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Bangladesh's taka falls further; Tk 95 is now equal to $1
09 Aug '22
1 min read
Pic: 123rf.com/ luzitanija
Bangladesh's currency has fallen even further to Tk 95 against the US dollar on the interbank platform. The rise in the dollar’s price has been attributed to the greenback’s scarcity. Rising imports and growing trade may have caused the taka’s depreciation. The steep hike of the dollar comes at a time when there have been escalating economic pressure and speculations about Bangladesh being in need of foreign loans.
The country’s import earnings stood at $82.50 billion (up by 35.95 per cent), while its exports were valued at $49.25 billion (up 33.45 per cent) in the last fiscal year. Moreover, as a result of higher import expenses and the taka’s weakness in the past few months, Bangladesh's foreign exchange reserves dropped below $40 billion for the first time in two years.
The American currency touched Tk 112 in Bangladesh’s open market for the first time on July 26, 2022.
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