The Bangladesh Bank last week heavily devaluedthe Taka against the US dollar, amid higher demand for the greenback in the foreign exchange market.

The central bank devalued the exchange rate of the Taka by 5.55 per cent, fixing the new band at Tk 56.50 (buying), and Tk 57.50 (selling) against US dollar.  The previous rate against the US dollar was Tk 53.85 (buying) and Tk 54.15 (selling). The average rate of transaction for the US dollar has been set at Tk 57 against the previous rate of Tk 54.

The downward adjustment of Taka hasa been made to protect exporters and encourage more remittances through official channels, with a view to raising the reserve, a Bangladesh Bank official said.

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