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Interbank dollar exchange rate hit another record high

The interbank exchange rate of the US dollar has jumped to Tk108.75, amid the foreign exchange crisis in the country.

Banks traded a dollar between Tk 108.50 and Tk 108.75 on Monday (May 22), down 24.28 percent from last month, Bangladesh Bank data revealed, UNB reports.

The interbank exchange rate increased almost every working day this month. The rate was Tk 106.80 for a dollar in the interbank platform on May 1.

Bangladesh’s domestic currency is facing depreciation for the last year due to higher import payments and slower export earnings and remittance inflow.

In the first nine months of 2022-23, import bills dropped 12.33 percent year-on-year to $53.93 billion.

As a result, the trade deficit, which occurs when a country’s imports exceed its exports, declined 41.6 percent year-on-year to $14.61 billion in July-March.