Almost all major foreign currencies like the European Union’s euro, British pound sterling, Chinese renminbi, Japanese yen and Indian rupee are following in the footsteps of the US dollar in becoming stronger against the local currency. 

The proposition that Bangladesh will move away from the US dollar-based payment settlement to a new international payment settlement is of no economic substance.

The central bank devalued the local currency Tk 103 from Tk 102 in the first week of April.

As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.

Both global and local macro-challenges can have serious implications for the people of Bangladesh

Soaring oil and commodity prices have hit Bangladesh’s foreign exchange reserves significantly.

The taka depreciated once again against the US dollar in the inter-bank foreign exchange market today.