CHATTOGRAM, Nov 24: The Chittagong Chamber of Commerce and Industry (CCCI) urged the central bank of Bangladesh on Saturday to check unusual hike in the rate of US dollar against Bangladesh Taka.
In a letter to the Governor of Bangladesh Bank Fazle Kabir, CCCI President Mahbubul Alam said an unstable dollar rate in the issuance of Letter of Credit (L/C) for import and its high rate in the retail market created chaos in the money market.
He alleged that the banks were selling US dollars to the importers at a higher rate and keeping it secret by producing papers showing lower rates to the Bangladesh Bank.
He said the central bank directed the scheduled banks to sell the dollar at Tk 83.85 while many banks were selling it between Tk 84.60 and Tk 85.40.
They were even selling dollar at Tk 86.00 in the retail market, he alleged. The trend would lead to a hike in prices of the consumer goods in the local market and the rise in the industrial raw materials which would force the businesses and entrepreneurs to face substantial financial losses.
He said the price of the US dollar in India was 74 rupees and the Indian authority brought down the dollar rate to 71 rupees recently.
On the other hand, the rate of dollar in Bangladesh is Tk 86 which is not helpful for creating a pro-business environment and would ultimately lead to an inflation in the market.
In view of the upcoming national election the Bangladesh Bank needed to check the uncertain trend, otherwise it would damage the image of the government, he said
The BB needed to interfere in the activities of a section of banks and instruct them to strictly follow the dollar rate fixed by the central bank, he further said.
© 2024 - All Rights with The Financial Express
