Readers’ Voice
20 December 2022
Currency trade
The roller coaster ride of the US dollar exchange rate against Taka cannot be stopped unless the real reason for this exchange rate fluctuation is addressed. In Bangladesh, Dollar can be bought and easily sold by locals. It is also a safe investment as the US dollar will increase in value over time.
Investing in US dollars is also possible with small amounts, with no paperwork and with an easy way to buy or sell dollars. It is because of these reasons local businessmen have started investing their savings in US dollars and therefore the exchange rate of the US dollar is going up and down on its own. To overcome this, the Government has to provide alternative investment options to the locals. The alternative options should be most importantly tax-free, and easy to buy and sell. For example, buying foreign currency in saving accounts in banks.
The government would also need to either stop local hoarding and investing in US dollars by imposing a tax on its local exchange while allowing the tax-free exchange of other currencies. Or start two exchange rates for US currency in Bangladesh, one for local investment and one for imports and travelling.
The government should also promote investing in other currencies besides US dollars to locals and ask locals to convert their US dollars into Canadian dollars or Euro or UK pounds. A simple request can help reduce the pressure on the exchange rate for the US dollar in the short term, while an alternative investment option will fix this problem in the long run.
Imtiaz Ahmed
Rangpur
Congratulations to Lionel Messi
People of Bangladesh have become euphoric by the victory of Argentina in the World Cup Final. It is amazing how sport created a bond of love and friendship between two countries situated far apart. The celebration in Bangladesh continued throughout the night. They have prayed for Argentina to win and it was answered. The people of Argentina are also very grateful and appreciating the gesture.
Nur Jahan
Chattogram
