foreign exchange
Forex reserves cross $26b: BB
Bangladesh's foreign exchange reserves have crossed US$26 billion as the International Monetary Fund (IMF) has provided $1.15 billion loans and other lenders provided $900 million.
Bangladesh sees highest LC openings in almost 2 years in May
Bangladesh witnessed its highest Letter of Credit (LC) openings in 23 months, amounting to US $6.83 billion in May 2024, amid an ongoing foreign exchange crisis, according to Bangladesh Bank.
ISPR requests not to get misled by rumours over security of St. Martin’s
Inter Services Public Relation Directorate (ISPR) has urged all not to be misguided by rumours spreading through social media over the security of St. Martin’s island centering Myanmar's ongoing internal conflict near the island.
PM stresses value added teas for earning foreign currencies
Prime Minister Sheikh Hasina has asked all concerned to add value to tea instead of only selling tea leaves in bulk as the demand for different variety of teas is increasing globally.
BB fixes dollar price at Tk117, increasing by Tk7 in a day, due to IMF pressure
In the context of a dollar crisis continuing in the country for a long time, the Bangladesh Bank has fixed the official price of the dollar at Tk 117 per dollar in order to fulfill the loan conditions of the International Monetary Fund (IMF), according to central bank circular issued on Wednesday (May 8).
Market-based liberalisation of foreign exchange rates and reality
The International Monetary Fund (IMF) suggested the implementation of a flexible currency exchange rate for Bangladesh during a virtual press conference on April 30, coinciding with the release of the Regional Economic Outlook for Asia Pacific countries. This recommendation aligns with the IMF's stance advocating for market-based exchange rates over the past eighteen months. The IMF contends that adopting a market-based currency exchange rate in Bangladesh would yield improvements across various sectors, notably bolstering foreign exchange reserves.
Common people to face further pressure
The crisis of living standards, the revival of the economy, and foreign exchange reserves has set the stage for the upcoming budget activities for the fiscal year 2024-25. Ordinary people in the country, already burdened by rising prices, are expecting further distress. Despite considering increasing tax collection, the National Board of Revenue (NBR) is not contemplating raising the tax-free income threshold in the high inflation market.
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