Slow, steady taka depreciation helps Bangla RMG exports

In the last five months, the Bangladeshi currency has lost its value by Tk 1.20 or 1.41 percent against the US dollar. Despite holding a stable position for a month and a half, the depreciation occurred on Sunday. In February 2009, one had to spend Tk 69 to buy a US dollar.

As the country has adequate forex reserves of over $44 billion, Bangladesh Bank officials suggest not to be worried about taka depreciation, according to Bangladeshi media reports. The masses, however, may have to face difficulties due to higher prices resulting from currency depreciation.

However, the value of taka has depreciated every year except one during the last 13 years. Bangladesh trades internationally by US dollar.

Fibre2Fashion News Desk (DS)