Due to the severe crisis, the taka has depreciated against the dollar by a record this year. The dollar price has increased uncontrollably, breaking all past records, and the value of the taka has decreased. Although the dollar market was stable at the beginning of the year, extreme instability has prevailed since May. Although the instability has decreased, the crisis is still evident. According to the central bank, the taka has depreciated against the dollar by 24.71 percent in one year. According to the highest rates of commercial banks, the taka has depreciated by 35.20 percent. On the other hand, the taka has depreciated by 37 percent in the open market, according to the dollar price.
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A review of the data from the last 10 years shows that the value of the rupee increased slightly in 2020 due to low demand for the dollar due to Corona and high income. At other times, the price of the dollar has increased. The value of the rupee has decreased. Most of them are between less than 1 percent and 2 percent. Only in 2017, it decreased by 5.5 percent. This time alone, it has decreased at a record rate of 25 percent. In other accounts, it has decreased by 35 to 37 percent.
Many countries, including Bangladesh, announced contractionary monetary policies to curb rising inflation. The United States raised its policy interest rates several times to curb inflation.
The price of the dollar also increased. Which had a negative impact on Bangladesh as well. However, various crises had already arisen in the country's economy. This crisis took a prominent shape due to the impact of the war. Import costs increased. The dollar crisis became apparent as exports and remittances decreased. An attempt was made to control the market by supplying dollars from the reserves. Even then, the price of the dollar increased at the speed of a mad horse. The price of the dollar had never increased like this before.
It is feared that there will be a dollar crisis in the new year as well. At the same time, the reserves may decrease further. However, the government is trying to get foreign loans. The loan amount may be released from March. Loans from the World Bank and the Asian Development Bank may be available around June. After that, the pressure on the dollar market may decrease somewhat.
On the last day of last year or the beginning of this year, the price of a dollar was 85 taka 80 paisa in the bank account. On the last trading day of the year, Thursday, the dollar was sold at a maximum of 107 taka. In that one year, the value of the taka decreased by 21 taka 20 paisa against the dollar. In this way, the taka depreciated by 24.71 percent. On the other hand, in October last year, the price of the dollar increased to a maximum of 116 taka. Some private banks, including banks in the government sector, bought remittances at a maximum of 116 taka. At the same rate, they sold dollars in advance for imports. Government institutions also bought dollars at that rate to pay off debts. In this way, the price of the dollar increased by 30 taka 20 paisa in the last one year. In this way, the taka depreciated by 35.20 percent. At the beginning of the year, the price of a dollar in the open market was 85 taka 50 paisa. At that time, the price was lower in the open market than in the bank due to low demand for dollars. Now it has increased to a maximum of 117 taka. In this way, the price of the dollar increased by 31 taka 50 paisa. At that time, the taka depreciated by 36.84 percent.
This year, the value of the taka has also depreciated against other major competing currencies, in addition to the dollar. At the beginning of the year, the price of the British pound was 115 taka. On Thursday, it increased to 128 taka. During that time, the taka has depreciated against the pound by 11.30 percent. During the same period, the price of the single currency of the European Union, the euro, has increased from 97 taka to 113 taka.
In contrast, the taka has depreciated by 16.5 percent. The price of the Indian rupee was 1 taka 15 paise at the beginning of the year. Until Thursday, it has increased to 1 taka 33 paise. In the last one year, the taka has depreciated by 15.62 percent against the rupee. During the period in question, the price of the Saudi riyal has increased from 22 taka to 28 taka. Against this, the taka has depreciated by 27.27 percent. At the same time, the price of the Canadian dollar has increased from 67 taka to 80 taka. During that time, the value of the taka has decreased by 19.40 percent against it.
This year, almost all currencies have depreciated against the dollar. The value of the taka has depreciated at a lower rate than the way the euro, pound, and Indian rupee have depreciated against the dollar. However, the value of the currencies of some other countries, including the Saudi riyal, has not depreciated against the dollar. Rather, it has increased. The value of the currencies of those countries has not depreciated because their foreign exchange reserves, foreign exchange income, and economic conditions are in a strong position.
According to the Central Bank report, in 2009, the price of one dollar was 69 taka and 17 paisa. In 2010, it increased to 70 taka and 61 paisa. In that one year, the price of the dollar increased by 1 taka and 44 paisa. The taka depreciated by 2.08 percent against the dollar. From then until 2015, the value of the taka decreased at a similar rate every year.
In December 2015, the price of one dollar rose to 78 taka and 78 paisa. In December 2016, it rose to 78 taka and 80 paisa. In that one year, the price of the dollar increased by only 2 paisa. As a result, the value of the taka depreciated by 0.03 percent.
In 2017, the price of a dollar increased to 82 taka 55 paisa. In 2017, the price of a dollar increased by 3 taka 75 paisa compared to 2016. During that time, the taka depreciated by 4.76 percent. In 2018, the price of a dollar increased to 83 taka 90 paisa. Compared to the previous year, the price of a dollar increased by 1 taka 35 paisa. The value of the taka decreased by 1.64 percent. In 2019, the price of a dollar increased to 84 taka 90 paisa. Compared to the previous year, the price increased by 1 taka. The value of the taka decreased by 1.19 percent.