Public reliance on the open market for acquiring US dollars has surged, with the exchange rate reaching Tk 120-121 per dollar. The dollar crisis in the informal market has worsened following raids by Bangladesh Bank and law enforcement on money changers, alleging higher exchange rates.
In this challenging scenario, several individuals are now facilitating dollar transactions through their networks, offering the currency at Tk 120-121 per dollar. They have become the primary source of dollars for those requiring funds for medical treatment, education, and emergencies abroad, according to sources.
Jamal (a pseudonym), the proprietor of a money exchange establishment in Dhaka’s Motijheel area, expressed that they are unable to purchase a dollar even at Tk 115. He questioned how they could possibly sell a dollar at Tk 113.30.
Numerous other money changers and independent dollar traders are inactive due to the currency supply crisis. In just one month, the US dollar’s exchange rate in the open market has surged from Tk 112 to Tk 120-121 per dollar, despite recent actions by the central bank and law enforcement to enforce the previous rate of Tk 113.30 per dollar.
Insiders in the market have pointed to a severe shortage of US dollars in Bangladesh. The foreign currency’s price is soaring uncontrollably, leading to a depreciation of the Taka. Consequently, the dollar’s price in the open market has exceeded Tk 120.
Interviews with various exchange houses and individuals engaged in dollar trading have revealed that most money changers are grappling with a lack of dollars. Sheikh Helal Sikder, the Secretary-General of the Money Changers Association of Bangladesh, stated that Bangladesh Bank has specified the dollar price for money changers, with a buying rate of Tk 111.80 and a selling rate of Tk 113.30. However, Sikder emphasized that no one is able to obtain dollars at this specified price, leaving money changers empty-handed.
In response to inquiries regarding the dollar scarcity in the open market, Bangladesh Bank’s Executive Director and spokesperson, Mesbaul Hoque, acknowledged that dollars are being traded, but not everyone is willing to sell them.
