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The dollar rises to 120 rupees in the open market

bluesky

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Normal person doesn’t go to kerb market to purchase always as bank is always cheap place to buy. Kerb market is used mostly for hundi purpose so they are willing to pay a premium who sales there. Update your knowledge before posting here.
Do you think your colleague BAL thieves go to BB and exchange millions of their stolen money for dollars and store it in their kitchen cabinet?

BB does not issue dollars that are not stipulated in the govt rule book. BB dollars are not for hoarding by you guys. So, people go to the kerb market. Easy purchase.
 

Black_cats

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Do you think your colleague BAL thieves go to BB and exchange millions of their stolen money for dollars and store it in their kitchen cabinet?

BB does not issue dollars that are not stipulated in the govt rule book. BB dollars are not for hoarding by you guys. So, people go to the kerb market. Easy purchase.

That’s what I said. Those who has stolen money goes to kerb market for hundi.

The people who needs it for genuine purpose can get it from bank. But only few branch of banks were doing it. Now Bangladesh bank has permitted all branch of banks to sale dollar and even sign contract with foreign money remit companies without BB.
 

BananaRepublicUK

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Are you and arrogant elitist? What's the problem if anyone is construction worker and doesn't posses an under graduate degree from a reputed U.K/US university?

Are non elitist less than human being? How many of our politicians have good quality of education?

There is a term named self educated person , and anyone can become a self educated person, isn't it?

Bro, olpo shikka is deadly.

Bluesky is an example of it!

If you think the term elitist is derogatory then you are mistaken.

I don’t want to live in a world were two bit construction worker or two bit estate agent - carry same weight as respected (elite educated) academics.
 

bluesky

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The people who needs it for genuine purpose can get it from bank. But only few branch of banks were doing it. Now Bangladesh bank has permitted all branch of banks to sale dollar and even sign contract with foreign money remit companies without BB.
The above is a good step taken by the BB. But, the dollar is in short supply for various reasons. Now, traders are discouraged to import. This will have a profound effect on the supply of dollars.

However, now I will say something that you should think deeply about before answering. Last FY the import volume was about$82 billion. I have checked the average tax/duty the Customs receives. It is roughly 40% of the import values.

So, the GoB received about 40% x ($82 billion) or $32.8 billion as tax money. If the import falls by, say, $20 billion, the tax volume is reduced by 40% x ($20 billion)= $8 billion which is Tk76,000 crore.

It means the govt tax money will be reduced by an amount of Tk76,000 crore. So, how do you think the govt will make up this income shortfall?
 
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Black_cats

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The above is a geed step taken by the BB. But, the dollar is in short supply for various reasons. Now, traders are discouraged to import. This will have a profound effect on the supply of dollars.

However, now I will say something that you should think deeply about before answering. Last FY the import volume was about$82 billion. I have checked the average tax/duty the Customs receives. It is roughly 40% of the import values.

So, the GoB received about 40% x ($82 billion) or $32.8 billion as tax money. If the import falls by, say, $20 billion, the tax volume is reduced by 40% x ($20 billion)= $8 billion which is Tk76,000 crore.

It means the govt tax money will be reduced by an amount of Tk76,000 crore. So, how do you think the govt will make up this income shortfall?

Does import include the tax amount? I do not think so. Do you have any document to confirm?
 

bluesky

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Does import include the tax amount? I do not think so. Do you have any document to confirm?
Exports are usually not taxed in any country, but imports are always taxed to varying degrees. If the $20 billion lesser import is not goods related to textile, they are certainly taxed.

And I have read somewhere the tax rate is about 40% of the total import values. For example, used cars are most heavily taxed. I think it is still a minimum of 150% for a 1300 cc car plus 20% sales tax.

Similarly, other imported goods are taxed at various rates. The average is 40% of the import value. This is why I said in my earlier post that the GoB will suffer from the shortage of money if the import value is reduced by, say, $20 billion.

But, at the same time, this is where the IMF loan will play its role. This $4.5 billion loan will partially cover the shortage of import tax. WB and ADB will also support the govt with other loans.

In reality, although I bash the govt, I understand that these loans are absolutely necessary to cover the revenue shortfall.
 

Black_cats

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Exports are usually not taxed in any country, but imports are always taxed to varying degrees. If the $20 billion lesser import is not goods related to textile, they are certainly taxed.

And I have read somewhere the tax rate is about 40% of the total import values. For example, used cars are most heavily taxed. I think it is still a minimum of 150% for a 1300 cc car plus 20% sales tax.

Similarly, other imported goods are taxed at various rates. The average is 40% of the import value. This is why I said in my earlier post that the GoB will suffer from the shortage of money if the import value is reduced by, say, $20 billion.

But, at the same time, this is where the IMF loan will play its role. This $4.5 billion loan will partially cover the shortage of import tax. WB and ADB will also support the govt with other loans.

In reality, although I bash the govt, I understand that these loans are absolutely necessary to cover the revenue shortfall.

What I meant let’s say you imported 1 billion usd worth of product, it does not include customs duty as it is separate and is paid in BDT. However the 1 billion usd needs to be paid in USD via LC through the bank.

So you are right Bangladesh government will loose some customs duty but it will save on foreign currency and which will have positive impact on balance of payment. Added benefit if the reduction comes in importing of luxury products. For sure fuel consumption is going to be low as well but that may have some affect on agriculture and industry.

Though there are pros and cons but I believe pros will be more. If though this mechanism money laundering and hundi is reduced that will be the best outcome.
 

bluesky

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What I meant let’s say you imported 1 billion usd worth of product, it does not include customs duty as it is separate and is paid in BDT. However the 1 billion usd needs to be paid in USD via LC through the bank.

So you are right Bangladesh government will loose some customs duty but it will save on foreign currency and which will have positive impact on balance of payment. Added benefit if the reduction comes in importing of luxury products. For sure fuel consumption is going to be low as well but that may have some affect on agriculture and industry.

Though there are pros and cons but I believe pros will be more. If though this mechanism money laundering and hundi is reduced that will be the best outcome.
No one is against the import of luxury goods. I was just pointing out the revenue shortfall when the volume of imports is lowered.

Anyway, the shortfall will be covered with loans from IMF, WB, and ADB. The loan money can also be most fruitfully used as collateral to import industrial plants/ machines that will start producing wealth in a year or two. The govt uses its own FE to import but the effort is supported by the loan money.

Simply speaking the loan money can be repaid within five/ six years if the value of industrial production is taken into account. For a $10 billion investment, the yearly production is about $3.5 billion.

The issue is the correct planning by the govt.
 

Bengal71

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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.

This guy is beyond ridiculous now and it's becoming unbearable even for me. Far out.

@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

Dada, talk to a wall. It's better.
 

BananaRepublicUK

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This guy is beyond ridiculous now and it's becoming unbearable even for me. Far out.



Dada, talk to a wall. It's better.

This uneducated moron cannot fathom why kerb crawlers get a poor rate whilst legitimate businesses get a much better rate from BB.

Idiot cannot understand that only criminals buy dollars from kerb market.

My heart bleeds (NOT) for these crooks getting even poorer rates than before.
 

Acetic Acid

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S

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.
So this is a Bangladeshi thread

I was considering it as good news for Pakistan
 

SoulSpokesman

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@bluesky

And I have read somewhere the tax rate is about 40% of the total import values.

Even a person who knows little about international economics would know that it is ridicudlous. BD may have a 40% rate on some item but not on the entire basket. If it was true BDs customs duty would be USD 32 billion. Now BD's tax/GDP is barely 9% implying that the total tax collection is less than USD 35 billion.

I am really sorry to say this but you seem to have little grips over facts. I can understand your gripe against the BAL administration but pulling off facts like this is not helping your cause at all.

Regards
 

bluesky

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@bluesky

And I have read somewhere the tax rate is about 40% of the total import values.

Even a person who knows little about international economics would know that it is ridicudlous. BD may have a 40% rate on some item but not on the entire basket. If it was true BDs customs duty would be USD 32 billion. Now BD's tax/GDP is barely 9% implying that the total tax collection is less than USD 35 billion.

I am really sorry to say this but you seem to have little grips over facts. I can understand your gripe against the BAL administration but pulling off facts like this is not helping your cause at all.

Regards
I only said I have read somewhere that implies that the collection rate maybe 40%. I did not say with certainty. But, you have put words in my mouth, unfortunately only to bash me.

Now, since you claim to have profound knowledge about the import tax collection figure, please send us the same.

And what is this anti-Hasina talking you are putting in my mouth? Please keep the discussion within the limit of civility. A nation is run by an established system and it is not that Hasina changes rules every other week.
 

SoulSpokesman

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@bluesky

Neel Akash dada,

I only said I have read somewhere that implies that the collection rate maybe 40%.

Let me refer to your post #94.

Last FY the import volume was about$82 billion. I have checked the average tax/duty the Customs receives. It is roughly 40% of the import values. So, the GoB received about 40% x ($82 billion) or $32.8 billion as tax money.


You almost presented it as a certain number

But, you have put words in my mouth, unfortunately only to bash me.

Why would I bash you? We have interacted for many years and you have always struck me as a reasonable and decent poster. But I regret to say that on some recent threads your posts have struck me as biased.

1. Customs issue we have already discussed.
2. You have asserted that BD's forex reserves are fudged and when questioned you have failed to show how and where?
3. You have pointed out the kerb rates of the Taka (rightly so in my opinion) are much higher but you have not been able to counter the assertion of other BD members that kerb rates are relevant for only crooks and criminals

Now, since you claim to have profound knowledge about the import tax collection figure, please send us the same.

I have said I have only rudimentary knowledge about Int Finance. I am sure BD's tax collection figures would be available on MOF or the Central Banks website.

Regards
 

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