Almost all major brands including Samsung, Xiaomi, Realme, Oppo, Tecno, itel and Walton have increased their phone prices in Bangladesh. Some brands have informed that it is because of the devaluation of Bangladeshi Taka compared to US Dollar. In the past ten years of mobile phone business in Bangladesh, we have never seen such a radical increase of price by almost all brands. This may significantly reduce consumer interest of buying new phones altogether and the phone industry is facing a strong challenge. The question arises, why this increase when all these brands are assembling their phones in their own factory in Bangladesh? Of course many of the phone parts have to be imported but they are being imported from China. So, what does it have to do with the devaluation of price compared to US Dollar?
This complication of monitory economics is beyond the capacity of this small article. In a nutshell, US Dollar is still the central currency for international trade. As we don’t have currency with intrinsic value like we used to have in the time of gold and silver currency, the value can be influenced, adjusted or even manipulated for the advantage of third party. So, as long as we don’t have currency that can be measured by its own intrinsic value, and our currency is dependent on a third party currency, there is no guarantee of a stable economy and market price. This was meant to happen sooner or later. Especially now, when world economy is going through some major changes and uncertainty, the currency of the developing countries without any independent monitory strategy to protect the value of their currency and resources are in most danger.
While many customers and users are complaining about the increased price and feel this to be an unfair step by the brands, the brands on the ground can not do much about it. It is the job of the government to decide a clean monitory strategy at this point to stabilize the market price and economy of the country. As examples, we can mention that China has created gold-backed digital Yuan for an independent and stable currency and recently Russia decided to sell some of their major resources such as oil and gas in their own currency Ruble to protect its value.
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