TAKA Collapse in 15 years
120 TAKA`S except the dollar of 67 TAKA`S
ü Loss of capital in 15 years has left many destitute: BCMIUA
ü At least 11 investors have committed suicide or heart failure at different times in the past 15 years, including the big crash in the capital market.
ü 92 thousand crore rupees embezzled in bank scams in 15 years
ü According to the data of Central for Policy Dialogue (CPD), in the 15 years from 2008 to 2023, about 92 thousand 261 crore takas` were embezzled in 24 major bank scams.
Bank robberies have increased along with the increase in defaulted loans. Money market, capital market and dollar market (foreign exchange) - these three sectors of the economy are almost destroyed.
Hasina's government has brought the country's trade and economic situation into a circle of destruction. The US dollar market was unbridled. In the last 15 years, the value of the takas has collapsed due to the severe pressure of inflation. Money market, capital market and dollar market (foreign exchange) – these three sectors of the economy were almost destroyed. A dollar of 67 taka`s reaches 120 rupees.
Analysts believe that during the 15-year regime of Awami League, more than a dozen banks were on the verge of bankruptcy due to the corruption of billions of dollars in the currency market and the chaos in the banking system. Thousands of crores of rupees looted from the capital market.
LC has to be closed due to dollar crisis. As a result, the leading business organizations of the country have to struggle to run their business activities.
It is known that in October 2008, the amount of defaulted loans in the banking sector in the country was 18 thousand crores. After the Awami League came to power in 2009, the amount of defaulted loans increased by about 2 thousand crores in October of that year. This growth rate has not stopped. The amount of defaulted loans has increased every year. Bank robberies have increased.
When Awami League came to power in 2009, the price per dollar was 67 taka. In 2011, it fluctuated between 69 and 70 takas. Since 2012, the price of the dollar has jumped to 76 takas.
In 2014, the dollar market became unstable during the second term of the Hasina government. Dollars were freely smuggled from the bank by various frauds. The government tries to meet this deficit by bringing in foreign loans. The currency was devalued several times.
The dollar crisis is increasing, along with the dollar rate. In October 2017, the dollar rate was 80 takas, in 2020 it was 83 takas. 85 in 2021. After that in 2022 the dollar rate reached 100 takas with a high jump. If the situation gets out of control, there will be an extreme crisis of the dollar.
In 2023, the dollar rate in the open market will go up to Tk 130. When Bangladesh Bank introduced the crawling system, the dollar rate fluctuated at Tk 120. The value of money is at the bottom. The value of money continues to decline.
In January 2010, gold (22 carat) in the country was 32 thousand 892 takas.
1 lakh 12 thousand 440 taka in January 2024. In other words, the devaluation of money in 15 years has increased the suffering of common people terribly.
In 2010, the coarse rice was Tk 24 to Tk 26 per kg. Now it is over 60 takas`s. In 2010, a kg of beef was Tk 300 to Tk 320. In 2023, a kg of beef will be over Tk 800.
About 70 percent of the country's businesses have been affected by rising costs and weak demand. A survey of 167 companies from more than 25 sectors, including multinationals, local large companies, startups and SMEs, has said about the business situation in the country.
In addition to major devaluation of money, financial irregularities, high wages, cash shortages and reduction in savings have resulted in various financial challenges in business institutions. Rising costs and shortfalls in operating cash flow have left companies facing major losses.
Such losses are increasing due to sharp devaluation of rupee against the dollar as well as delayed LC payment settlements, sector-stakeholders said. Most at risk are companies that have foreign debt and are largely dependent on imports of raw materials for manufacturing.
