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Dollar exchange rate jumps to Tk 117 in kerb market
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08 May 2024, 17:33
Bangladesh Bank has increased the price of the dollar by Tk 7 against the taka. The price of the dollar has been fixed from Tk 110 to Tk 117.
The price was announced through a notification on Wednesday (May 8). Traders say that due to this new decision, the prices of goods will increase, the common people will be under pressure.
According to the notification, from now on, dollars will be traded in a new method called crawling peg. In this method, the dollar rate has been fixed at Tk 117. But from September last year, the price of the dollar was Tk 110. Which was determined by the Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers' Association (BAFEDA).
Md. Helal Uddin, former vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and president of the Bangladesh Shop Owners Association, told the reporters that if the price of the dollar gets very high suddenly, it will have a negative impact. The cost of importing goods will increase a lot. Importers will also be forced to increase the price of goods.
He said that due to the increase in the price of the dollar, inflation will increase further, people will suffer. In this case, if the price increases gradually, the pain will be a little less.
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Gold prices slashed by Tk 3,138 per bhori
Bangladesh Jeweller’s Association (Bajus) has reduced the price of gold after three consecutive hikes this month.
The price of gold has been reduced again in the country's market after three days of fixing the new price.
The price of 22 carat gold has been reduced by Tk 3,138 per bhori (11.664 grams) and the new price has been fixed. The price of per bhori of good quality gold (22 Carat)
is 1 lakh 16 thousand 290 taka.
The decision was taken at a meeting of the Bajus Standing Committee on Tuesday (April 23). This information was given in a notification signed by the chairman of the committee Masudur Rahman.
Bangladesh Jewelers Association has fixed the new price of gold considering the overall situation, said Masudur Rahman
However, the price of 21 carat gold has been reduced by Tk 3,009 to Tk 1,10,995.
Gold prices slashed by Tk 629
The price of gold has slashed again. Bangladesh Jewellers Association (Bajus) has reduced the prices of gold by Tk 629 per bhori (11.664gm).
This information was given in a press release signed by Masudur Rahman, chairman of the Standing Committee on Price Fixation and Monitoring cell of (Bajus) on Saturday (April 27).
The new revised prices will be effective on Saturday (April 27). It will remain in effect until further notice.
The price of good quality gold (22 carat gold) has been reduced by Tk 630 per bhori. The price of 22 carat gold will now cost Tk 1,12,931 per bhori. Earlier the price was TK 1,13,561.
India to export 99150 tonnes of onions to Bangladesh
India has approved the export of about one lakh tonnes of onion to six countries, including Bangladesh, amid onion export ban.
The approval eased the earlier ban on sending onions produced mainly in Maharashtra to six countries, including three neighbouring countries.
The countries are the United Arab Emirates, Bhutan, Bahrain, Mauritius, Sri Lanka, and Bangladesh according to the Times of India said on Saturday ( April 27)
The National Cooperative Exports Limited or NCEL of India is the agency will export onions to these countries.
Apart from this, the Directorate General of Foreign Trade (DGFT) has also ordered the export of 2,000 tonnes of white onion specially cultivated for the Middle East and European countries.
Gold prices drop again by Tk1,155 per bhori
Extreme instability is being observed in the gold market. Bangladesh Jewellers Association (Bajus) has reduced the price of this precious item for the sixth time in a raw in the last seven days after increasing it three times this month.
Bajus has issued a notification fixing the new price of gold in the country's market on Monday (April 29).
As a result, the price of 22-carat gold has dropped by Tk1,155 per bhori.
The price of 21 carat gold has been fixed at TK1,11,461 for one bhori (11.664 grams). The previous price was Tk1,12,615.
According to the notification, the price of Tejabi Gold (Pure Gold) has decreased in the local market. As a result, the new price of gold has been fixed considering the overall situation.
A development budget of 2 lakh 65 thousand crores is ready around the new financial year
The Planning Commission has prepared the Annual Development Program (ADP) for the new financial year. The draft ADP was finalized in an extended meeting of the Planning Commission on Tuesday (May 7). It will be presented for approval at the National Economic Council (NEC) meeting soon.
According to the sources of the Planning Commission, the commission has finalized the development budget of 2 lakh 65 thousand crore for the financial year 2024-25. Out of this, a target of spending 1 lakh 65 thousand crores from government funds and 1 lakh crores from foreign loans has been set. Apart from this, autonomous institutions have their own funding of 13 thousand 286 crores 19 lakhs. In all, the size of the new ADP will be 2 lakh 78 thousand 286 crore 19 lakh taka.
It is known that the maximum allocation in the proposed ADP for the financial year 2024-25 is being given to the transport and communication sector. The amount of proposed allocation in this sector is 70 thousand 687 crore 76 lakh taka. However, the local government department will get the maximum allocation based on the ministry. There is an allocation of 38 thousand 808 crore 88 lakh taka.
The second highest allocation is then allocated to the power and energy sector; 40 thousand 751 crore 86 lakh taka. The education sector is getting the third highest allocation; 31 thousand 528 crore 60 lakh taka. Among other sectors, 24 thousand 868 crore 3 lakh taka is being allocated to housing and community facilities sector, 20 thousand 682 crore 88 lakh taka to health sector, 17 thousand 986 crore 21 lakh taka to local government and rural development and 13 thousand 219 crore to agriculture sector.
Besides, 6 thousand 492 crore 18 lakh taka for industry and economic services, 4 thousand 786 crore 92 lakh taka for science and information technology, 3 thousand 492 crore taka for religion-culture and entertainment, 3 thousand 304 crore taka for social security, 3 thousand 308 crore taka for public order and security. crores and 2 thousand 133 crores have been earmarked for allocation to the general public services sector.
There are 1 thousand 337 total projects with allocation in ADP of the next financial year. Out of this, 1,277 projects will be transferred from the revised ADP of the current financial year. Remaining 60 new projects.
Dollar exchange rate jumps to Tk 117 in kerb market
Bangladesh Bank has increased the price of the dollar by Tk 7 against the taka. The price of the dollar has been fixed from Tk 110 to Tk 117.
The price was announced through a notification on Wednesday (May 8). Traders say that due to this new decision, the prices of goods will increase, the common people will be under pressure.
According to the notification, from now on, dollars will be traded in a new method called crawling peg. In this method, the dollar rate has been fixed at Tk 117. But from September last year, the price of the dollar was Tk 110. Which was determined by the Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers' Association (BAFEDA).
Md. Helal Uddin, former vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and president of the Bangladesh Shop Owners Association, told the reporters that if the price of the dollar gets very high suddenly, it will have a negative impact. The cost of importing goods will increase a lot. Importers will also be forced to increase the price of goods.
He said that due to the increase in the price of the dollar, inflation will increase further, people will suffer. In this case, if the price increases gradually, the pain will be a little less.
Sonali, BDBL sign MoU for merger process
State-owned Sonali Bank and Bangladesh Development Bank PLC (BDBL) have decided to start the merger process.
A memorandum of understanding (MoU) was signed between the two banks at the Bangladesh Bank on Sunday (May 12).
This initiative has been taken after the approval of the Board of Directors of BDBL to merge with Sonali Bank in April this year.
Bangladesh Bank Governor r Abdur Rouf Talukder, Sonali Bank Chairman Ziaul Hasan Siddiqui, Managing Director and CEO Md Afzal Karim and BDBL Chairman Shamima Nargis and Managing Director Md Habibur Rahman Gazi and other concerned officials were present on the occasion.
iaul Hasan Siddiqui said, "Time has been taken to scrutinise the agreement thoroughly before signing the deal. We made our own decisions without any influence. Then I contacted the governor of Bangladesh Bank and told him that we want to merge with BDBL."
According to Bangladesh Bank, Tk 13,150 crore of Sonali's disbursed loans are at risk; Which is 14.1 percent of the total distributed loans.
