Bangladesh’s taka weakened further after the central bank allowed more flexibility in the purchase and sale of foreign currencies, reflecting a shortfall of the US dollar in the market.

It's because of the inflation-led pressures on Bangladesh’s taka and the central bank's undervaluation of the US dollar.

Dollar crisis along with LC opening difficulties is giving small and medium firms no respite

Central bank should read the market, revise rules accordingly to ensure stability

The exports of leather footwear from Bangladesh declined 4.28 per cent year-on-year in July-May of the ongoing financial year owing to lower orders from Europe, the main market, official figures showed. 

Players in the ICT industry of Bangladesh have urged the government to adopt long-term policies, which include extending income tax exemption for the sector by six years and incentivising exports of IT-enabled services (ITES).

Reforms following the IMF prescription should not harm disadvantaged groups

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.

It seems that the internationalisation of the renminbi is well underway.

Cargo shipments to and from Chattogram port via railways have halved as import-export activities have fallen sharply amid the ongoing US dollar crisis, according to official sources.

Pharmaceutical shipments from Bangladesh are slowly making a turnaround with a gradual improvement in the global US dollar crisis, according to drug exporters.

Crop protection chemical sellers in Bangladesh are facing difficulty in opening letters of credit amid banks’ lack of interest owing to the crunch of the US dollar.

The price of mild steel (MS) rod may soon cross Tk 1 lakh per tonne as production costs have risen due to a recent hike in fuel and energy prices amid the ongoing US dollar crisis, according to industry people.

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. 

Although cotton prices have declined sharply in the international futures markets, spinners and garment exporters in Bangladesh are not feeling elated owing to the dearer US dollar, the energy crisis and the fall in demand for finished goods.    

Bangladesh’s current account balance sank further in the red in September, heaving the pressure on the exchange rate that is trading at record lows against the US dollar.

One dollar now costs almost Tk 100. The taka has been losing its value against the US dollar for months, with no signs of it changing.

Amid a US dollar crunch in the domestic market, many banks failed to comply with the exchange rates set by Bangladesh Bank a couple of days ago.