Payment pressure eases
The continuous depreciation of the taka against the US dollar was halted this week after a rally of six months, bankers said.
The taka has been appreciated by 20-30 paisa against a US dollar in the past few days due to an increase in supply and an ease in payment pressure.
The dollar was sold at Tk 74.95-Tk 75 for import payments yesterday. The price reached as high as $75.35 at the end of the last month.
“There is enough supply of dollar in the market,” said Abdus Sobhan, head of treasury of Jamuna Bank.
“The market looks to be stable now due to a decline in payments,” said Ashim Kumar Saha, head of treasury of NCC Bank.
Some other private bankers said the central bank's intervention also played a role in halting the depreciation of the taka. The Bangladesh Bank sold $1.3 billion to different banks during fiscal 2010-11.
Foreign exchange reserve has also increased to $10.33 billion yesterday from around $10 billion a few days ago, according to a BB official.
“The taka will be appreciated further if the government gets budget supports and aid promised by development partners on time,” said the central bank official.
“Banks have adequate liquidity (foreign exchange),” he said.
“Gold has also paid off and added $110 million to the reserve,” said the BB official.
In the beginning of 2011, the US dollar was sold at Tk 71 for import payments and the exchange rate was Tk 69.34 in June last year.
http://www.thedailystar.net/newDesign/news-details.php?nid=195099
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