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The dollar rises to 120 rupees in the open market

-blitzkrieg-

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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!
I'm not here to judge anyone.. I just stated what I found out of place..
 

bluesky

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not too long ago bd had reserves of 40 billion if i am remembering it right? what happened? and why this sudden need to go to IMF? personally i though BD was doing much better economically? what went wrong?
BD was doing well only superficially and by propagation. BD has little money that comes from exports and remittances. All other things that people saw glittering were by borrowing from abroad and from the local banks.

Foreign borrowing now totals above $100 billion and local borrowing is $78 billion. The infusion of this big money into the economy has caused people to think BD is becoming a rich country. All superficial.

No country has ever developed without huge industrial output. Even Switzerland has its famous watch/ clock manufacturing business. It is only the BD people who think they can borrow and build a few fancy projects and the country becomes developed. Stupidity at its worst.

Come 2024, BD will have to pay back $4 to $5 billion to the lenders. This year, it is $2.5 billion. But, I wonder with just a $4.5 IMF bailout money this year how BD can survive unless its exports jump to at least $80 billion?
 

bluesky

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Below is an information table prepared by Bangladesh Bank shown in the chart. It cites the Kerb Market rate of Taka/Dollar that says the rate is Tk119.9 to one dollar.

1660426322988.png

The kerb rate is the real rate of Taka as recognized by the BB. Taka value is down by more than 42% now (From Tk84 to Tk119.9). All because of Hasina policy to borrow money to steal a part and do a few projects that can be photographed but cannot create new wealth.

@UKBengali and @Black_cats, please contribute some valuable comments on how your BAL govt has destroyed the future industrialization by indulging in showcase projects. Now, BD is left with no money to industrialize. All the earnings will be used to repay the loans.
 
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bluesky

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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
I don't know any details of the falsification of FE reserves but the social media claim it is now only $22 billion and this is the reason why the GoB is in a panic and asking for an IMF bailout of $4.5 billion.

By the way, our benevolent Hasina govt falsified $7 billion once. The IMF protested it and demanded a revision of the reserve figure.
 

BananaRepublicUK

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Below is an information table prepared by Bangladesh Bank shown in the chart. It cites the Kerb Market rate of Taka/Dollar that says the rate is Tk119.9 to one dollar.

View attachment 870450
The kerb rate is the real rate of Taka as recognized by the BB. Taka value is down by more than 42% now (From Tk84 to Tk119.9). All because of Hasina policy to borrow money to steal a part and do a few projects that can be photographed but cannot create new wealth.

@UKBengali and @Black_cats, please contribute some valuable comments on how your BAL govt has destroyed the future industrialization by indulging in showcase projects. Now, BD is left with no money to industrialize. All the earnings will be used to repay the loans.

If you have any dignity left - pls stop this nonsense!

You are spouting Hinduvta nonsense.

They are laughing at you!
 

Black_cats

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I don't know any details of the falsification of FE reserves but the social media claim it is now only $22 billion and this is the reason why the GoB is in a panic and asking for an IMF bailout of $4.5 billion.

By the way, our benevolent Hasina govt falsified $7 billion once. The IMF protested it and demanded a revision of the reserve figure.
Do you know the difference between falsifying and disagreement on whether invented amount can be counted as foreign reserve or not? Stop quoting people and become a laughing stock.

Below is an information table prepared by Bangladesh Bank shown in the chart. It cites the Kerb Market rate of Taka/Dollar that says the rate is Tk119.9 to one dollar.

View attachment 870450
The kerb rate is the real rate of Taka as recognized by the BB. Taka value is down by more than 42% now (From Tk84 to Tk119.9). All because of Hasina policy to borrow money to steal a part and do a few projects that can be photographed but cannot create new wealth.

@UKBengali and @Black_cats, please contribute some valuable comments on how your BAL govt has destroyed the future industrialization by indulging in showcase projects. Now, BD is left with no money to industrialize. All the earnings will be used to repay the loans.

Kerb market rate means nothing. Nor Bangladesh bank said it’s the official figures. Plus Bangladesh bank do not make any comment on Kerb market. Kerb market always had higher rate and due to spike of USD and increase of inflation bd weakens little bit. But as things are now getting stabilized and more dollar getting available USD conversion rate will become 90s soon.

All currencies devalued recently officially including major currencies like Euro. It’s a global situation due to high inflation and Ukrainian war, not just isolated to Bangladesh.


While the soaring price has been attributed to short supply some traders blame it also on syndicates which manipulate the rate.

Some syndicates which hold the dollars until if they get the desired price are partly to blame for the crisis, said Osman Goni, a vendor at the kerb market.
 
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bluesky

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While the soaring price has been attributed to short supply some traders blame it also on syndicates which manipulate the rate.
This price manipulating syndicate is a part of BAL oligarchs. I hope you acknowledge the fact that no person can do any harm to the country unless he is a BAL crony.

Some syndicates which hold the dollars until if they get the desired price are partly to blame for the crisis, said Osman Goni, a vendor at the kerb market.
But, why do these BAL friends of yours buy and hold dollars? One reason is they want to flee the country before the next general election and they need dollars.

Another reason may be that they expect Taka to fall to 140 per dollar or below during this volatile time. A currency becomes another stack of paper notes if it is not supported by dollars. Taka is now in that position.

It is all because of the wrong BAL policies of borrowing and stealing money. Even local bank vaults are empty. It shudders me to think about the future welfare of the country.
 
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Black_cats

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This price manipulating syndicate is a part of BAL oligarchs. I hope you acknowledge the fact that no person can do any harm to the country unless he is a BAL crony.


But, why do these BAL friends of yours buy and hold dollars? One reason is they want to flee the country before the next general election and they need dollars.

Another reason may be that they expect Taka to fall to 140 per dollar or below during this volatile time. A currency becomes another stack of paper notes if it is not supported by dollars. Taka is now in that position.

It is all because of the wrong BAL policies of borrowing and stealing money. Even local bank vaults are empty. It shudders me to think about the future welfare of the country.

Regardless whoever is holding can’t do this for long as dollar supply is increasing and Bangladesh bank is going to allow forex trading at bank level even at root level to discourage this hundi trading.

Bottom line whatever rate is at kerb market doesn’t mean much. Stop dancing with this tune. That’s annoying.
 

bluesky

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Regardless whoever is holding can’t do this for long as dollar supply is increasing and Bangladesh bank is going to allow forex trading at bank level even at root level to discourage this hundi trading.

Bottom line whatever rate is at kerb market doesn’t mean much. Stop dancing with this tune. That’s annoying.
I hope whatever you are predicting will really come true and the economic woes just disappear.

But, I can tell it is not going away. Come 2024, BD will be paying $4 to $5 billion to repay the loans. And many new loans will mature within the next few years. This year alone, BD will be repaying $2.5 billion.

So, the $4.5 billion IMF bailout will not work the way you are thinking. Actually, there will be more repayment and less income from exports and remittances. How do you propose to solve it?

Yes, the only way is to increase the volume of exports. However, unlike Vietnam or Indonesia, BD has only one commodity to export. This is why I have been shouting all along to invest in building industrial plants.

But, you guys are still thinking BD should build more physical infrastructure with borrowed money. It is very wrong.

China is giving us special treatment for exporting 8200 products but we have only one product. So, I ask how you propose the situation will improve.
 

SD 10

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BD was doing well only superficially and by propagation. BD has little money that comes from exports and remittances. All other things that people saw glittering were by borrowing from abroad and from the local banks.

Foreign borrowing now totals above $100 billion and local borrowing is $78 billion. The infusion of this big money into the economy has caused people to think BD is becoming a rich country. All superficial.

No country has ever developed without huge industrial output. Even Switzerland has its famous watch/ clock manufacturing business. It is only the BD people who think they can borrow and build a few fancy projects and the country becomes developed. Stupidity at its worst.

Come 2024, BD will have to pay back $4 to $5 billion to the lenders. This year, it is $2.5 billion. But, I wonder with just a $4.5 IMF bailout money this year how BD can survive unless its exports jump to at least $80 billion?
well Bangladesh are hardworking people as far as i know them, they will get out of this! but by you comment i think government needs to be transparent, otherwise it will shatter the confidence of investors! and being a pakistani i know what happens when investers no longer believe what government says!
 

bluesky

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well Bangladesh are hardworking people as far as i know them, they will get out of this! but by you comment i think government needs to be transparent, otherwise it will shatter the confidence of investors! and being a pakistani i know what happens when investers no longer believe what government says!
Thanks for wishing BD well. However, I have a gut feeling that the BD patient is terminally ill. All because of too much hunger for stolen money from many projects built with foreign money.
 

Black_cats

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Regardless whoever is holding can’t do this for long as dollar supply is increasing and Bangladesh bank is going to allow forex trading at bank level even at root level to discourage this hundi trading.

Bottom line whatever rate is at kerb market doesn’t mean much. Stop dancing with this tune. That’s annoying.
Don’t make up number in your day dreaming. I shared news article go through it. By 2027-2029 period debt repayment will reach 2.5 billion from present 1.4 billion usd.

Don’t quote me next time this nonsense 4-5 billion usd figure without source.
 

bluesky

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Don’t make up number in your day dreaming. I shared news article go through it. By 2027-2029 period debt repayment will reach 2.5 billion from present 1.4 billion usd.
No, as far as I know, the payment was $1.9 billion in the 2019-20 period that I have read myself. The more the borrowing gets matured the more BD has to pay. This year it is $2.5 billion.

And the repayment is in between $4 to $5 billion from 2024-2025 FY. BAL govt has ruined the future industrialization efforts because the country will be repaying money that should have been used to industrialize.

Do not you see there is no money and the govt has prayed for an IMF bailout? So, do not please expect the creation of any new money anymore. All money will be spent to service the debts and no money to industrialize.

No industrialization means no development. Even domestic borrowing is equivalent to US$78 billion.
 

mmr

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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.
Soon it will be 150.

should order pop corn and enjoy the shit show lol
 

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