Bangladeshi taka has depreciated by 6.3 % against US dollar as the central bank implemented a new exchange rate system called the crawling peg. Under this system, banks are permitted to freely buy and sell US dollars at approximately Tk 117. A Crawling Peg Mid Rate (CPMR) of Tk 117 per US dollar has been established, allowing banks to conduct transactions around this rate with customers and in interbank deals.
The devaluation follows a broader trend, with the taka losing about 35 % of its value against the US dollar over the past two years, driven by increased import costs due to rising global commodity prices and a significant reduction in foreign currency reserves.
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