- BB introduced the swap system on February 15
- Since then, banks deposited $37cr in the central bank
Foreign exchange reserves increased due to the introduction of the central bank's money-dollar swap facility with commercial banks. The banks have already deposited $37 crore with the central bank. As a result, the total reserve has increased by $ 37 crore in a week. However, Bangladesh Bank (BB) bought dollars from banks last week and sold them again.
Now the banks are officially buying expatriate and export income at the rate of Tk 110. Banks have exchanged dollars with BB at this price. BB has given equivalent amount of money to commercial banks with dollars.
According to central bank data, the foreign exchange reserve of BB was $ 25.08 billion on February 7. According to the International Monetary Fund or IMF's calculation system BPM6, the reserve was $ 19.95 billion. On February 14, the total reserve decreased to $ 2,505 crore. According to BPM6, the reserve was 1 thousand 993 crore dollars on that day. Then on February 20, the total reserve increased to $ 25.32 billion. According to the IMF's calculation system BPM 6, the reserve was $ 2,019 crore on that date.
On February 15, BB introduced dollar swap system with taka. As a result of the new system, commercial banks can exchange dollars and money with BB. The central bank has introduced this system of taka-dollar swap for a minimum of 7 to a maximum of 90 days. After the launch of this facility, some banks deposited $ 235 million to BB on Tuesday and took the equivalent amount of money. Yesterday, several banks deposited 135 million dollars in BB and took the same amount against it. Besides, BB bought about $100 million from different banks last week. At the same time, it has also sold an equivalent amount of dollars to meet import liabilities.
The dollar crisis has been going on in the country for the last two years. As a result, the reserve has been reduced by almost half. Various steps, including import control, were taken to handle the dollar crisis. Although the demand has decreased slightly, the dollar crisis is not yet completely over. As a result, importers still have to pay up to Tk 123 per dollar to meet the import liability. Again, some banks are buying expatriate dollars at a higher price than announced.
In addition to the dollar, there is a crisis of money in various banks. Because banks have to buy dollars with cash. Again, some banks are facing liquidity crisis due to irregularities and corruption. However, some banks have some extra dollars. They are now depositing those dollars in BB and taking the same amount against it.
People in the banking sector say that this system of money-dollar swapping is beneficial for both sides. Because, against the surplus dollar, the banks will get the money immediately. Again, after returning the money after the stipulated time, the commercial banks will get the equivalent amount of dollars from BB. Under this system, a minimum of $5 million or its equivalent amount can be exchanged.
People related to BB and commercial banks say that at present, the transfer of dollars from general banking to offshore units of banks has been stopped. Besides, the money given to the offshore unit from the main bank has also been asked to be returned within this year. Due to the closure of dollar transfer in offshore banking, banks are unable to use the dollars they have borrowed from foreign banks for business. Now the banks can deposit these dollars in the central bank and take the money and give it as a loan. Besides, foreign exchange reserves are also increasing due to the deposit of dollars in the central bank.
BB spokesman Mezbaul Haque said several banks took money from the central bank by depositing dollars. The reserve has increased due to the deposit of these dollars. If the dollar is withdrawn, the reserve may decrease; However, the reserve will increase in different ways.
ARS
