Dollar rate unlikely to rise further: Finance minister

Finance Minister AHM Mustafa Kamal today said that dollar is not likely to appreciate much even though prices in the market fluctuate.

The minister made the remark while talking to reporters after a virtual meeting of the cabinet committee on public procurement on Wednesday.

“As a country, we import more compared to export. Therefore, when we buy something from the international market we resort to trade finance for the adjustment of dollar rates accordingly,” he said adding that such financing creates a difference between the kerb market and the local bank rate.

“However, this should not bring any significant change to the dollar rates,” the minister assured. 

Meanwhile, the Cabinet Committee on Economic Affairs approved the draft of “Export Policy 2021-2024” today while setting the $80 billion export target for FY2024.

The export target for the fiscal year 2021 was $60 billion.

Minister Mustafa Kamal said the government will emphasise on recycling, research and development besides providing policy supports regarding challenges over 4IR.