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Bangladesh’s apathy towards the US is quite clear. Meanwhile, China and Russia have extended their hands with “baskets of money”, while Bangladesh is facing serious economic crises. Geopolitical interests for both US and China-Russia are well noted in the Indo-Pacific region.
The hegemony of the US dollar is being put to the test as more countries explore alternative currencies; the results of which could have implications for global trade and finance overall.
The exchange rate of the US dollar jumped to Tk 119 in the kerb market in Bangladesh today. The price of the American greenback in the open market, where people sell and buy cash dollars, was Tk 115 on Monday.
The Bangladesh Bank today raised the interest rate on the loans made from its Export Development Fund (EDF) by 50 per cent with a view to making borrowing costlier and thus saving foreign currencies.
Foreign exchange reserves in Bangladesh have slipped below $40 billion after the Bangladesh Bank cleared the import payments to the Asian Clearing Union (ACU).
Bangladesh Bank injected $42 million into the market yesterday to help banks settle import bills and prevent a fall of the taka, said a central bank official.