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.
Foreign Minister AK Abdul Momen today told parliament that the increased purchase price of oil and LNG is putting a negative impact on foreign exchange reserves.
Dollar exchange rate: The local currency yesterday depreciated further against the US dollar, hitting Tk 92 for each greenback in the interbank platform. The exchange rate of the taka stood at Tk 91.5 per dollar on Monday after facing a depreciation of Tk 0.45.
Bangladesh Bank has asked banks to convert major export earnings of businesses into taka immediately as it looks to increase the supply of US dollars in the economy.