The currency of Bangladesh. History of the origin of the name. Appearance of banknotes and coins

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Taka is the official national currency in Bangladesh. In accordance with the international standard, it has been assigned the code 4217 BDT. The currency of Bangladesh consists of one hundred pise, which is the local bargaining chip. The generally accepted designation of the currency in English is a combination of symbols Tk.

Origin of the name

The official status of the currency of Bangladesh taka received in 1972. In this field, she changed the Pakistani rupee. A few words should be said about the origin of the name of the Bangladeshi currency. The name "taka" originates from the Sanskrit term "tanka", which was used in ancient times to refer to silver coins. In addition, the word "taka" was often used in various regions of India. True, the term had several meanings at once.

For example, in the northern part of the country, this was the name of a copper coin, which was equivalent to two pice. In turn, one paisa was equal to a quarter of an anna. In the south of India, taka corresponded to four pice or one anna. At the same time, in Bengal and Orissa, this monetary unit was equivalent to one rupee. It would be opportune to say that in all Indian regions, taka was unofficially used in monetary circulation. But the mainthe territory of circulation of the unit was still Bengal. The exchange rate of Bangladesh in the exchange of population and institutions was one to one.

History of the currency

An interesting historical fact is that after the introduction of the rupee by the Turkic-Afghan rulers, and despite the active support of this currency by the Mughals and British representatives, the people of Bangladesh still used the name "taka". Moreover, not only ordinary coins were called this way, but also silver and gold. The famous Arab traveler Ibn Battuta noted that the Bengalis called gold dinars "golden tanka". Accordingly, they called silver coins "silver tank". In other words, regardless of the metal from which the coins were made, they were popularly called "taka". In the eastern regions of Bangladesh, West Bengal, Orissa, Assam and Tripura, this habit has taken root, and even today, centuries later, it remains relevant.

Bangladeshi coins

In 1973, modern Bangladeshi coins in denominations of five, ten, twenty-five and fifty poishas were put into circulation. A year later, the currency of Bangladesh appeared in circulation in denominations of one poishu. In 1975, the government introduced one metal taka. It would be appropriate to emphasize that coins in denominations of one, five and ten poishas were made of aluminum, but twenty-five and fifty were made of steel. One metal taka was produced using a copper-nickel alloy. An interesting fact is that five poishas hadsquare shape with rounded corners, and ten were serrated. In 1994, a five taka steel coin was issued, and in 2004, two taka coins made of the same metal.

It should be noted that today in circulation you can often find coins of one, two and five taka. At the same time, one, five, ten, twenty-five and fifty poishas are quite rare and are practically not used in circulation.

Paper money of Bangladesh

In 1971, Bangladesh began using specially issued Pakistani rupees in denominations of one, five and ten units. A year later, their own paper money was put into circulation in denominations of one, five, ten and one hundred taka. At the same time, the first ones were issued by the treasury, and all the rest - by the Bangladesh Bank. In 1975, the currency of Bangladesh saw the light of fifty taka, two years later - five hundred taka, and in 1980 banknotes of twenty taka were put into circulation. Treasury notes in denominations of one monetary unit were printed until 1984, and five years later there were notes in two taka.

In 2000, the government of Bangladesh made a bold experiment and issued plastic banknotes, based on the experience of Australia. Ten taka plastic banknotes were put into circulation. However, this currency of Bangladesh did not gain wide popularity among the population, and over time, such banknotes had to be withdrawn from circulation.

In conclusion, it should be noted that now there is a tendency to gradually replace paper notes of one and five taka denominations with metal coins. Our tourists will be interested to know how the currency of Bangladesh is quoted. The exchange rate to the ruble of the local currency is: 1 BDT=0.79 RUB.