The Central Bank of Bangladesh has attempted several measures to mitigate the crisis, including controlling imports, selling dollars from its reserves, and imposing additional duties on imports. Despite these efforts, the reserves have continued to dwindle from pandemic-boosted levels, with the Central Bank’s dollar sales since April failing to stem the deficit. Consequently, the price of dollars has surged from Tk 85 to Tk 107.50 for remittance transactions.
Former Bank Asia Managing Director Arfan Ali has cautioned against investments that require heavy dollar spending, highlighting the urgency of preserving foreign exchange reserves. He pointed out that while Bangladesh maintains International Monetary Fund (IMF)-approved reserves adequate for its immediate needs, misuse of loans from these reserves by exporters has led to concerns over forced loans.
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