December 1-12. In August this year, exchange rate of taka for one US dollar was Tk 77.40, which rose to Tk 77.88 on December 14, according to BB data. “A mere ten paisa rise in exchange rate leads to higher amount of cash to the remittance recipients. So, the expatriates try to send more money to families. It is a normal tendency,” said a BB analyst last Monday. The analyst, who monitors the remittance inflow, said remittance will increase in the current and coming months if the depreciation of taka continues. The country fetched $1210.12 million as remittance in December last year. Taka experienced the worst-ever depreciation against all foreign currencies in mid-2011 when the exchange rate for one US dollar soared to around Tk 85.00. According to BB data, the weighted average exchange rate of one US dollar was Tk 84.3115 on January 22, 2012, which came down to Tk 79.4139 on January 22 in 2013. From then, taka had started regaining strength and reached the peak at Tk 77.40 against one US dollar in August this year. In the calendar year 2012, the country experienced the highest growth in inward remittance due to depreciation of taka against foreign currencies, which had motivated the remitters to send in more money to their family. Meanwhile, higher remittance inflow has made the country’s foreign currency reserves stronger and resulted in adequate supply of the greenback in the local market. BB governor Dr Atiur Rahman last Monday said foreign exchange reserves remained steady at around $22 billion though the import spending increased over the last few months. The governor said the demand for US dollar has increased in recent months due to the rise in imports of industrial raw materials and capital machinery. “The depreciation of taka is not harmful right now. I would say it is stable,” the governor told a meeting Monday.
Wednesday, December 17, 2014
Taka weakens against dollar:Daily Sun
December 1-12. In August this year, exchange rate of taka for one US dollar was Tk 77.40, which rose to Tk 77.88 on December 14, according to BB data. “A mere ten paisa rise in exchange rate leads to higher amount of cash to the remittance recipients. So, the expatriates try to send more money to families. It is a normal tendency,” said a BB analyst last Monday. The analyst, who monitors the remittance inflow, said remittance will increase in the current and coming months if the depreciation of taka continues. The country fetched $1210.12 million as remittance in December last year. Taka experienced the worst-ever depreciation against all foreign currencies in mid-2011 when the exchange rate for one US dollar soared to around Tk 85.00. According to BB data, the weighted average exchange rate of one US dollar was Tk 84.3115 on January 22, 2012, which came down to Tk 79.4139 on January 22 in 2013. From then, taka had started regaining strength and reached the peak at Tk 77.40 against one US dollar in August this year. In the calendar year 2012, the country experienced the highest growth in inward remittance due to depreciation of taka against foreign currencies, which had motivated the remitters to send in more money to their family. Meanwhile, higher remittance inflow has made the country’s foreign currency reserves stronger and resulted in adequate supply of the greenback in the local market. BB governor Dr Atiur Rahman last Monday said foreign exchange reserves remained steady at around $22 billion though the import spending increased over the last few months. The governor said the demand for US dollar has increased in recent months due to the rise in imports of industrial raw materials and capital machinery. “The depreciation of taka is not harmful right now. I would say it is stable,” the governor told a meeting Monday.
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