Buying US dollars from Bangladesh Bank became more expensive as the central bank raised the exchange rate again by Tk1 to Tk103 each on Monday as part of a readjustment process.
Officials said the rate increase came as part of a plan to raise the exchange rate of the US currency further to cross Tk105 by June.
The latest rise in the exchange rate of the US dollar, sold from the BB's reserves, came a few days after the Bangladesh Foreign Exchange Dealers' Association (Bafeda) and the Association of Bankers, Bangladesh (ABB) increased the exchange rate on export proceeds by Tk1 to Tk105.
Even in the half-yearly monetary policy statement (MPS) announced last month, the central bank mentioned that the difference in the regulated rates would be maximum two-percentage points.
As part of the parity move, the Bangladesh Bank raised the dollar-taka exchange rates several times in the past months.
The exchange rate was Tk96 on September 12 last year.
Following consistent rise in the rates, the Bangladesh Bank is now selling the dollar to the banks at Tk103 each, which is planned to be revised further upward to cross Tk105 by June.
Apart from the Bangladesh Bank-charged rate, there are multiple exchange rates in the money market.
These are Tk105 for exporters and Tk107 for remitters.
In terms of import, the rate is calculated on the basis of weighted average of the rates for export and remittance adding Tk1 each, according to the Bangladesh Bank.
The central banker said one of the suggestions of the International Monetary Fund (IMF) was letting the market determine the rate.
The pressure on the forex reserve keeps rising amid the volatile global macro-economic situation following the Russia-Ukraine war.
Now, by official count, the reserve stood at $31.20 billion as on April 2.
As part of the reserve-shielding moves, the Bangladesh Bank is encouraging import of essential goods only.
So, the banks that facilitate import of such essential items would face some pressure to meet their dollar requirement from the central bank.
Now the Bangladesh Bank is selling the greenback to the commercial banks at Tk103 each following upward revision of the rate in line with the IMF suggestion for reaching a uniform dollar exchange rate in the market.
