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The finance costs have at least doubled for the firms that have taken on dollar-denominated loans from external sources owing to the depreciation of the Bangladeshi taka against the American greenback.
A falling local currency usually translates into higher earnings for exporters since their products become more competitive in the global markets.
The currency of Bangladesh has depreciated further against the US dollar, hitting Tk 92.95 on the interbank platform yesterday.
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.
Banks today recommended depreciating local currency by nearly Tk 2 against US dollar as they submitted their proposed interbank exchange rates of the taka to the central bank.