The price of the US Dollar is rising regularly against the dollar. The central bank is now selling dollars to the commercial bank at 83 rupees 70 paise, which is more than 3 rupees 16 paise more than a year ago. As the Bangladesh Bank, the last one month, the price of the dollar increased by 72 paise.
The reality of the market is different. Due to several bank dollar crises, it has taken cautious steps to open the import bill of goods. Some banks are charging more than the rate of the Bangladesh Bank from the traders. And the common people, who are thinking of going abroad for travel, are going to buy dollars for around 86 taka.
This is a little encouraging for the dollar price of the export sector. The amount of remittance income or remittance increased. However, the increase in the cost of importing goods is increasing. Because, it is going to buy more dollars for import. As a result, the cost of importing all commodities, including food grains, essential commodities, fuel oils and raw materials, is increasing. It has created the possibility of negative impact on inflation in the election year.
The main reason for the rise in the dollar price is the increase in the import more than exports. The import of rice, wheat and other products in the country has increased greatly. Energy demand of the world has increased in the world market. The overall import pressure has increased due to capital equipment, power plants, imports of development projects, etc. In all, at the end of the current financial year of fiscal year 2017-18, the deficit in the current fiscal stood at $ 708 billion, which is five times higher than the same period of the previous year.
Meanwhile, the price of fuel oil has increased by 27 percent in the world market. This will increase the import costs. Liquidated natural gas (LNG) has started importing. In future, coal import will be greatly increased. Cotton prices of garment industry have increased in the world market. There is no hope of cutting costs in importing capital equipment, raw materials and other goods. Because, the market of various products is upwards. As a result, the expected drop in trade deficit in the coming days is less than expected.
In the overall situation traders are folding their forehead. Dhaka Chamber of Commerce and Industry (DCCI) President Abul Kashem Khan said to Prothom Alo , Bangladesh is an imported country. Increasing the cost of the business increased the dollar costs. Impact on the price of the product. He said, 'If you are widely imported for fuel, then such pressure will be created due to fuel price hike.'
The cost of importing goods is increasing
As per Bangladesh Bank, in May 2016, the price of the dollar was 40 paisa of 78 rupees. In the same month of 2017, it stood at 80 rupees 50 paise. For the first time in early this month, the price of the dollar was $ 83.
However, ordinary people can not afford to buy dollars at this rate. Their cost to buy dollars from the market is 86 dollars per dollar. There are allegations that many of the banks are not accepting the price of the dollar for the import of goods by the Bangladesh Bank. Traders said that many people are selling dollars in line with the Bangladesh Bank's bid, but they are giving different bills in the name of 'handling charges'.
However, Chairman of BSM Group Abul Bashar Chowdhury, the largest importing company of Chittagong, said, "Some good banks adhere to the instructions of the Bangladesh Bank. Others do not agree. Some people are paying us a favorable price. He said the price of various pulses and essential commodities has been affected by the price of two and a half rupees per kg due to rising dollar prices.
BPC has made an account of the impact of the dollar price on fuel oil. According to the company, in April 2016, the dollar was 79 rupees, which was Tk 83 in April. At the same time, the price of crude oil per barrel increased from 43 to 70 dollars. The company has proposed to increase the price of fuel oil by raising these accounts. They also said that the demand for fuel oil will increase by 20 percent due to the production of some power plants in the fiscal year 2018-19.
Some banks have more crisis
The banks have to apply for opening large-sized bonds. These include the Bangladesh Petroleum Corporation (BPC), the Power Development Board (PDB) and government development works instruments and the import of some private power plants.
An official from Rupali Bank said that earlier every four BPC lenders were opened every month. Due to dollar crisis, they could not open any bonds this month. Earlier, it took 20 million dollars for the settlement of each debt, increasing the oil price to 4 crores.
Bangladesh Bank is selling dollars everyday to meet import demand. In this fiscal year, the Bangladesh Bank has so far sold 21 billion dollars to the banks. Consequently, the central bank's foreign exchange reserve has decreased to $ 3 billion,
Banks have been talking to the Treasury Department officials, Bangladesh Dollar is going to buy $ 83 for 70 paise per dollar. At this price, the debt has to be repaid. The central bank is not paying the dollar for the private sector even for the government's credit card. As a result, it is being bought from the market, it is losing more than $ 85 per dollar.
Officials of Rupali Bank said that while opening the lender six months ago, some banks signed an agreement with the customers to settle the bond with the customers. These banks have raised the cost of two dollars at this time, they are now losing weight.
Abdul Halim Chowdhury, Managing Director of Pubali Bank , told Prothom Alo that, unlocking some banks, the bank opened the loan. While repaying import liabilities, they are raising the dollar price. As a result, many of the customers are now roaming in the bank to open the bank. Banks have become very careful because of the dollar crisis.
24 percent increase in import
In the first nine months of the current fiscal (July-March), the import expenditure has been estimated at 4,356 billion dollars, which is 24 percent more than the same period in the previous fiscal year. During this period, the amount of opening of the import bill of the country increased 57 percent.
Exports of export earnings are much lower than imports. During the first 10 months of the current fiscal year (July-April), export earnings rose 6 percent. And the expansion of the expatriate income is 17 percent.
Syed Mahbubur Rahman, chairman of Association of Bankers Bangladesh (ABB), said that the need to increase export and expatriate income to increase the dollar crisis and focus on increasing foreign investment. Because, if the dollar crisis continues, the pressure will increase on everyone.