Bangladesh Bank (BB) plans to make the exchange rate of the taka against the US dollar more flexible, following IMF recommendations to transition toward a market-based system. Currently, under a crawling peg system with a mid-range of Tk 117, banks are trading dollars at over Tk 124. BB will issue a circular and introduce reference rates based on daily bank bidding. The IMF recently reviewed Bangladesh’s $4.7 billion loan program, with $2.3 billion already disbursed and the next tranche expected by December, while the government seeks an additional $3 billion. In light of inflation, floods, and political changes, the IMF has relaxed the net international reserves (NIR) targets for March and June 2024, with the current reserves at $14.90 billion, just below the December target of $15.30 billion.
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