In June 2022, there has been a significant decrease in the value of the taka against the dollar. Previously, the exchange rate was $1 = 115.90 taka, but now, it stands at $1 = tk 89. This means that the value of the taka has decreased by 20 percent against the dollar within just one year. This decline in the value of the taka has implications for both individuals residing abroad and those living in the country.
For individuals who are currently abroad, it is crucial to take into consideration the impact of the decrease in the value of the taka when it comes to financial planning. One key aspect to consider is joining a pension scheme. While it may be tempting to solely focus on minimizing expenses or sending remittances back home, participating in a pension scheme ensures long-term financial stability and security.
If you have the opportunity to save money while living abroad, it is advisable to save it in the currency of the country you are residing in. By doing so, you can safeguard against the risk of the value of the taka further depreciating. Opting to save in a foreign currency is a practical approach that minimizes the potential negative effects of currency fluctuations.
On the other hand, for individuals who are currently in the country, it is crucial to think critically about financial matters. While the universal pension scheme is undoubtedly a commendable initiative, it is essential to note that those who have taken the initiative have already converted all bank deposits into Joy Bangla Jai Bangla. This conversion does not guarantee the protection of your deposits, and therefore, it is prudent to explore alternative options to safeguard your savings.
Considering the unpredictability of currency value fluctuations, if given the opportunity, it is wise to save in foreign currency. Adopting this perspective allows for greater financial flexibility and minimizes the risk of potential loss. Being proactive when it comes to financial planning is essential, and this mindset is not indicative of being a remittance fighter; rather, it highlights a responsible and informed approach to managing finances.
In conclusion, the decrease in the value of the taka against the dollar in June 2022 calls for careful financial planning, whether you are currently residing abroad or in the country. Joining a pension scheme provides a sense of security and stability for individuals living overseas. Moreover, considering the option of saving in foreign currency can protect against further depreciation of the taka. Ultimately, it is crucial to think critically and make informed decisions when it comes to financial matters, ensuring both short-term stability and long-term financial security.
