The interbank exchange rate for the US dollar in Bangladesh has reached an all-time high of Tk 108.70 per dollar due to a scarcity of the currency. This latest rate is the second-highest ever recorded, following the peak of Tk 108.75 per dollar on May 22, according to data from the Bangladesh Bank.
Over the past year, the Bangladeshi currency has depreciated by approximately 25% against the dollar, primarily due to increased import payments and slower-than-expected export earnings and remittance inflows. The interbank dollar rate has risen due to higher remittance rates, as part of the central bank’s efforts to establish a market-driven exchange rate.
Bankers attribute the scarcity of forex to limited trading among commercial banks. The Bangladesh Bank aims to achieve a market-based exchange rate by reducing disparities among rates. The central bank had previously revised exchange rates for export proceeds and remittances to alleviate pressure on falling forex reserves, which currently stand at US$29.88 billion.
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