being opened. That's the rate that will have impact on everyday people. Although that rate doesn't look good either. Last week it averaged between 105-108tk and one point went as high as 112tk.
But seeing imports<exports+remittance, i think the rate should come down in Sept or Oct.
 

SoulSpokesman

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@bluesky

Neel Akash Dada,

And bad guys in social media are telling the FE reserves at $22 billion. The GoB was just falsifying the reserve data to look good.

How is it possible to falsify a FE reserve? Maybe you can shed some light on this matter.

Regards
 

VikingRaider

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Mate dollar rate in kerb market really doesn't matter
Yes it does! People can easily use Hundi instead of bank to send money to their family! If all goods price are increasing, then middle east expats ( mostly from poor to lower middle class families ) will stop sending money via bank!

Rather they will use Hundi! In these days of high price , who will get 95 taka ( official rate ) if they can get 120 taka per dollar?

So govt will loss remittance! And thats why Hasina requested expats not to use hundi ; although she said that it's a risky process ( illegal as well, hence I'm not supporting hundi , but that won't change the reality , as I can feed their hungry mouth) and they can lose money!

But losing money isn't possible, as who do hundi business won't be dishonest, because if they are dishonest to clients, their business will collapse!

So people will safely send money from middle east using hundi to get 120 taka per usd , instead of getting only 95!

ক্ষুধা যেখানে সর্বগ্রাসী, নৈতিকতা সেখানে পরাজিত সৈনিক।

But yes BAL looters ( highest 10 -15 lakh) won't understand the reality, as their pockets are filled with huge corruption money!

So 50% price hike won't affect them!

Same goes for some amateur expats who doesn't know the ground reality of Bangladesh!

Their only source is govt BBS propaganda, and they are so strict on this , that they don't want to listen what others are trying to say! Pathetic!

But it's not going to help BAL , because these sycophants are the real enemies of a political party!

BB was killed by such sycophants, not by jamat sbibir!

These sycophants will take U turn once BAL is taken down! They will proclaim that they realised their mistake and now became true soldier or Zia or whatever party will come to power!

All political parties are on street ( including major opposition BNP). So if it's not another show off by establishment, I think this one can pose serious threat to govt!
 

Black_cats

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Yes it does! People can easily use Hundi instead of bank to send money to their family! If all goods price are increasing, then middle east expats ( mostly from poor to lower middle class families ) will stop sending money via bank!

Rather they will use Hundi! In these days of high price , who will get 95 taka ( official rate ) if they can get 120 taka per dollar?

So govt will loss remittance! And thats why Hasina requested expats not to use hundi ; although she said that it's a risky process ( illegal as well, hence I'm not supporting hundi , but that won't change the reality , as I can feed their hungry mouth) and they can lose money!

But losing money isn't possible, as who do hundi business won't be dishonest, because if they are dishonest to clients, their business will collapse!

So people will safely send money from middle east using hundi to get 120 taka per usd , instead of getting only 95!

ক্ষুধা যেখানে সর্বগ্রাসী, নৈতিকতা সেখানে পরাজিত সৈনিক।

But yes BAL looters ( highest 10 -15 lakh) won't understand the reality, as their pockets are filled with huge corruption money!

So 50% price hike won't affect them!

Same goes for some amateur expats who doesn't know the ground reality of Bangladesh!

Their only source is govt BBS propaganda, and they are so strict on this , that they don't want to listen what others are trying to say! Pathetic!

But it's not going to help BAL , because these sycophants are the real enemies of a political party!

BB was killed by such sycophants, not by jamat sbibir!

These sycophants will take U turn once BAL is taken down! They will proclaim that they realised their mistake and now became true soldier or Zia or whatever party will come to power!

All political parties are on street ( including major opposition BNP). So if it's not another show off by establishment, I think this one can pose serious threat to govt!

Even for hundi it depends on supply and demand. If there are too many people sending by hundi compared to people who are buying it that will push it lower as well.

Now at the kerb market it’s high because there is scarcity of usd.

Considering import and export has become equal plus with remittance money scarcity of dollar should not be there in the market for long.
 

-blitzkrieg-

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খোলাবাজারে ডলার ১২০ টাকায় উঠেছে​


ইত্তেফাক রিপোর্ট
প্রকাশ : ১১ আগস্ট ২০২২, ০২:০২
https://www.ittefaq.com.bd/609463

[ছবি: সংগৃহীত]


[ছবি: সংগৃহীত]
বাংলাদেশ ব্যাংকের নানা উদ্যোগের পরও ডলারের সংকট কাটছে না। সেই সঙ্গে প্রতিনিয়ত কমছে টাকার মান। এক দিনের মধ্যেই খোলাবাজারে ডলারের দাম পাঁচ টাকা বেড়ে ১২০ টাকায় ঠেকেছে। এ দামেও মিলছে না প্রত্যাশিত ডলার। গত কয়েক বছরের মধ্যে কখনো এক দিনে ডলারের দর এত বেড়ে যেতে দেখা যায়নি।
দৈনিক ইত্তেফাকের সর্বশেষ খবর পেতে Google News অনুসরণ করুন
ডলারের বাজার কেন নিয়ন্ত্রণে নেই—জানতে চাইলে তত্ত্বাবধায়ক সরকারের সাবেক উপদেষ্টা এ বি মির্জা আজিজুল ইসলাম ইত্তেফাককে বলেন, বাংলাদেশ ব্যাংক ডলারের দাম নির্ধারণ করে দিয়েছে বলে ডলারের বাজার নিয়ন্ত্রণ থাকছে না। এটি বাজারের ওপরে ছেড়ে দেওয়া দরকার। এতে করে হুন্ডির মাত্রাটা কমে যাবে। তিনি বলেন, এদিকে বলা হচ্ছে, কেন্দ্রীয় ব্যাংক ডলারের বাজার নিয়ন্ত্রণ করছে না। অন্যদিকে দাম বেঁধে দেওয়া হচ্ছে। এতে করে হুডির মাত্রাটা বেড়ে যাচ্ছে। তিনি বলেন, আসলে ডলারের অস্থিরতার মূল কারণ হচ্ছে—আমাদের রপ্তানি প্রবৃদ্ধি কমে গেছে কিন্তু আমদানি প্রবৃদ্ধি সেভাবে কমছে না। যে কারণে আমাদের রিজার্ভের ওপর ছাপ বেড়ে যাচ্ছে, টাকার মানও কমে যাচ্ছে।

সোমবার খোলাবাজারে ডলার ১১৫ টাকা ৬০ পয়সায় বিক্রি হয়। এর আগে গত ২৭ জুলাই খোলাবাজারে ডলারের দাম উঠেছিল ১১২ টাকা। গতকাল বুধবার খোলাবাজারে প্রতি ডলার ১২০ টাকায় পৌঁছায়।
সংশ্লিষ্টরা জানান, খোলাবাজার থেকে যে কেউ ডলার কিনতে পারেন। ব্যাংক থেকে কিনতে পাসপোর্ট এনডোর্সমেন্ট করতে হয়।

খোলাবাজারের ব্যবসায়ীরা বলছেন, খোলাবাজারে তীব্র সংকট রয়েছে ডলারের। ব্যাংকের মতো খোলাবাজারেও ডলারের সংকট দেখা দিয়েছে। প্রবাসীদের দেশে আসা কমেছে, বিদেশি পর্যটকরাও কম আসছেন। এ কারণে ডলারের সরবরাহ কম। খোলাবাজারের সঙ্গে ব্যাংকের আমদানি, রপ্তানি ও রেমিট্যান্সেও ডলারের দর অনেক বেড়েছে।

যুক্তরাষ্ট্রের মুদ্রা ডলারের বিপরীতে টাকার মান বেশ কিছুদিন ধরেই টানা কমছে। সোমবার আন্তঃব্যাংক মুদ্রাবাজারে বাংলাদেশি মুদ্রা টাকার বিপরীতে ডলারের দর আরো ৩০ পয়সা কমে প্রতি ডলার ৯৫ টাকা টাকায় বিক্রি হয়েছে। অর্থাৎ বাংলাদেশ ব্যাংকের কাছ থেকে ব্যাংকগুলো এই দরে ডলার কিনেছে।

ডলারসংকট নিরসনে সম্প্রতি একসঙ্গে চারটি সিদ্ধান্ত নেয় বাংলাদেশ ব্যাংক। সেগুলো হলো ব্যাংকের ডলার ধারণের সীমা (এনওপি) হ্রাস, রপ্তানিকারকের প্রত্যাবাসন কোটায় (ইআরকিউ) ধারণকৃত ডলারের ৫০ শতাংশ নগদায়ন, ইআরকিউ হিসাবে জমা রাখার সীমা কমিয়ে অর্ধেকে নামিয়ে আনা এবং অফশোর ব্যাংকিং ইউনিটের বৈদেশিক মুদ্রার তহবিল অভ্যন্তরীণ ব্যাংকিং ইউনিটে স্থানান্তর।

এছাড়া ৫০ লাখ ডলারের বেশি মূল্যের বেসরকারি যে কোনো আমদানি ঋণপত্র (এলসি) খোলার ২৪ ঘণ্টা আগে তা বাংলাদেশ ব্যাংককে জানানোর নির্দেশ দেওয়া হয়। এর ফলে সংকট কিছুটা কমার আশা করেছেন বাংলাদেশ ব্যাংকের কর্মকর্তারা।

Below is the unedited English translation of the news by google translator. I request English Kitchen Boys not criticize me if they find anything wrong: @bluesky

The dollar rose to 120 Takas in the open market
Ittefaq report
Published: 11 August 2022, 02:02
[Image: Collected]

Despite various initiatives of Bangladesh Bank, the dollar crisis is not ending. Along with that, the value of money is constantly decreasing. Within a day, the price of the dollar increased by 5 taka to 120 taka in the open market. This price does not match the expected dollar. Never in the last few years has the rate of the dollar increased so much in one day.

If you want to know why the dollar market is not under control, AB Mirza Azizul Islam, a former adviser to the caretaker government, told Ittefaq that there is no control over the dollar market because the Bangladesh Bank has fixed the price of the dollar. It needs to be left up to the market. This will reduce the level of hundi.

He said, meanwhile, it is being said that the central bank is not controlling the dollar market. On the other hand, the price is fixed. This increases the size of the hoodie. "Actually, the main reason for the volatility of the dollar is that our export growth has slowed down, but our import growth has not slowed down," he said. Due to which the impression on our reserves is increasing, the value of money is also decreasing.

On Monday, the dollar was sold at 115 taka 60 paise in the open market. Earlier, on July 27, the price of the dollar rose to Tk 112 in the open market. Every dollar reached Tk 120 in the open market on Wednesday.

Those concerned said that anyone can buy dollars from the open market. Passport endorsement is required to buy from the bank.

Open market traders say that there is a severe shortage of dollars in the open market. There is a dollar crisis in the open market like banks. The arrival of expatriates to the country has decreased, foreign tourists are also coming less. Due to this, the supply of dollars is low. With the open market, the import, export and remittance of the bank also increased the dollar rate.

The rupee has been depreciating against the US dollar for quite some time now. On Monday, the price of the dollar fell by 30 paisa against the Bangladeshi rupee in the inter-bank currency market and was sold at 95 taka per dollar. That is, the banks bought dollars from Bangladesh Bank at this rate.

Bangladesh Bank recently took four decisions together to solve the dollar crisis. They are reduction of dollar holding limit (NOP) of banks, 50 per cent monetization of dollar holdings in Exporter Repatriation Quota (ERQ), halving of deposit limit as ERQ and transfer of foreign exchange funds of offshore banking units to domestic banking units. Besides, any private import letter of credit (LC) worth more than 50 million dollars is ordered to be reported to Bangladesh Bank 24 hours before opening. As a result, the officials of Bangladesh Bank hope to reduce the crisis somewhat.
Indian rupees? Lol I thought ur currency was taka..
 
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Black_cats

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Tk120 to one dollar is given in the newspaper. Why does not it float your imbecile mind? Can you change the present reality of BD by just talking a few heroic words?

Tk 120 is no problem for you. The problem is why what I said six months before is coming true. You are in a dilemma now.

I tell you one thing, the process of building a strong national economy is already lost for at least a few decades. The govt will be repaying $4 to $5 billion every year to the creditor nations after 2024.

There will be no money to industrialize. Domestic borrowing amounts to $78 billion in Taka. So, there is no fund to invest to build industries by the private sector.

Now, tell me which medicine your BAL will use to treat the economic disease. BAL has already destroyed the future of BD economy.

So, how are you going to develop BD? Is it by faking the BBS data?

Did the newspaper said it as the official figure? Do you even know why the price is high now? Considering import and export has become equal, lower fuel consumption plus remittance there should not be any dollar crisis in the market for long. Plus IMF may provide 4.5 billion usd. So within months everything will go back to normal level.

Plus from where you got this 4-5 billion usd as repayment amount when I said even in 2027-2028 it will be around 2.5 billion usd?

Are you making up figures in your dream?

Stop blabbering and spamming same thing again and again like a child. Grow up.
 

VikingRaider

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Even for hundi it depends on supply and demand. If there are too many people sending by hundi compared to people who are buying it that will push it lower as well.

Now at the kerb market it’s high because there is scarcity of usd.

Considering import and export has become equal plus with remittance money scarcity of dollar should not be there in the market for long.
I said, if you can't control the dollar price ( unofficial), they will start using hundi!

So at least they will try as long as dollar price is such high! Isn't that bad for Bangladesh in this crucial time when we need more remittance?
 

Black_cats

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@bluesky

Neel Akash Dada,

And bad guys in social media are telling the FE reserves at $22 billion. The GoB was just falsifying the reserve data to look good.

How is it possible to falsify a FE reserve? Maybe you can shed some light on this matter.

Regards
Why are you taking him seriously. He is quoting figures while having day dream.

IMF said certain reinvested amount of 7 billion usd should not be considered as reserve. It’s not something bd government doesn’t have the amount at hand.

I said, if you can't control the dollar price , they will start using hundi!

So at least they will try as long as dollar price is such high! Isn't that bad for Bangladesh in this crucial time when we need more remittance?

It depends. Obviously it’s good for export but bad for import. But if you can keep import and export in check it’s not something very bad for short time. However I believe price will stabilized in 90s within months.
 

-blitzkrieg-

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Don't be bothered. He won't change title. He can write many comments , but doesn't have time to change title with only a single click lol!
Maybe it was intentional.
Promoting india's economic interest to push the agenda of making rupee a regional currency I.e. a legal tender in Bangladesh?
 

SoulSpokesman

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@-blitzkrieg-

Promoting india's economic interest to push the agenda of making rupee a regional currency I.e. a legal tender in Bangladesh

Not a bad idea for BD and other friendly neighbours of India.

Regards
 

VikingRaider

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Maybe it was intentional.
Promoting india's economic interest to push the agenda of making rupee a regional currency I.e. a legal tender in Bangladesh?
Better i won't comment on it! Lots of Bangladeshi people has disturbing mentality! So why only blaming him? No reason!

In few months many old faces are exposed , who were supposed to be patriot. Nowadays they are openly promoting sanghis.

At least he ( @bluesky ) isn't doing so! Although I have some bickering with him almost always , still truth to be told! And the truth is , some others are doing much worse than his stubborn behaviour on title!
 
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Indos

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Why the Hell do you talk nonsense all the time? Was it not you who played a fortune-teller and told me BD will become a $1 trillion economy by 2030?

Stupid, BAL crony, read the first paragraph of National Economic Development before you start prophecizing again. The govt is full of uneducated economists like you,

BD economy is now $280 billion or less as the dollar is 120 Taka. Man, you don't know even how to do small math!!! But, the IMF handout of only $4.5 billion will not repair the dent your BAL party has caused to BD economy.

If we see BD exports, it is really almost fully dominated by garment exports, so it seems no one wanting to put BD as their manufacturing base since there is India beside BD

So the solution IMO is to scrap any FDI with India and China, just put higher tariff at the maximum 20 % and if necessary more than that and protect BD domestic industry. BD garment in majority go to Western countries, so scrapping FTA with both India and China will not hurt BD export growth

The target should be FDI for import substitution rather than targeting BD as manufacturing base since until now it doesnt happen by seeing on BD export figure and composition

Taka is better to be floated that can better improve BD competitiveness inside the country. This strategy can hurt lower income people as it will increase energy cost inside the country, but some how BD will prevail, just like how Indonesian Rupiah is floated and become Rp 14.000 per USD while in 1997 it was Rp 2500 per USD.

I predict BD industry who may take loan from foreign banks only garment industry with export oriented business, so floating the currency that will eventually devalue the currency will not hurt them too much
 
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Bro why are you engaging a half-educated troll who is talking way above his intelligence/education level?

Engaging trolls only feeds them and makes them come back for more.

Like I already said all currencies have devalued against the US dollar as currency traders have flocked to the "safe haven" of the world's reserve currency at this time.

Taka has lost 15% of its value against the dollar, which is pretty much the same as others like the Euro. If the Taka is about to collapse, then so is the Euro!

BD has one of the strongest economies in the developing world and will ride these economic headwinds out better than most other poor countries and so there is little to worry about.

Bro, this illiterate fool is spreading Hinduvta propaganda.

He is the ultimate example of the peril of “olpo shikha”.

Little knowledge is deadly.
 

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