The country's commercial banks have increased the dollar price for import letter of credit (LC) settlement.
Sources said that the price is being asked for Tk0.15 to Tk0.20 more per dollar than the previous day in LC settlements, especially for leading business groups.
It was learned from talking to businessmen and bank officials that the dollar rate for LC settlement on Tuesday (March 10) has been fixed at Tk122.80 to Tk122.90. However, the previous day, the dollar rate for similar LC settlement was Tk122.57 to Tk122.72.
According to information from banks and businessmen, the dollar rate for LC settlement last week was also relatively low - Tk122.30 to Tk122.35 per dollar. As a result, the dollar price is increasing several times in a short period of time.
A senior official of a leading business group said that when they contacted several banks Tuesday morning, they asked for rates ranging from Tk122.80 to Tk122.90 for LC settlement. Especially, the top-tier banks are demanding higher prices than the previous day.
According to traders, the increase in the dollar price increases the cost of imports, which directly affects the price of goods in the market.
An official of a private organization said: “The increase in the dollar price increases the costs of importers. As a result, there is a risk of increasing the price of goods at the consumer level as well.”
Banking sector officials also say that the central bank’s position on the dollar market and the strategy of maintaining reserves are having some impact on the market in recent times.
The deputy managing director of a private bank said that the dollar market has been relatively stable for more than a year and a half and no artificial crisis has been created. However, in the current situation, the central bank’s vigilance is necessary to ensure that instability does not arise in the market.
He also said that recently, in a meeting of economists with the governor, the issue of giving importance to preserving foreign exchange reserves was raised.
As a result, a message has been sent to the market that even if there is some pressure on the dollar in the future, the central bank may not sell dollars directly in the market.
In this situation, banks are trying to ensure dollar supply from their own sources to pay for imports. For this, bank officials also said that they are buying remittance dollars at higher prices than before and keeping them with them.
According to bankers, the dollar market is very important for the country's macroeconomics. If there is instability in this market, it can affect various sectors including import costs, inflation and business activities. Therefore, it is important for Bangladesh Bank to effectively monitor and take necessary steps to keep the dollar market stable.
