Dhaka, May 9 -- Bangladesh witnessed its most significant currency devaluation in history, with the Bangladesh Bank raising the dollar price to Tk117 from Tk110 through the implementation of the crawling peg exchange rate mechanism.

In a move aimed at stabilizing currency fluctuations, the central bank announced a new mid-rate of Tk117 for buying and selling dollars, marking a substantial shift in exchange rate policy.

Over the past two years, the taka has depreciated by 36 percent against the dollar, with the exchange rate climbing from Tk86.45 to Tk117.

This drastic depreciation has been attributed to several factors by experts.

According to analysts, the central bank's decision to devalue the local currency at an accelerated pace s...