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Bangladesh Floats Currency
June 26 , 2023
513 days
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- Bangladesh’s central bank will allow the currency to float freely for the first time in the country’s history.
- This is the demands from the IMF in order to unlock more money from the $4.7 billion loan program.
- Pakistan, Egypt and Lebanon were among those that have dropped their fixed exchange rates this year.
- A floating exchange rate is a regime where the currency price of a nation is set by the forex market based on supply and demand relative to other currencies.
- This is in contrast to a fixed exchange rate, in which the government entirely or predominantly determines the rate.
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