Economy
Bangladesh Bank increases USD price by Tk1 to Tk96
The Bangladesh Bank increased the exchange rate for the USD by Tk1 to Tk96 Monday 12 September.
National Bank sources affirmed the increase in the exchange rate. A day ago, the central bank had traded dollars for Tk95 each.
On the same day, banks capped the rates of the dollar at Tk108 for remittance inflows and Tk99 for export proceeds as part of an effort to curb volatility in the country’s foreign exchange market.
The two organizations collected a maximum of Tk108 per dollar in remittances from Monday while encashing export revenue at a maximum of Tk99 per dollar.
Additionally, they opened LC at Tk1 more than the weighted average of the exchange rate of remittance and export.
The interbank dollar exchange rate on Monday was Tk103.5.
ABB Chairman and BRAC Bank Managing Director Selim RF Hossain said that Bafeda informed the banks about the new dollar exchange rate Sunday.
As it is a new structure, new rate sheet has to be created so it takes some time in the beginning,” he added.
There were some problems at the beginning of the day but it worked out in the end, said the ABB Chief.
” It will take some time in the first three-four days to become fully effective,” he added.
Since the beginning of this year, the dollar has been on the rise as the supply of the greenback has dwindled. However, since March of this year, there has been a severe dollar crisis. The central bank took several steps including policy decisions to stabilize the market.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
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