Dollar price on the rise in Bangladesh

[bluesky]

Dollar price on the rise

Though beneficiaries of wage earners’ income and exporters are happy over the rise in dollar price but pressure grows on importers

en.prothomalo.com

Dollar price on the rise
Shanaullah Sakib
Dhaka
Published: 09 Sep 2021, 02:00
Inflow of remittance has witnessed a downtrend over the past three months. Export earnings have dropped below the target. Besides, import cost started increasing.
As a result, demand for dollar rose and Bangladesh Bank started selling it. So, price of the US currency against taka began to rise.
Sources said Bangladesh Bank had long kept price at Tk 84.80 a dollar. But, dollar price started increasing on 5 August due to surge in demand. Dollar price now rose to Tk 85.20.
Though beneficiaries of wage earners’ income and exports are happy over the rise in dollar price but pressure grows on importers.

 

[Michael Corleone]

Bs I bought dollar for 87.30 increased substantially

 

[Bilal9]

Bs I bought dollar for 87.30 increased substantially

Dollar needs to go up a bit against Taka.

Will make our exports far more competitive.

 

[Imran Khan]

so you guys also start loving to collect gray money like us

 

[Bilal9]

so you guys also start loving to collect gray money like us

Why gray money, black money is better.

The amount of Illegal wealth (tax evasion and bribes) in Bangladesh went up to 10 lakh crore at last count.

 

[Imran Khan]

Why gray money, black money is better.

The amount of Illegal wealth (tax evasion and bribes) in Bangladesh went up to 10 lakh crore at last count.

tell us in millions and billions please WTF is crores man indian shit ?

 

[Bilal9]

tell us in millions and billions please WTF is crores man indian shit ?

One crore is ten million. So ten lakh crores is ten million million Taka, or 10,000,000,000,000 (Ten Trillion) Taka. Or US$12 Billion almost, at current exchange rates.

 

[Destranator]

One crore is ten million. So ten lakh crores is ten million million Taka, or 10,000,000,000,000 (Ten Trillion) Taka. Or US$12 Billion almost, at current exchange rates.

He knows the above very well.

Dollar needs to go up a bit against Taka.

Will make our exports far more competitive.

Not a good idea as we are heavily dependent on imports for raw materials, to support manufacturing, and essential goods.

Any significant depreciation will trigger significant inflation.

The key is to maintain a stable exchange rate. To be fair to BB, they have done a good job over the last few decades in absorbing external shocks by regulating internal flow of forex.

 

[Pak Nationalist]

What is your current trade deficit? Also, is your current account in deficit? If so, by how much?

 

[Valar.]

He knows the above very well.

No, he does not know and neither do I.

See, in Pakistan we do know(and use) what Lakh is and what crore is, but we do not know what 10,000 lakh crore is.

Because for us, 100 crore(1 billion) simply become 1 Arb/Arab (different spelling in Urdu which differentiates it from the Arab ethnicity lol) and afterwards comes Khrab.

So, here is the eample:
15 Lakh (I know)
10 crore ( I know)
85 crore (I know)
100 crore aka 1 Arb (I know)
1.5 Arb (I know)
1.5 Arb also 150 crore (I know, but I'd use it as 1.5 Arb instead of crore)
Afterward, 15 Arb, 30 Arb etc etc

What I don't understand is what 1000 lakh crore is.

I hope it helps.

 

[Michael Corleone]

Dollar needs to go up a bit against Taka.

Will make our exports far more competitive.

I reckon it will keep rising until the next year… fearful of deflationary period comparable to the 1929s

No, he does not know and neither do I.

See, in Pakistan we do know(and use) what Lakh is and what crore is, but we do not know what 10,000 lakh crore is.

Because for us, 100 crore(1 billion) simply become 1 Arb/Arab (different spelling in Urdu which differentiates it from the Arab ethnicity lol) and afterwards comes Khrab.

So, here is the eample:
15 Lakh (I know)
10 crore ( I know)
85 crore (I know)
100 crore aka 1 Arb (I know)
1.5 Arb (I know)
1.5 Arb also 150 crore (I know, but I'd use it as 1.5 Arb instead of crore)
Afterward, 15 Arb, 30 Arb etc etc

What I don't understand is what 1000 lakh crore is.

I hope it helps.

Well I would need to translate 10 lakh crore to English system to comprehend the number

 

[Imran Khan]

One crore is ten million. So ten lakh crores is ten million million Taka, or 10,000,000,000,000 (Ten Trillion) Taka. Or US$12 Billion almost, at current exchange rates.

12 billion $ is nice to understand

 

[Bilal9]

What is your current trade deficit? Also, is your current account in deficit? If so, by how much?

This will answer your questions hopefully, they are projecting it to exceed 26 Billion next year.

Bangladesh's trade deficit may exceed $26b

Bangladesh's overall trade deficit may cross US$26 billion by this fiscal yearend as trading sector faces unprecedented headwind while a healthy balance-of-payments position continues for lesser import spending. A latest central-bank projection portrays such a macroeconomic scenario, saying that t

www.thefinancialexpress.com.bd

Also see this, (I am no economist however, @Destranator bhai can you comment please?)

Bangladesh Current Account

Bangladesh recorded a Current Account surplus of 116.64 Billion BDT in March of 2024. This page provides - Bangladesh Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

 

[ziaulislam]

Bs I bought dollar for 87.30 increased substantially

Its rose internationally due to US economy and too much money around and no good alternative to bonds

Has nothing to do with bengaldesh or pakistan

tell us in millions and billions please WTF is crores man indian shit ?

 

[Imran Khan]

He knows the above very well.

Not a good idea as we are heavily dependent on imports for raw materials, to support manufacturing, and essential goods.

Any significant depreciation will trigger significant inflation.

The key is to maintain a stable exchange rate. To be fair to BB, they have done a good job over the last few decades in absorbing external shocks by regulating internal flow of forex.

no i did not sir

No, he does not know and neither do I.

See, in Pakistan we do know(and use) what Lakh is and what crore is, but we do not know what 10,000 lakh crore is.

Because for us, 100 crore(1 billion) simply become 1 Arb/Arab (different spelling in Urdu which differentiates it from the Arab ethnicity lol) and afterwards comes Khrab.

So, here is the eample:
15 Lakh (I know)
10 crore ( I know)
85 crore (I know)
100 crore aka 1 Arb (I know)
1.5 Arb (I know)
1.5 Arb also 150 crore (I know, but I'd use it as 1.5 Arb instead of crore)
Afterward, 15 Arb, 30 Arb etc etc

What I don't understand is what 1000 lakh crore is.

I hope it helps.

its too hard to understand when indians say 27000 crores or 1 lakh crores i understand no sh1t