{"id":591,"date":"2022-11-06T06:04:49","date_gmt":"2022-11-06T06:04:49","guid":{"rendered":"https:\/\/thecrimebd.net\/english\/?p=591"},"modified":"2022-11-06T06:04:49","modified_gmt":"2022-11-06T06:04:49","slug":"the-dollar-crisis-is-prolonged","status":"publish","type":"post","link":"https:\/\/thecrimebd.net\/english\/news\/591\/","title":{"rendered":"The dollar crisis is prolonged"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Dhaka Bureau:<\/strong> The country&#8217;s trade deficit is at an alarming level. Imports are increasing compared to exports. As a result, there is a long dollar crisis. As the demand for dollars to meet the import bill is gradually increasing, the price of money is also falling. As exports and remittances are not able to increase income, foreign exchange reserves are also strained. The dollar crisis has become evident in the banking channel. Many banks are not able to open import-export LC. Expats are sending remittance money through illegal channels as they get more benefits. Bangladesh Bank is not able to improve the situation even by constantly selling dollars from reserves. In the meantime, 1.32 billion dollars will be paid from the reserve to the Asian Clearing Union (ACU) next Monday.<\/p>\n<p style=\"text-align: justify;\">According to the data of Bangladesh Bank, the external trade deficit of the country increased by 11.3 percent year-on-year to 7.54 billion dollars in the first quarter of the current fiscal year due to a decrease in exports and an increase in import payments despite a slight reduction in new orders due to austerity. The country&#8217;s trade deficit was $3 billion in September, $2.47 billion in August and $2.08 billion in July; That is, the deficit has only increased. While LC settlement increased by 31.56 percent during the same period; At this time, the settlement was 22.4 billion dollars.<\/p>\n<p style=\"text-align: justify;\">Imports in the country were 6.77 billion dollars more than exports during July-September of the last financial year. The total import during July-September this year was 19.34 billion dollars, which was 17.32 billion in the same period last year. On the other hand, Bangladesh&#8217;s product exports were 11.8 billion dollars, which is more than 10.5 billion a year ago.<\/p>\n<p style=\"text-align: justify;\">Zahid Hossain, the former chief economist of the World Bank&#8217;s Dhaka office, said that one of the reasons for the trade deficit is declining exports. Exporters are getting 99 taka 50 paisa per export proceeds, while they have to buy dollars at taka 104 to 105 to open back to back LC. He said, due to the government&#8217;s import barriers and spending cuts in the last three months<\/p>\n<p style=\"text-align: justify;\">Import LC opening rate has come down considerably. The amount of import will decrease further. The decline in remittances is very alarming amid the crisis in our reserves. Multiple forex market rates in one market is by no means desirable. Now the central bank should fix the remittance rate in coordination with the curve market to increase the flow of remittances.<\/p>\n<p style=\"text-align: justify;\">However, the import data released by the central bank lags one month behind the export data released by the Export Development Bureau. According to the data received, monthly exports fell by 7.85 percent year-on-year to 4.35 billion dollars in October. However, these numbers can be compared only after the central bank releases import data in October.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the dollar crisis is getting longer and longer. As the dollar crisis became evident, Bangladesh Bank decided the price recently. This did not reduce the crisis. The price has not decreased. At that time, the Association of Bankers Bangladesh (ABB), the organization of the top executives of the bank and the organization of the banks involved in foreign exchange business, Bangladesh Foreign Exchange Authorized Dealers Association (BAFEDA), have been fixing the dollar price since September 12. But the bank is not able to buy dollars at this price. And after fixing the maximum value of the dollar, there has been a big decline in expatriate income.<\/p>\n<p style=\"text-align: justify;\">The central bank sold 7.67 billion dollars from the reserves in fiscal year 2021-22 to overcome the dollar crisis. Never before in the history of Bangladesh have so many dollars been sold from the reserve in a financial year. Even though the cost of imports has come down, the pressure on the reserves is not reducing. If the Asian Clearing Union (ACU) payment is made on November 7, the country&#8217;s reserves will be a little over 34 billion. Aku&#8217;s import bill for the September-October period came in at $1.32 billion.<\/p>\n<p style=\"text-align: justify;\">Reserves stood at $35.72 billion after selling $17 million to state-owned banks on Wednesday. Although at the beginning of the current financial year, its amount was 41.82 billion dollars. A senior official of Bangladesh Bank said that the central bank will no longer sell dollars to private banks. It will sell dollars from reserves to meet the government&#8217;s much-needed import obligations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dhaka Bureau: The country&#8217;s trade deficit is at an alarming level. Imports are increasing compared to exports. As a result, there is a long dollar crisis. As the demand for dollars to meet the import bill is gradually increasing, the price of money is also falling. As exports and remittances are not able to increase [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"location":[],"class_list":["post-591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The dollar crisis is prolonged - The Crime BD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thecrimebd.net\/english\/news\/591\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The dollar crisis is prolonged - The Crime BD\" \/>\n<meta property=\"og:description\" content=\"Dhaka Bureau: The country&#8217;s trade deficit is at an alarming level. Imports are increasing compared to exports. As a result, there is a long dollar crisis. As the demand for dollars to meet the import bill is gradually increasing, the price of money is also falling. 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