The surge in the value of the US dollar against taka has become a big burden for Bangladeshi businesses, especially those that rely on imports. For small entrepreneurs, the rising cost of dollars is posing numerous challenges. The items they import from various countries include purses, footwear, makeup, gadgets, baby food, etc. The price of these products has risen in line with the growing value of the dollar. Businesses, therefore, face difficulties in accessing foreign currencies for importing necessary inputs or making international payments, which impact their day-to-day operations and the overall economic activities. Additionally, businessmen in the country have been losing their clients as a result of high price of their goods.
There are some small enterprises, which conduct their business through a pre-order system. They fall in trouble, when a consumer confirms his/her order and receives things at a new price in dollars. The customer becomes upset, when the price is increased in dollars. Furthermore, a lot of customers return their purchases due to high prices.
And for small business owners, all this is quite challenging. The dollar crisis has had a multifaceted impact on the businesses. The limited availability of dollars has caused the value of local currency taka to fluctuate, which makes it harder for businesses and individuals to plan and price their transactions effectively. Therefore, we urge the authorities concerned to look into the issue sincerely and do the needful to overcome the ongoing dollar crisis.
Laida Far-e-ana,
Student of the Department of Management,
North South University, Dhaka,
laida.ana@northsouth.edu