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Bangladesh first in currency value maintenance

Published : 23 May 2022 09:44 PM | Updated : 24 May 2022 03:58 PM

Bangladesh ranks top in the list of emerging economies of the world that succeeded in maintaining its currency value despite the value of currencies against the dollar continuing to decline worldwide largely due to the war between Russia and Ukraine, a study says.

This information was presented by Awami League's Information and Research Secretary Selim Mahmud, from a study conducted by the Information and Research Sub-Committee of the Bangladesh Awami League (AL).

Mahmud presented the research paper at a meeting of the party's information and research sub-committee at the Awami League president's office at Dhanmondi on Sunday afternoon.

Bangladesh ranks second in the world, including Asia, among the countries whose currency has depreciated against the dollar recently, and Bangladesh ranks first among all emerging economies in the world, it mentioned.

The study showed that the value of the currency has plummeted against the dollar in all parts of the world except a few oil-exporting countries due to the Russia-Ukraine war before the end of the Covid situation. Cambodia ranks first in the world, followed by Bangladesh, it added.

The study claims that since the start of the Russia-Ukraine war in March, Bangladesh's currency has depreciated by 3.41 percent and Cambodia's by zero percent. 

As a result, the value of the Bangladeshi currency has increased compared to all other countries except a few.

The study showed that the Indian rupee depreciated by 6.83 percent, Pakistani rupee by 30.63 percent, Nepalese rupee by 6.43 percent, Myanmar kyat by 12.63 percent, Chinese yen by 5.6 percent, Thai baht by 9.46 percent, Japanese yen by 17.32 percent and South Korean won by 12.07 percent.

On the other hand, the remaining countries are Malaysian ringgit which dropped against dollar by 3.90 percent, Filipino peso by 9 percent, Taiwanese dollar by 6.4 percent, Singaporean dollar by 3.75 percent, Cambodian real by zero percent, Brunei dollar by 3.60 percent, Turkish lira by 89.37 percent, Egyptian pound by 14.5 percent, South African rand by 13.66 percent, Australian dollar by 9.17 percent, New Zealand dollar by 10.77 percent, British pound by 11.86 percent, European euro by 13.40 percent, Swiss franc by 8.85 percent and Swedish kroner by 19.67 percent.

Selim Mahmoud said that the world was going through a deep economic crisis and instability due to the effects of the Russia-Ukraine war in the aftermath of Covid-19. 

He said Bangabandhu's daughter Sheikh Hasina has put Bangladesh's economy in a strong position. 

Envious of the skyscraper success of Sheikh Hasina and the Awami League, the anti-national forces are carrying out various propaganda. They want the destruction of Bangladesh. They have to be resisted.

He said that the members of the Information and Research Sub-Committee would act as watchdogs in every field of the country to safeguard the national interest and would be active in every digital platform including social media to counter this propaganda and conspiracies.

Sajjadul Hasan, another member of the Information and Research Sub-Committee and Chairman of the Board of Directors of Bangladesh Biman, said, “Prime Minister Sheikh Hasina has taken Bangladesh to a unique height by showing immense expertise in every field of the state including agriculture, industry, communication and physical infrastructure. No matter how many conspiracies and propaganda against the country, Bangladesh can no longer be suppressed. Under the leadership of Sheikh Hasina, Bangladesh will move forward in its own glory.”

Janata Bank Chairman and Member of the Board of Directors Professor Mahfuzur Rahman said that Bangladesh is a strong country in every sense of the word, financially and economically. 

There is no reason for Bangladesh to go back, he said, adding that, the anti-state forces are jealous of the country's success and are carrying out anti-national propaganda. State leader Sheikh Hasina is the only claimant to this success, he mentioned.

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