Bangladeshi taka

For the Japanese given name, see Taka (given name). For the Filipino paper mache, see Taka (paper mache).
Bangladeshi taka
টাকা

৳1000 note
ISO 4217 code BDT
Central bank Bangladesh Bank
 Website www.bangladeshbank.org.bd
User(s)  Bangladesh
Inflation 5.39 %
 Source globaltimes.cn,[1] July 2009
Subunit
 1/100 poisha
Symbol ৳
Coins
 Freq. used ৳1, ৳2, ৳5
 Rarely used 1, 5, 10, 25 & 50 poisha
Banknotes
 Freq. used ৳2, ৳5, ৳10, ৳20, ৳50, ৳100, ৳500 & ৳1000
 Rarely used ৳1, ৳25, ৳40, ৳60
Printer The Security Printing Corporation Bangladesh Ltd.
 Website www.spcbl.org.bd

The Taka (Bengali: টাকা, sign: ৳ or Tk, code: BDT) is the currency of Bangladesh. Its central bank, the Bangladesh Bank, controls the issuance of the currency except for the ৳1 and ৳2 notes, which are the responsibility of the Ministry of Finance of the government of Bangladesh. The most commonly used symbol for the Taka is Tk and ৳, used on receipts while purchasing goods and services. ৳1 is subdivided into 100 poisha.

In Bengali, the word "taka" is also commonly used generically to mean any money, currency, or notes. Thus, colloquially, a person speaking Bengali may use "taka" to refer to money regardless of what currency it is denominated in. This in common in the Indian state of West Bengal, where prices may be given in "taka" despite the Indian currency being known as the "rupee".
The currency sign is encoded in Unicode at U+09F3 ৳ bengali currency sign (HTML ৳).

History

When Bangladesh won independence from Pakistan in 1971, the Pakistan Rupee was the interim currency. The taka became Bangladesh's currency on 4 March 1972, replacing the Pakistani rupee at par. The word "taka" is derived from the Sanskrit term tangka (ṭaṃka), which was an ancient denomination for silver coins. The term taka was widely used in different parts of India but with varying meanings. In North India, "taka" was a copper coin equal to two paisa; in South India, it was equal to four paisa or one anna. It was only in Bengal where one taka was equal to one rupee. In all areas of India, taka was used informally for money in general. However, Bengal was the stronghold of taka.

The rupee was used in Mughal India and in medieval times but never universally. The Bengali people always used the word taka for the rupee, whether it was silver or gold. Fourteenth-century Arab traveler Ibn Battuta noticed that people described gold coins (Dinar) as gold taka and silver coin as silver taka in Bengal. In other words, whatever might be the metallic content of the coin, the people of Bengal called it taka. When the Pakistan Rupee was issued prior to 1971, bearing both Urdu and Bengali alphabets (the official languages of the West and East zones, respectively), the word taka continued to be used in Bengali instead of the Urdu version, rupiya.

In India

With taka in Bangladesh, taka is also the official name of the Indian rupees in the Bengali speaking Indian states of West Bengal and Tripura. Assamese speaking state of Assam. Taka is also used as a local term for rupee in Maithili speaking regions of Bihar in India and Terai in Nepal. The amount and the word "rupee" is accordingly written on Indian banknotes in several Indian languages including টাকা, টকা.

Issuing authority

Banknotes ৳5 and larger are issued by the Bangladesh Bank, the central bank of Bangladesh. These notes bear the signature of the governor of the Bangladesh Bank who promises to pay the equivalent value in exchange. ৳1 and ৳2 notes are issued by the Ministry of Finance of the government of Bangladesh and bear the signature of the Finance Secretary.

Value fluctuation

Upon Bangladesh's independence, the value of the Bangladeshi taka was set between 7.5 and 8.0 to US$1. With the exception of fiscal year 1978, the taka's value relative to the U.S. dollar declined every year from 1971 through the end of 1987. To help offset this phenomenon, Bangladesh first used the compensatory financing facility of the International Monetary Fund in fiscal year 1974. Despite the increasing need for assistance, the Mujib government was initially unwilling to meet the IMF's conditions on monetary and fiscal policy. By fiscal year 1975, however, the government revised its stance, declaring a devaluation of the taka by 56 percent and agreeing to establishing the Bangladesh Aid Group by the World Bank.[2]

Between 1980 and 1983, the taka sustained a decline of some 50 percent because of a deterioration in Bangladesh's balance of payments.[2] Between 1985 and 1987, the taka was adjusted in frequent incremental steps, stabilizing again around 12 percent lower in real terms against the U.S. dollar, but at the same time narrowing the difference between the official rate and the preferential secondary rate from 15 percent to 7.5 percent.[2] Accompanying this structural adjustment was an expansion in trade conducted at the secondary rate, to 53 percent of total exports and 28 percent of total imports.[2] In mid-1987, the official rate was relatively stable, approaching less than Tk31 to US$1.[2] In January 2011, USD$1 was equivalent to approximately 72 Bangladeshi taka[3] and as of 21 April 2012, 1 US dollar is worth close to 82 Bangladeshi taka.

Coins

In 1973, coins were introduced in denominations of 5, 10, 25 and 50 poisha. 1 poisha coins followed in 1974, with ৳1 coins introduced in 1975. The 1, 5 and 10 poisha were struck in aluminium, with the 25 and 50 poisha struck in steel and the ৳1 in copper-nickel. The 5 poisha were square with rounded corners, whilst the 10 poisha were scalloped. Steel ৳5 were introduced in 1994, whilst a steel ৳2 coin followed in 2004.

1 and 5 poisha coins are rarely found in circulation. 10, 25, and 50 poisha coins do not circulate widely. Only the ৳1, ৳2 and ৳5 are regularly found in circulation.

1973 Series
Image Value Composition Description Date of first minting
Reverse Obverse Obverse Reverse
5 poisha Aluminium National emblem 1973
10 poisha
25 poisha Steel Rohu
50 poisha
1974 Series (FAO)
1 poisha Aluminium National emblem Ornamental design, floral patterns 1974
5 poisha
10 poisha
25 poisha Steel
৳1 Various Four human figures, slogan "Planned family - Food for All" 1975
1977 Series (FAO)
5 poisha Aluminium National emblem Plough, Industrial wheel 1977
10 poisha A man and a woman seated on 2 back steeds facing each other
25 poisha Steel Royal Bengal Tiger
50 poisha Hilsha fish, Chicken, Pineapple, Banana
Newer Issues
50 poisha (Actual ones have the size of above 25 poisha coin) Steel National emblem Hilsha fish, Chicken, Pineapple, Banana 2001
৳1 Four human figures, slogan "Planned family - Food for All" 1992
৳1 (Golden Version ) Four human figures, slogan "Planned family - Food for All" 1996
৳1 Four human figures, slogan "Planned family - Food for All" 2003
৳1 Sheikh Mujibur Rahman 2010
৳2 Steel National emblem Education for All 2004
৳2 Sheikh Mujibur Rahman 2010
৳5 Jamuna Multipurpose Bridge 1994
৳5 Steel Sheikh Mujibur Rahman Bangladesh Bank logo 2012

Banknotes

Prior to the Liberation war in 1971, banknotes of the State Bank of Pakistan circulated throughout Bangladesh, and continued to be used in Bangladesh even after independence for only about three months until the official introduction of the taka on 4 March 1972. During the war, it was an unofficial practice of some Bengali nationalists to protest Pakistani rule by stamping banknotes with "BANGLA DESH" as two words in either Bengali or English. These locally produced stamps are known to exist in several varieties, as are forgeries, so be suspicious of fresh stamps on old notes, bilingual stamps, or stamps on notes with Karachi or Lahore imprints instead of Dhaka. On 8 June 1971, the Pakistani government declared that all banknotes bearing such stamps ceased to be legal tender. Furthermore, to prevent looted high-denomination notes from disrupting the Pakistani economy, the government also withdrew the legal tender status of all 100- and 500-rupee notes.[4]

These were followed in 1972 by treasury notes for ৳1 and notes of the Bangladesh Bank for ৳5, ৳10 and ৳100. In 1975, banknotes for ৳50 were introduced, followed by ৳500 in 1977 and ৳20 in 1980. ৳1 treasury notes were issued until 1993, with ৳2 treasury notes introduced in 1989.

In 2000, the government issued polymer ৳10 notes as an experiment (similar to the Australian dollar). They proved unpopular, however, and were withdrawn later. At present, the ৳1 and ৳5 notes are gradually being replaced with coins.

In 2008, the government issued ৳1,000 notes.

In 2011, Bangladesh Bank began issuing a new series of banknotes denominated in ৳2, ৳5, ৳100, ৳500, and ৳1000. All are dated 2011 and feature a portrait and watermark of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, along the National Martyr's Monument in Savar at center front.[5]

In 2011, Bangladesh Bank introduced a ৳40 note to commemorate the "40th Victory Anniversary of Bangladesh". The commemorative note features a portrait of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman and the National Martyr's Monument in Savar on front, and six armed men on back. Curiously, this note has an electrotype 10 in the watermark, indicating it was likely printed on extra ৳10 banknote paper.[6]

On February 15, 2012, Bangladesh Bank has introduced a ৳60 note to commemorate "60 years of National Movement". The commemorative note measures 130 x 60mm and features the Shaeed Minar (Martyrs' monument) in Dhaka and five men on the back. Like the ৳40 commemorative note, this note has an electrotype 50 in the watermark. It was likely printed on extra ৳50 banknote paper.[7]

Bangladesh Bank plans to introduce new notes denominated in ৳10, ৳20, and ৳50 on March 7, 2012. The notes bear the portrait of Bangabandhu Sheikh Mujibur Rahman and the National Martyr's Monument in Savar on the front. On the back of the notes, the ৳10 will picture the Baitul Mukarram mosque, the ৳20 pictures the Shat Gombuk mosque in Bagherat, and the ৳50 notes feature Shilpacharya Jainul Abedin's famous painting “Ploughing.”[8]

Bangladesh Bank has withdrawn the new ৳50 note after a spelling mistake of Shilpacharya Zainul Abedin (জয়নুল আবেদীন) which was identified on the back of the note. The note had just been introduced on March 7, so it is likely that very few made it into circulation, even though 2.25 crore pieces were printed.[9]

Bangladesh Bank issued the withdrawn ৳50 note on July 15, 2012 after correcting the spelling mistake of Shilpacharya Zainul Abedin (জয়নুল আবেদিন) which was identified on the back of the note. The corrected note is identical to the withdrawn note, except for the date (2012 vs. 2011) and the caption on the back.[10]

On January 26, 2013, Bangladesh Bank issued a ৳25 note to commemorate the 25th anniversary (silver jubilee) of the Security Printing Corporation (Bangladesh) Ltd. On the front is the National Martyr's Monument in Savar, the designs of the previous series of the Bangladeshi taka notes and its postage stamps, three spotted deer and the magpie robin (doyel) bird. On the reverse is the headquarters of the Security Printing Corporation. Curiously, this note has an electrotype 10 in the watermark, indicating it was likely printed on extra ৳10 banknote paper.[11]

On July 8, 2013, Bangladesh Bank issued a ৳100 note to commemorate the 100th anniversary of the Bangladesh National Museum. The commemorative note features an 18th-century terra-cotta plaque of a horseman on the front and the Bangladesh National Museum on the back.[12]

On June 15, 2014, Bangladesh Bank issued a new five taka note which is same as previous five taka note but the color of new note is brown with white border on front and back side.

Currently circulating notes
Image Value Dimensions Main colors Description Date of Remarks
Obverse Reverse Obverse Reverse issue Status
৳2 100 × 60 mm Orange and green Shahid Minar National Bird Doyel 29 December 1988 Current To be replaced by 2 Taka coins.
  • voted world's most beautiful currency note.[13][14]
৳5 119 × 64 mm Cream Mehrab Industrial landscape 8 October 2006 Current first issued on 2 May 1978
৳10 122 × 59 mm Pink Baitul Mukarram Jatiyo Sangshad Bhaban Present version 21 September 2006 Current first issued on 2 June 1972
৳20 130 × 60 mm Green Choto Sona Mosque 4 men washing jute Present version 13 July 2002 Current first issued on 20 August 1979
৳50 130 × 60 mm Cream, lime green Jatiyo Sangshad Bhaban Bagha Mosque Present version 30 July 2005 Current first issued on 1 March 1976
৳100 140 × 62 mm Blue National Monument Jamuna Bridge Present version 16 July 2006 Current first issued on 1 September 1972
৳500 153 × 69 mm Purple National Monument The Supreme Court, Dhaka Present version 24 October 2004 Current first issued on 15 December 1976
৳1000 160 x 72 mm Reddish pink Shahid Minar Curzon Hall Present version 27 October 2008 Current first issued on 27 October 2008
৳10 152 x 64 mm Pink Bangabandhu Jatiyo Sangshad Bhaban 14 December 2000 Withdrawn First and Only Polymer note in Bangladesh
These images are to scale at 0.7 pixels per millimetre.
Source: Bangladesh Bank website
Commemorative notes
Image Value Dimensions Main colors Description Date of issue Date of first issue Watermark
Obverse Reverse
৳40 122 x 60mm Dark red, orange, and green Bangabandhu; National monument (Savar) Soldiers 2011 December 21, 2011 Sheikh Mujibur Rahman, electrotype 10 denomination and bank logo
৳60 130 x 60mm Yellow, brown, violet, orange, and blue Shaheed Minar monument Veterans of the "Language Movement", first Shaheed Minar monument (1952) 2012 February 15, 2012 Sheikh Mujibur Rahman on pixelated background, electrotype bank logo and 50
৳25 123 x 60mm Blue, purple and red National Martyr's Monument in Savar, Bangladeshi taka banknotes and postage stamps, three spotted deer, magpie robin (doyel) bird Headquarters of the Security Printing Corporation 2013 January 26, 2013 Sheikh Mujibur Rahman, electrotype 10 denomination and bank logo
৳100 140 x 62mm Blue and red 18th-century terra-cotta plaque of a horseman Bangladesh National Museum 2013 July 9, 2013 Sheikh Mujibur Rahman on a pixelated background, electrotype 100 denomination and bank logo
These images are to scale at 0.7 pixels per millimeter.
Current BDT exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From XE: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From Currency.Wiki: AUD CAD CHF EUR GBP HKD JPY USD INR CNY

See also

References

  1. ↑ http://business.globaltimes.cn/world/2009-07/442933.html
  2. ↑ 2.0 2.1 2.2 2.3 2.4 "Bangladesh : Country Studies - Federal Research Division, Library of Congress". loc.gov.
  3. ↑ "Historical Exchange Rates". OANDA. OANDA Corporation. Archived from the original on 2 February 2011. Retrieved January 3, 2011.
  4. ↑ Linzmayer, Owen (2012). "Bangladesh". The Banknote Book. San Francisco, CA.
  5. ↑ "Bangladesh new note family confirmed". banknotenews.com.
  6. ↑ "Bangladesh new 40-taka commemorative confirmed". banknotenews.com.
  7. ↑ "Bangladesh new 60-taka commemorative note confirmed". banknotenews.com.
  8. ↑ "Bangladesh new 10-, 20-, and 50-taka notes confirmed". banknotenews.com.
  9. ↑ "Bangladesh new 50-taka note withdrawn due to error". banknotenews.com.
  10. ↑ "Bangladesh corrected 50-taka note confirmed". banknotenews.com.
  11. ↑ "Bangladesh new 25-taka commemorative note confirmed". banknotenews.com.
  12. ↑ "Bangladesh new 100-taka commemorative note confirmed". banknotenews.com.
  13. ↑ http://www.armtown.com/news/en/pan/20120107/87961/
  14. ↑ "Bangladesh taka voted most beautiful bank note". panarmenian.net.

External links