DHAKA(PTI): Bangladesh’s currency Taka will be made fully convertible from August this year, a newspaper reported on June 28, Apart from other preparations for effecting full convertibility, Bangladesh’s Central Bank has braced up for constituting a 500 million dollar “security fund” with the Central Bank of England, said Bengali daily “Bhorer Kagoj.”
The convertibility of Taka, demanded by Bangladeshi exporters who say they are losing out in competition with cheaper Indian goods in international markets, would undoubtedly bring with it a devaluation of Taka. But the country’s foreign exchange reserve would be able to absorb the possible pressure of 2.2 billion dollars, the daily added.
Earlier while presenting the national budget for 159394 on June 10 fast, finance minister Saifur Rahman had announced that the TAKA would be made convertible on trade account within two to three months.
Article extracted from this publication >>July 2, 1993
