The central bank Bangladesh moved on Saturday (January 6, 2002) to devalue the taka by around 1.58% against the US dollar only seven months after the previous devaluation. The action was intended to improve the value of revenues from exports and Bangladeshi expatriates working abroad.

The official buying and selling rates for US dollars will now be Tk 57.40 and Tk58.40 respectively compared with previous rates of Tk 56.50 and 57.50. The new rates were effective from Sunday, January 6, 2002.

The last devaluation took place in May 2001 when the currency was fixed at Tk. 57 to the dollar. According to banking sources, Bangladesh’s foreign exchange reserve stood at $1.34 billion on Saturday, January 5, 2002.

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