Salman F Rahman, the Prime Minister’s Private Industry and Investment Advisor, highlighted the ongoing devaluation of the Bangladeshi taka against the strengthening dollar during the 29th Annual US Trade Show. He warned that this trend is likely to exert considerable pressure on the nation’s financial reserves and potentially affect bank interest rates.

Salman F Rahman, the Prime Minister’s Private Industry and Investment Advisor

Currency Challenges and Economic Policies
During his speech at the InterContinental Hotel, Rahman discussed the historical stability of the taka and the corresponding stability in interest rates. However, recent decisions by the Bangladesh Bank regarding exchange and interest rates signal significant changes. He emphasized the urgency of adapting the country’s tax and VAT policies, noting that Bangladesh’s tax-to-GDP ratio remains the lowest in South Asia.

Hope Amidst Global Economic Pressures
Rahman expressed optimism about Bangladesh’s ability to navigate these economic challenges, which he noted are not unique to the country but are also affecting other nations globally. His remarks were made at an event co-sponsored by the American Chamber of Commerce in Bangladesh and the United States Embassy in Dhaka, attended by key figures including State Minister Zunaid Ahmed Palak and US Ambassador Peter D Haas.

The economic landscape for Bangladesh is shifting with its currency’s devaluation. While this poses challenges, the strategic changes in fiscal policies could pave the way for a resilient economic future.