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The History of Money:Bangladesh
Transcript of The History of Money:Bangladesh
Money, the thing that makes the world goes round, didn't use to exist. Hunters and gatherers traded, or bartered materials or resources when they had a surplus of them. Then the system of bartering started to change.People would trading objects for minerals, metals, coins, and eventually paper money. Through exploration and colonization, the entire world sort of "stole" the idea of money.
Early money and some types of money in other countries weren't made of paper nor coins. Some places used salt. Others used seashells and gold. Some places just pick seeds from the ground. So, some places value other objects more than we value paper and coins. Money is just something that the population wants and values.
Money of Bangladesh
Bangladesh is a small country that borders India. Their currency is the Bangladeshi Taka. The Bangladeshi Taka, which replaces the Pakistani Rupee, was first implemented in Bangladesh March 4, 1972 after Bangladesh won independence from Pakistan. The Bangladeshi Taka was originally made up of aluminum and steel coins. The coins were arranged from 1,5,10,25,and 50 poisha, which 1/100 of a taka, and they had 1,2, and 5 takas.In 1989, the 1,2, 5,10,20,50,100,500, and 1000 bills.
Bangladesh is a small, democratic country that borders India. The current president of Bangladash is Abdul Hamid, who was the one to change its currency. Bangladesh is one of the largest Muslim countries in the world with its population being more than 80% islamic. Before inventing their currency, which will be examined in a later slide, the country didn't even exist. It was part of a bigger country named, Pakistan. People in the region, now known as Bangladesh, want independence from Pakistan. So, they decided to flee. The Pakistanis weren't happy about it, but luckily for the future Bangladeshis, they had help from their neighbor, India. In 1971, Bangladesh was finally noticed for being as a new nation.
Bangladesh is a very poor country. It is ranked 170th in the world's GDP's. he wealth isn't shared equally and more than 60% of people live in poverty. Bangladesh has of 80 tons of gold which they keep in their central bank. The Bangladeshi Taka(BDT) is .013 of a U.S. dollar. 77.5 BDT is one dollar. That's very cheap. You can go to Bangladesh with $13 and get a 1,000 bank note.At least it's better than its former currency, the Pakistani Rupee, where you can get 1,000 of them for less than ten bucks. Both currencies can be exchanged in certain banks in America, like the Bank of America. The two main stock exchanges in Bangladesh are the Dhaka Stock Exchange and the Chittagong Stock Exchange.
Truthfully, no one knows where money actually started. For one thing, there are several types of money, and each one came from different areas. Animals and crops were manly in Africa and Asia. Gold was used in Egypt and the Inca civilization. Coins were used in Greece and China. Also, paper money was used in China. So, money came from just about everywhere it seems. You just have to ask for the type.
President Abdul Hamid
Picture from the battle India and Pakistan had over Bangladesh.
In Bangladesh, inflation has affected for the past 20+ years. Since 1994, prices have just gone crazy. Prices have jumped and dropped rapidly in a matter of months. The government has to regulate prices to fix the situation, but that just causes the overall wealth to be lowered. Even right now, the country is at an all time low.
After completing this research, I conclude that money is different for everybody. Some places use bills. Some use coins. Shoot, they use to use salt. It doesn't matter what type of money you possess, it is how you use it.
This is a map of the levels of poverty in Bangladesh
Cows and salt were used as money