FX Week

Bangladesh looking to float the taka

The purpose of the float is to make the taka more competitive through devaluation, and is an important condition for International Monetary Fund (IMF) support for Bangladesh.

In a report published last week, Standard Chartered Bank said a floating exchange rate could come at the same time as an IMF paper on reducing poverty in Bangladesh, which is expected in June. The paper will form the basis of multilateral assistance to the country.

There is likely to be a move from the current 58 to 62 ta