And the Bangladesh Bank appears to be disregarding expert opinions aimed at resolving the crisis. It means the remittances are reaching the relatives of the expatriates, but not replenishing the forex reserves of the Bangladesh Bank. Experts say Bangladesh plunged into this crisis because of the central bank’s attempts to artificially maintain the value of the taka against the dollar. One of the conditions set by the IMF under a $4.7 billion loan programme is to keep uniform dollar rates based on the market, but the exchange rate never translated into market value. All of them said the Bangladesh Bank was not following basic rules to end the crisis, leading the dollar reserves to fall.

Source: bd News24 October 20, 2023 00:27 UTC