Bangladeshi currency--the taka
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<strong>The taka, Bangladesh&rsquo;s currency, could depreciate in the near term, the country&rsquo;s foreign ministry has said. The taka is currently trading above 86.3 to a dollar. A year ago the currency was pegged at around 85.5.</strong></p>
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<a href="https://thefinancialexpress.com.bd/economy/bangladesh/foreign-ministry-fears-further-devaluation-of-taka-1651227293">The Financial Express Bangladesh</a> said that the country&rsquo;s central bank has taken a series of measures in an effort to reverse the record slide in the value of the taka against the US dollar, but the moves appeared to be floundering.</p>
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The newspaper added that the foreign ministry&rsquo;s estimate of the trade deficit touched $5.61 billion in the first half of the 2021-22 fiscal year, which was $6.87 billion in the same period last financial year.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/bangladesh-underlines-the-need-to-cautiously-spend-foreign-exchange-reserves-amid-sri-lanka-s-economic-crisis-165068.html">Bangladesh underlines the need to cautiously spend foreign exchange reserves amid Sri Lanka&#39;s economic crisis</a></strong></p>
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The Russia-Ukraine war has led to a surge in fuel and other commodity prices. Global price for Brent and WTI crude stood at over $100 mark.</p>
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Bangladesh&rsquo;s import bill like many others has surged due to high global prices of commodities including fuel.</p>
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Bangladesh&rsquo;s subsidy bill is also likely to rise due to higher subsidies on electricity, gas and fertiliser.</p>
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Last month, senior officials and authorities held a high-level meeting chaired by the country&rsquo;s finance minister AHM Mustafa Kamal to take stock of the economic situation in Bangladesh. The authorities have already underlined the need to spend its foreign currencies cautiously.</p>
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