Recent events have decreased the value of our local currency and it's too bad for the economy of Bangladesh. The Covid-19 pandemic was a curse and now the Russian-Ukraine war is another blow to the economy of my country.
Before Covid-19 the exchange rate was about 84 Taka but now it has increased in to 87.82 Taka. This happened because of the dollar crisis, the import rate decreased, the export rate increased and the remittance has also decreased. The local commodity prices have significantly increased.
For example, I could run my expenses and close my months with less than 5000 Takas but now I can hardly close my months with 7000 takas. This is just my own experience of the recent bad impacts on the economy and its consequences. Even local bank charges above 95 Taka for $1.
This crisis occurred for not being able to hold the trade balance of export and import. The increasing global price in the last financial year contributed 44% growth of the import value and at the same time the export value was 33%, the difference of 9% within a few months created a deficit of 25 billion dollars which is higher than previous financial years.
And this can be considered as the main reason for the economy being upside down as well as the fire in the local commodity prices.
Thanks for reading my post. ❤
Best Regards
@shahriar33