Many exporters in Bangladesh, including the garment makers, had earlier backed steps to devaluate the Taka against the US Dollar as they earn in US Dollar and spend in Taka.
However, the sharp devaluation of Taka has resulted in them suffering losses to buy raw materials and capital machinery from the global market for production as rapid devaluation of Taka is now necessitating businesses to spend more Bangladesh Taka to buy US Dollars for imports of goods amidst a global price hike.
Given the situation, the country’s central bank, Bangladesh Bank has now undertaken a series of measures in an effort to reverse the slide in the value of the Taka even if it is also trying to limit imports of luxury goods to keep the situation under control.
Meanwhile, speaking to the media, BGMEA Vice-President Shahidullah Azim, reportedly, demanded banks lower the difference between selling and buying rates of the US Dollar while, reportedly, adding banks were making profits even as garment makers are facing hardships due to an increase in production cost and shortage of gas.
