Bangladesh Taka Symbol: A Comprehensive Guide to Bangladesh's Money

The Bangladesh Taka symbol is a unique and fascinating aspect of the country's culture and economy. The symbol is স (a Bengali letter) and it's used to represent the currency.

The Taka has a rich history dating back to the 16th century when it was introduced as a silver coin. It was later replaced by the rupee, but the Taka name stuck.

In 1972, Bangladesh introduced its own currency, the Taka, to replace the Pakistani rupee. The new currency featured a unique symbol, স, which has been used ever since.

The Bangladesh Taka symbol is an important part of the country's identity and is recognized globally.

The Bangladeshi Taka is the official currency of Bangladesh and is represented by the symbol "৳".

The Bangladeshi Taka is subdivided into 100 smaller units called poishas, with the singular form being poisha.

The Bangladesh Bank, the central bank of Bangladesh, is responsible for issuing most taka bills, except for the ৳1 and ৳2 notes, which are printed by the Bangladesh Ministry of Finance.

The Bangladeshi Taka has undergone several design changes and adjustments in denominations since its introduction in 1972.

Here are the current denominations of Bangladeshi Taka coins and banknotes:

The Bangladeshi Taka is influenced by various factors, including the global economy, monetary policy, inflation rate, balance of payments, and political factors.

The Bangladeshi taka was adopted in 1972 as the country's national currency, a year after Bangladesh won its independence from Pakistan in the Bangladesh Liberation War. It replaced the Pakistani rupee with an exchange of one for one.

The taka's value was set between ৳7.5 and ৳8.0 to US$1 upon Bangladesh's independence. The taka's value declined every year from 1971 through the end of 1987, except for fiscal year 1978.

Between 1980 and 1983, the taka sustained a decline of some 50 percent because of a deterioration in Bangladesh's balance of payments.

The word "taka" has a rich history that dates back to ancient times. It originated from the Sanskrit word "tankah", which described a silver coin.

The Sanskrit language had a significant influence on the development of languages in the Indian subcontinent, including Bangla. In fact, the word "taka" is still used in various forms across India, with different meanings.

In Bangla, the word "taka" is commonly used to refer to any form of money or cash, regardless of the currency. This is evident in the way people in Bangladesh and other parts of the Indian subcontinent use the term.

Interestingly, the Bangla word "taka" has taken on a broader meaning, encompassing not just the Bangladeshi taka but also other currencies like the US dollar or euro. This reflects the cultural and linguistic exchange that has shaped the region's history.

The Sanskrit influence on the word "taka" is a testament to the complex and interconnected history of languages in the Indian subcontinent. By understanding the origins of this word, we can gain a deeper appreciation for the cultural and linguistic heritage of the region.

Here's a breakdown of the Sanskrit words that have influenced the development of the word "taka":

This table highlights the evolution of the word "taka" from its origins in Sanskrit to its modern usage in Bangla.

Bangladesh gained independence from Pakistan in 1971 after a long and violent war, the Bangladesh War of Independence. This marked the beginning of the country's journey as a sovereign nation.

The Bangladeshi taka was adopted as the country's national currency in 1972, replacing the Pakistani rupee with an exchange of one for one. This was a significant step in establishing the country's economic identity.

The taka's value relative to the US dollar declined every year from 1971 through the end of 1987, except for fiscal year 1978. This decline was a major challenge for the country's economy.

In 1974, Bangladesh first used the compensatory financing facility of the International Monetary Fund to help offset this phenomenon. This marked a significant shift in the country's economic policy.

The government declared a devaluation of the taka by 56 percent in fiscal year 1975, which helped to stabilize the currency. However, this was not enough to prevent a decline of 50 percent between 1980 and 1983.

Here is a list of the taka's value relative to the US dollar from 1971 to 2024:

The Bangladeshi Taka is the official currency of Bangladesh, and it's denoted by the symbol "৳". You'll often see it referred to as code BDT.

The Taka is subdivided into 100 smaller units called poishas, although poishas are no longer in circulation and are only used for accounting purposes.

You can find Taka banknotes in various denominations, including 1 taka, 2 takas, 5 takas, 10 takas, 20 takas, 50 takas, 100 takas, 500 takas, and 1000 takas.

The new series of banknotes, introduced in 2011, features a portrait and watermark of Bangabandhu Sheikh Mujibur Rahman, the Father of the Nation, along with the National Martyr's Monument in Savar.

Here are the denominations of Bangladeshi Taka banknotes:

The Bangladesh Bank, the central bank of Bangladesh, is responsible for issuing most Taka bills, with the exception of the ৳1 and ৳2 notes, which are printed by the Bangladesh Ministry of Finance.

If you're planning a trip to Bangladesh, it's essential to know how to exchange other currencies for Bangladeshi taka.

In major cities, you can find standalone currency exchange services, often offering a better taka exchange rate and lower fees. Check the rates and fees at more than one before converting currency, as there may be a big difference between what various providers offer.

The Bangladeshi taka is not pegged to any other currency, and the most common currency paired with it is the U.S. dollar.

As of December 2023, $1 was worth Tk109.74, making it a crucial currency for trade transactions in Bangladesh.

The Bangladesh taka, or BDT, is not pegged to any other currency, making it a unique player in the global financial scene.

In the world of forex trading, the taka is most commonly paired with the U.S. dollar. As of December 2023, $1 was worth Tk109.74.

The majority of global trade transactions executed in Bangladesh take place in U.S. dollars. This is because the country made policy changes due to the appreciation of the U.S. dollar against the taka.

Bilateral and business trade transactions can also be settled in Indian rupees, or INR.

Bangladesh's economy is heavily reliant on remittances, which made up a significant portion of it in 2022, after the ready-made garment industry. The value of remittances moving into Bangladesh that year was a staggering $21.5 billion.

Remittances are sent by Bangladeshis abroad to family and friends in the country, providing a vital source of income for many.

Bangladesh's economy is indeed diverse, with various sectors contributing to its growth, but remittances play a crucial role in supporting the country's economy.

The country's reliance on remittances is a testament to the hard work and dedication of Bangladeshis who have migrated abroad for better opportunities.

In Bangladesh, you can find treasury banknotes denominated in various denominations. The first treasury notes were introduced in 1972 for ৳1 and notes of the Bangladesh Bank for ৳5, ৳10, and ৳100.

The treasury notes for ৳1 were issued until 1992, with ৳2 treasury notes introduced in 1989. This was a significant development in the country's banking system.

In 1977, banknotes for ৳50 were introduced, followed by ৳500 in 1979 and ৳20 in 1982. These new denominations helped to increase the circulation of money in the economy.

Here's a list of the treasury banknotes introduced in Bangladesh:

The treasury notes have undergone significant changes over the years, with new denominations and designs being introduced to improve their security and functionality.

If you're planning a trip to Bangladesh, you'll want to know how to exchange other currencies for Bangladeshi taka.

You can find standalone currency exchange services in major cities, which often offer a better taka exchange rate and lower fees than other options.

Historically, the value of the Bangladeshi taka has fluctuated significantly, with a 56% devaluation in 1975 and a 50% decline between 1980 and 1983.

Between 1985 and 1987, the taka was adjusted in frequent incremental steps, stabilizing around 12% lower in real terms against the US dollar.

The official rate of the taka has been relatively stable in recent years, with US$1 equivalent to approximately ৳72 in January 2011 and ৳82 as of April 2012.

Here's a snapshot of the taka's exchange rate with other major currencies over the years: