Bangladesh Adopts Higher Interest Rates and Free Float of Currency

Bangladesh’s central bank will allow the currency to float freely, finally giving into demands from the International Monetary Fund to unlock more money from the $4.7 billion loan program.

While Bangladesh is not heavily indebted, it joins several such countries in loosening a tight grip on local currencies in order to get financing from the Washington-based lender. Pakistan, Egypt and Lebanon were among those that have dropped their exchange rates this year.

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