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Friday, December 30, 2011

Taka value in 2011

Taka has depreciated by 15.6% in 2011 against the US Dollar, mainly due to rising import payments, especially for fuel oil to build fuel-based quick rental power plant. During the same time, the foreign currency earnings from two majors sources, exports and remittances were not in line with the import payments. As a result, pressures on foreign reserves rose and Taka depreciated accordingly. It is probably the record depreciation rate in one year in the history of the country; if not, definitely after the introduction of flexible exchange rate system in 2003.

Here is a news link on the issue.

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