The Exporters Association of Bangladesh on Sunday requested the finance minister to re-fix a logical value of Taka against the US dollar as the exporters were in fear of incurring losses because of devaluation of Indian Rupee against the greenback.
In a letter to finance minister AMA Muhith, the EAB president Abdus Salam Murshedy called for policy support for the country’s exporters against the backdrop of Rupee slide.
The EAB said that the prices of Bangladeshi export products have been facing more competition in the international market as Indian exporters were earning more from export bill and decreasing the export prices of identical products due to the depreciation of Rupee.
The association also feared that the massive devaluation of Indian Rupee may hamper the export oriented industry and export trade of Bangladesh.
‘To increase the efficiency of country’s export-oriented sectors and to keep the export growth, it is needed to re-fix the value of Taka against the US dollar as the currency of export competitor India has been depreciating continuously,’ the EAB said.
The Indian Rupee plunged to around 63-65 against a dollar in recent times.
The Indian currency was around Rs 50 against a dollar in early 2012 whereas the value of Taka against the dollar was around 83.
But the Bangladeshi currency appreciated to around Tk 78 a dollar in recent months.
-With New Age input
