Bangladesh Bank raises dollar selling rate as USD in short supply

Several banks, however, do not have enough dollars to open letters of credit (LCs) for small importers, a domestic newspaper reported.

Higher import payments against slower-than-expected export earnings and remittance inflow during the last year resulted in the taka-USD exchange rate witnessing acute pressure.

So the central bank devalued its selling rate of the greenback several times last year, causing the country's foreign exchange reserves to sink from $44.4 billion a year ago to $33.7 on January 3.

Fibre2Fashion News Desk (DS)