Bangladeshi Taka

Overview

The currency for Bangladesh is the Bangladeshi Taka (BDT). The Central Bank of Bangladesh controls the right to issue the currency. The symbols used for the Taka are Tk. The Taka is divided into smaller denominations of 100 poisha. The word Taka is commonly used by the locals as any money currency. The 1-taka coin is almost never used and is rare.

Economy

• The Bangladesh economy is growing at a rapid pace.
• Plus or minus of 19% Bangladesh’s economy consists of agriculture, 27% is industry-based, and 52% is service-based.
• Top industries are garments, paper, chemical fertilizer, shipbuilding, textiles, jute, and leather.
• Export products are ships, frozen seafood, leather, garments, ceramics, pharmaceuticals, and cement.
• Import products are raw cotton, petroleum, crude oil, steel, iron, chemicals, machinery, and equipment.
• Bangladesh’s unemployment rate is estimated at 5.1%.
• Agricultural products are mainly rice and jute. Rice is harvested three times a year.
• In 2009 Bangladesh exported more products than India.
• In 2010 there was an estimated per capita income of $1,700.
• The solid GDP growth is due to the strict Bangladesh currency regulations.

History

• Until 1971, the Indian Rupee was used in Bangladesh.
• In 1972, the Taka became the official currency of Bangladesh.
• In 1973 coins were implemented for the following denominations: 50, 25, 10, and 5 poisha.
• Treasury Taka notes were issued from the year 1972 until 1989.
• In 2008, the Bangladesh government issued the first 1,000-taka note.
• In 2011, a new series of notes were in introduced. All the notes carry the 2011 date and a watermark.