Like other sectors, the paint industry in Bangladesh is in troubled waters as the US dollar crunch has made it difficult for manufacturers to import raw materials in line with their demand. 

The Dhaka Chamber of Commerce & Industry (DCCI) called upon the Bangladesh Bank to assist commercial banks with adequate foreign exchange supply to help them settle letters of credits (LCs) with a view to ensuring the continuous supply of essential commodities during the upcoming Ramadan. 

The pharmaceuticals industry, which has made life-saving drugs available at lower costs, is facing troubles in opening letters of credit (LCs) to import much-needed raw materials and capital machinery owing to the US dollar crunch. 

At the beginning of 2022, businesses were upbeat and many of them thought that the worst stemming from the losses induced by the coronavirus pandemic was finally over. That was short-lived. 

Exports of light engineering equipment, including stainless-steel and iron ware, from Bangladesh have decreased in the first six months of the current fiscal year compared to the same period the year before.

Medical treatments are about to get costlier as production cost for manufacturing  drugs will go up by at least 25 per cent following a recent hike in gas and power charges, according to manufacturers.

The government will request the banks to keep a portion of dollars reserved to facilitate the import of essential commodities before Ramadan, the fasting month when demand for certain items increases.

How the dollar crisis is affecting abroad-bound students.

Businesses in Bangladesh went through a tough time in recent months due to a dearer US dollar that pushed up their costs of raw materials and a rocketing fuel bill that contributed to the surge in operating expenses. 

Reconditioned car imports surged by more than 75 per cent year-on-year in July-October despite the ongoing economic uncertainty and the government’s efforts aimed at discouraging the purchases of luxury items from external sources, traders say.  

Bangladesh Bank is anticipating the pressure on the balance of payments will blow over by the end of this fiscal year thanks to hearty assistance from development partners –-- an outlook termed wishful by economists.

In recent months, the Bangladeshi taka has plummeted to new depths against the US dollar amid a worsening foreign exchange reserve crisis.

Bangladesh observed a prohibitive current account deficit of $17.1 billion in the last fiscal year of 2021-22. It, however, averaged $0.32 billion annually over the 12-year period from 2009 to 2021.  

Confirming Bangladesh’s request for a loan from International Monetary Fund (IMF) Finance Minister AHM Mustafa Kamal has said that it does not mean the country's economy is in bad shape.

The Bangladesh Bank today decided not to fix the exchange rate of the US dollars, allowing the market to set the price based on demand and supply.

The Bangladesh Bank will sit with the Association of Bankers, Bangladesh (ABB) tomorrow to discuss the ongoing foreign exchange volatility in the country's banking sector.