The taka depreciated by 13.3 per cent against the US dollar last year, according to the Bangladesh Bank’s Financial Stability Report 2022 released recently.
The inter-bank exchange rate was Tk 85.80 per US dollar on January 2 last year, whereas it was Tk 105.40 on December 1.
The central bank had pumped $13.50 billion from its reserves to cool down the foreign exchange market despite the currency’s depreciation.
Most global currencies depreciated against the US dollar due to global supply chain disruptions after the Russia-Ukraine war began in February last year.
Currencies of major import partners, including China, India, Japan and Indonesia, witnessed substantial depreciations last year, Bangladesh media reports cited the report as saying.
The highest depreciation of 22 per cent was seen in the Pakistani rupee, followed by the Japanese yen, with 14 per cent.
The value of the euro (6 per cent) and UK pound sterling (10 per cent) substantially plummeted as well against the US dollar, making exports to these regions less appealing.
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