Dhaka, Bangladesh (BBN) - The central bank of Bangladesh has so far sold more than $2.0 billion in the current fiscal year (FY) to the commercial banks directly to meet the growing demand for the greenback in the market.
The Bangladesh Bank (BB), the country’s central bank, has continued its foreign currency support to the banks help those meet import payment obligations particularly for food grains, fuel and capital machinery.
As part of the move, the BB sold $24 million to seven commercial banks on Tuesday to meet the growing demand for the greenback in the market.
Talking to the BBN, a BB senior official said the central bank has sold the US currency to the banks at market rate for making their import payment bills.
The central bank may continue such foreign currency support to the banks as required by the market, the BB official hinted.
The BB has resumed providing the foreign exchange support in the recent months through selling of the US currency to the banks directly to keep the market stable.
It has sold $ 2.04 billion since July 01 of the FY 2017-18 to the commercial banks as part of its ongoing support, according to BB’s latest data.
The market operators, however, said the demand for the US dollar is gradually increasing, mainly due to higher import payment pressure, particularly of capital machinery, petroleum products and food items.
BBN/SSR/AD