The Bangladesh Bank sold $1.14 billion from reserve this July even after the biggest devaluation of taka, as import rate rises to Tk116
- Dollar rate for imports hiked to Tk116
- Most banks are selling dollars to importers ignoring the set rate of Tk109.50
- Bangladesh Bank sold $1.14b in July as market rate is higher than inter-bank rate
- Forex reserves keep depleting even after unified exchange rate declaration
- Gross reserves fell to $23.3b on 2 August from $23.56b on 13 July
- Import LC opening declined by $21b in July-May of FY23 due to dollar crisis
The Bangladesh Bank keeps selling dollars from its foreign exchange reserves despite a historic high devaluation of the taka in a single day on 3 July, indicating that the implementation of a unified exchange rate is still dictated. The gap between the officially declared rate and the market rate has now exceeded Tk5 per…
